**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-QSB**

**ý**
**QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE      SECURITIES EXCHANGE ACT OF 1934**

**For      the quarterly period ended December 31, 2006**

** ̈      **
**TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE      SECURITIES EXCHANGE ACT OF 1934**

**Commission      File Number: 0-51102**

**GEORGETOWN      BANCORP, INC.**

| **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**

----

**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 December 31, 2006 and June 30, 2006                       | 1        |
|                        |                                                                           |     |
|                        | Consolidated                Statements of Operations for the Three and         |     |
|                        | Six                Months Ended December 31, 2006 and 2005                     | 2        |
|                        |                                                                           |     |
|                        | Consolidated                Statements of Changes in Stockholders’       |     |
|                        | Equity                for the Six Months Ended December 31, 2006 and 2005      | 3        |
|                        |                                                                           |     |
|                        | Consolidated                Statements of Cash Flows for the                   |     |
|                        | Six                Months Ended December 31, 2006 and 2005                     | 4        |
|                        |                                                                           |     |
|                        | Notes                to Condensed Consolidated Financial Statements            | 6        |
|                        |                                                                           |     |
| Item                2:      | Management’s                Discussion and Analysis or Plan of Operation | 7        |
|                        |                                                                           |     |
|                        |                                                                           |     |
| Item                3:      | Controls                and Procedures                                         | 16       |
|                        |                                                                           |     |
| **Part                II.** | **Other                Information**                                           |     |
|                        |                                                                           |     |
| Item                1:      | Legal                Proceedings                                               | 16       |
| Item                2:      | Unregistered                Sales of Equity Securities and Use of Proceeds     | 16       |
| Item                3:      | Defaults                upon Senior Securities                                 | 16       |
| Item                4:      | Submission                of Matters to a Vote of Security Holders             | 16       |
| Item                5:      | Other                Information                                               | 17       |
| Item                6:      | Exhibits                                                                       | 17       |
|                        |                                                                           |     |
| **SIGNATURES**              | 18                                                                             |

