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 March 31, 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,  2,777,250 shares
outstanding as of May 12, 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 March 31, 2006 and June 30, 2005                              1
         Consolidated Statements of Operations for the Three Months
           and Nine Months Ended March 31, 2006 and 2005                       2
         Consolidated Statements of Changes in Stockholders' Equity for the
           Nine Months Ended March 31, 2006 and 2005                           3
         Consolidated Statements of Cash Flows for the Nine Months
           Ended March 31, 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                                              14

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

Item 1:  Legal Proceedings                                                    15
Item 2:  Unregistered Sales of Equity Securities and Use of Proceeds          15
Item 3:  Defaults upon Senior Securities                                      15
Item 4:  Submission of Matters to a Vote of Security Holders                  15
Item 5:  Other Information                                                    15
Item 6:  Exhibits                                                             15

SIGNATURES                                                                    16

<PAGE>

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

<TABLE>
<CAPTION>
                                                                  At              At
                                                               March 31,        June 30,
                                                                 2006            2005
                                                             ------------    ------------
                                                       ($ In thousands, except per share data)
<S>                                                                 <C>             <C>
Cash and due from banks                                      $      2,878    $      1,887
Short-term investments                                              4,045           3,191
                                                             ------------    ------------
               Total cash and cash equivalents                      6,923           5,078

Securities available for sale, at fair value                       19,039          16,814
Securities held to maturity, at amortized cost                     10,228          12,380
Federal Home Loan Bank stock, at cost                               2,784           2,526
Loans, net of allowance for loan losses of $947,000
    at March 31, 2006 and $882,000 at June 30, 2005               119,543         114,781
Premises and equipment, net                                         5,317           4,885
Accrued interest receivable                                           678             680
Bank-owned life insurance                                           1,200           1,166
Other assets                                                          810             717
                                                             ------------    ------------

               Total assets                                  $    166,522    $    159,027
                                                             ============    ============

                    LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                     $     93,654    $     90,336
Short-term borrowings                                              19,025          28,350
Long-term Federal Home Loan Bank advances                          32,933          18,468
Securities sold under agreements to repurchase                        714             989
Mortgagors' escrow accounts                                           317             268
Accrued expenses and other liabilities                                930           1,331
                                                             ------------    ------------
               Total liabilities                                  147,573         139,742
                                                             ------------    ------------

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 and outstanding            278             278
Additional paid-in capital                                         11,452          11,452
Retained earnings                                                   8,289           8,383
Accumulated other comprehensive loss                                 (309)            (17)
Unearned compensation - ESOP                                         (761)           (811)
                                                             ------------    ------------
               Total stockholders' equity                          18,949          19,285
                                                             ------------    ------------

               Total liabilities and stockholders' equity    $    166,522    $    159,027
                                                             ============    ============
</TABLE>

See notes to condensed consolidated financial statements.


                                       1
<PAGE>
<TABLE>
<CAPTION>

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

                                                            Three Months Ended           Nine Months Ended
                                                         March 31,      March 31,     March 31,      March 31,
                                                           2006           2005          2006           2005
                                                        -----------    -----------   -----------    -----------
<S>                                                              <C>            <C>          <C>            <C>
                                                                 ($ In thousands, except per share data)
Interest and dividend income:
    Loans, including fees                               $     1,676    $     1,487   $     4,904    $     4,304
    Investment interest and dividends                           355            276         1,035            792
    Short-term investments                                       40             64           100            101
                                                        -----------    -----------   -----------    -----------
               Total interest and dividend income             2,071          1,827         6,039          5,197
                                                        -----------    -----------   -----------    -----------

Interest expense:
    Deposits                                                    498            337         1,357          1,022
    Federal Home Loan Bank advances                             558            356         1,541            941
    Securities sold under agreements to repurchase                2              2             5              6
                                                        -----------    -----------   -----------    -----------
               Total interest expense                         1,058            695         2,903          1,969
                                                        -----------    -----------   -----------    -----------

Net interest income                                           1,013          1,132         3,136          3,228
Provision for loan losses                                        --             30            58             66
                                                        -----------    -----------   -----------    -----------
Net interest income, after provision for loan losses          1,013          1,102         3,078          3,162
                                                        -----------    -----------   -----------    -----------

Non-interest income:
    Customer service fees                                       115             83           297            237
    Loss on sale of securities available for sale                --             --            --             (2)
    Income from bank-owned life insurance                        11             11            34             33
    Other                                                         8              6            19             28
                                                        -----------    -----------   -----------    -----------
               Total non-interest income                        134            100           350            296
                                                        -----------    -----------   -----------    -----------

