Attached files
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| 8-K - FORM 8-K - Georgetown Bancorp, Inc. | form8k-109612_gtwn.htm |
Exhibit
99.1
There
is a difference.
PRESS
RELEASE
Contact
Information:
Joseph W.
Kennedy, Senior Vice President/CFO
Georgetown
Bancorp, Inc.
978-352-8600
joe.kennedy@georgetownsb.com
Georgetown
Bancorp, Inc. Reports
Increased
Profitability for Year Ended
June
30, 2010
GEORGETOWN,
MASSACHUSETTS, July 29, 2010 –
Georgetown
Bancorp, Inc. (OTCBB: GTWN) (the “Company”), holding company for Georgetown
Savings Bank (the “Bank”), reported net income for the three months ended June
30, 2010 of $335,000, or $.13 per basic and diluted share, compared to net
income of $156,000, or $.06 per basic and diluted share, for the three months
ended June 30, 2009. The net income for the year ended June 30, 2010 was
$939,000, or $.36 per basic and diluted share, compared to net income of
$350,000, or $.14 per basic and diluted share, for the year ended June 30,
2009.
Robert E.
Balletto, President and Chief Executive Officer, said, “I am pleased to announce
that the Company has continued to achieve significant improvement in its
financial performance. Net income increased 168% compared to last year, while we
continued to maintain strong asset quality. Net interest margin and non-interest
income increased 21% and 25%, respectively. These results reflect the successful
execution of our strategic plan, specifically our focus on commercial lending
and residential mortgage banking in a challenging economic environment. The
economic environment of the past two years has not had a major negative impact
on the Company and the board and management remain cautiously optimistic about
the future. We continue to remain confident that execution of our strategic plan
will have a positive impact on long-term shareholder value."
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Georgetown
Bancorp, Inc.
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Selected
Financial Data
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At
or for the
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At
or for the
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Year
Ended
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Year
Ended
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June
30, 2010
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June
30, 2009
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(Dollars
in thousands, except share data)
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Selected
Financial Condition Data:
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Total
assets
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$ | 211,545 | $ | 201,191 | ||||
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Cash
and cash equivalents
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7,340 | 11,356 | ||||||
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Loans
receivable, net
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175,867 | 163,825 | ||||||
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Allowance
for loan losses
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1,676 | 1,455 | ||||||
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Investment
securities (1)
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14,643 | 14,487 | ||||||
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Deposits
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147,286 | 141,126 | ||||||
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Borrowings
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43,368 | 40,788 | ||||||
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Total
stockholders' equity
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18,368 | 17,317 | ||||||
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Stockholders'
equity to total assets at end of period
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8.68 | % | 8.61 | % | ||||
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Total
shares outstanding
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2,638,387 | 2,638,387 | ||||||
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Asset
Quality Data:
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Total
non-performing loans
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$ | 370 | $ | 737 | ||||
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Other
real estate owned
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66 | - | ||||||
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Total
non-performing assets
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436 | 737 | ||||||
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Non-performing
loans to total loans
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0.21 | % | 0.45 | % | ||||
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Non-performing
assets to total assets
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0.21 | % | 0.37 | % | ||||
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Allowance
for loan losses to non-performing loans
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452.97 | % | 197.42 | % | ||||
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Allowance
for loan losses to total loans
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0.94 | % | 0.88 | % | ||||
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Loans
charged off
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$ | 155 | $ | 15 | ||||
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Recoveries
on loans previously charged off
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15 | 10 | ||||||
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Three
Months Ended
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Year
Ended
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June
30,
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June
30,
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2010
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2009
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2010
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2009
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(Dollars
in thousands, except per share data)
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Selected
Operating Data:
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Interest
and dividend income
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$ | 2,806 | $ | 2,638 | $ | 10,734 | $ | 10,551 | ||||||||
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Interest
expense
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872 | 1,120 | 3,680 | 4,709 | ||||||||||||
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Net
interest income
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1,934 | 1,518 | 7,054 | 5,842 | ||||||||||||
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Provision
for loan losses
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76 | 66 | 361 | 248 | ||||||||||||
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Net
interest income after
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provision
for loan losses
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1,858 | 1,452 | 6,693 | 5,594 | ||||||||||||
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Non-interest
income
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251 | 319 | 1,085 | 870 | ||||||||||||
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Non-interest
expense
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1,596 | 1,546 | 6,320 | 5,933 | ||||||||||||
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Income
before income taxes
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513 | 225 | 1,458 | 531 | ||||||||||||
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Income
tax provision
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178 | 69 | 519 | 181 | ||||||||||||
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Net
income
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$ | 335 | $ | 156 | $ | 939 | $ | 350 | ||||||||
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Net
income per share: basic and diluted
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$ | 0.13 | $ | 0.06 | $ | 0.36 | $ | 0.14 | ||||||||
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Performance
Ratios:
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Return
on average assets
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0.64 | % | 0.31 | % | 0.47 | % | 0.18 | % | ||||||||
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Return
on average equity
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7.40 | % | 3.61 | % | 5.30 | % | 2.05 | % | ||||||||
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Interest
rate spread
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3.63 | % | 2.95 | % | 3.41 | % | 2.85 | % | ||||||||
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Net
interest margin
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3.90 | % | 3.25 | % | 3.70 | % | 3.19 | % | ||||||||
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Efficiency
ratio (2)
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73.00 | % | 84.11 | % | 77.64 | % | 88.39 | % | ||||||||
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Non-interest
expense to average total assets
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3.05 | % | 3.11 | % | 3.14 | % | 3.05 | % | ||||||||
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(1)
Does not include Federal Home Loan Bank Stock of $3.1
million.
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(2)
The efficiency ratio represents non-interest expense divided by the sum of
net interest income and non-interest
income.
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About Georgetown Bancorp,
Inc.
Georgetown
Bancorp, Inc. is the holding company for Georgetown Savings Bank. Georgetown
Savings 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 Savings Bank, visit www.georgetownsb.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