UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

X	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended March 31, 2012

	OR

___	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 0-51102

GEORGETOWN BANCORP, INC.

(Exact name of registrant as specified in its charter)

Federal				20-2107839
(State or other jurisdiction of				(I.R.S. Employer
incorporation or organization)				Identification No.)

2 East Main Street, Georgetown, MA				01833
(Address of principal executive office)				(Zip Code)

(978) 352-8600

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		Accelerated filer
Non-accelerated filer		Smaller reporting company X

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes_ No X

Indicate the number of shares outstanding of the registrant’s common stock, as of the latest practicable date: Common Stock, $0.10 par value, 2,694,341 shares outstanding as of May 11, 2012.

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Form 10-Q

GEORGETOWN BANCORP, INC.

Table of Contents

Part I. Financial Information			Page

Item 1:	Financial Statements (Unaudited)

	Consolidated Statements of Financial Condition at March 31, 2012 and December 31, 2011		1

	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2012 and 2011		2

	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2012 and 2011		3

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2012 and 2011		4

	Notes to Consolidated Financial Statements		6

Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations		22

Item 3:	Quantitative and Qualitative Disclosures About Market Risk		30

Item 4:	Controls and Procedures		30

Part II. Other Information

Item 1:		Legal Proceedings	30
Item 1A:		Risk Factors	30
Item 2:		Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3:		Defaults upon Senior Securities	30
Item 4:		Mine Safety Disclosures	30
Item 5:		Other Information	30
Item 6:		Exhibits	30

SIGNATURES			32

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PART I—FINANCIAL INFORMATION

ITEM 1. Financial Statements

GEORGETOWN BANCORP, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

--------------------------------------------------------------------------------------

ASSETS

	At		At
	March 31,		December 31,
	2012		2011
	(Unaudited)
	(In thousands)

Cash and due from banks	$	2,350	$	9,598
Short-term investments	24,777		9,485
Total cash and cash equivalents	27,127		19,083

Securities available for sale, at fair value	8,009		4,174
Securities held to maturity, at amortized cost	2,131		2,322
Federal Home Loan Bank stock, at cost	2,861		3,111
Loans held for sale	664		769
Loans, net of allowance for loan losses of $1,698,000 at March 31, 2012 and $1,824,000 at December 31, 2011	155,959		161,120
Premises and equipment, net	3,827		3,882
Accrued interest receivable	609		627
Bank-owned life insurance	2,720		2,696
Prepaid FDIC insurance	326		362
Other assets	1,523		1,229
Total assets	$	205,756	$	199,375

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits	$	155,233	$	151,085
Securities sold under agreements to repurchase	427		573
Long-term Federal Home Loan Bank advances	25,100		25,121
Mortgagors’ escrow accounts	805		730
Due to broker for investment purchase	2,079		-
Accrued expenses and other liabilities	1,609		1,537
Total liabilities	185,253		179,046

Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.10 par value per share: 1,000,000 shares authorized; none outstanding	-		-
Common stock, $0.10 par value per share: 10,000,000 shares authorized; 2,777,250 shares issued	278		278
Additional paid-in capital	11,510		11,496
Retained earnings	10,163		10,010
Accumulated other comprehensive income	124		134
Unearned compensation - ESOP (26,549 and 28,597 shares unallocated at March 31, 2012 and December 31, 2011, respectively)	(265)		(286)
Unearned compensation - Restricted stock (42,050 and 36,552 shares non-vested at March 31, 2012 and December 31, 2011, respectively)	(246)		(167)
Treasury stock, at cost (124,959 and 133,347 shares at March 31, 2012 and December 31, 2011, respectively)	(1,061)		(1,136)
Total stockholders’ equity	20,503		20,329

Total liabilities and stockholders’ equity	$	205,756	$	199,375

See accompanying notes to consolidated financial statements.

