Georgetown Bancorp Inc., the holding company for Georgetown Savings Bank, has reported $284,000in net income for the three months ended Sept. 30, compared to net income of $365,000 for the same period in 2010.

"Operating results for the three months ended Sept. 30, 2011 reflected a return to more normalized earnings as there were no major charge-offs and non-performing assets to total assets totaled 1.76 percent and remained below local and national averages," said Robert E. Balletto, president and chief executive officer. "Operating results for the nine months ended Sept. 30, 2011 were negatively affected primarily by the charge-off of one, large, out-of-market, residential home equity loan. We believe this charge-off is not a reflection of a negative trend in our loan portfolio overall. The company continues to focus on generating commercial loan and core deposit growth, which we believe will build long-term shareholder value."

Net income for the nine months ended Sept. 30 also dropped. The bank reported $596,000 in net income, compared to $986,000 in net income for the nine months ended Sept. 30, 2010.