Non-interest expenses:
    Salaries and employee benefits                              740            574         2,019          1,513
    Occupancy and equipment expenses                            235            170           577            474
    Data processing expenses                                     36             73           160            217
    Professional fees                                            77            105           273            189
    Advertising expense                                          35             33           136             88
    Other general and administrative expenses                   129            154           408            407
                                                        -----------    -----------   -----------    -----------
               Total non-interest expenses                    1,252          1,109         3,573          2,888
                                                        -----------    -----------   -----------    -----------

(Loss) income before income taxes                              (105)            93          (145)           570

Income tax (benefit) expense                                    (39)            27           (56)           193
                                                        -----------    -----------   -----------    -----------

Net (loss) income                                       $       (66)   $        66   $       (89)   $       377
                                                        ===========    ===========   ===========    ===========

Net loss per share:
Basic and diluted                                       ($     0.02)           N/A   ($     0.03)           N/A

Basic and diluted weighted average shares outstanding     2,700,077                    2,698,395
</TABLE>

See notes to condensed consolidated financial statements.


                                                       2
<PAGE>
<TABLE>
<CAPTION>

                                                      GEORGETOWN BANCORP, INC.
                                           STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                           ----------------------------------------------
                                                            (unaudited)
                                                                                         Accumulated
                                                             Additional                     Other
                                                              Paid-in       Retained    Comprehensive    Unearned
                                             Common Stock     Capital       Earnings        Loss       Compensation       Total
                                             ------------   -----------   -----------    -----------   ------------    -----------
<S>                                           <C>           <C>           <C>            <C>            <C>                 <C>
                                                                                ($ In thousands)

Balance at June 30, 2004                      $        --   $        --   $     8,171    $      (102)   $        --    $     8,069
                                                                                                                       -----------

Comprehensive income (loss):
    Net income                                                                    377                                          377
    Change in unrealized gain (loss)
        on securities available for sale,
        net of reclassification adjustments
        and tax effects                                                                          (19)                          (19)
                                                                                                                       -----------
                 Total comprehensive income                                                                                    358
                                                                                                                       -----------

Net proceeds from the issuance of common
  stock (2,775,250 shares)                            278        11,452            --             --             --         11,730

Unearned Compensation                                  --            --            --             --         (1,000)        (1,000)
                                              -----------   -----------   -----------    -----------    -----------    -----------

Balance at March 31, 2005                     $       278   $    11,452   $     8,548    $      (121)   $    (1,000)        19,157
                                              ===========   ===========   ===========    ===========    ===========    ===========

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

Comprehensive income (loss):
    Net loss                                                                      (89)                                         (89)
    Change in unrealized gain (loss)
        on securities available for sale,
        net of reclassification adjustments
        and tax effects                                                                         (292)                         (292)
                                                                                                                       -----------
                 Total comprehensive loss                                                                                     (381)
                                                                                                                       -----------

Common stock held by ESOP distributed or
committed to be allocated (23,900 shares)                                          (5)                           50             45
                                              -----------   -----------   -----------    -----------    -----------    -----------

Balance at March 31, 2006                     $       278   $    11,452   $     8,289    $      (309)   $      (761)   $    18,949
                                              ===========   ===========   ===========    ===========    ===========    ===========
</TABLE>

See notes to condensed consolidated financial statements.


                                                                 3
<PAGE>
<TABLE>
<CAPTION>

                                        GEORGETOWN BANCORP, INC.
                                        STATEMENTS OF CASH FLOWS
                                        ------------------------
                                               (unaudited)
                                                                                     Nine Months Ended
                                                                                   March 31,   March 31,
                                                                                     2006        2005
                                                                                   --------    --------
<S>                                                                                     <C>           <C>
                                                                                      (In thousands)
Cash flows from operating activities:
Net (loss) income                                                                  $    (89)   $    377
    Adjustments to reconcile net (loss) income to net cash
        provided by operating activities:
            Provision for loan losses                                                    58          66
            Loss on sale of securities                                                   --           2
           (Accretion) amortization of securities, net                                  (35)          3
           Accretion of deferred loan costs                                             (26)        (19)
            Depreciation and amortization expense                                       318         279
           (Increase) decrease in accrued interest receivable                             2        (156)
            Income from bank-owned life insurance                                       (34)        (33)
ESOP compensation expense                                                                45          --
            Other, net                                                                 (319)       (110)
                                                                                   --------    --------
                  Net cash (used by) provided by operating activities                   (80)        409
                                                                                   --------    --------