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GEORGETOWN BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

----------------------------------------------------------------

(unaudited)

	Three Months Ended
	March 31,
	2012		2011
	(In thousands, except share and per share data)

Interest and dividend income:
Loans, including fees	$	2,251	$	2,698
Securities	63		99
Short-term investments	7		-
Total interest and dividend income	2,321		2,797

Interest expense:
Deposits	283		417
Short-term Federal Home Loan Bank advances	-		5
Long-term Federal Home Loan Bank advances	218		247
Securities sold under agreements to repurchase	1		1
Total interest expense	502		670

Net interest income	1,819		2,127
Provision for loan losses	64		64
Net interest income, after provision for loan losses	1,755		2,063

Non-interest income:
Customer service fees	132		134
Mortgage banking income, net	125		67
Income from bank-owned life insurance	24		24
Other	2		1
Total non-interest income	283		226

Non-interest expenses:
Salaries and employee benefits	1,023		1,005
Occupancy and equipment expenses	214		203
Data processing expenses	121		109
Professional fees	101		105
Advertising expenses	87		87
FDIC insurance	39		47
Other general and administrative expenses	220		203
Total non-interest expenses	1,805		1,759

Income before income taxes	233		530

Income tax provision	80		198

Net income	$	153	$	332

Weighted-average number of common shares outstanding:
Basic	2,658,065		2,636,792
Diluted	2,658,235		2,636,792

Earnings per share:
Basic	$	0.06	$	0.13
Diluted	$	0.06	$	0.13

Comprehensive income:
Net income	$	153	$	332

Other comprehensive loss, net of tax:
Unrealized loss on securities available for sale	(10)		(24)

Comprehensive income	$	143	$	308

See accompanying notes to consolidated financial statements.

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GEORGETOWN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

-----------------------------------------------------------------------------------------------------------

(unaudited)

							Accumulated
			Additional				Other		Unearned		Unearned
	Common		Paid-in		Retained		Comprehensive		Compensation-		Compensation-		Treasury
	Stock		Capital		Earnings		Income (Loss)		ESOP		Restricted Stock		Stock		Total
	(In thousands)

Balance at December 31, 2010	$	278	$	11,424	$	8,999	$	120	$	(368)	$	(100)	$	(1,184)	$	19,169

Comprehensive income:
Net income	-		-		332		-		-		-		-		332
Net unrealized loss on securities available for sale, net of related tax effects of $14,000	-		-		-		(24)		-		-		-		(24)
Total comprehensive income															308

Common stock held by ESOP allocated or committed to be allocated (2,048 shares)	-		(6)		-		-		20		-		-		14

Restricted stock granted in connection with equity incentive plan (25,998 shares)	-		169		-		-		-		(169)		-		-

Forfeiture of restricted stock (7,650 shares)	-		(46)		-		-		-		46		-		-

Reissuance of treasury stock (5,796 shares)	-		(50)		-		-		-		-		50		-

Purchase of treasury stock (280 shares)	-		-		-		-		-		-		(2)		(2)

Share based compensation - options	-		4		-		-		-		-		-		4
Share based compensation - restricted stock	-		-		-		-		-		10		-		10

Balance at March 31, 2011	$	278	$	11,495	$	9,331	$	96	$	(348)	$	(213)	$	(1,136)	$	19,503

Balance at December 31, 2011	$	278	$	11,496	$	10,010	$	134	$	(286)	$	(167)	$	(1,136)	$	20,329

Comprehensive income:
Net income	-		-		153		-		-		-		-		153
Net unrealized loss on securities available for sale, net of related tax effects of $5,000	-		-		-		(10)		-		-		-		(10)
Total comprehensive income															143

Common stock held by ESOP allocated or committed to be allocated (2,048 shares)	-		(7)		-		-		21		-		-		14

Restricted stock granted in connection with equity incentive plan (17,506 shares)	-		109		-		-		-		(109)		-		-

Forfeiture of restricted stock (2,250 shares)	-		(13)		-		-		-		13		-		-

Reissuance of treasury stock (9,758 shares)	-		(83)		-		-		-		-		83		-

Purchase of treasury stock (1,370 shares)	-		-		-		-		-		-		(8)		(8)

Share based compensation - options	-		8		-		-		-		-		-		8
Share based compensation - restricted stock	-		-		-		-		-		17		-		17

Balance at March 31, 2012	$	278	$	11,510	$	10,163	$	124	$	(265)	$	(246)	$	(1,061)	$	20,503

See accompanying notes to consolidated financial statements.