----

*Table          of Contents*

**PART        I—FINANCIAL INFORMATION **

**ITEM 1.        Financial Statements **

| **GEORGETOWN                  BANCORP, INC.**                                 |
|-------------------------------------------------------------------------------|
| **CONSOLIDATED                  STATEMENTS OF FINANCIAL CONDITION**           |
| **------------------------------------------------------------**              |
| ***(unaudited)***                                                             |
| ASSETS                                                                        |
|                                                                          |   |   |   |   |   |
|                                                                          |   | At |   | At |   |
|                                                                          |   | December                  31, |   | June                  30, |   |
|                                                                          |   | 2006 |   | 2006 |   |
|                                                                          |   | (In                  thousands) |   | (In                  thousands) |   |
| Cash                  and due from banks                                      |   | $ | 3,426 |   | $ | 3,257 |   |
| Short-term                  investments                                       |   |   | 217 |   |   | 720 |   |
| Total                  cash and cash equivalents                              |   |   | 3,643 |   |   | 3,977 |   |
|                                                                          |   |   |   |   |   |   |   |
| Securities                  available for sale, at fair value                 |   |   | 14,269 |   |   | 15,465 |   |
| Securities                  held to maturity, at amortized cost               |   |   | 8,951 |   |   | 9,823 |   |
| Federal                  Home Loan Bank stock, at cost                        |   |   | 2,905 |   |   | 2,905 |   |
| Loans,                  net of allowance for loan losses of $1,111,000        |   |   |   |   |   |   |   |
| at                  December 31, 2006 and $1,016,000 at June 30, 2006         |   |   | 126,808 |   |   | 128,778 |   |
| Premises                  and equipment                                       |   |   | 5,018 |   |   | 5,230 |   |
| Accrued                  interest receivable                                  |   |   | 666 |   |   | 674 |   |
| Bank-owned                  life insurance                                    |   |   | 1,374 |   |   | 1,211 |   |
| Other                  assets                                                 |   |   | 760 |   |   | 852 |   |
|                                                                          |   |   |   |   |   |   |   |
| Total                  assets                                                 |   | $ | 164,394 |   | $ | 168,915 |   |
|                                                                          |   |   |   |   |   |   |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY                         |
|                                                                          |   |   |   |   |   |   |   |
| Deposits                                                                      |   | $ | 94,437 |   | $ | 96,571 |   |
| Short-term                  borrowings                                        |   |   | 15,250 |   |   | 22,300 |   |
| Long-term                  Federal Home Loan Bank advances                    |   |   | 35,397 |   |   | 28,921 |   |
| Securities                  sold under agreements to repurchase               |   |   | 711 |   |   | 762 |   |
| Mortgagors'                  escrow accounts                                  |   |   | 293 |   |   | 289 |   |
| Accrued                  expenses and other liabilities                       |   |   | 346 |   |   | 1,413 |   |
| Total                  liabilities                                            |   |   | 146,434 |   |   | 150,256 |   |
|                                                                          |   |   |   |   |   |   |   |
| Commitments                  and Contingencies                                |   |   | - |   |   | - |   |
|                                                                          |   |   |   |   |   |   |   |
| Stockholders'                  equity:                                        |   |   |   |   |   |   |   |
| Preferred                  stock, $0.10 par value per share: 1,000,000        |   |   |   |   |   |   |   |
| shares                  authorized; none outstanding                          |   |   | - |   |   | - |   |
| Common                  Stock, $0.10 par value per share: 10,000,000          |   |   |  |   |   |  |   |
| shares                  authorized; 2,777,250 shares issued, 2,699,250 and    |   |   | 278 |   |   | 278 |   |
| 2,777,250                  shares outstanding at December 31, 2006            |   |   |   |   |   |   |   |
| and                  June 30,2006, respectively                               |   |   |   |   |   |   |   |
| Additional                  paid-in capital                                   |   |   | 11,452 |   |   | 11,452 |   |
| Retained                  earnings                                            |   |   | 7,808 |   |   | 7,996 |   |
| Accumulated                  other comprehensive loss                         |   |   | (131 | ) |   | (330 | ) |
| Treasury                  stock, at cost (78,000 shares at December 31, 2006) |   |   | (751 | ) |   | - |   |
| Unearned                  compensation - ESOP                                 |   |   | (696 | ) |   | (737 | ) |
| Total                  stockholders' equity                                   |   |   | 17,960 |   |   | 18,659 |   |
|                                                                          |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity                   |   | $ | 164,394 |   | $ | 168,915 |   |
|                                                                          |   |   |   |   |   |   |   |
| See                  notes to condensed consolidated financial statements.    |   |   |   |   |   |   |   |