Cash flows from investing activities:
    Activity in available-for-sale securities:
        Maturities, prepayments and calls                                             3,214       1,044
        Purchases                                                                    (5,888)     (7,740)
        Proceeds on sales of securities                                                  --         197
    Activity in held-to-maturity securities:
        Maturities, prepayments and calls                                             2,169       1,404
        Purchases                                                                        --     (10,917)
    Purchase of Federal Home Loan Bank stock                                           (258)       (879)
    Loan originations, net of amortization and payoffs                               (4,794)    (10,954)
    Purchase of premises and equipment                                                 (750)        (81)
                                                                                   --------    --------
                 Net cash used by investing activities                               (6,307)    (27,926)
                                                                                   --------    --------
</TABLE>

                                                Continued

                                                   4
<PAGE>
<TABLE>
<CAPTION>

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

                                                               Nine Months Ended
                                                              March 31,   March 31,
                                                                2006        2005
                                                              --------    --------
<S>                                                               <C>         <C>
                                                                 (In thousands)
Cash flows from financing activities:
    Net increase in deposits                                  $  3,318    $  2,012
    Net decrease in securities sold under agreements
         to repurchase                                            (275)       (171)
    Net change in borrowings with maturities of  three
         months or less                                         (5,925)     10,960
    Proceeds of Federal Home Loan Bank advances
        with maturities greater than three months               39,400      14,500
    Repayments of Federal Home Loan Bank advances
        with maturities greater than three months              (28,335)     (8,083)
    Net change in mortgagors' escrow accounts                       49          84
    Proceeds from issuance of common stock                          --      11,730
    Purchase of Employee Stock Ownership Plan Shares                --      (1,000)
                                                              --------    --------
                  Net cash provided by financing activities      8,232      30,032
                                                              --------    --------

Net change in cash and cash equivalents                          1,845       2,515

Cash and cash equivalents at beginning of year                   5,078       3,708
                                                              --------    --------

Cash and cash equivalents at end of year                      $  6,923    $  6,223
                                                              ========    ========

Supplementary information:
        Interest paid on deposit accounts                     $  1,357    $  1,022
        Interest paid on Federal Home Loan Bank advances         1,541         941
        Interest paid on securities sold under agreement
          to repurchase                                              5           6
Income taxes paid, net of refunds                                  (85)        157

</TABLE>

See notes to condensed consolidated financial statements.

                                         5
<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 nine-month  period ended March 31, 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  2005  Consolidated  Financial  Statements
presented in the Company's  Annual Report on Form 10-KSB filed at the Securities
and Exchange  Commission  on  September  28, 2005.  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.


                                       6
<PAGE>

2.       NET LOSS PER COMMON SHARE

         Basic and diluted net loss 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.
Basic  and  diluted  EPS are not  calculated  for  2005,  since the Bank had not
completed its reorganization into stock form until January 5, 2005.

<TABLE>
<CAPTION>
                                                    Three Months Ended  Nine Months Ended
                                                      March 31, 2006     March 31, 2006
                                                      --------------     --------------
<S>                                                        <C>                <C>

      Net Loss available to common stockholders      ($       66,000)   ($       89,000)
                                                     ===============    ===============

Basic potential common shares:
    Weighted average shares outstanding                    2,777,250          2,777,250
    Weighted average unallocated ESOP shares                 (77,173)           (78,855)
                                                     ---------------    ---------------
       Basic weighted average shares outstanding           2,700,077          2,698,395

Dilutive potential common shares                                  --                 --

                                                     ---------------    ---------------
Dilutive weighted average shares outstanding               2,700,077          2,698,395
                                                     ===============    ===============


Basic and diluted EPS                                ($         0.02)   ($         0.03)
                                                     ===============    ===============
</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.

                                       7
<PAGE>

         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.

         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 March 31, 2006 and June 30, 2005

         Total assets  increased by $7.5 million,  or 4.7%, to $166.5 million at
March 31,  2006,  from $159.0  million at June 30,  2005.  The increase in total
assets  resulted  primarily from  increases in loans  receivable and a temporary
increase in cash and cash equivalents.  Investment securities available for sale
increased $2.2 million, or 13.2%, to $19.0 million at March 31, 2006, from $16.8
million at June 30, 2005.  Investment securities held to maturity decreased $2.2
million,  or 17.4%,  to $10.2  million at March 31, 2006,  from $12.4 million at
June 30, 2005. The increase in net loans receivable of $4.8 million, or 4.2%, to
$119.5  million at March 31, 2006,  from $114.8  million at June 30,  2005,  was
primarily  due to increases in  adjustable  rate  residential  mortgages of $2.4
million or 8.7%,  fixed rate commercial  loans of $1.0 million or 19.1% and home
equity lines of credit of $745,000 or 10.7%.

