Georgetown Bancorp boosted its net income in the first quarter to $275,000, compared with $209,000 in the year-ago period.

"I am pleased to report a 32 percent increase in net income on a quarter over quarter basis, driven by an expansion of our net interest and dividend income," President and CEO Robert E. Balletto said in a statement. "Additionally, our asset quality continues to be strong, as non-performing assets as a percentage of total assets was 0.28 percent at March 31, 2014. We remain focused on our strategic plan, which we believe will enhance long-term stockholder value."

From year’s end, total assets increased about 2 percent to $268.3 million. Deposits increased from about $176 million to $181.5 million. Nonperforming loans amounted to 0.32 percent of total loans, compared with 0.18 percent at year’s end, and nonperforming assets were 0.28 percent of total assets. The holding company for Georgetown Bank charged off $211,000 in loans, compared with $139,000 at Dec. 31, 2013.

Year-over-year, net interest and dividend income increased 26.7 percent to $2.4 million. Noninterest income declined to $243,000 from $621,000 in the year-ago period. The company’s net interest margin increased slightly, from 3.83 percent last year to 3.84 percent this year.

The company’s board of directors also increased its regular quarterly cash dividend from 4 cents per share of common stock to 4.25 cents per share to be paid on or about May 27 to stockholders of record at the close of business on May 12.