----

*Table          of Contents*

| **GEORGETOWN                  BANCORP, INC.**                              |
|----------------------------------------------------------------------------|
| **CONSOLIDATED                  STATEMENTS OF OPERATIONS**                 |
| **------------------------------------------------**                       |
| ***(unaudited)***                                                          |
|                                                                       |   |   |   |   |   |   |   |   |   |
|                                                                       |   | Three                  Months Ended |   | Six                  Months Ended |   |
|                                                                       |   | December                  31, |   | December                  31, |   | December                  31, |   | December                  31, |   |
|                                                                       |   | 2006 |   | 2005 |   | 2006 |   | 2005 |   |
|                                                                       |   | (In                  thousands, except share data) |   | (In                  thousands, except share data) |   |
| Interest                  and dividend income:                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans,                  including fees                                     |   | $ | 1,892 |   | $ | 1,633 |   | $ | 3,806 |   | $ | 3,228 |   |
| Investment                  interest and dividends                         |   |   | 312 |   |   | 349 |   |   | 677 |   |   | 680 |   |
| Short-term                  investments                                    |   |   | 13 |   |   | 30 |   |   | 21 |   |   | 60 |   |
| Total                  interest and dividend income                        |   |   | 2,217 |   |   | 2,012 |   |   | 4,504 |   |   | 3,968 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                  expense:                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                   |   |   | 662 |   |   | 451 |   |   | 1,314 |   |   | 859 |   |
| Short-term                  borrowings                                     |   |   | 199 |   |   | 281 |   |   | 493 |   |   | 551 |   |
| Long-term                  Federal Home Loan Bank advances                 |   |   | 414 |   |   | 239 |   |   | 747 |   |   | 431 |   |
| Securities                  sold under agreements to repurchase            |   |   | 2 |   |   | 2 |   |   | 4 |   |   | 4 |   |
| Total                  interest expense                                    |   |   | 1,277 |   |   | 973 |   |   | 2,558 |   |   | 1,845 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income                                       |   |   | 940 |   |   | 1,039 |   |   | 1,946 |   |   | 2,123 |   |
| Provision                  for loan losses                                 |   |   | 41 |   |   | 25 |   |   | 105 |   |   | 58 |   |
| Net                  interest income, after provision for loan losses      |   |   | 899 |   |   | 1,014 |   |   | 1,841 |   |   | 2,065 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest                  income:                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Customer                  service fees                                     |   |   | 139 |   |   | 90 |   |   | 295 |   |   | 182 |   |
| Income                  from bank-owned life insurance                     |   |   | 16 |   |   | 12 |   |   | 27 |   |   | 23 |   |
| Other                                                                      |   |   | 7 |   |   | 5 |   |   | 15 |   |   | 11 |   |
| Total                  non-interest income                                 |   |   | 162 |   |   | 107 |   |   | 337 |   |   | 216 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest                  expenses:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries                  and employee benefits                            |   |   | 642 |   |   | 626 |   |   | 1,328 |   |   | 1,279 |   |
| Occupancy                  and equipment expenses                          |   |   | 201 |   |   | 172 |   |   | 408 |   |   | 342 |   |
| Data                  processing expenses                                  |   |   | 71 |   |   | 66 |   |   | 148 |   |   | 123 |   |
| Professional                  fees                                         |   |   | 94 |   |   | 112 |   |   | 162 |   |   | 197 |   |
| Advertising                  expense                                       |   |   | 47 |   |   | 91 |   |   | 59 |   |   | 101 |   |
| Other                  general and administrative expenses                 |   |   | 153 |   |   | 145 |   |   | 351 |   |   | 280 |   |
| Total                  non-interest expenses                               |   |   | 1,208 |   |   | 1,212 |   |   | 2,456 |   |   | 2,322 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss                  before income taxes                                  |   |   | (147 | ) |   | (91 | ) |   | (278 | ) |   | (41 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  tax benefit                                        |   |   | (48 | ) |   | (34 | ) |   | (93 | ) |   | (18 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                  |   | $ | (99 | ) | $ | (57 | ) | $ | (185 | ) | $ | (23 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss per share:                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                  and diluted                                         |   |   | ($0.04 | ) |   | ($0.02 | ) |   | ($0.07 | ) |   | ($0.01 | ) |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                  and diluted weighted average shares outstanding     |   |   | 2,628,348 |   |   | 2,698,407 |   |   | 2,651,593 |   |   | 2,697,572 |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                  notes to condensed consolidated financial statements. |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