         Total deposits increased by $3.3 million,  or 3.7%, to $93.7 million at
March 31, 2006,  from $90.3  million at June 30, 2005.  The increase in deposits
primarily  reflected increases in money market deposit accounts of $3.0 million,
or 14.1%,  increases in NOW checking  accounts of $2.4  million,  or 52.5%,  and
increases in certificate of deposit accounts of $2.3 million, or 6.9%, partially
offset by  decreases in savings  accounts of $4.2  million or 20.3%.  Short-term
borrowings  from the Federal Home Loan Bank  decreased  $9.3 million,  or 32.9%,
while  long-term  borrowings  from the Federal  Home Loan Bank  increased  $14.5
million,  or 78.3%,  reflecting  the Company's  continued  efforts to extend its
liabilities in the current flat yield curve environment.

         Total stockholders'  equity decreased $336,000 or 1.7% primarily due to
the impact of adjusting the market value of available-for-sale securities due to
interest rate changes and the net operating loss for the nine months ended March
31, 2006. Accumulated other comprehensive loss increased $292,000 to $309,000 at
March 31,  2006,  from  $17,000 at June 30,  2005,  reflecting  $489,000  in net
unrealized  losses on securities  available for sale at March 31, 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 March 31, 2006 and
2005

         General.  The net loss for the three  months  ended  March 31, 2006 was
$66,000,  compared to net income of $66,000 for the three months ended March 31,
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 $244,000,  or 13.4%, to
$2.1 million for the three  months  ended March 31, 2006,  from $1.8 million for
the three months ended March 31, 2005. The increase  resulted  primarily from an
increase of $189,000,  or 12.7%, in interest  income on loans  receivable and an
increase of $79,000,  or 28.6%,  in interest and dividend  income on securities.
Additionally, the increase in interest income reflected a $6.0 million, or 4.0%,
increase in the average balance of interest-earning  assets for the three months
ended March 31, 2006 to $154.9  million from $148.9 million for the three months
ended March 31, 2005.  Also  contributing to the increase in interest income was
the 44 basis point increase in the average yield on  interest-earning  assets to
5.35% for the three  months ended March 31, 2006 from 4.91% for the three months
ended March 31, 2005.

         Interest income on loans receivable  increased  $189,000,  or 12.7%, to
$1.7 million for the three  months  ended March 31, 2006,  from $1.5 million for
the three months  ended March 31, 2005.  The increase was due to the increase in
the average  balance of loans  receivable of $10.3 million,  or 9.47%, to $119.2
million for the three  months  ended March 31, 2006 from $108.9  million for the
three months ended March 31, 2005. Average loan yields increased 16 basis points
to 5.62% for the three  months  ended  March 31,  2006 from  5.46% for the three
months ended March 31, 2005.

                                       8
<PAGE>

         Interest  and  dividend  income  on  investment   securities  increased
$79,000,  or 28.6%,  to $355,000  for the three months ended March 31, 2006 from
$276,000 for the three months ended March 31, 2005. The increase was due in part
to the increase in the average balance of investment securities of $3.9 million,
or 14.0%,  to $31.9 million from $28.0 million for the same period in 2005. Also
contributing  to the  increase in interest  and  dividend  income on  investment
securities  was the 50 basis point  increase in the average  yield on investment
securities  to 4.45% for the three months  ended March 31, 2006,  from 3.95% for
the three months ended March 31, 2005.

         Interest  Expense.  Interest expense increased  $363,000,  or 52.3%, to
$1.1 million for the three months  ended March 31, 2006,  from  $695,000 for the
three  months  ended  March 31,  2005.  The  increase  in  interest  expense was
primarily due to a 90 basis point  increase in the average cost to 3.15% for the
three months ended March 31, 2006,  from 2.25% for the same period in 2005,  and
to  the  $10.4   million,   or  8.4%,   increase  in  the  average   balance  of
interest-bearing  liabilities to $134.2 million for the three months ended March
31, 2006, from $123.8 million for the same period in 2005.

         Interest expense on Federal Home Loan Bank advances increased $203,000,
or 56.9%,  due to a $6.7  million or 14.5%  increase in the  average  balance of
advances for the three months ended March 31, 2006, to $52.6 million, from $45.9
million  for the same period in 2005,  and by a 115 basis point  increase in the
average cost of the advances to 4.25% for the three months ended March 31, 2006,
from  3.10%  for the same  period in 2005.  Additionally,  interest  expense  on
interest-bearing  deposits  increased  $161,000,  or 47.8%,  to $498,000 for the
three months ended March 31,  2006,  from  $337,000 for the same period in 2005.
The increase was primarily due to a 71 basis point  increase in the average cost
of interest-bearing deposits to 2.46% for the three months ended March 31, 2006,
from 1.75% for the same period in 2005. The average balance of  interest-bearing
deposits  increased  $3.8  million or 4.9% for the three  months ended March 31,
2006, to $81.0 million from $77.2 million for the same period in 2005.

