UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

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

                For the quarterly period ended September 30, 2006

                                       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 small business issuer 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)

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

Indicate by check whether the registrant is an accelerated filer (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, 2,699,250 shares
outstanding as of November 10, 2006

Transitional Small Business Disclosure Format: YES |_|  NO |X|

<PAGE>

                                   Form 10-QSB
                            GEORGETOWN BANCORP, INC.
                                Table of Contents

Part I.  Financial Information                                              Page
         ---------------------                                              ----

Item 1:  Financial Statements (Unaudited)

         Consolidated Statements of Financial Condition
         as of September 30, 2006 and June 30, 2006                            1

         Consolidated Statements of Operations for the
          Three Months Ended September 30, 2006 and 2005                       2

         Consolidated Statements of Changes in Stockholders'
         Equity for the Three Months Ended September 30, 2006 and 2005         3

         Consolidated Statements of Cash Flows for the
         Three Months Ended September 30, 2006 and 2005                        4

         Notes to Condensed Consolidated Financial Statements                  6

Item 2:  Management's Discussion and Analysis of Financial Condition
            and Results of Operations                                          7

Item 3:  Controls and Procedures                                              13

Part II. Other Information
         -----------------

Item 1:  Legal Proceedings                                                    14
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds           14
Item 3: Defaults upon Senior Securities                                       14
Item 4: Submission of Matters to a Vote of Security Holders                   14
Item 5: Other Information                                                     14
Item 6: Exhibits                                                              14

SIGNATURES                                                                    15

<PAGE>

                            GEORGETOWN BANCORP, INC.
                        STATEMENTS OF FINANCIAL CONDITION
                        ---------------------------------
                                   (unaudited)
                                     ASSETS

<TABLE>
<CAPTION>
                                                                         At                    At
                                                                    September 30,           June 30,
                                                                        2006                  2006
                                                                    -------------        -------------
                                                                   $ in thousands, except per share data
<S>                                                                 <C>                  <C>
Cash and due from banks                                             $       2,818        $       3,257
Short-term investments                                                      2,452                  720
                                                                    -------------        -------------
          Total cash and cash equivalents                                   5,270                3,977

Securities available for sale, at fair value                               14,728               15,465
Securities held to maturity, at amortized cost                              9,340                9,823
Federal Home Loan Bank stock, at cost                                       2,905                2,905
Loans, net of allowance for loan losses of $1,068,000
  at September 30, 2006 and $1,016,000 at June 30, 2006                   130,452              128,778
Premises and equipment                                                      5,127                5,230
Accrued interest receivable                                                   682                  674
Bank-owned life insurance                                                   1,223                1,211
Other assets                                                                  828                  852
                                                                    -------------        -------------

          Total assets                                              $     170,555        $     168,915
                                                                    =============        =============

                                  LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                            $      99,346        $      96,571
Short-term borrowings                                                      15,550               22,300
Long-term Federal Home Loan Bank advances                                  35,909               28,921
Securities sold under agreements to repurchase                                821                  762
Mortgagors' escrow accounts                                                   299                  289
Accrued expenses and other liabilities                                        623                1,413
                                                                    -------------        -------------
          Total liabilities                                               152,548              150,256
                                                                    -------------        -------------

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, 2,699,250 and
  2,777,250 shares outstanding at September 30, 2006
  and June 30,2006, respectively                                              278                  278
Additional paid-in capital                                                 11,452               11,452
Retained earnings                                                           7,908                7,996
Accumulated other comprehensive loss                                         (164)                (330)
Treasury stock, at cost (78,000 shares at September 30, 2006)                (751)                  --
Unearned compensation - ESOP                                                 (716)                (737)
                                                                    -------------        -------------
          Total stockholders' equity                                       18,007               18,659
                                                                    -------------        -------------

          Total liabilities and stockholders' equity                $     170,555        $     168,915
                                                                    =============        =============
</TABLE>

See notes to condensed consolidated financial statements.

<PAGE>

                            GEORGETOWN BANCORP, INC.
                            STATEMENTS OF OPERATIONS
                            ------------------------
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                            September 30,        September 30,
                                                                2006                  2005
                                                            -------------        -------------
                                                          $ in thousands, except per share data
<S>                                                         <C>                  <C>
Interest and dividend income:
    Loans, including fees                                   $       1,914        $       1,595
    Investment interest and dividends                                 365                  331
    Short-term investments                                              8                   30
                                                            -------------        -------------
               Total interest and dividend income                   2,287                1,956
                                                            -------------        -------------

Interest expense:
    Deposits                                                          652                  408
    Short-term borrowings                                             294                  269
    Long-term Federal Home Loan Bank advances                         333                  193
    Securities sold under agreements to repurchase                      2                    2
                                                            -------------        -------------
               Total interest expense                               1,281                  872
                                                            -------------        -------------

Net interest income                                                 1,006                1,084
Provision for loan losses                                              64                   33
                                                            -------------        -------------
Net interest income, after provision for loan losses                  942                1,051
                                                            -------------        -------------

Non-interest income:
    Customer service fees                                             156                   92
    Income from bank-owned life insurance                              12                   11
    Other                                                               7                    6
                                                            -------------        -------------
               Total non-interest income                              175                  109
                                                            -------------        -------------

Non-interest expenses:
    Salaries and employee benefits                                    686                  653
    Occupancy and equipment expenses                                  207                  170
    Data processing expenses                                           77                   57
    Professional fees                                                  68                   85
    Advertising expense                                                12                   10
    Other general and administrative expenses                         198                  135
                                                            -------------        -------------
               Total non-interest expenses                          1,248                1,110
                                                            -------------        -------------

(Loss) income before income taxes                                    (131)                  50

Income tax (benefit) expense                                          (45)                  16
                                                            -------------        -------------

Net (loss) income                                           $         (86)       $          34
                                                            =============        =============

Net (loss) income per share:
Basic and diluted                                                  ($0.03)       $        0.01

Basic and diluted weighted average shares outstanding           2,674,838            2,696,736
</TABLE>

See notes to condensed consolidated financial statements.

