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, 2005

                                       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 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 5, 2005.
         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, 2005
     and June 30, 2004                                                       1
   Consolidated Statements of Income for the Three Months and Nine
     Months Ended March 31, 2005 and 2004                                    2
   Consolidated Statements of Changes in Retained Earnings for the Nine
     Months Ended March 31, 2005 and 2004                                    3
   Consolidated Statements of Cash Flows for the Nine Months Ended
     March 31, 2005 and 2004                                                 4
   Notes to Consolidated Financial Statements                                6

Item 2:  Management's Discussion and Analysis of Financial
           Condition and Results of Operations                               8

Item 3:  Controls and Procedures                                             11

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

Item 1: Legal Proceedings                                                    11
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds          11
Item 3: Defaults upon Senior Securities                                      11
Item 4: Submission of Matters to a Vote of Security Holders                  11
Item 5: Other Information                                                    12
Item 6: Exhibits                                                             12

SIGNATURES                                                                   13



<PAGE>

<TABLE>
<CAPTION>

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

                                                                     At                       At
                                                                  March 31,                June 30,
                                                                    2005                     2004
                                                        -------------------     -------------------
                                                                      (In Thousands)

<S>                                                     <C>                     <C>
Cash and due from banks                                 $          2,446        $           2,233
Short-term investments                                             3,777                    1,475
                                                        -------------------     -------------------
          Total cash and cash equivalents                          6,223                    3,708

Securities available for sale, at fair value                      16,760                   10,299
Securities held to maturity, at amortized cost                    13,200                    3,682
Federal Home Loan Bank stock, at cost                              2,428                    1,549
Loans, net of allowance for loan losses                          109,264                   98,357
Premises and equipment, net                                        4,879                    5,077
Accrued interest receivable                                          567                      411
Bank-owned life insurance                                          1,154                    1,121
Other assets                                                         774                      654
                                                        -------------------     -------------------

                                                        $        155,249        $         124,858
                                                        ===================     ===================

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                $         89,948        $          87,936
Securities sold under agreements to repurchase                       737                      908
Short-term borrowings                                             25,250                    6,340
Long-term Federal Home Loan Bank Advances                         19,479                   21,012
Mortgagors' escrow accounts                                          316                      232
Accrued expenses and other liabilities                               362                      361
                                                        -------------------     -------------------
               Total liabilities                                 136,092                  116,789
                                                        -------------------     -------------------

Common Stock, $0.10 par value per share: 2,777,250
    shares issued and outstanding; 10,000,000 authorized             278                        -
Additional paid-in capital                                        11,452                        -
Retained earnings                                                  8,548                    8,171
Accumulated other comprehensive loss                                (121)                    (102)
Unearned compensation                                             (1,000)                       -
                                                        -------------------     -------------------
Total stockholders' equity                                        19,157                    8,069
                                                        -------------------     -------------------

                                                        $        155,249        $         124,858
                                                        ===================     ===================
</TABLE>


                                       1
<PAGE>

<TABLE>
<CAPTION>

                            GEORGETOWN BANCORP, INC.
                              STATEMENTS OF INCOME
                                   (Unaudited)

                                                              Three Months Ended               Nine Months Ended
                                                          March 31,        March 31,       March 31,       March 31,
                                                            2005             2004             2005           2004
                                                       ---------------  --------------- --------------- ---------------
                                                                (In Thousands)                  (In Thousands)
Interest and dividend income:
<S>                                                         <C>               <C>            <C>             <C>
    Interest and fees on loans                              $  1,487          $ 1,301        $  4,304        $  3,846
    Investment interest and dividends                            276              124             792             389
    Short-term investments                                        64                4             101              17
                                                      -----------------------------------------------------------------
               Total interest and dividend income              1,827            1,429           5,197           4,252
                                                      -----------------------------------------------------------------

Interest expense:
    Deposits                                                     337              306           1,022             939
    Federal Home Loan Bank advances                              356              208             941             629
    Securities sold under agreements to repurchase                 2                2               6               5
                                                      -----------------------------------------------------------------
               Total interest expense                            695              516           1,969           1,573
                                                      -----------------------------------------------------------------