         Net Interest Income. Net interest income decreased $119,000,  or 10.5%,
to $1.0 million for the three months ended March 31, 2006, from $1.1 million for
the same period in 2005. The decrease in net interest income was the result of a
42 basis point  decrease in net  interest  margin to 2.62% for the three  months
ended March 31, 2006, from 3.04% for the same period ended 2005, and by the $4.4
million,  or 17.5%,  decrease  in net average  interest-earning  assets to $20.8
million for the three months ended March 31,  2006,  from $25.1  million for the
same period in 2005. The higher average  balance of short-term  investments  for
the three  months  ended  March 31,  reflected  cash  received  related to stock
purchases in the Company's initial public offering  resulting in the decrease in
net average interest-earning assets.

         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.

                                       9
<PAGE>

Net Interest Income Analysis
----------------------------

<TABLE>
<CAPTION>

                                                                                  Three Months Ended March 31,
                                             At March 31,      -------------------------------------------------------------------
                                                 2006                        2006                               2005
                                        ---------------------  --------------------------------  ---------------------------------
                                                     Weighted   Average                Average     Average                Average
                                        Outstanding  Average  Outstanding              Yield/    Outstanding              Yield/
                                         Balance      Rate      Balance    Interest     Rate       Balance    Interest     Rate
                                        ---------   ---------  ---------   ---------  ---------   ---------   ---------  ---------
<S>                                        <C>           <C>       <C>           <C>        <C>       <C>           <C>      <C>
                                                                               (Dollars in thousands)

Interest-earning assets:
  Loans                                 $ 120,490        5.67%  $ 119,232  $   1,676        5.62%  $ 108,916  $   1,487      5.46%
  Investment securities                    32,051        4.72%     31,883        355        4.45%     27,964        276      3.95%
  Interest-earning deposits                 4,045        4.70%      3,790         40        4.22%     12,061         64      2.12%
                                        ---------               ---------  ---------               ---------  ---------
     Total interest-earning assets        156,586        5.45%    154,905      2,071        5.35%    148,941      1,827      4.91%
  Non-interest-earning assets               9,936                   9,575         --                   8,591         --
                                        ---------               ---------  ---------               ---------  ---------
  Total assets                          $ 166,522               $ 164,480      2,071               $ 157,532      1,827
                                        =========               =========  =========               =========  =========


Interest-bearing liabilities:
  Savings deposits                      $  16,306        0.30%  $  16,775         13        0.30%  $  21,436         18      0.34%
  NOW accounts                              7,111        0.99%      6,358         14        0.87%      5,085          3      0.21%
  Money market accounts                    23,915        2.91%     23,215        150        2.59%     18,048         66      1.46%
  Certificates of deposit                  36,214        3.85%     34,618        321        3.71%     32,604        250      3.07%
                                        ---------               ---------  ---------               ---------  ---------
    Total interest-bearing deposits        83,546        2.65%     80,966        498        2.46%     77,173        337      1.75%
  FHLB advances                            51,958        4.40%     52,559        558        4.25%     45,888        356      3.10%
  Repurchase agreements                       714        1.00%        626          2        1.28%        735          2      1.09%
                                        ---------               ---------  ---------               ---------  ---------
    Total interest-bearing liabilities  $ 136,218        3.31%  $ 134,151      1,058        3.15%  $ 123,796        695      2.25%
Non-interest-bearing liabilities:
  Demand deposits                          10,108                   9,996                              8,173
  Other non-interest-bearing liabilities    1,247                   1,209                              6,615
Total Liabilities                         147,573                 145,356                            138,584
  Stockholders' Equity                     18,949                  19,124                             18,948
                                        ---------               ---------                         ---------
     Total liabilities and equity       $ 166,522               $ 164,480                          $ 157,532
                                        =========               =========                          =========


Net interest income                                                        $   1,013                          $   1,132
                                                                           =========                          =========
Net interest rate spread                                 2.15%                              2.19%                            2.66%
Net interest-earning assets             $  20,368               $  20,754                          $  25,145
                                        =========               =========                          =========
Net interest margin                                                                         2.62%                            3.04%
Average of interest-earning
     assets to interest-bearing
      liabilitities                                    114.95%                            115.47%                          120.31%
</TABLE>

                                                                     10
<PAGE>

         Provision  for Loan  Losses.  The Company  made no  provision  for loan
losses for the three  months  ended  March 31, 2006  compared to a provision  of
$30,000 for the three months ended March 31, 2005. The allowance for loan losses
was $947,000,  or 0.79% of net loans  outstanding at March 31, 2006, as compared
to $833,000, or 0.76% of net loans outstanding at March 31, 2005.

