Georgetown Bancorp Inc., the holding company for Georgetown Bank, recorded a 31 percent drop in net income for the third quarter this year to $168,000 from $244,000 during the third quarter last year.

"The results for the three months ended Sept. 30, 2013 reflected an 11.5 percent increase in net interest income after the provision for loan losses, primarily due to loan growth. Offsetting this increase was a decline of 60.9 percent in non-interest income, driven by a decline in mortgage banking income, which was negatively affected by higher mortgage rates and originator turnover," President and CEO Robert Balletto said in a statement.

In the statement, Balletto also highlighted a decline in the company’s nonperforming assets to 0.17 percent from 0.31 percent at June 30.

Total assets increased to $247 million from $211.6 million at the end of 2012. The company’s net interest margin increased to 3.83 percent from 3.59 percent during the third quarter last year.

Balletto also said, "Our primary focus continues to be on our strategic plan, which we believe will enhance long-term stockholder value."