Net interest income                                            1,132              913           3,228           2,679
Provision for loan losses                                         30               18              66              42
                                                      -----------------------------------------------------------------
      Net interest income, after provision for loan
        losses                                                 1,102              895           3,162           2,637
                                                      -----------------------------------------------------------------

Non-interest income:
    Customer service fees                                         83               76             237             250
    Loan fees                                                      4                6              15              22
    Loss on sale of securities                                     -                -              (2)              -
    Loss on impairment of securities                               -                -               -             (10)
    Income from bank-owned life insurance                         11               11              33              35
    Other                                                          2                -              13              10
                                                      -----------------------------------------------------------------
               Total non-interest income                         100               93             296             307
                                                      -----------------------------------------------------------------

Non-interest expenses:
    Salaries and employee benefits                               574              491           1,513           1,370
    Occupancy and equipment expenses                             170              157             474             442
    Data processing expenses                                      73               77             217             212
    Professional fees                                            105               37             189             116
    Advertising expense                                           33               21              88              96
    Other general and administrative expenses                    154              118             407             357
                                                      -----------------------------------------------------------------
               Total non-interest expenses                     1,109              901           2,888           2,593
                                                      -----------------------------------------------------------------

Income before income taxes                                        93               87             570             351

Provision for income taxes                                        27               25             193             113
                                                      -----------------------------------------------------------------

Net income                                                   $    66           $   62         $   377         $   238
                                                       ================================================================

</TABLE>


                                       2
<PAGE>

<TABLE>
<CAPTION>
                            GEORGETOWN BANCORP, INC.
                  STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                   (Unaudited)

                                                                          Accumulated
                                                    Additional               Other
                                           Common    Paid-in    Retained  Comprehensive    Unearned
                                             Stock   Capital    Earnings  Income (Loss)  Compensation    Total
                                           -------  ----------  --------  -------------  ------------  ---------
                                                                                 (In Thousands)
<S>                                        <C>      <C>         <C>       <C>            <C>           <C>
Balance at June 30, 2003                   $    -   $       -   $ 7,915   $         27   $         -   $  7,942
                                                                                                       ---------

Comprehensive income:
    Net income                                  -           -       238              -             -        238
    Change in unrealized gain/loss
        on securities available for sale,
        net of tax effects                      -           -         -             14             -         14
                                                                                                       ---------
        Total comprehensive income                                                                          252
                                           -------  ----------  --------  -------------  ------------  ---------

Balance at March 31, 2004                  $    -   $       -   $ 8,153   $         41   $         -   $  8,194
                                           =======  ==========  ========  =============  ============  =========

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

Comprehensive income:
    Net income                                  -           -       377              -             -        377
    Change in unrealized gain/loss
        on securities available for sale,
        net of 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
                                           =======  ==========  ========  =============  ============  =========

</TABLE>

                                       3
<PAGE>

<TABLE>
<CAPTION>
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                                      Nine Months Ended
                                                                    March 31,    March 31,
                                                                      2005         2004
                                                                  ------------  ------------
                                                                        (In Thousands)
Cash flows from operating activities:
<S>                                                               <C>           <C>
    Net income                                                    $       377   $       238
    Adjustments to reconcile net income to net cash
        provided by operating activities:
            Provision for loan losses                                      66            42
              Loss on impairment of securities                              -            10
              Loss on sale of securities                                    2             -
            Amortization of securities, net                                 3            66
            Amortization of deferred loan costs                           (19)          (29)
            Depreciation and amortization expense                         279           250
            Increase in accrued interest receivable                      (156)          (45)
            Increase in bank-owned life insurance                         (33)          (36)
            Other, net                                                   (110)         (257)
                                                                  ------------  ------------
                  Net cash provided by operating activities               409           239
                                                                  ------------  ------------

Cash flows from investing activities:
    Activity in available-for-sale securities:
        Maturites, prepayments and calls                                1,044         5,033
        Purchases                                                      (7,740)       (8,473)
        Proceeds on sales of securities                                   197             -
    Activity in held-to-maturity securities:
        Maturites, prepayments and calls                                1,404         2,227
        Purchases                                                     (10,917)       (2,022)
    Purchase of Federal Home Loan Bank stock                             (879)         (148)
    Loan originations, net of amortization and payoffs                (10,954)       (7,127)
    Purchase of banking premises and equipment                            (81)         (564)
                                                                  ------------  ------------
                  Net cash used by investing activities               (27,926)      (11,074)
                                                                  ------------  ------------

