Georgetown Bancorp Inc., the holding company for Georgetown Savings Bank, reported first-quarter net income of $153,000, down nearly 54 percent from net income of $332,000 in the same period last year.

The decline in net income was attributed to cash from loan payoffs flowing into overnight funds.

 Total assets during the three-month period ended March 31 increased to $205.7 million from $199.4 million as of Dec. 31. Total non-performing assets fell 35 percent during the first quarter to $2 million, or 1 percent of total assets, from $3.1 million as of Dec. 31, 2011.