Georgetown Bancorp boosted its bottom line with increased loan production in the fourth quarter and announced plans to convert a New Hampshire loan production office to a full-service location.

The holding company for Georgetown Bank posted net income of $480,000 for the three-month period ended Dec. 31, up 9 percent from $440,000 in the prior year period. Net income for the year increased 2.6 percent to $1.5 million. Total assets increased 9.3 percent year-over-year to $296 million. Deposits increased 13.9 percent to $207.7 million.

In a statement announcing the company’s earnings, President and CEO Robert E. Balletto touted a 10 percent increase in the loan portfolio, most of it in commercial lending, and strong asset quality, with non-performing assets comprising 0.26 percent of total assets. He anticipated increases in operating costs this year, as the bank strengthens regulatory compliance staff and programs and invests in commercial lending support staff.

Additionally, he said Georgetown Bank would be converting its Stratham, New Hampshire loan office to a full-service office.

The company’s board of directors also declared a quarterly cash dividend of 4.75 cents per share to be paid Feb. 22 to shareholders of record on Feb. 8.