<PAGE>
                            GEORGETOWN BANCORP, INC.
                  STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                       ----------------------------------
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                            Accumulated
                                                                               Other
                                                      Additional           Comprehensive                       Unearned
                                            Common     Paid-in   Retained     Income       Treasury Stock       Compen-
                                            Stock      Capital   Earnings     (Loss)      Shares     Amount     sation       Total
                                           ---------  ---------  ---------   ---------   --------  ---------   ---------   --------
<S>                                       <C>        <C>        <C>         <C>           <C>     <C>         <C>         <C>
                                                                   $ in thousands, except per share data

Balance at June 30, 2005                   $     278  $  11,452  $   8,383   $     (17)        --  $      --   $    (811)  $ 19,285
                                                                                                                           --------

Comprehensive income (loss):
  Net income                                                            34                                                       34
  Change in unrealized gain (loss)
    on securities available for sale,
    net of reclassification adjustments
    and tax effects                                                               (120)                                        (120)
                                                                                                                           --------

        Total comprehensive income (loss)                                                                                       (86)
                                                                                                                           --------

Common stock held by ESOP committed to
  be allocated (20,565 shares)                    --         --         (1)         --                                17         16
                                           ---------  ---------  ---------   ---------   --------  ---------   ---------   --------

Balance at September 30, 2005              $     278  $  11,452  $   8,416   $    (137)        --  $      --   $    (794)    19,215
                                           =========  =========  =========   =========   ========  =========   =========   ========

Balance at June 30, 2006                   $     278  $  11,452  $   7,996   $    (330)        --  $      --   $    (737)  $ 18,659

Comprehensive income (loss):
  Net income                                                           (86)                                                     (86)
  Change in unrealized gain (loss)
    on securities available for sale,
    net of reclassification adjustments
    and tax effects                                                                166                                          166
                                                                                                                           --------
        Total comprehensive income (loss)                                                                                        80
                                                                                                                           --------

Teasury stock purchased                                                                    78,000       (751)                  (751)

Common stock held by ESOP committed to
  to be allocated (2,046 shares)                                        (2)                                           21         19
                                           ---------  ---------  ---------   ---------   --------  ---------   ---------   --------

Balance at September 30, 2006              $     278  $  11,452  $   7,908   $    (164)    78,000  $    (751)  $    (716)  $ 18,007
                                           =========  =========  =========   =========   ========  =========   =========   ========
</TABLE>

See notes to condensed consolidated financial statements.

<PAGE>

                            GEORGETOWN BANCORP, INC.
                            STATEMENTS OF CASH FLOWS
             ------------------------------------------------
                                (unaudited)

<TABLE>
<CAPTION>
                                                                   Three Months Ended
                                                              September 30,   September 30,
                                                                   2006            2005
                                                              -------------   -------------
                                                                     $ in thousands
<S>                                                            <C>             <C>
Cash flows from operating activities:
  Net (loss) income                                            $       (86)    $        34
  Adjustments to reconcile net (loss) income to net cash
    provided by operating activities:
      Provision for loan losses                                         64              33
      Accretion  of securities, net                                    (15)            (14)
      (Accretion) amortization of deferred loan costs                   (6)             18
      Depreciation and amortization expense                            115              97
      Decrease (increase)  in accrued interest receivable               (8)              6
      Income from bank-owned life insurance                            (12)            (11)
      ESOP compensation expense                                         19              16
      Other, net                                                      (865)            147
                                                               -----------     -----------
        Net cash (used by) provided by operating activities           (794)            326
                                                               -----------     -----------

Cash flows from investing activities:
  Activity in available-for-sale securities:
    Maturities, prepayments and calls                                1,011           1,181
    Purchases                                                           --          (3,000)
  Activity in held-to-maturity securities:
    Maturities, prepayments and calls                                  488           1,238
  Purchase of Federal Home Loan Bank stock                              --            (160)
  Loan originations, net of amortization and payoffs                (1,731)         (2,515)
  Purchase of premises and equipment                                   (12)            (70)
                                                               -----------     -----------
        Net cash used by investing activities                         (244)         (3,326)
                                                               -----------     -----------
</TABLE>

                                    Continued

<PAGE>

                            GEORGETOWN BANCORP, INC.
                            STATEMENTS OF CASH FLOWS
                            ------------------------
                                   (unaudited)
                                   (continued)