</TABLE>

                                       4
<PAGE>

<TABLE>
<CAPTION>
                            GEORGETOWN BANCORP, INC.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (continued)

                                                                        Nine Months Ended
                                                                    March 31,    March 31,
                                                                      2005         2004
                                                                  ------------  ------------
                                                                          (In Thousands)
Cash flows from financing activities:
<S>                                                                     <C>           <C>
    Net increase in deposits                                            2,012         3,752
    Net increase in securities sold under agreements
         to repurchase                                                   (171)           59
    Proceeds of Federal Home Loan Bank advances
        with maturities greater than three months                      14,500         7,500
    Repayments of Federal Home Loan Bank advances
        with maturities greater than three months                      (8,083)       (5,032)
    Net change in Federal Home Loan Bank
        advances with maturities of three months or less               10,960           949
    Net change in mortgagors' escrow accounts                              84             9
    Proceeds from issuance of common stock                             11,730             -
    Purchase of Employee Stock Onwership Plan Shares                   (1,000)            -
                                                                  ------------  ------------
            Net cash provided by financing activities                  30,032         7,237
                                                                  ------------  ------------

Net change in cash and cash equivalents                                 2,515        (3,598)

Cash and cash equivalents at beginning of period                        3,708         7,826
                                                                  ------------  ------------

Cash and cash equivalents at end of period                        $     6,223   $     4,228
                                                                  ============  ============

Supplementary information:
    Interest paid on deposit accounts                             $     1,022   $       939
    Interest paid on Federal Home Loan Bank advances                      941           629
    Interest paid on securities sold under agreement
        to repurchase                                                       6             5
    Income taxes paid, net of refunds                                     157           126

</TABLE>


                                       5
<PAGE>


                            GEORGETOWN BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.       BASIS OF PRESENTATION

Georgetown Bancorp,  Inc. (the "Company") was formed on January 5, 2005 to serve
as the stock holding company for Georgetown Savings Bank (the "Bank") as part of
the Bank's reorganization into a mutual holding company structure. For a further
discussion  of  the  Company's  formation  and  operations,  see  the  Company's
Registration  Statement on Form SB-2, as amended,  initially  filed on September
15, 2004 and declared effective on November 12, 2004 (File Number 333-119007).

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- and  nine-month  period  ended  March 31,  2005 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 2004 Consolidated  Financial Statements of the
Bank included in the Company's  Registration Statement on Form S-B2, as amended.
The consolidated financial statements include the accounts of Georgetown Savings
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 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 INCOME PER COMMON SHARE

          Basic and diluted net income per common share are not calculated since
          the Bank had not  completed its  reorganization  into stock form until
          January 5, 2005.


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.

          Costs incurred in connection with the reorganization and offering were
          recorded as a reduction in the proceeds of the offering.  At March 31,
          2005,  reorganization  expenses of $718,000 had been netted from gross
          proceeds raised in the offering.












                                       7
<PAGE>


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

Forward-looking statements
--------------------------

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  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.


Comparison of Financial Condition at March 31, 2005 and June 30, 2004

     Our total assets increased by $30.3 million, or 24.3%, to $155.2 million at
March 31,  2005,  from $124.9  million at June 30,  2004.  The increase in total
assets resulted primarily from increases in short-term  investments,  investment
securities  available  for sale  and  held to  maturity  and  loans  receivable.
Short-term investments increased $2.3 million or 156.2%,  primarily due to funds
received in connection with the Company's  Initial Public  Offering  (IPO).  The
increase in investment  securities available for sale of $6.5 million, or 62.7%,
to $16.8 million at March 31, 2005, reflected the investment of a portion of the
proceeds received from the Company's IPO. The increase in investment  securities
held to maturity of $9.5 million, or 258.5%, to $13.2 million at March 31, 2005,
reflected  the  results of a leverage  transaction  undertaken  during the first
quarter.  This transaction was initially funded by three equal advances from the
Federal  Home  Loan  Bank  of  Boston  aggregating  $10.5  million  at a rate of
approximately  1.42%,  and increased  balances of  certificates  of deposit that
resulted  from  a  special  rate  (at  3.75%)  that  we  offered  on  three-year
certificates  of deposit  during the first  quarter.  The  increase in net loans
receivable of $10.9  million,  or 11.09%,  to $109.3  million at March 31, 2005,
reflected  continued  demand  for  one-  to  four-family   adjustable  rate  and
construction mortgage loans.

