Revenue during the quarter grew 5.55 percent to $2.91 million from $2.76 million in the previous year period. Net interest income for the quarter rose 5.56 percent over the prior year period to $2.73 million. Non-interest income for the quarter fell 10.74 percent over the last year period to $0.22 million.

Georgetown Bancorp Inc has made provision of $0.04 million for loan losses during the quarter, down 47.30 percent from $0.07 million in the same period last year.

Net interest margin contracted 4 basis points to 3.51 percent in the quarter from 3.55 percent in the last year period. Efficiency ratio for the quarter improved to 84.15 percent from 93.15 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Robert E. Balletto, president and chief executive officer, said, “The improvement in our earnings for the three months ended March 31, 2017 compared to the three months ended March 31, 2016 was primarily due to the expansion of our net interest and dividend income, driven by commercial real estate loan growth and a reduction in overhead. The reduction in overhead was primarily due to a reduction in marketing and recruitment expenses. Included in non-interest expense for the three months ended March 31, 2017 was $96,000 in merger related expenses, the majority of which is not tax deductible for income tax purposes.”

Investments stood at $24.12 million as on Mar. 31, 2017. Shareholders equity was at $32.40 million as on Mar. 31, 2017.

Return on average assets moved up 24 basis points to 0.35 percent in the quarter from 0.11 percent in the last year period. At the same time, return on average equity increased 256 basis points to 3.59 percent in the quarter from 1.03 percent in the last year period.

Nonperforming assets stood at $0.94 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.29 percent in the quarter.

Book value per share was $17.65 for the quarter.