<TABLE>
<CAPTION>
                                                                         Three Months Ended
                                                                   September 30,    September 30,
                                                                       2006             2005
                                                                   -------------    -------------
                                                                          $ in thousands
<S>                                                                <C>              <C>
Cash flows from financing activities:
    Net increase in deposits                                              2,775             (507)
    Net increase (decrease) in securities sold under agreements
      to repurchase                                                          59             (146)
    Net change in borrowings with maturities of  three
      months or less                                                     (2,900)          (8,100)
    Proceeds of Federal Home Loan Bank advances
      with maturities greater than three months                          10,500           18,150
    Repayments of Federal Home Loan Bank advances
      with maturities greater than three months                          (7,362)          (6,512)
    Treasury stock purchased                                               (751)
    Net change in mortgagors' escrow accounts                                10               55
                                                                   ------------     ------------
          Net cash provided by financing activities                       2,331            2,940
                                                                   ------------     ------------

Net change in cash and cash equivalents                                   1,293              (60)

Cash and cash equivalents at beginning of year                            3,977            5,078
                                                                   ------------     ------------

Cash and cash equivalents at end of year                           $      5,270     $      5,018
                                                                   ============     ============

Supplementary information:
    Interest paid on deposit accounts                              $        636     $        408
    Interest paid on Federal Home Loan Bank advances                        630              462
    Interest paid on securities sold under agreement
      to repurchase                                                           2                2
    Income taxes paid, net of refunds                                         5               14
    Due to broker                                                            --              500
</TABLE>

See notes to condensed consolidated financial statements.

<PAGE>

                            GEORGETOWN BANCORP, INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.    BASIS OF PRESENTATION

      The  accompanying   unaudited   financial   statements  were  prepared  in
accordance  with  instructions  for Form  10-QSB and  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  September  30,  2006  are  not
necessarily indicative of the results that may be expected for the entire fiscal
year.  These  financial  statements  should  be read  in  conjunction  with  the
financial  statements  and  notes  thereto  included  in the  2006  Consolidated
Financial  Statements  presented in the  Company's  Annual Report on Form 10-KSB
filed at the  Securities  and Exchange  Commission  on September  28, 2006.  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.

Critical Accounting Policies

      Our  critical  accounting  policies  are those  that  involve  significant
judgments and assumptions by management and that have, or could have, a material
impact  on our  income  or  the  carrying  value  of our  assets.  Our  critical
accounting  policies are those  related to our  allowance  for loan losses.  The
allowance for loan losses is the amount  estimated by management as necessary to
cover credit  losses  inherent in the loan  portfolio at the balance sheet date.
The  allowance  is  established  through the  provision  for loan losses that is
charged  against  income.  Management  performs a  quarterly  evaluation  of the
adequacy of the allowance  for loan losses.  We consider a variety of factors in
establishing  this  estimate  including,  but not limited to,  current  economic
conditions,  delinquency statistics, geographic and industry concentrations, the
adequacy of the underlying  collateral,  the financial strength of the borrower,
results of internal and external loan reviews and other relevant  factors.  This
evaluation  is  inherently  subjective,  as it requires  material  estimates  by
management that may be susceptible to significant change.

      The analysis has three components:  specific,  general, and an unallocated
component.  The specific  component  relates to loans that are  determined to be
impaired.  Impairment is measured by  determining  the present value of expected
future  cash flows or,  for  collateral-dependent  loans,  the fair value of the
collateral  adjusted for market  conditions  and selling  expenses.  The general
component is determined by segregating the remaining loans by type of loan, risk
weighting (if applicable) and payment history.  We also analyze  historical loss
experience,  delinquency trends,  general economic conditions and geographic and
industry  concentrations.  This analysis establishes factors that are applied to
the loan  groups  to  determine  the  amount  of the  general  component  of the
allowance  for loan losses.  An  unallocated  component is  maintained  to cover
uncertainties  that could affect  management's  estimate of probable losses. The
unallocated  component  of the  allowance  reflects  the  margin of  imprecision
inherent in the underlying  assumptions used in the methodologies for estimating
losses in the  portfolio,  because  regardless  of the extent of our analysis of
customer  performance,  portfolio trends or risk management  processes,  certain
inherent but undetected  losses are probable within our loan portfolio.  This is
due to several  factors,  including  inherent  delays in  obtaining  information
regarding a customer's  financial  condition  or changes in a customer's  unique
business  conditions,  the  judgmental  nature of individual  loan  evaluations,
collateral assessments and the interpretation of economic trends.  Volatility of
economic  or  customer-specific  conditions  affecting  the  identification  and
estimation of losses from larger non-homogeneous  credits and the sensitivity of
assumptions  utilized to establish  allowances for homogeneous  groups of loans,
loan portfolio  concentrations,  and other subjective  considerations  are among
other factors.  Because of the  imprecision  surrounding  these factors,  we may
maintain  an  unallocated  component  available  for other  factors  that is not
allocated to a specific loan category.

      Actual loan losses may be  significantly  more than the allowances we have
established  which  could  have a  material  negative  effect  on our  financial
results.

<PAGE>

2.    NET (LOSS) GAIN PER COMMON SHARE

      Basic and diluted net (loss) gain per common share (EPS) represents income
or loss to common stockholders  divided by the weighted average number of common
shares  outstanding.  Employee stock  ownership  plan (ESOP)  shares,  which are
committed to be released, are considered outstanding for basic and diluted EPS.

