GTWN Georgetown Bancorp, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,  D.C. 20549 

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): January 26, 2016

 

GEORGETOWN BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Registrant’s telephone number, including area code:      978-352-8600

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[  ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[  ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[  ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02.Results of Operations and Financial Condition

 

On January 26,  2016 Georgetown Bancorp, Inc. (the “Company”) issued a Press Release disclosing its results of operations and financial condition at and for the three and twelve months ended December 31, 2015.  A copy of the Press Release is included as Exhibit 99.1 to this report. The Company will include final financial statements and additional analyses at and for the period ended December 31, 2015, as part of its Form 10-K covering that period.

 

Item 8.01.Other Events

 

On January  26, 2016, the Board of Directors of the Company also announced a quarterly cash dividend of $0.0475 per share of common stock.  The dividend will be paid on or about February 22, 2016, to stockholders of record as of the close of business on February 8, 2016. 

 

Item 9.01.Financial Statements and Exhibits

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

Exhibit 99.1

 

 

PRESS RELEASE

 

Contact Information:

Joseph W. Kennedy, Senior Vice President/CFO

Georgetown Bancorp, Inc.

978-352-8600

joe.kennedy@georgetownbank.com

 

Georgetown Bancorp, Inc. Reports Earnings

and Announces Quarterly Cash Dividend

 

GEORGETOWN, MASSACHUSETTS,  January 26, 2016 –

Georgetown Bancorp, Inc. (NASDAQ: GTWN) (the “Company”), holding company for Georgetown Bank (the “Bank”), reported net income for the three months ended December 31, 2015 of $480,000, or $0.27 per basic and diluted share, compared to net income of $440,000, or $0.25 per basic and diluted share, for the three months ended December 31, 2014. Net income for the year ended December 31, 2015 was $1,518,000, or $0.87 per basic share and $0.86 per diluted share, compared to net income of $1,479,000, or $0.85 per basic and diluted share, for the year ended December 31, 2014.

 

Robert E. Balletto, President and Chief Executive Officer, said, “I am pleased to report that our loan portfolio has grown 10% since December 31, 2014, with the majority of the growth occurring in commercial loans. Asset quality continues to be strong, as non-performing assets as a percentage of total assets decreased to 0.26% at December 31, 2015. However, we expect that our operating costs will increase substantially in 2016, as we enhance our regulatory compliance staff and compliance programs and our commercial lending support staff, in line with continued commercial loan growth. In addition, we plan to convert our Stratham, New Hampshire loan production office to a full service office.” 

 

The Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.0475 per share of common stock.  The dividend will be paid on or about February 22, 2016, to stockholders of record as of the close of business on February 8, 2016.    

Georgetown Bancorp, Inc.

Selected Financial Data

 

 

 

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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 and a Loan Production Office in Stratham, New Hampshire, is committed to making a positive difference in the markets we serve. Our highest priority is to provide exceptional personal service, act with high ethical standards and in the best interest of our customers, employees, shareholders and business partners.  We strive to help each of our customers achieve their unique financial goals through a competitive array of financial products and services. To learn more about Georgetown Bank, visit www.georgetownbank.com or call 978-352-8600.

 

Forward-looking statements

 

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 Current Reports on Form 8-K.

 

END