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GEORGETOWN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

--------------------------------------------------------------------

(unaudited)

	Three Months Ended
	March 31,
	2012		2011
	(In thousands)
Cash flows from operating activities:
Net income	$	153	$	332
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Provision for loan losses	64		64
Accretion of securities, net	-		(3)
Net change in loan fees and costs	(19)		2
Depreciation and amortization expense	68		64
Decrease (increase) in accrued interest receivable	18		(37)
Income from bank-owned life insurance	(24)		(24)
Stock-based compensation expense	39		28
Gain on sale of loans	(191)		(67)
Loans originated for sale	(8,023)		(2,024)
Proceeds from sale of loans	8,319		2,776
Prepaid FDIC insurance	36		43
Net change in other assets and liabilities	(217)		(111)
Net cash provided by operating activities	223		1,043

Cash flows from investing activities:
Activity in securities available for sale:
Maturities, prepayments and calls	301		929
Purchases	(2,072)		-
Maturities, prepayments and calls of securities held to maturity	191		266
Redemption of Federal Home Loan Bank stock	250		-
Loan originations, net	4,802		(3,139)
Principal balance of portfolio loans sold	314		-
Purchase of premises and equipment	(13)		(8)
Net cash provided (used) by investing activities	3,773		(1,952)


(continued)


See accompanying notes to consolidated financial statements.

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GEORGETOWN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

---------------------------------------------------------------------

(unaudited)

(concluded)

	Three Months Ended
	March 31,
	2012		2011
	(In thousands)
Cash flows from financing activities:
Net change in deposits	4,148		(1,266)
Net change in securities sold under agreements to repurchase	(146)		(111)
Net change in Federal Home Loan Bank advances with maturities of three months or less	-		3,300
Repayments of Federal Home Loan Bank advances with maturities greater than three months	(21)		(1,015)
Net change in mortgagors’ escrow accounts	75		(1)
Purchase of vested restricted shares to treasury stock	(8)		(2)
Net cash (used) provided by financing activities	4,048		905

Net change in cash and cash equivalents	8,044		(4)

Cash and cash equivalents at beginning of period	19,083		3,298

Cash and cash equivalents at end of period	$	27,127	$	3,294

Supplementary information:
Interest paid on deposit accounts	$	284	$	417
Interest paid on borrowings	219		253
Income taxes paid	71		111
Due to broker for investment purchase	2,079		-

See accompanying notes to consolidated financial statements.

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GEORGETOWN BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1) Basis of Presentation

The accompanying unaudited financial statements of Georgetown Bancorp, Inc. (the “Company”) were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month period ended March 31, 2012 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the December 31, 2011 Consolidated Financial Statements presented in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2012. The consolidated financial statements include the accounts of Georgetown Savings Bank (the “Bank”) and its wholly owned subsidiary, Georgetown Securities Corporation, which engages in the buying, selling and holding of securities. All significant inter-company balances and transactions have been eliminated in consolidation. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued.

(2) Earnings Per Common Share

The Company has adopted the Earnings Per Share (“EPS”) guidance included in Accounting Standards Codification (“ASC”) 260-10. As presented below, basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used.