<TABLE>
<CAPTION>
                                                                         Three Months Ended         Three Months Ended
                                                                         September 30, 2006         September 30, 2005
<S>                                                                               <C>                      <C>
                Net (loss) income available to common stockholders                 ($86,000)                   $34,000
                                                                                ===========                ===========

         Basic potential common shares:
                  Weighted average shares outstanding                             2,747,793                  2,777,250
             Weighted average unallocated ESOP shares                               (72,955)                   (80,514)
                                                                                -----------                -----------
               Basic weighted average shares outstanding                          2,674,838                  2,696,736

         Dilutive potential common shares                                                --                         --
                                                                                -----------                -----------

         Dilutive weighted average shares outstanding                             2,674,838                  2,696,736
                                                                                ===========                ===========

         Basic and diluted EPS                                                       ($0.03)                    $ 0.01
                                                                                ===========                ===========
</TABLE>

3.    MUTUAL HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE

      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 owns 55% of the Common Stock of
the Company.

      Item 2.  Management's  Discussion and Analysis of Financial  Condition and
Results of Operations

      This  document 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.

      Except as required by applicable law and regulation,  the Company does not
undertake - and specifically  disclaims any obligation - to publicly release the
result of any revisions  that may be made to any  forward-looking  statements to
reflect events or circumstances  after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events.

<PAGE>

      Overview

      The Company's  results of operations  depend primarily on net interest and
dividend  income,  which is the  difference  between the  interest  and dividend
income earned on its interest-earning assets, such as loans and securities,  and
the interest expense on its interest-bearing  liabilities,  such as deposits and
borrowings.  The Company also generates non-interest income, primarily from fees
and service charges. Gains on sales of loans and securities are added sources of
non-interest  income. The Company's  non-interest  expense primarily consists of
employee   compensation   and  benefits,   occupancy   and  equipment   expense,
advertising, data processing, professional fees and other operating expenses.

Comparison of Financial Condition at September 30, 2006 and June 30, 2006

      Total assets  increased by $1.6  million,  or 1.0%,  to $170.6  million at
September 30, 2006,  from $168.9 million at June 30, 2006. The increase in total
assets resulted  primarily from increases in loans receivable and an increase in
short-term investments. Net loans receivable increased $1.7 million, or 1.3%, to
$130.5  million at  September  30, 2006,  from $128.8  million at June 30, 2006,
primarily  due to a $2.6  million or 21.8%  increase in  commercial  real estate
loans,  partially  offset by  decreases  in  construction  loans and home equity
loans.  Construction  loans decreased $3.1 million,  or 32.8%,  primarily due to
loans  completing  the  construction   phase  and  being   reclassified  to  the
one-to-four family residential loan category,  which increased $2.5 million,  or
2.6%.  Home  equity  loans  and  lines of credit  decreased  $258,000,  or 2.4%.
Investment  securities available for sale decreased $738,000,  or 4.8%, to $14.7
million at September 30, 2006,  from $15.5 million at June 30, 2006.  Investment
securities  held to maturity  decreased  $483,000,  or 4.9%,  to $9.3 million at
September  30, 2006,  from $9.8  million at June 30,  2006.  Cash flows from the
investment  security  portfolio  were used to partially  fund loan  demand.  The
increase of $1.7 million, or 240.7% in short-term  investments is expected to be
temporary,  as these funds are  expected to be used to fund loan  demand.  Total
earning assets  increased  $2.2 million,  or 1.4% to $160.9 million at September
30, 2006, from $158.7 million at June 30, 2006.

      Total  deposits  increased by $2.8  million,  or 2.9%, to $99.3 million at
September  30,  2006,  from $96.6  million at June 30,  2006.  The  increase  in
deposits was primarily due to a $4.6 million,  or 11.3%  increase in certificate
of deposit  accounts  and a $2.3  million,  or 30.5%  increase  in NOW  checking
accounts, partially offset by decreases in money market deposit accounts of $2.6
million,  or 12.1%,  decreases in savings accounts of $1.1 million,  or 7.6% and
decreases in demand deposit accounts of $382,000 or 3.4%.  Short-term borrowings
from the Federal Home Loan Bank (FHLB) decreased $6.8 million,  or 30.3%,  while
long-term  advances from the FHLB increased $7.0 million,  or 24.2%,  reflecting
the  Company's  continued  efforts  to extend  its  liabilities  in the  current
inverted yield curve environment.

      Total stockholders'  equity decreased $652,000 or 3.5% to $18.0 million at
September 30, 2006,  from $18.7  million at June 30, 2006,  primarily due to the
repurchase  of  78,000  shares  of the  Company's  stock at a cost of  $751,000.
Accumulated other comprehensive loss decreased $166,000 to $164,000 at September
30, 2006, from $330,000 at June 30, 2006,  reflecting $259,000 in net unrealized
losses  on  securities  available  for  sale  at  September  30,  2006.  The net
unrealized losses on securities  available for sale were attributable to changes
in market  interest  rates and are not considered by management to be other than
temporary.

Comparison  of Operating  Results for the Three Months Ended  September 30, 2006
and 2005

      General.  The net loss for the three months ended  September  30, 2006 was
$86,000, or $.03 per basic and diluted share, compared to net income of $34,000,
or $.01 per basic and diluted  share for the three  months ended  September  30,
2005.  The  decrease  in  net  income  was  primarily  due  to  an  increase  in
non-interest expense and a decrease in net interest income,  partially offset by
an increase in non-interest income.