     Total  deposits  increased by $2.0  million,  or 2.3%,  to $89.9 million at
March 31, 2005,  from $87.9  million at June 30, 2004.  The increase in deposits
resulted  primarily  from a $3.1  million,  or 19.3%,  increase in money  market
deposit  accounts.  Our  short-term  borrowings  from the Federal Home Loan Bank
increased $19.0 million, or 298.3%, to $25.3 million at March 31, 2005 from $6.3
million at June 30, 2004, reflecting the increases used to fund loan growth, the
leverage transaction and declines in short-term certificates of deposit.

     Total stockholder's equity increased $11.1 million, or 137.4% primarily due
to the net proceeds  received  from the  Company's  IPO and  increased  retained
earnings.  The Company's IPO raised gross proceeds of $12.5  million,  which was
reduced by ESOP shares valued at $1.0 million,  direct  expenses  related to the
IPO of $718,000  and the  capitalization  of  Georgetown  Bancorp  MHC  totaling
$50,000. Retained earnings increased $358,000, or 4.4%, to $8.4 million at March
31, 2005, from $8.1 million at June 30, 2004,  reflecting net income of $377,000
for the nine months ended March 31, 2005, and an increase in  accumulated  other
comprehensive  loss to $121,000  at March 31,  2005,  from  $102,000 at June 30,
2004,  reflecting  $19,000 in net unrealized losses on securities  available for
sale for the nine months ended March 31, 2005.

Comparison  of  Operating  Results for the Three Months Ended March 31, 2005 and
2004

     General.  Net income increased  $4,000,  or 6.73%, to $66,000 for the three
months ended March 31,  2005,  from $62,000 for the three months ended March 31,
2004. The increase in net income  reflected an increase in net interest  income,
which was substantially offset by increased non-interest expense.

     Interest Income.  Interest income increased by $398,000,  or 27.9%, to $1.8
million for the three  months  ended March 31,  2005,  from $1.4 million for the
three months  ended March 31, 2004.  The  increase  resulted  primarily  from an
increase of $186,000,  or 14.3%, in interest  income on loans  receivable and an
increase of $152,000,  or 122.6%, in interest and dividend income on securities.
The increase in interest income reflected a $36.8 million, or 32.8%, increase in
the average balance of interest-earning  assets for the three months ended March
31, 2005 to $148.9  million from $112.1 million for the three months ended March
31, 2004.  Partially  offsetting the increase in interest income attributable to
higher  average  balances  of  interest-earning  assets  was the 19 basis  point
decrease in the average yield on interest-earning  assets to 4.91% for the three
months  ended  March 31,  2005 from 5.10% for the three  months  ended March 31,
2004.

                                       8
<PAGE>

     Interest income on loans receivable  increased $186,000,  or 14.3%, to $1.5
million for the three  months  ended March 31,  2005,  from $1.3 million for the
three months  ended March 31, 2004.  The increase was due to the increase in the
average  balance  of loans  receivable  of $13.6  million,  or 14.3%,  to $108.9
million for the three  months  ended  March 31, 2005 from $95.3  million for the
three months ended March 31, 2004.  Average loan yields were 5.46% for the three
months ended March 31, 2005 and for the three months ended March 31, 2004.

     Interest and dividend income on investment  securities  increased $152,000,
or 122.6%,  to $276,000 for the three months ended March 31, 2005 from  $124,000
for the three months  ended March 31, 2004.  The increase was due in part to the
increase in the average  balance of investment  securities of $12.5 million,  or
81.1%,  to $28.0  million  from $15.4  million in the same period in 2004.  Also
contributing  to the  increase in interest and  dividend  income on  investments
securities  was the 74 basis point  increase in the average  yield on investment
securities  to 3.95% for the three months  ended March 31, 2005,  from 3.21% for
the three months ended March 31, 2004.