Treasury shares and unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

Earnings per common share have been computed based on the following:

		Three Months Ended
		March 31,
		2012		2011

Net income available to common stockholders		$	153,000	$	332,000

Basic common shares:
Weighted average shares outstanding		2,647,406		2,640,655
Less:	Weighted average unallocated ESOP shares	(27,892)		(36,083)
Add:	Weighted average unvested restricted stock
	shares with non-forfeitable dividend rights	38,551		32,220
Basic weighted average common shares outstanding		2,658,065		2,636,792

Dilutive potential common shares		170		-

Diluted weighted average common shares outstanding		2,658,235		2,636,792

Basic earnings per share		$	0.06	$	0.13

Diluted earnings per share		$	0.06	$	0.13

Options to purchase 18,750 shares that were granted in 2010 were included in the computation of diluted earnings per share for the three months ended March 31, 2012. Options to purchase 37,992 shares that were granted in 2011 and 2012 were not included in the computation of diluted earnings for the three months ended March 31, 2012, because to do so would have been antidilutive. Options to purchase 42,348 shares were not included in the computation of diluted earnings per share for the three months ended March 31, 2011, because to do so would have been antidilutive.

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(3) Corporate Structure

In conjunction with its reorganization into the mutual holding company structure, on January 5, 2005, the Bank (i) converted to a stock savings bank as the successor to the Bank in its mutual form; (ii) organized the Company as a federally-chartered corporation that owns 100% of the common stock of the Bank (in stock form); and (iii) organized Georgetown Bancorp, MHC as a federally-chartered mutual holding company that owned 56.7% of the Common Stock of the Company as of March 31, 2012. On November 28, 2011, the Boards of Directors of the Company, Georgetown Bancorp, MHC and the Bank each unanimously adopted a Plan of Conversion or Reorganization of the Mutual Holding Company pursuant to which Georgetown Bancorp, MHC will undertake a “second-step” conversion and cease to exist. The Bank will reorganize from a two-tier mutual holding company structure to a fully public stock holding company structure.

(4) Recent Accounting Pronouncements

In April 2011, the Financial Accounting Standards Board (“the FASB”) issued Accounting Standards Update (“ASU”) 2011-03, “Reconsideration of Effective Control for Repurchase Agreements.” The objective of this ASU is to improve the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. This ASU prescribes when an entity may or may not recognize a sale upon the transfer of financial assets subject to repurchase agreements. The guidance in this ASU is effective for the first interim or annual period beginning on or after December 15, 2011. Early adoption is not permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on its financial position or results of operation.

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards.” The amendments in this ASU explain how to measure fair value. They do not require additional fair value measurements and are not intended to establish valuation standards or affect valuation practices outside of financial reporting. The amendments in this ASU are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The Company does not anticipate that the adoption of this guidance will have a material impact on its financial position or results of operation.

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” The objective of this ASU is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. Under this ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. An entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. An entity is required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. The amendments in this ASU should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company does not anticipate that the adoption of this guidance will have a material impact on its financial position or results of operation.

In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities.” This ASU is to enhance current disclosures. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendments in this ASU are effective for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The Company does not anticipate that the adoption of this guidance will have a material impact on its financial position or results of operation.

In December 2011, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” The amendments in this update defer those changes in ASU 2011-05 that relate to the presentation of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. All other requirements in ASU 2011-05 are not affected by this update. The amendments are effective during interim and annual periods beginning after December 15, 2011. The Company does not anticipate that the adoption of this guidance will have a material impact on its financial position or results of operation.

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(5) Securities

A summary of securities is as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)

At March 31, 2012

Securities available for sale

Government-sponsored enterprise obligations	$	501	$	-	$	-	$	501
Residential mortgage-backed securities	7,315		194		(1)		7,508

Total securities available for sale	$	7,816	$	194	$	(1)	$	8,009

Securities held to maturity

Residential mortgage-backed securities	$	2,131	$	167	$	-	$	2,298

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)

At December 31, 2011

Securities available for sale

Government-sponsored enterprise obligations	$	502	$	1	$	-	$	503
Residential mortgage-backed securities	3,464		207		-		3,671

Total securities available for sale	$	3,966	$	208	$	-	$	4,174

Securities held to maturity

Residential mortgage-backed securities	$	2,322	$	184	$	-	$	2,506

All residential mortgage-backed securities have been issued by government-sponsored enterprises.