      Interest Income.  Interest income increased by $331,000, or 17.0%, to $2.3
million for the three months ended September 30, 2006, from $2.0 million for the
three months ended September 30, 2005. The increase  resulted  primarily from an
increase of $319,000,  or 20.0%, in interest  income on loans  receivable and an
increase of $34,000,  or 10.3%,  in interest and dividend  income on securities.
Additionally, the increase in interest income reflected a $7.9 million, or 5.2%,
increase in the average balance of interest-earning  assets for the three months
ended  September  30, 2006 to $159.2  million from $151.4  million for the three
months ended September 30, 2005.  Also  contributing to the increase in interest
income was the 57 basis point increase in the average yield on  interest-earning
assets to 5.74% for the three months ended September 30, 2006 from 5.17% for the
three months ended September 30, 2005.

      Interest income on loans receivable increased $319,000,  or 20.0%, to $1.9
million for the three months ended September 30, 2006, from $1.6 million for the
three months ended  September 30, 2005.  The increase was due to the increase in
the average  balance of loans  receivable of $14.4 million,  or 12.4%, to $131.1
million for the three months ended  September  30, 2006 from $116.7  million for
the three months ended  September  30,  2005.  Average loan yields  increased 37
basis points to 5.84% for the three months ended  September  30, 2006 from 5.47%
for the three months ended September 30, 2005.

      Interest and dividend income on investment  securities  increased $34,000,
or 10.3% to  $365,000  for the three  months  ended  September  30,  2006,  from
$331,000  for the three  months  ended  September  30,  2005.  The  interest and
dividend  income on investment  securities for the three months ended  September
30,  2006  included a $39,000  dividend  payment on the  Company's  FHLB  stock,
related to the quarter  ended June 30, 2006,  caused by a timing  change of when
the FHLB dividend was  declared.  The average  balance of investment  securities
decreased  $3.5 million,  or 11.2%,  to $27.5 million from $31.0 million for the
same period in 2005.  The average yield on investment  securities  increased 103
basis point to 5.30% for the three months ended  September 30, 2006,  from 4.27%
for the three months ended September 30, 2005.

<PAGE>

      Interest Expense.  Interest expense increased $409,000,  or 47.0%, to $1.3
million for the three months ended  September  30, 2006,  from  $872,000 for the
three months ended  September  30,  2005.  The increase in interest  expense was
primarily due to a 98 basis point  increase in the average cost to 3.69% for the
three months ended  September 30, 2006,  from 2.71% for the same period in 2005,
and  the  $10.3  million,   or  8.0%,   increase  in  the  average   balance  of
interest-bearing  liabilities  to  $139.0  million  for the three  months  ended
September 30, 2006, from $128.7 million for the same period in 2005.

      Interest  expense on  interest-bearing  deposits  increased  $244,000,  or
60.0%,  to $652,000 for the three months ended September 30, 2006, from $408,000
for the same period in 2005.  The increase was primarily due to a 96 basis point
increase in the average cost of interest-bearing deposits to 3.02% for the three
months ended  September  30, 2006,  from 2.06% for the same period in 2005.  The
average balance of interest-bearing  deposits increased $7.3 million or 9.2% for
the three months ended  September  30, 2006, to $86.4 million from $79.1 million
for the same period in 2005.  Additionally,  interest expense on FHLB short-term
borrowings and long-term  advances increased  $165,000,  or 35.7%, due to a $3.0
million or 6.3% increase in the average  balance of borrowings  and advances for
the three months ended September 30, 2006, to $51.7 million,  from $48.7 million
for the same period in 2005,  and by a 106 basis  point  increase in the average
cost of the  borrowings  and  advances  to  4.85%  for the  three  months  ended
September 30, 2006, from 3.79% for the same period in 2005.

      Net Interest Income.  Net interest income decreased  $78,000,  or 7.2%, to
$1.0 million for the three months ended  September  30, 2006,  from $1.1 million
for the same period in 2005. The decrease in net interest  income was the result
of a 33 basis  point  decrease  in net  interest  margin  to 2.53% for the three
months ended  September 30, 2006, from 2.86% for the same period ended 2005, and
by the $2.4 million, or 10.5%, decrease in net average  interest-earning  assets
to $20.3  million for the three months  ended  September  30,  2006,  from $22.6
million for the same period in 2005.

      Provision  for Loan Losses.  The  provision  for loan losses for the three
months ended September 30, 2006 was $64,000,  compared to a provision of $33,000
for the three months ended September 30, 2005. The allowance for loan losses was
$1.1  million  or 0.81% of net loans  outstanding  at  September  30,  2006,  as
compared to $917,000, or 0.78% of net loans outstanding at September 30, 2005.

      Non-interest  Income.  Non-interest income increased $66,000, or 59.5%, to
$175,000 for the three months ended  September  30, 2006,  from $109,000 for the
same period in 2005. The increase in non-interest income was primarily due to an
increase in overdraft  fees  generated  from our  overdraft  privilege  program.
Overdraft  fees  increased  $54,000,  or 171.6% to $86,000 for the three  months
ended September 30, 2006, from $32,000 for the same period ended 2005.

