Georgetown Bancorp Inc., holding company for Georgetown Savings Bank, has reported a net loss of $20,000 for the three months ended June 30, a steep slide from the $335,000 in profits reported for the same period in 2010.
Net income for the six months ended June 30 was $312,000, down from $621,000 in net income for the six months ended June 30, 2010.
"Operating results for the three and six months ended June 30, 2011 were negatively affected primarily by the charge-off of one, large, out-of-market, residential home equity loan," said Robert E. Balletto, president and chief executive officer. "We believe this charge-off is not a reflection of a negative trend in our loan portfolio overall, as non-performing assets totaled 0.75 percent of total assets as of June 30, 2011 and remained below local and national averages."
He added: "The company continues to generate strong financial performance relative to its peers, driven by increasing net interest margins and core deposits. As we continue to navigate through this difficult economic environment and period of regulatory uncertainty, we remain focused on building long-term shareholder value."