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The amortized cost and estimated fair value of debt securities by contractual maturity at March 31, 2012 are as follows. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(In thousands)

Within 1 year	$	501	$	501	$	-	$	-
	501		501		-		-
Residential mortgage-backed securities	7,315		7,508		2,131		2,298

	$	7,816	$	8,009	$	2,131	$	2,298

There were no sales of securities for the three months ended March 31, 2012 and 2011.

Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:

Less Than Twelve Months

Greater Than Twelve Months

Gross

Unrealized

Fair

Unrealized

Fair

Losses

Value

Losses

Value

(In thousands)

At March 31, 2012:

Securities available for sale

Government-sponsored enterprise obligations

2,072

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(6) Loans and Servicing

Loans

A summary of loans is as follows:

	At		At
	March 31,		December 31,
	2012		2011
	Amount	Percent	Amount	Percent
	(Dollars in thousands)

Residential loans:
One-to-four family	$ 62,770	39.86%	$ 62,613	38.46%
Home equity loans and lines of credit	16,914	10.74	17,118	10.51
Total residential mortgage loans	79,684	50.60	79,731	48.97

Commercial loans:
One-to-four family investment property	10,492	6.66	10,816	6.64
Multi-family real estate	11,829	7.51	13,037	8.01
Commercial real estate	26,741	16.98	25,399	15.60
Commercial business	8,225	5.22	10,137	6.23
Total commercial loans	57,287	36.37	59,389	36.48

Construction loans:
One-to-four family	9,718	6.17	11,941	7.33
Multi-family	9,750	6.19	10,656	6.55
Non-residential	629	0.40	629	0.39
Total construction loans	20,097	12.76	23,226	14.27

Consumer	423	0.27	451	0.28

Total loans	157,491	100.00%	162,797	100.00%

Other items:
Net deferred loan costs	166		147
Allowance for loan losses	(1,698)		(1,824)

Total loans, net	$ 155,959		$ 161,120

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An analysis of the allowance for loan losses at March 31, 2012 and December 31, 2011 is below. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

	Residential				Commercial								Construction

	One-to-four family		Home equity loans and lines of credit		One-to-four family investment property		Multi-family real estate		Commercial real estate		Commercial business		One-to-four family		Multi-family		Non- residential		Consumer		Total

	(In thousands)
At March 31, 2012

Allowance for loan losses

Beginning Balance	$	346	$	341	$	59	$	98	$	400	$	234	$	228	$	98	$	11	$	9	$	1,824
Charge-offs	-		-		-		-		-		(1)		(191)		-		-		-		(192		)
Recoveries	2		-		-		-		-		-		-		-		-		-		2
Provision	16		(24)		(1)		(9)		1		(49)		138		(8)		1		(1)		64
Ending Balance	$	364	$	317	$	58	$	89	$	401	$	184	$	175	$	90	$	12	$	8	$	1,698

Ending balance:
individually evaluated for impairment	$	203	$	13	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	216

Ending balance:
collectively evaluated for impairment	$	161	$	304	$	58	$	89	$	401	$	184	$	175	$	90	$	12	$	8	$	1,482

Loans

Ending Balance	$	62,770	$	16,914	$	10,492	$	11,829	$	26,741	$	8,225	$	9,718	$	9,750	$	629	$	423	$	157,491

Ending balance:
individually evaluated for impairment	$	1,242	$	13	$	-	$	-	$	312	$	-	$	765	$	638	$	-	$	-	$	2,970

Ending balance:
collectively evaluated for impairment	$	61,528	$	16,901	$	10,492	$	11,829	$	26,429	$	8,225	$	8,953	$	9,112	$	629	$	423	$	154,521

At December 31, 2011

Allowance for loan losses

Beginning Balance	$	233	$	320	$	60	$	106	$	431	$	304	$	93	$	83	$	6	$	15	$	1,651
Charge-offs	-		(741)		-		-		(10)		(3)		-		-		-		(34)		(788		)
Recoveries	9		-		-		-		-		1		-		-		-		2		12
Provision	104		762		(1)		(8)		(21)		(68)		135		15		5		26		949
Ending Balance	$	346	$	341	$	59	$	98	$	400	$	234	$	228	$	98	$	11	$	9	$	1,824