         Non-interest  Income.  Non-interest income increased $34,000, or 33.4%,
to $134,000 for the three months  ended March 31,  2006,  from  $100,000 for the
same period in 2005. The increase in non-interest income was primarily due to an
increase in investment services fees of $32,000, to $42,000.

         Non-interest  Expense.  Non-interest  expense  increased  $143,000,  or
12.9%,  to $1.3 million for the three  months  ended March 31,  2006,  from $1.1
million for the three months ended March 31, 2005. The increase in  non-interest
expense  was  primarily  due to  expenses  related  to the new  office  in North
Andover,  Massachusetts.  Compensation and employee benefits increased $166,000,
or 29.0%,  reflecting additional personnel for the North Andover office, $15,000
in expense related to the employee stock ownership plan and an $18,000  increase
in  health  insurance  related  to  additional  personnel  and  rate  increases.
Occupancy  expenses  increased  $66,000,  or 38.6%,  primarily  due to increases
related to the North Andover  office.  Professional  fees  decreased  $28,000 or
26.9% to $77,000 for the three months ended March 31,  2006,  from  $105,000 for
the three months ended March 31, 2005. Data processing expense decreased $37,000
or 50.2% to $36,000,  as the Company  took  one-time  credits  totaling  $36,000
related to its core  processing  conversion  in June  2005.  Other  general  and
administrative  expenses decreased $26,000,  or 17.0%, to $129,000 for the three
months ended March 31, 2006, from $154,000 from the three months ended March 31,
2005, primarily due to the recovery of expenses associated with problem loans.

         Income  Taxes.  The loss before  income taxes of $105,000 for the three
months ended March 31, 2006 resulted in an income tax benefit of $39,000 for the
three months ended March 31, 2006,  as compared to income before income taxes of
$94,000 and a provision  for income  taxes of $27,000 for the three months ended
March 31,  2005.  The  effective  tax rates for the three months ended March 31,
2006 and 2005 were 36.7% and 28.9%, respectively.

Comparison  of  Operating  Results for the Nine Months  Ended March 31, 2006 and
2005

         General.  The net loss for the nine  months  ended  March 31,  2006 was
$89,000,  compared to net income of $377,000 for the nine months ended March 31,
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 $841,000,  or 16.2%, to
$6.0 million for the nine months ended March 31, 2006, from $5.2 million for the
nine months  ended March 31,  2005.  The  increase  resulted  primarily  from an
increase of $600,000,  or 14.0%, in interest  income on loans  receivable and an
increase of $243,000,  or 30.7%,  in interest and dividend income on securities.
Additionally,  the increase in interest  income  reflected a $13.9  million,  or
10.0%,  increase in the average balance of interest-earning  assets for the nine
months ended March 31, 2006 to $153.2  million from $139.4  million for the nine
months  ended March 31,  2005.  Also  contributing  to the  increase in interest
income was the 28 basis point increase in the average yield on  interest-earning
assets to 5.25% for the nine months ended March 31, 2006 from 4.97% for the nine
months ended March 31, 2005.

         Interest income on loans receivable  increased  $600,000,  or 14.0%, to
$4.9 million for the nine months ended March 31, 2006, from $4.3 million for the
nine months  ended March 31,  2005.  The increase was due to the increase in the
average  balance  of loans  receivable  of $12.1  million,  or 11.5%,  to $118.0
million  for the nine months  ended  March 31, 2006 from $105.9  million for the
nine months ended March 31, 2005.  Average loan yields increased 12 basis points
to 5.54% for the nine months ended March 31, 2006 from 5.42% for the nine months
ended March 31, 2005.

         Interest  and  dividend  income  on  investment   securities  increased
$243,000,  or 30.7%,  to $1.0  million for the nine months  ended March 31, 2006
from $792,000 for the nine months ended March 31, 2005.  The increase was due in
part to the increase in the average  balance of  investment  securities  of $5.0
million,  or 18.5%,  to $31.7  million from $26.7 million for the same period in
2005.  Also  contributing  to the increase in interest  and  dividend  income on
investment  securities  was the 41 basis point  increase in the average yield on
investment  securities  to 4.36% for the nine months ended March 31, 2006,  from
3.95% for the nine months ended March 31, 2005.

