Georgetown Bancorp Inc., holding company for Georgetown Bank, swung back into the black in the second quarter, posting net income of $135,000 for the three-month period ended June 30, compared to a $20,000 loss during the same time last year.

Net income for the six months ended June 30 was $288,000, compared to net income of $312,000 in the first half of last year, according to a statement.

In the first six months of this year, the bank’s total assets grew to $214.5 million, up from roughly $199.4 million at the end of last year. At the same time as assets grew, the company’s allowance for loan losses fell – to $1.55 million as of June 30 from $1.82 million at the end of 2011.

Total non-performing loans fell to $1.85 million at the end of the second quarter from $3.13 million as of Dec. 31, 2011.

"The company’s asset quality remained stable, as non-performing assets to total assets was 0.99 percent at June 30, 2012, compared to 1 percent at March 31, 2012," Georgetown Bancorp President and CEO Robert E. Balletto said in a statement. "As we continue to execute our strategic plan, which includes the judicious development of our commercial lending business, we remain focused on maintaining high asset quality and enhancing long-term shareholder value."