     Interest  Expense.  Interest  expense  increased  $179,000,  or  34.6%,  to
$695,000 for the three months ended March 31, 2005,  from $516,000 for the three
months  ended March 31, 2004.  The  increase in interest  expense was due to the
$22.7 million,  or 22.4%,  increase in the average  balance of  interest-bearing
liabilities  to $123.8  million for the three months ended March 31, 2005,  from
$101.1  million in the same period in 2004,  and by a 20 basis point increase in
the average cost to 2.24% for the three months ended March 31, 2005,  from 2.04%
for the same period in 2004.

     Interest expense on Federal Home Loan Bank advances increased $148,000,  or
71.1%,  due to a $21.2  million  or 85.9%  increase  in the  average  balance of
advances  during the three months ended March 31, 2005, to $45.9  million,  from
$24.7  million  during the same period in 2004,  partially  offset by a 27 basis
point decrease in the average cost of the advances to 3.10% for the three months
ended  March 31,  2005,  from 3.37% for the same  period in 2004.  Additionally,
interest expense on  interest-bearing  deposits increased $30,000,  or 10.0%, to
$337,000 for the three months ended March 31, 2005,  from  $306,000 for the same
period in 2004.  The increase was primarily due to a 16 basis point  increase in
the average  cost of  interest-bearing  deposits  to 1.75% for the three  months
ended  March 31,  2005,  from  1.59% for the same  period in 2004.  The  average
balance of  interest-bearing  deposits  decreased  $161,000 or .2% for the three
months ended March 31, 2005,  to $77.2  million from $77.3  million for the same
period in 2004.

     Net Interest Income. Net interest income increased  $220,000,  or 24.1%, to
$1.1 million during the three months ended March 31, 2005, from $913,000 for the
same period in 2004. The increase in our net interest income was a result of the
$14.1 million, or 128.0%,  increase in our net interest-earning  assets to $25.1
million for the three months ended March 31, 2005, from $11.0 million during the
same period in 2004, partially offset by the decrease in our net interest margin
to 3.04% during the three  months ended March 31, 2005,  from 3.26% for the same
period ended 2004.  The increase in net earning  assets was primarily due to net
proceeds of $10.8 million received from the Company's IPO.

     Provision  for Loan  Losses.  A provision  of $30,000 for the three  months
ended March 31, 2005 was made, as compared to an $18,000 provision for the three
months ended March 31, 2004.  The  allowance  for loan losses was  $833,000,  or
0.76% of loans outstanding at March 31, 2005, as compared to $858,000,  or 0.89%
of loans  outstanding at March 31, 2004. The decline in the allowance was due to
a loan charge-off of $108,000 related to one lending relationship.

     Non-interest  Income.  Non-interest  income increased  $7,000,  or 7.8%, to
$100,000 during the three months ended March 31, 2005, from $93,000 for the same
period in 2004.  Investment  services fees increased  $9,000,  or 539.7%, as the
Company  restructured  its  investment  advisor  staff.  Customer  service  fees
decreased  $3,000,  or 5.3%,  primarily  due to a  reduction  in fees  collected
relating to service charges and penalties on deposit accounts.

     Non-interest Expense. Non-interest expense increased $209,000, or 23.2%, to
$1.1 million for the three months  ended March 31, 2005,  from  $901,000 for the
three  months ended March 31, 2004.  The increase in  non-interest  expenses was
primarily  related to new expenses  associated  with being a public  company and
expenses related to the  establishment of our new investment  services  program.
Compensation and employee benefits  increased  $83,000,  or 16.8%,  reflecting a
$35,000  increase  in  director's  fees,  as the  directors  met monthly for the
quarter  ended March 31, 2005  compared to quarterly for the quarter ended March
31, 2004, as well as $21,000 increase in compensation  expense in the investment
services  division,  and a  $10,000  or  29.1%  increase  in  health  insurance.
Occupancy expenses increased $13,000, or 8.0%,  primarily due to increased costs
for snow  removal  and  depreciation  expense.  Advertising  expenses  increased
$12,000,  or 56.5%, as the company utilized direct mail and print  advertisement
during the quarter ended March 31, 2005.  Professional fees increased $68,000 or
181.9% to $105,000 for the three  months ended March 31, 2005,  from $37,000 for
the three  months  ended March 31,  2004,  primarily  due to  increased  expense
associated with the new public company corporate form,  primarily  auditing fees
and  legal  fees  from  the  Company's   special  counsel.   Other  general  and
administrative  expenses increased $38,000,  or 31.6%, to $154,000 for the three
months ended March 31, 2005, from $118,000 from the three months ended

                                       9
<PAGE>

March 31, 2004,  primarily due to problem loan  expenses of $17,000  mainly from
one loan,  new expenses  associated  with being a public  company and  increased
expenses related to the investment services program.

