Net income declined at Georgetown Bancorp last year, due largely to a $572,000 net after-tax decrease in the market value of its available for sale investment securities.

Net income for the quarter ended Dec. 31 totaled $208,000, compared with $416,000 for the comparable quarter in 2012. For the year, net income totaled $735,000, compared with $948,000.

"I am pleased to report continued growth of our commercial loan portfolio, which grew 66 percent during 2013. This growth, combined with our continued strong asset quality, positions us well for future net interest income expansion," President and CEO Robert E. Balletto said in a statement.

Balletto noted that noninterest income for the quarter ended Dec. 31 had declined 50 percent year-over-year, driven largely by a decline in mortgage banking income.

Total assets increased to $263 million in 2013, compared with $211.6 million the previous year, and asset quality improved over the previous year. The ratio of nonperforming loans to total loans declined to 0.18 percent from 1.74 percent the previous year, and nonperforming assets to total assets declined to 0.15 percent from 1.6 percent over the same period.

The company’s board of directors also declared a regular quarterly cash dividend of 4 cents per share of common stock to be paid Feb. 24 to stockholders of record on Feb. 10.