      Non-interest  Expense.  Non-interest expense increased $138,000, or 12.5%,
to $1.2 million for the three months ended September 30, 2006, from $1.1 million
for the three months ended  September  30,  2005.  The increase in  non-interest
expense was primarily due to increases in salary,  benefit and occupancy expense
related to the North Andover, Massachusetts office, which was opened on December
5, 2005 and  current  period  expenses  related  to  recruitment  and  severance
payments.  Salaries and employee  benefits  increased  $33,000,  or 5.0%,  which
included  $20,000 in severance  payments for departed  employees  and  reflected
additional  personnel  and  associated  benefits for the North  Andover  office.
Occupancy and equipment expenses increased $37,000,  or 22.1%,  primarily due to
increases  related to the North  Andover  office.  Professional  fees  decreased
$17,000 or 19.5% to $68,000 for the three months ended  September 30, 2006, from
$85,000 for the three months ended September 30, 2005.  Data processing  expense
increased $20,000 or 34.3% to $77,000. Other general and administrative expenses
increased  $63,000,  or 46.1%,  to $198,000 for the three months ended September
30,  2006,  from  $135,000  from the three  months  ended  September  30,  2005,
primarily due to recruitment expense of $53,000, as the company began a retained
executive search for a chief loan officer.

      Income  Taxes.  The loss before  income  taxes of  $131,000  for the three
months ended September 30, 2006 resulted in an income tax benefit of $45,000 for
the three months ended  September  30, 2006,  compared to income  before  income
taxes of  $50,000  and a  provision  for income  taxes of $16,000  for the three
months ended  September  30, 2005.  The effective tax rates for the three months
ended September 30, 2006 and 2005 were 34.1% and 32.6%, respectively.

      Average  Balance.  The  following  table  sets forth  certain  information
regarding  the  Company's  average  balance  sheet  for the  periods  indicated,
including  the  average  yields on its  interest-earning  assets and the average
costs of its  interest-bearing  liabilities.  Average  yields are  calculated by
dividing the interest income produced by the average balance of interest-bearing
assets.  Average costs are calculated by dividing the interest  expense produced
by the average balance of interest-bearing liabilities. The average balances for
the period are derived from average  balances  that are  calculated  daily.  The
average  yields and costs include fees that are  considered  adjustments to such
average yields and costs.

<PAGE>

<TABLE>
<CAPTION>
                                                                                 Three Months Ended September 30,
                                              At September 30,    -----------------------------------------------------------------
                                                   2006                          2006                             2005
                                           ---------------------  -------------------------------  --------------------------------
                                                        Weighted    Average                          Average
                                           Outstanding  Average   Outstanding              Yield/  Outstanding               Yield/
                                             Balance      Rate      Balance    Interest     Rate     Balance    Interest      Rate
                                           ----------   -------   -----------  --------    ------  -----------  --------     ------
                                                                            (Dollars in thousands)
<S>                                          <C>          <C>      <C>         <C>          <C>      <C>         <C>          <C>
Interest-earning assets:
   Loans                                     $131,520     5.89%    $131,107    $  1,914     5.84%    $116,668    $  1,595     5.47%
   Investment securities (1)                   26,973     4.47%      27,542         365     5.30%      31,014         331     4.27%
   Interest-earning deposits                    2,452     5.24%         598           8     5.35%       3,671          30     3.27%
                                             --------              --------    --------              --------    --------
      Total interest-earning assets           160,945     5.65%     159,247       2,287     5.74%     151,353       1,956     5.17%
   Non-interest-earning assets                  9,610                 9,424          --                 8,616          --
                                             --------              --------    --------              --------    --------
   Total assets                              $170,555              $168,671       2,287              $159,969       1,956
                                             ========              ========    ========              ========    ========

Interest-bearing liabilities:
   Savings deposits                            13,868     0.29%    $ 14,465          15     0.41%    $ 19,491          15     0.31%
   NOW accounts                                 9,871     0.99%       7,970          22     1.10%       5,169           1     0.08%
   Money market accounts                       19,075     3.04%      20,646         156     3.02%      20,526         102     1.99%
   Certificates of deposit                     45,629     4.33%      43,357         459     4.23%      33,950         290     3.42%
                                             --------              --------    --------              --------    --------
      Total interest-bearing deposits          88,443     3.05%      86,438         652     3.02%      79,136         408     2.06%
   FHLB advances                               51,459     4.78%      51,744         627     4.85%      48,697         462     3.79%
   Repurchase agreements                          821     1.00%         810           2     0.99%         880           2     0.91%
                                             --------              --------    --------              --------    --------
      Total interest-bearing liabilities     $140,723     3.67%    $138,992       1,281     3.69%    $128,713         872     2.71%
Non-interest-bearing liabilities:
   Demand deposits                             10,903                10,372                            10,404
   Other non-interest-bearing liabilities         922                   743                             1,490
Total Liabilities                             152,548               150,107                           140,607
   Stockholders' Equity                        18,007                18,564                            19,362
                                             --------              --------                          --------
      Total liabilities and equity           $170,555              $168,671                          $159,969
                                             ========              ========                          ========

Net interest income                                                            $  1,006                          $  1,084
                                                                               ========                          ========
Net interest rate spread (2)                              1.98%                             2.06%                             2.46%
Net interest-earning assets (3)              $ 20,222              $ 20,255                          $ 22,640
                                             ========              ========                          ========
Net interest margin (4)                                                                     2.53%                             2.86%
Average of interest-earning
   assets to interest-bearing
    liabilitities                                       114.37%                           114.57%                           117.59%
</TABLE>

(1)   Consists entirely of taxable investment securities.