     Income Tax Expense. The provision for income taxes increased to $27,000 for
the three months  ended March 31, 2005,  from $25,000 for the three months ended
March 31, 2004,  due primarily to the increased  level of income before taxes of
$93,000 for the three months  ended March 31, 2005,  compared to $87,000 for the
same period in 2004.  The  effective  tax rates for the three months ended March
31, 2005 and 2004 were 28.9% and 28.3%, respectively.

Comparison  of  Operating  Results for the Nine Months  Ended March 31, 2005 and
2004

     General. Net income increased $139,000,  or 58.3%, to $377,000 for the nine
months ended March 31, 2005,  from  $238,000 for the nine months ended March 31,
2004. The increase in net income  reflected an increase in net interest  income,
which more than offset increased non-interest expense and decreased non-interest
income.

     Interest Income.  Interest income increased by $945,000,  or 22.2%, to $5.2
million for the nine months ended March 31, 2005, from $4.3 million for the nine
months ended March 31, 2004. The increase resulted from an increase of $457,000,
or 11.9%, in interest income on loans  receivable,  an increase of $403,000,  or
103.5%,  in  interest  and  dividend  income on  securities  and an  increase of
$85,000, or 514.6% in interest income on short term investments. The increase in
interest income reflected the $29.4 million,  or 26.8%,  increase in the average
balance  of  interest-earning  assets to $139.4  million  from  $109.9  million.
Partially  offsetting  the increase in interest  income  attributable  to higher
average balances of  interest-earning  assets was the 19 basis point decrease in
the average yield on interest-earning  assets to 4.97% for the nine months ended
March 31, 2005 from 5.16% for the nine months ended March 31, 2004.

     Interest income on loans receivable  increased $457,000,  or 11.9%, to $4.3
million for the nine months ended March 31, 2005, from $3.8 million for the nine
months ended March 31, 2004. The increase was due to the increase in the average
balance of loans  receivable of $13.0 million,  or 14.0%,  to $105.9 million for
the nine  months  ended  March 31,  2005 from $92.9  million for the nine months
ended March 31,  2004,  partially  offset by the 10 basis point  decrease in the
average  yield to 5.42% for the nine months  ended March 31, 2005 from 5.52% for
the nine months ended March 31, 2004.

     Interest and dividend income on investment  securities  increased $403,000,
or 103.5%,  to $792,000 for the nine months  ended March 31, 2005 from  $389,000
for the nine months  ended March 31,  2004.  The increase was due in part to the
increase in the average  balance of investment  securities of $11.6 million,  or
77.4%,  to $26.7  million  for the nine  months  ended March 31, 2005 from $15.1
million  for the nine months  ended March 31,  2004.  Also  contributing  to the
increase in interest and dividend  income on  investments  securities was the 51
basis point increase in the average yield on investment  securities to 3.95% for
the nine months ended March 31, 2005, from 3.44% for the nine months ended March
31, 2004.

     Interest Expense.  Interest expense increased  $396,000,  or 25.2%, to $2.0
million for the nine months ended March 31, 2005, from $1.6 million for the nine
months  ended March 31, 2004.  The  increase in interest  expense was due to the
$23.0 million,  or 22.9%,  increase in the average  balance of  interest-bearing
liabilities  to $123.5  million for the nine months ended March 31,  2005,  from
$100.5 million in the same period ended 2004, and by a 4 basis point increase in
the average cost of  interest-bearing  liabilities  to 2.13% for the nine months
ended March 31, 2005, from 2.09% for the same period in 2004.