*Table          of Contents*

| **GEORGETOWN                BANCORP, INC.**                                   |
|-------------------------------------------------------------------------------|
| **CONSOLIDATED                STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY** |
| **-------------------------------------------------------------**             |
| (In                thousands, except share data)                              |
| **(unaudited)**                                                               |
|                                                                          |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   | Additional |   |   |   | Other |   | Treasury |   |   |   |   |   |   |   |
|                                                                          |   | Common |   | Paid-in |   | Retained |  Comprehensive |  Stock |   |   |   | Unearned |   |   |   |
|                                                                          |   | Stock |   | Capital |   | Earnings |   | Income                (Loss) |   | Shares |   | Amount |   | Compensation |   | Total |   |
|                                                                          |   | (In                thousands) |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at June 30, 2005                                       |   | $ | 278 |   | $ | 11,452 |   | $ | 8,383 |   | $ | (17 | ) |   | - |   | $ | - |   | $ | (811 | ) | $ | 19,285 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                income (loss):                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income                                                     |   |   |   |   |   |   |   |   | (23 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   | (23 | ) |
| Change                in unrealized gain (loss)                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| on                securities available for sale,                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| net                of reclassification adjustments                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and                tax effects                                                |   |   |   |   |   |   |   |   |   |   |   | (180 | ) |   |   |   |   |   |   |   |   |   |   | (180 | ) |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                comprehensive income (loss)                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (203 | ) |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock held by ESOP committed to                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| be                allocated (22,229 shares)                                   |   |   | - |   |   | - |   |   | (2 | ) |   | - |   |   |   |   |   |   |   |   | 33 |   |   | 31 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at December 31, 2005                                   |   | $ | 278 |   | $ | 11,452 |   | $ | 8,358 |   | $ | (197 | ) |   | - |   | $ | - |   | $ | (778 | ) |   | 19,113 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at June 30, 2006                                       |   | $ | 278 |   | $ | 11,452 |   | $ | 7,996 |   | $ | (330 | ) |   | - |   | $ | - |   | $ | (737 | ) | $ | 18,659 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                income (loss):                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income                                                     |   |   |   |   |   |   |   |   | (185 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   | (185 | ) |
| Change                in unrealized gain (loss)                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| on                securities available for sale,                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| net                of reclassification adjustments                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and                tax effects                                                |   |   |   |   |   |   |   |   |   |   |   | 199 |   |   |   |   |   |   |   |   |   |   |   | 199 |   |
| Total                comprehensive income (loss)                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 14 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Teasury                stock purchased                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 78,000 |   |   | (751 | ) |   |   |   |   | (751 | ) |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock held by ESOP committed to                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to                be allocated (8,193 shares)                                 |   |   |   |   |   |   |   |   | (3 | ) |   |   |   |   |   |   |   |   |   |   | 41 |   |   | 38 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at December 31, 2006                                   |   | $ | 278 |   | $ | 11,452 |   | $ | 7,808 |   | $ | (131 | ) |   | 78,000 |   | $ | (751 | ) | $ | (696 | ) | $ | 17,960 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                notes to condensed consolidated financial statements.      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

*Table          of Contents*

| **GEORGETOWN                BANCORP, INC.**                        |
|--------------------------------------------------------------------|
| **CONSOLIDATED                STATEMENTS OF CASH FLOWS**           |
| **------------------------------------------------**               |
| **(unaudited)**                                                    |
|                                                               |   | Six                Months Ended |   |
|                                                               |   | December                31, |   | December                31, |   |
|                                                               |   | 2006 |   | 2005 |   |
|                                                               |   | (In                thousands)   |   | (In                thousands)   |   |
| Cash                flows from operating activities:               |   |   |   |   |   |   |   |
| Net                loss                                            |   | $ | (185 | ) | $ | (23 | ) |
| Adjustments                to reconcile net loss to net cash       |   |   |   |   |   |   |   |
| provided                by operating activities:                   |   |   |   |   |   |   |   |
| Provision                for loan losses                           |   |   | 105 |   |   | 58 |   |
| Accretion                of securities, net                        |   |   | (24 | ) |   | (25 | ) |
| Accretion                of deferred loan costs                    |   |   | (36 | ) |   | (32 | ) |
| Depreciation                and amortization expense               |   |   | 231 |   |   | 200 |   |
| Decrease                (increase) in accrued interest receivable  |   |   | 8 |   |   | (51 | ) |
| Income                from bank-owned life insurance               |   |   | (27 | ) |   | (23 | ) |
| ESOP                compensation expense                           |   |   | 38 |   |   | 31 |   |
| Other,                net                                          |   |   | (1,230 | ) |   | (94 | ) |
| Net                cash (used by) provided by operating activities |   |   | (1,120 | ) |   | 41 |   |
|                                                               |   |   |   |   |   |   |   |
| Cash                flows from investing activities:               |   |   |   |   |   |   |   |
| Activity                in available-for-sale securities:          |   |   |   |   |   |   |   |
| Maturities,                prepayments and calls                   |   |   | 1,529 |   |   | 2,262 |   |
| Purchases                                                          |   |   | - |   |   | (3,500 | ) |
| Activity                in held-to-maturity securities:            |   |   |   |   |   |   |   |
| Maturities,                prepayments and calls                   |   |   | 881 |   |   | 1,700 |   |
| Purchase                of Federal Home Loan Bank stock            |   |   | - |   |   | (228 | ) |
| Loan                originations, net of amortization and payoffs  |   |   | 1,901 |   |   | (3,689 | ) |
| Purchase                of premises and equipment                  |   |   | (19 | ) |   | (712 | ) |
| Net                cash provided by (used by) investing activities |   |   | 4,292 |   |   | (4,167 | ) |
|                                                               |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |
| Continued                                                          |