         Interest  Expense.  Interest expense increased  $933,000,  or 47.4%, to
$2.9 million for the nine months ended March 31, 2006, from $2.0 million for the
nine months ended March 31, 2005. The increase in interest expense was primarily
due to an 82 basis  point  increase  in the  average  cost to 2.95% for the nine
months ended March 31, 2006,  from 2.13% for the same period in 2005, and to the
$7.8  million,  or 6.4%,  increase  in the average  balance of  interest-bearing
liabilities  to $131.3  million for the nine months ended March 31,  2006,  from
$123.5 million for the same period in 2005.

                                       11
<PAGE>

         Interest expense on Federal Home Loan Bank advances increased $600,000,
or 63.7%,  due to an $8.9  million or 21.2%  increase in the average  balance of
advances for the nine months ended March 31, 2006, to $50.6 million,  from $41.8
million  for the same period in 2005,  and by a 106 basis point  increase in the
average  cost of the advances to 4.06% for the nine months ended March 31, 2006,
from  3.00%  for the same  period in 2005.  Additionally,  interest  expense  on
interest-bearing  deposits increased $335,000, or 32.7%, to $1.4 million for the
nine months ended March 31, 2006, from $1.0 million for the same period in 2005.
The increase was primarily due to a 57 basis point  increase in the average cost
of interest-bearing  deposits to 2.26% for the nine months ended March 31, 2006,
from 1.69% for the same period in 2005. The average balance of  interest-bearing
deposits decreased $947,000 or 1.2% for the nine months ended March 31, 2006, to
$79.9  million  from $80.9  million  for the same  period in 2005.  The  average
balance of  interest-bearing  deposits  for the nine months ended March 31, 2005
was inflated due to cash  received  related to stock  purchases in the Company's
initial public offering.

         Net Interest Income. Net interest income decreased $92,000, or 2.8%, to
$3.1 million for the nine months ended March 31, 2006, from $3.2 million for the
same period in 2005.  The  decrease in net  interest  income was  primarily  the
result a 36 basis point  decrease in net  interest  margin to 2.73% for the nine
months  ended  March 31,  2006,  from  3.09%  for the same  period  ended  2005,
partially  offset by of the $6.0  million,  or 38.0%,  increase  in net  average
interest-earning  assets to $21.9  million for the nine  months  ended March 31,
2006, from $15.9 million for the same period in 2005.

         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.

                                       12
<PAGE>
Net Interest Income Analysis
----------------------------

<TABLE>
<CAPTION>

                                                                                   Nine Months Ended March 31,
                                             At March 31,      -------------------------------------------------------------------
                                                 2006                        2006                               2005
                                        ---------------------  --------------------------------  ---------------------------------
                                                     Weighted   Average                 Average    Average               Average
                                        Outstanding  Average  Outstanding               Yield/   Outstanding              Yield/
                                         Balance      Rate      Balance    Interest      Rate      Balance    Interest     Rate
                                        ---------   ---------  ---------   ---------  ---------   ---------   ---------  ---------
<S>                                        <C>           <C>       <C>           <C>        <C>       <C>           <C>      <C>
                                                                               (Dollars in thousands)

Interest-earning assets:
  Loans                                 $ 120,490        5.67%  $ 118,019   $   4,904       5.54%  $ 105,882  $   4,304       5.42%
  Investment securities                    32,051        4.72%     31,673       1,035       4.36%     26,723        792       3.95%
  Interest-earning deposits                 4,045        4.70%      3,548         100       3.76%      6,753        101       1.99%
                                        ---------               ---------  ---------               ---------  ---------
     Total interest-earning assets        156,586        5.45%    153,240       6,039       5.25%    139,358      5,197       4.97%
  Non-interest-earning assets               9,936                   9,061          --                  8,865         --
                                        ---------               ---------  ---------               ---------  ---------
  Total assets                          $ 166,522               $ 162,301       6,039              $ 148,223      5,197
                                        =========               =========  =========               =========  =========