Ending balance:
individually evaluated for impairment	$	185	$	13	$	-	$	-	$	-	$	-	$	121	$	-	$	-	$	-	$	319

Ending balance:
collectively evaluated for impairment	$	161	$	328	$	59	$	98	$	400	$	234	$	107	$	98	$	11	$	9	$	1,505

Loans

Ending Balance	$	62,613	$	17,118	$	10,816	$	13,037	$	25,399	$	10,137	$	11,941	$	10,656	$	629	$	451	$	162,797

Ending balance:
individually evaluated for impairment	$	898	$	13	$	-	$	-	$	314	$	-	$	1,168	$	1,269	$	-	$	-	$	3,662

Ending balance:
collectively evaluated for impairment	$	61,715	$	17,105	$	10,816	$	13,037	$	25,085	$	10,137	$	10,773	$	9,387	$	629	$	451	$	159,135

Table of Contents

The following is a summary of past-due and non-accrual loans at March 31, 2012 and December 31, 2011. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.


	Loans delinquent for:												90 days

					90 days		Total		Total		Total		or more		Non-accrual
	30 - 59 Days		60 - 89 Days		or more		Past Due		Current		Loans		and accruing		Loans

	(In thousands)
At March 31, 2012:

Residential loans:
One-to-four family	$	219	$	138	$	735	$	1,092	$	61,678	$	62,770	$	-	$	1,242
Home equity loans and lines of credit	-		-		-		-		16,914		16,914		-		13

Commercial loans:
One-to-four family investment property	-		-		-		-		10,492		10,492		-		-
Multi-family real estate	-		-		-		-		11,829		11,829		-		-
Commercial real estate	842		312		-		1,154		25,587		26,741		-		-
Commercial business	-		-		10		10		8,215		8,225		-		10

Construction loans:
One-to-four family	-		-		765		765		8,953		9,718		-		765
Multi-family	-		-		-		-		9,750		9,750		-		-
Non-residential	-		-		-		-		629		629		-		-

Consumer	-		-		-		-		423		423		-		-

Total	$	1,061	$	450	$	1,510	$	3,021	$	154,470	$	157,491	$	-	$	2,030

At December 31, 2011:

Residential loans:
One-to-four family	$	431	$	175	$	391	$	997	$	61,616	$	62,613	$	-	$	683
Home equity loans and lines of credit	-		-		-		-		17,118		17,118		-		13

Commercial loans:
One-to-four family investment property	-		-		-		-		10,816		10,816		-		-
Multi-family real estate	-		-		-		-		13,037		13,037		-		-
Commercial real estate	314		-		-		314		25,085		25,399		-		-
Commercial business	-		-		-		-		10,137		10,137		-		-

Construction loans:
One-to-four family	-		100		1,168		1,268		10,673		11,941		-		1,168
Multi-family	-		-		-		-		10,656		10,656		-		1,269
Non-residential	-		-		-		-		629		629		-		-

Consumer	4		-		-		4		447		451		-		-

Total	$	749	$	275	$	1,559	$	2,583	$	160,214	$	162,797	$	-	$	3,133

Table of Contents

The following is an analysis of impaired loans at March 31, 2012 and December 31, 2011.

			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized

	(In thousands)

At March 31, 2012

Impaired loans without a valuation allowance

Residential loans:
One-to-four family	$	353	$	353	$	-	$	88	$	-
Home equity loans and lines of credit	-		-		-		-		-
Commercial loans:
One-to-four family investment property	-		-		-		-		-
Multi-family real estate	-		-		-		-		-
Commercial real estate	312		312		-		313		5
Commercial business	-		-		-		-		-
Construction loans:
One-to-four family	765		765		-		1,067		-
Multi-family	638		638		-		883		16
Non-residential	-		-		-		-		-
Consumer	-		-		-		-		-

Total impaired with no related allowance	$	2,068	$	2,068	$	-	$	2,351	$	21

Impaired loans with a valuation allowance

Georgetown Bancorp, Inc. 10-Q