----

*Table          of Contents*

| **GEORGETOWN                  BANCORP, INC.**                              |
|----------------------------------------------------------------------------|
| **CONSOLIDATED                  STATEMENTS OF CASH FLOWS**                 |
| **------------------------------------------------**                       |
| **(unaudited)**                                                            |
| (continued)                                                                |
|                                                                       |   |   |   |   |   |
|                                                                       |   | Six                  Months Ended |   |
|                                                                       |   | December                  31, |   | December                  31, |   |
|                                                                       |   | 2006 |   | 2005 |   |
|                                                                       |   | (In                  thousands)   |   | (In                  thousands)   |   |
| Cash                  flows from financing activities:                     |   |   |   |   |   |   |   |
| Net                  (decrease) increase in deposits                       |   |   | (2,134 | ) |   | 1,119 |   |
| Net                  decrease in securities sold under agreements          |   |   |   |   |   |   |   |
| to                  repurchase                                             |   |   | (51 | ) |   | (310 | ) |
| Net                  change in borrowings with maturities of three         |   |   |   |   |   |   |   |
| months                  or less                                            |   |   | 300 |   |   | (16,523 | ) |
| Proceeds                  of Federal Home Loan Bank advances               |   |   |   |   |   |   |   |
| with                  maturities greater than three months                 |   |   | 15,000 |   |   | 28,050 |   |
| Repayments                  of Federal Home Loan Bank advances             |   |   |   |   |   |   |   |
| with                  maturities greater than three months                 |   |   | (15,874 | ) |   | (6,750 | ) |
| Treasury                  stock purchased                                  |   |   | (751 | ) |   | - |   |
| Net                  change in mortgagors' escrow accounts                 |   |   | 4 |   |   | 38 |   |
| Net                  cash (used by) provided by financing activities       |   |   | (3,506 | ) |   | 5,624 |   |
|                                                                       |   |   |   |   |   |   |   |
| Net                  change in cash and cash equivalents                   |   |   | (334 | ) |   | 1,498 |   |
|                                                                       |   |   |   |   |   |   |   |
| Cash                  and cash equivalents at beginning of year            |   |   | 3,977 |   |   | 5,078 |   |
|                                                                       |   |   |   |   |   |   |   |
| Cash                  and cash equivalents at end of year                  |   | $ | 3,643 |   | $ | 6,576 |   |
|                                                                       |   |   |   |   |   |   |   |
| Supplementary                  information:                                |   |   |   |   |   |   |   |
| Interest                  paid on deposit accounts                         |   | $ | 1,311 |   | $ | 859 |   |
| Interest                  paid on Federal Home Loan Bank advances          |   |   | 1,227 |   |   | 982 |   |
| Interest                  paid on securities sold under agreement          |   |   |   |   |   |   |   |
| to                  repurchase                                             |   |   | 4 |   |   | 4 |   |
| Income                  taxes paid, net of refunds                         |   |   | (62 | ) |   | (9 | ) |
|                                                                       |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |
| See                  notes to condensed consolidated financial statements. |   |   |   |   |   |   |   |

----

*Table          of Contents*

**GEORGETOWN        BANCORP, INC.**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

|   | **(1)** | **Basis                  of Presentation** |
|--------|---------|--------------------------------------------|

|   | **(2)** | **Critical                  Accounting Policies** |
|--------|---------|---------------------------------------------------|

|   | **(3)** | **Net                  (Loss) Income Per Common                  Share** |
|--------|---------|--------------------------------------------------------------------------|

