Georgetown Bancorp Inc., holding company for Georgetown Bank, reported net income for the third quarter of $244,000, a 14.1 percent drop from last year’s third quarter net income of $284,000.

The number of non-performing loans also increased, rising to $3.9 million from $3.1 million at this sale time last year, and increasing the ratio of non-performing loans to total loans to 2.36 percent from 1.92 percent at the same time last year.    

 "The weak economic environment and increased competition has hampered our commercial loan growth over the past several quarters," said Robert E. Balletto, president and CEO, in a statement. "That, coupled with a declining interest rate environment, has put pressure on asset yields and ultimately our net interest income. The increase in non-performing loans from the June 30, 2012 balance was primarily due to one commercial real estate loan. Our non-interest income has increased 96% for the nine months ended September 30, 2012, from the same period in 2011, driven by the continued development of our mortgage banking operation."