     Interest expense on Federal Home Loan Bank advances increased $312,000,  or
49.5%,  due to a $19.0  million  or 83.3%  increase  in the  average  balance of
advances  during the nine months ended March 31, 2005,  to $41.8  million,  from
$22.8  million  during the same period in 2004,  partially  offset by a 68 basis
point  decrease in the average cost of the advances to 3.00% for the nine months
ended  March 31,  2005,  from 3.68% for the same  period in 2004.  Additionally,
interest expense on  interest-bearing  deposits increased  $83,000,  or 8.8%, to
$1.0  million for the nine months ended March 31,  2005,  from  $939,000 for the
same period in 2004.  The increase was due to the $3.8 million or 4.9%  increase
in the average  balance of  interest-bearing  deposits for the nine months ended
March 31, 2005, to $80.9 million from $77.1 million for the same period in 2004,
and by a 7 basis point increase in the average cost of interest-bearing deposits
to 1.69% for the nine months ended March 31, 2005, from 1.62% in the same period
of 2004.

     Net Interest Income. Net interest income increased  $549,000,  or 20.5%, to
$3.2 million during the nine months ended March 31, 2005,  from $2.7 million for
the same period in 2004. The increase in our net interest income was a result of
the $6.5 million, or 68.5%, increase in our net interest-earning assets to $15.9
million for the nine months ended March 31, 2005,  from $9.4 million  during the
same period in 2004, partially offset by the decrease in our net interest margin
to 3.09% during the nine months  ended March 31,  2005,  from 3.25% for the same
period ended 2004.

     Provision  for Loan  Losses.  We made a  provision  of $66,000 for the nine
months ended March 31,  2005,  as compared to a $42,000  provision  for the nine
months ended March 31, 2004.  The  allowance  for loan losses was  $833,000,  or
0.76% of loans

                                       10
<PAGE>

outstanding  at March 31,  2005,  as  compared  to  $858,000,  or 0.89% of loans
outstanding  at March 31, 2004.  The decline in the  allowance was due to a loan
charge-off of $108,000 related to one lending relationship.

     Non-interest Income.  Non-interest income decreased by $10,000, or 3.3%, to
$296,000 for the nine months ended March 31,  2005,  from  $307,000 for the nine
month ended March 31, 2004.  Customer service fees decreased $13,000 or 5.1% for
the nine months  ended March 31,  2005,  due to a  reduction  in fees  collected
relating to service charges and penalties on deposit accounts.

     Non-interest Expense. Non-interest expense increased $295,000, or 11.4%, to
$2.9 million for the nine months ended March 31, 2005, from $2.6 million for the
nine months ended March 31,  2004.  The  increase in  non-interest  expenses was
primarily  related to new expenses  associated  with being a public  company and
expenses related to the  establishment of our new investment  services  program.
Compensation and employee benefits increased  $143,000,  or 10.4%,  reflecting a
$39,000 increase in director's  fees, as the directors met monthly  beginning in
January 2005 compared to quarterly for periods prior to that, as well as $36,000
increase in  compensation  expense in the investment  services  division,  and a
$27,000 or 28.9%  increase in health  insurance.  Occupancy  expenses  increased
$32,000, or 7.1%, primarily due to increased  depreciation expense and costs for
snow removal. Advertising expenses decreased $9,000, or 8.9%, as the company did
not utilize  cable  television  and radio  mediums  during the nine months ended
March 31, 2005. Professional fees increased $74,000 or 63.6% to $189,000 for the
nine months ended March 31, 2005,  from $116,000 for the nine months ended March
31, 2004,  primarily due to increased  expenses  associated  with the new public
company  corporate  form,  primarily  auditing  fees  and  legal  fees  from the
Company's special counsel.  Other general and administrative  expenses increased
$50,000,  or 14.0%,  to $407,000 for the nine months ended March 31, 2005,  from
$357,000 from the nine months ended March 31, 2004, primarily due to an increase
in  problem  loan  expenses  of  $32,000  mainly  from one  loan,  new  expenses
associated  with being a public  company and increased  expenses  related to the
investment services program.

     Income Tax Expense.  The provision  for income taxes  increased to $193,000
for the nine months  ended March 31,  2005,  from  $113,000  for the nine months
ended March 31, 2004,  due  primarily to the  increased  level of income  before
taxes of $570,000 for the nine months ended March 31, 2005, compared to $351,000
for the same period in 2004.  The  effective tax rates for the nine months ended
March 31, 2005 and 2004 were 33.9% and 32.1%, 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.

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

                                       11
<PAGE>

Item 5.        Other Information

               Not applicable

Item 6.        Exhibits

               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





                                       12
<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 5, 2005                          /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)


                                       13