(2)   Net interest rate spread represents the difference between the yield on
      average interest-earning assets and the cost of average interest-bearing
      liabilities.

(3)   Net interest-earning assets represents total interest-earning assets less
      total interest-bearing liabilities.

(4)   Net interest margin represents net interest income divided by average
      total interest-earning assets.

<PAGE>

      Rate/Volume Analysis. The following table presents the effects of changing
rates and volumes on our net interest income for the periods indicated. The rate
column  shows the  effects  attributable  to  changes in rate  (changes  in rate
multiplied by prior volume). The volume column shows the effects attributable to
changes in volume (changes in volume  multiplied by prior rate).  The net column
represents  the sum of the prior  columns.  For purposes of this table,  changes
attributable  to both rate and volume,  which  cannot be  segregated,  have been
allocated proportionately,  based on the changes due to rate and the changes due
to volume.

<TABLE>
<CAPTION>
                                        Three Months Ended September 30,
                                                  2006 vs. 2005
            -------------------------------------------------------------------------------------
                                         Increase (Decrease) Due To                       Total
                                                                                        Increase
                                                                                       (Decrease)
                                                         Volume           Rate            Rate
                                                      -----------     -----------     -----------
<S>                                                   <C>             <C>             <C>
            Interest-earning assets:
            Loans                                     $       197     $       122     $       319
            Investment securities                             (37)             71              34
            Interest-earning deposits                         (25)              3             (22)
                                                      -----------     -----------     -----------

                 Total interest-earning assets                135             196             331
                                                      -----------     -----------     -----------

            Interest-bearing liabilities:
            Savings deposits                                   (4)              4              --
            NOW                                                 1              20              21
            Money market                                        1              53              54
            CDs                                                80              89             169
                                                      -----------     -----------     -----------
            Total deposits                                     78             166             244
            FHLB advances                                      29             136             165
            Repurchase agreements                              --              --              --
                                                      -----------     -----------     -----------
                Total interest-bearing liabilities            107             302             409

                                                      -----------     -----------     -----------
            Change in net interest income             $        28     $      (106)    $       (78)
                                                      ===========     ===========     ===========
</TABLE>

      Liquidity and Capital Resources.  Liquidity is the ability to meet current
and future financial  obligations of a short-term nature. Our primary sources of
funds consist of deposit  inflows,  loan  repayments and maturities and sales of
securities.  While maturities and scheduled amortization of loans and securities
are  predictable  sources of funds,  deposit flows and mortgage  prepayments are
greatly   influenced  by  general  interest  rates,   economic   conditions  and
competition.

      We  regularly  adjust  our  investments  in liquid  assets  based upon our
assessment of (1) expected loan demand,  (2) expected  deposit flows, (3) yields
available on interest-earning deposits and securities, and (4) the objectives of
our  asset/liability  management  program.  Excess  liquid  assets are  invested
generally  in  interest-earning   deposits  and  short-  and   intermediate-term
securities.

      Our most liquid assets are cash and cash equivalents.  The levels of these
assets  are  dependent  on  our  operating,  financing,  lending  and  investing
activities  during  any given  period.  At  September  30,  2006,  cash and cash
equivalents totaled $5.3 million.  Securities classified as  available-for-sale,
which  provide  additional  sources  of  liquidity,  totaled  $14.7  million  at
September  30, 2006.  In addition,  at September 30, 2006, we had the ability to
borrow a total of  approximately  $65.5  million from the FHLB. On that date, we
had $51.5 million in advances outstanding. Our policies also allow for access to
the brokered  certificates of deposit market for up to 10.0% of total assets, or
$17.1  million.  At September 30, 2006 the Company held $2.0 million in brokered
certificates of deposit.

      At  September  30,  2006,   we  had  $1.7  million  in  loan   commitments
outstanding. In addition to commitments to originate loans, we had $15.7 million
in unadvanced funds to borrowers. Certificates of deposit due within one year of
September 30, 2006 totaled $33.0 million,  or 33.2% of total deposits.  If these
deposits do not remain  with us, we will be  required  to seek other  sources of
funds, including other certificates of deposit and FHLB borrowings and advances.
Depending on market  conditions,  we may be required to pay higher rates on such
deposits  or other  borrowings  than we  currently  pay on the  certificates  of
deposit due on or before September 30, 2006. We believe,  however, based on past

<PAGE>

experience that a significant portion of our certificates of deposit will remain
with us. We have the ability to attract and retain  deposits  by  adjusting  the
interest rates offered.

      We have no material  commitments  or demands that are likely to affect our
liquidity  other than set forth below. In the event loan demand were to increase
at a pace greater than expected,  or any unforeseen demand or commitment were to
occur, we would access our borrowing capacity with the FHLB.

      Our primary  investing  activities  are the  origination  of loans and the
purchase of  securities.  During the three months ended  September  30, 2006, we
originated $ 6.2 million of loans.  During the three months ended  September 30,
2005,  we  originated  $10.6  million  of loans and  purchased  $3.0  million of
securities.

