Georgetown Bancorp Inc., holding company for Georgetown Savings Bank, has reported $332,000 in net income for the three months ended March 31, compared to net income of $286,000 for the same period in 2010.

"I am pleased to report continued improvement in the company’s financial performance, as net income for the three months ended March 31, 2011 increased 16 percent on a year-over-year basis," said Robert E. Balletto, president and chief executive officer. "A primary driver of these results was the expansion of our net interest margin. This has been achieved through a continued disciplined focus on the successful execution of our strategic plan, including the judicious development of our commercial lending business, while maintaining high asset quality and the prudent and aggressive management of all funding sources. We remain encouraged about our ability to increase shareholder value, as our capital position has been strengthened and our asset quality remains stable."