Interest-bearing liabilities:
  Savings deposits                      $  16,306        0.30%  $  18,078          41       0.30%  $  23,902         57       0.32%
  NOW accounts                              7,111        0.99%      5,745          20       0.46%      5,258          9       0.23%
  Money market accounts                    23,915        2.91%     22,160         385       2.32%     16,862        175       1.38%
  Certificates of deposit                  36,214        3.85%     33,922         911       3.58%     34,830        781       2.99%
                                        ---------               ---------  ---------               ---------  ---------
    Total interest-bearing deposits        83,546        2.65%     79,905       1,357       2.26%     80,852      1,022       1.69%
  FHLB advances                            51,958        4.40%     50,627       1,541       4.06%     41,763        941       3.00%
  Repurchase agreements                       714        1.00%        769           5       0.87%        844          6       0.95%
                                        ---------               ---------  ---------               ---------  ---------
    Total interest-bearing liabilities  $ 136,218        3.31%  $ 131,301       2,903       2.95%  $ 123,459      1,969       2.13%
Non-interest-bearing liabilities:
  Demand deposits                          10,108                  10,340                              9,870
  Other non-interest-bearing liabilities    1,247                   1,403                              2,999
Total Liabilities                         147,573                 143,044                            136,328
  Stockholders' Equity                     18,949                  19,257                             11,895
                                        ---------               ---------                          ---------
     Total liabilities and equity       $ 166,522               $ 162,301                          $ 148,223
                                        =========               =========                          =========

Net interest income                                                         $   3,136                         $   3,228
                                                                            =========                         =========
Net interest rate spread                                 2.15%                              2.31%                             2.85%
Net interest-earning assets             $  20,368               $  21,939                          $  15,899
                                        =========               =========                          =========
Net interest margin                                                                         2.73%                             3.09%
Average of interest-earning
     assets to interest-bearing
      liabilitities                                    114.95%                            116.71%                           112.88%

</TABLE>

                                                                   13
<PAGE>

         Provision  for Loan Losses.  A provision of $58,000 for the nine months
ended March 31, 2006 was made,  as compared to a $66,000  provision for the nine
months ended March 31, 2005.  The  allowance  for loan losses was  $947,000,  or
0.79% of net loans  outstanding  at March 31, 2006, as compared to $833,000,  or
0.76% of net loans outstanding at March 31, 2005.

         Non-interest  Income.  Non-interest income increased $54,000, or 18.0%,
to $350,000 for the nine months ended March 31, 2006, from $296,000 for the same
period in 2005.  The increase in  non-interest  income was  primarily  due to an
increase in investment services fees of $59,000, to $75,000.

         Non-interest  Expense.  Non-interest  expense  increased  $686,000,  or
23.8%,  to $3.6  million for the nine months  ended  March 31,  2006,  from $2.9
million for the nine months ended March 31, 2005.  The increase in  non-interest
expense was  primarily  related to new expenses  associated  with being a public
company and expenses related to the opening of the North Andover,  Massachusetts
office.  Compensation  and  employee  benefits  increased  $506,000,  or  33.5%,
reflecting  additional  personnel for the new North Andover  office,  $45,000 in
expense  related to the employee  stock  ownership  plan, a $41,000  increase in
directors'  fees,  as the  directors met monthly for the nine months ended March
31, 2006  compared to quarterly  for six of the nine months ended March 31, 2005
and  $39,000  in health  insurance  related  to  additional  personnel  and rate
increase.  Occupancy expenses  increased  $103,000,  or 21.8%,  primarily due to
increases  related to the North Andover office and utility  costs.  Professional
fees increased  $84,000 or 44.1% to $273,000 for the nine months ended March 31,
2006,  from $189,000 for the nine months ended March 31, 2005,  primarily due to
increased  expense  associated  with  the new  public  company  corporate  form,
primarily auditing fees and legal fees.  Advertising expenses increased $48,000,
or 55.0%,  reflecting additional  promotional activity associated with the North
Andover office.  Data processing expense decreased $57,000 or 26.3% to $160,000,
as the Company took one-time credits totaling $36,000 during the current quarter
related to its core processing  conversion in June 2005 and also reflecting cost
savings under the new core processing contract. Other general and administrative
expenses  increased  $1,000, or .3%, to $408,000 for the nine months ended March
31, 2006,  from  $407,000 for the nine months ended March 31, 2005, as increases
in various  expenses  were  substantially  offset by a reduction in expense from
problem loans of $39,000.

         Income  Taxes.  The loss before  income  taxes of $145,000 for the nine
months ended March 31, 2006 resulted in an income tax benefit of $56,000 for the
nine months ended March 31, 2006,  as compared to income  before income taxes of
$570,000 and a provision  for income taxes of $193,000 for the nine months ended
March 31, 2005. The effective tax rates for the nine months ended March 31, 2006
and 2005 were 38.6% and 33.9%, respectively.

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.

                                       14
<PAGE>

PART II. OTHER INFORMATION

Item 1.       Legal Proceedings

              Not applicable

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

              Not applicable

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

              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

                                       15
<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: May 12, 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)


                                       16