      Financing activities consist primarily of activity in deposit accounts and
FHLB borrowings and advances. We experienced a net increase in total deposits of
$2.8 million and a net decrease of $507,000 for the three months ended September
30, 2006 and 2005, respectively. Deposit flows are affected by the overall level
of interest rates,  the interest rates and products  offered by us and our local
competitors and other factors.  We generally  manage the pricing of our deposits
to be competitive.  In addition,  since our conversion to a federally  chartered
savings bank, we no longer have excess  deposit  insurance  coverage,  which was
provided  to  us,  as a  Massachusetts  savings  bank,  through  the  Depositors
Insurance Fund. We do not anticipate any material run-off of deposits due to the
loss of this excess deposit insurance coverage.

      FHLB borrowings and advances  reflected net increases of $238,000 and $3.5
million during the three months ended September 30, 2006 and 2005, respectively.
FHLB  borrowings  and advances have  primarily been used to fund loan demand and
purchase securities.

      The Bank is subject to various regulatory capital requirements including a
risk-based  capital measure.  The risk-based  capital  guidelines include both a
definition of capital and a framework for  calculating  risk-weighted  assets by
assigning  balance  sheet  assets  and  off-balance  sheet  items to broad  risk
categories.  At September  30,  2006,  the Bank  exceeded all of its  regulatory
capital  requirements  and is considered  "well  capitalized"  under  regulatory
guidelines.

      Off-Balance  Sheet  Arrangements  .In  addition  to the  normal  course of
operations, we engage in a variety of financial transactions that, in accordance
with generally accepted accounting  principles are not recorded in our financial
statements.  These transactions involve, to varying degrees, elements of credit,
interest  rate,  and liquidity  risk.  Such  transactions  are used primarily to
manage  customers'  requests for funding and take the form of loan  commitments,
lines of credit, and letters of credit.

      For  the  three  months  ended  September  30,  2006,  we  engaged  in  no
off-balance  sheet  transactions  reasonably likely to have a material effect on
our financial condition, results of operations or cash flows.

<PAGE>

Item 3. Controls and Procedures

      Under  the  supervision  and with  the  participation  of our  management,
including our Chief Executive Officer and Chief Financial Officer,  we evaluated
the  effectiveness  of the design and operation of our  disclosure  controls and
procedures  (as defined in Rule  13a-15(e)  or  15d-15(e)  under the  Securities
Exchange Act of 1934) as of the end of the period covered by this report.  Based
upon that evaluation,  the Chief Executive  Officer and Chief Financial  Officer
concluded  that,  as of the  end of the  period  covered  by  this  report,  our
disclosure  controls and procedures  were  effective to ensure that  information
required to be disclosed in the reports that the Company  files or submits under
the  Securities  Exchange Act of 1934, is recorded,  processed,  summarized  and
reported,  within the time periods specified in the SEC's rules and forms and in
timely alerting them to material information relating to the Company required to
be filed in its periodic SEC filings.  There has been no change in the Company's
internal  control over  financial  reporting  during the  Company's  most recent
fiscal  quarter  that  has  materially  affected,  or is  reasonably  likely  to
materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

            Not applicable

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

            a)    Not applicable

            b)    Not applicable

            c)    The following  table presents a summary of the Company's share
                  repurchases during the quarter ended September 30, 2006.

<TABLE>
<CAPTION>
                                                                                                                       Maximum
                                                                                        Total Number of Shares     Number of Shares
                                                                                         Purchased as Part of      That May Yet be
                                                    Total Number of     Average Price    Publicly Announced      Purchased Under the
                           Period                  Shares Purchased    Paid Per Share        Program (1)              Program (1)
            ------------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>               <C>                 <C>                    <C>
            July 1 through July 31, 2006                    0               $0.00                 0                   138,863
            August 1through August 31, 2006               78,000            $9.62               78,000                 60,863
            September 1 through September 30, 2006          0               $0.00               78,000                 60,863
</TABLE>

            (1) On July  31,  2006  the  Company  announced  that  its  Board of
            Directors  had  authorized a stock  repurchase  program  pursuant to
            which the  Company  intends to  purchase  up to 5% of its issued and
            outstanding shares, or up to 138,863 shares.

Item 3.     Defaults Upon Senior Securities

            Not applicable

Item 4.     Submission of Matters to a Vote of Security Holders

            Not applicable

Item 5.     Other Information

            Not applicable

Item 6.  Exhibits

             3.2  Bylaws of Georgetown Bancorp, Inc.

            31.1  Certification  of Chief Executive  Officer pursuant to Section
                  302 of the Sarbanes-Oxley Act

            31.2  Certification  of Chief Financial  Officer pursuant to Section
                  302 of the Sarbanes-Oxley Act

            32    Certification  of Chief Executive  Officer and Chief Financial
                  Officer pursuant to Section 906 of the Sarbanes-Oxley Act

<PAGE>

                            GEORGETOWN BANCORP, INC.

                                   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, thereunto duly authorized.

                                  GEORGETOWN BANCORP, INC.
                                         (Registrant)


Date: November 10, 2006           /s/ Robert E. Balletto
                                  ------------------------------------------
                                  Robert E. Balletto
                                  President and Chief Executive Officer
                                  (Principal Executive Officer)


                                  /s/ Joseph W. Kennedy
                                  ------------------------------------------
                                  Joseph W. Kennedy
                                  Senior Vice President, Treasurer and
                                  Chief Financial Officer
                                  (Principal Accounting and Financial Officer)