Georgetown Bancorp, Inc. Reports Continued Profitability for the Three Months and Year Ended Decembe
Georgetown Bancorp, Inc. Reports Continued Profitability for the Three Months and Year Ended December 31, 2012
GEORGETOWN, Mass.--(BUSINESS WIRE)-- Georgetown Bancorp, Inc. (NAS: GTWN) (the "Company"), holding company for Georgetown Bank (the "Bank"), reported net income for the three months ended December 31, 2012 of $416,000, or $.23 per basic and diluted share, compared to net income of $415,000, or $.22 per basic and diluted share, for the three months ended December 31, 2011. Net income for the year ended December 31, 2012 was $948,000, or $.51 per basic and diluted share, compared to net income of $1.0 million, or $.53 per basic and diluted share, for the year ended December 31, 2011.
Robert E. Balletto, President and Chief Executive Officer, said, "I am pleased with the progress made during the quarter ended December 31, 2012 in several areas. While we had a record level of mortgage banking income, driven by the low rate environment, we also continued to successfully expand the geographic footprint of our mortgage origination staff. We expect this expansion to mitigate the impact of the mortgage market's eventual shift from a refinancing market to a purchase market. Our asset quality improved during the quarter as non-performing assets declined from 1.94% of total assets at September 30, 2012 to 1.59% at December 31, 2012. Despite the continued sluggish economic environment, we have been successful in generating $5.7 million in net commercial loan growth for the quarter ended December 31, 2012 and have a significant commercial loan pipeline. We remain focused on our strategic plan, which we believe will enhance long-term stockholder value."
|Georgetown Bancorp, Inc.|
|Selected Financial Data|
|At or for the||At or for the|
|Year Ended||Year Ended|
|December 31, 2012||December 31, 2011|
|(Dollars in thousands, except share data)|
|Selected Financial Condition Data:|
|Cash and cash equivalents||6,789||19,083|
|Loans receivable, net||180,599||161,120|
|Allowance for loan losses||1,780||1,824|
|Investment securities (1)||9,778||6,496|
|Total stockholders' equity||30,563||20,329|
|Stockholders' equity to total assets at end of period||14.44||%||10.20||%|
|Total shares outstanding||1,940,302||2,680,455|
|Asset Quality Data:|
|Total non-performing loans||$||3,175||$||3,133|
|Other real estate owned||203||30|
|Total non-performing assets||3,378||3,163|
|Non-performing loans to total loans||1.74||%||1.92||%|
|Non-performing assets to total assets||1.60||%||1.59||%|
|Allowance for loan losses to non-performing loans||56.06||%||58.22||%|
|Allowance for loan losses to total loans||0.98||%||1.12||%|
|Loans charged off||$||386||$||788|
|Recoveries on loans previously charged off||142||12|
|Three Months Ended||Year Ended|
|December 31,||December 31,|
|(Dollars in thousands, except per share data)|
|Selected Operating Data:|
|Interest and dividend income||$||2,288||$||2,558||$||9,045||$||10,705|
|Net interest income||1,928||2,039||7,357||8,289|
|Provision for loan losses||38||124||200||949|
|Net interest income after|
|provision for loan losses||1,890||1,915||7,157||7,340|
|Income before income taxes||680||672||1,507||1,594|
|Income tax provision||264||257||559||583|
|Net income per share: basic (2)||$||0.23||$||0.22||$||0.51||$||0.53|
|Net income per share: diluted (2)||$||0.23||$||0.22||$||0.51||$||0.53|
|Return on average assets||0.80||%||0.85||%||0.46||%||0.51||%|
|Return on average equity||5.53||%||8.33||%||3.80||%||5.14||%|
|Interest rate spread||3.68||%||4.24||%||3.57||%||4.18||%|
|Net interest margin||3.86||%||4.43||%||3.75||%||4.39||%|
|Efficiency ratio (3)||73.55||%||66.84||%||81.79||%||72.59||%|
|Non-interest expense to average total assets||3.83||%||3.27||%||3.73||%||3.37||%|
|(1) Does not include Federal Home Loan Bank Stock of $2.9 million.|
|(2) 2011 adjusted to reflect 0.72014 exchange ratio in connection with second-step conversion completed July 11, 2012.|
|(3) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.|
About Georgetown Bancorp, Inc.
Georgetown Bancorp, Inc. is the holding company for Georgetown Bank. Georgetown Bank, with branch offices in Georgetown, North Andover and Rowley, Massachusetts, is committed to making a positive difference in the communities we serve. We strive to deliver exceptional personal service at all times and to help each of our customers achieve their unique financial goals through a competitive array of commercial and consumer banking services. To learn more about Georgetown Bank, visit www.georgetownbank.com or call 978-352-8600.
This news release may contain certain forward-looking statements, such as statements of the Company's or the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as "expects," "subject," "believe," "will," "intends," "will be" or "would." These statements are subject to change based on various important factors (some of which are beyond the Company's or the Bank's control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Company or the Bank to effectively manage its growth, and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including the final Prospectus filed in connection with our second-step conversion and Current Reports on Form 8-K.
Georgetown Bancorp, Inc.
Joseph W. Kennedy, 978-352-8600
Senior Vice President/CFO
KEYWORDS: United States North America Massachusetts
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