----

*Table          of Contents*

|                                                          |   | Three                  Months Ended |      | Three                  Months Ended |   | Six                  Months Ended  |   | Six                  Months Ended  |      |
|---------------------------------------------------------------|--------|-------------------------------------|-----------|-------------------------------------|--------|------------------------------------|--------|------------------------------------|-----------|
|                                                          |   | December                  31, 2006  |      | December                  31, 2005  |   | December                  31, 2006 |   | December                  31, 2005 |      |
|                                                          |   |                                |      |                                |   |                               |   |                               |      |
| Net                  loss attributable to common stockholders |   |                                | ($99,000  | )                                   |   | ($57,000                           | )      |                               | ($185,000 | ) |   | ($23,000 | ) |
|                                                          |   |                                |      |                                |   |                               |   |                               |      |   |   |   |   |
| Basic                  potential common shares:               |   |                                |      |                                |   |                               |   |                               |      |   |   |   |   |
| Weighted                  average shares outstanding          |   |                                | 2,699,250 |                                |   | 2,777,250                          |   |                               | 2,723,522 |   |   | 2,777,250 |   |
| Weighted                  average unallocated ESOP shares     |   |                                | (70,902   | )                                   |   | (78,843                            | )      |                               | (71,929   | ) |   | (79,678 | ) |
| Basic                  weighted average shares outstanding    |   |                                | 2,628,348 |                                |   | 2,698,407                          |   |                               | 2,651,593 |   |   | 2,697,572 |   |
|                                                          |   |                                |      |                                |   |                               |   |                               |      |   |   |   |   |
| Dilutive                  potential common shares             |   |                                | ----      |                                |   | ----                               |   |                               | ----      |   |   | ---- |   |
|                                                          |   |                                |      |                                |   |                               |   |                               |      |   |   |   |   |
| Dilutive                  weighted average shares outstanding |   |                                | 2,628,348 |                                |   | 2,698,407                          |   |                               | 2,651,593 |   |   | 2,697,572 |   |
|                                                          |   |                                |      |                                |   |                               |   |                               |      |   |   |   |   |
|                                                          |   |                                |      |                                |   |                               |   |                               |      |   |   |   |   |
| Basic                  and diluted EPS                        |   |                                | ($0.04    | )                                   |   | ($0.02                             | )      |                               | ($0.07    | ) |   | ($0.01 | ) |

|   | **(4)** | **Mutual                  Holding Company Reorganization and Minority Stock                  Issuance** |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | **(5)** | **Impact                  of Recent Accounting                  Pronouncements** |
|--------|---------|----------------------------------------------------------------------------------|

**Item        2.   ****Management’s        Discussion and Analysis or Plan of Operation**

----

*Table            of Contents*

**Overview**

**Comparison      of Financial Condition at December 31, 2006 and June 30,      2006**

** **

**Comparison      of Operating Results for the Three Months Ended December 31, 2006 and      2005**

***General.***
** **

***Interest      Income.***
** **
** **

----

*Table          of Contents*

***Interest      Expense.***
** **

***Net      Interest Income.***
** **

***Provision      for Loan Losses***
*.*

***Non-interest      Income.***
** **

***Non-interest      Expense.***
** **

***Income      Taxes.***
** **

***Average      Balance***

----

*Table          of Contents*

|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|---------|----------------------------------------------------|--------|-------------|--------|----------|---------|--------|--------|-------------|--------|----------|--------|--------|--------|
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |
|                                                                                                                                                                                                                                          |   | At                    December 31,              |    | Three                    Months Ended December 31, |   |
|                                                                                                                                                                                                                                          |   | 2006                                            |    | 2006                                               |   | 2005        |   |
|                                                                                                                                                                                                                                          |   |                                            |    | Weighted                                           |   | Average     |   |     |    |   |   | Average     |   |     |   |   |   |
|                                                                                                                                                                                                                                          |   | Outstanding                                     |    | Average                                            |   | Outstanding |   |     |    | Yield/ |   | Outstanding |   |     |   | Yield/ |   |
|                                                                                                                                                                                                                                          |   | Balance                                         |    | Rate                                               |   | Balance     |   | Interest |    | Rate   |   | Balance     |   | Interest |   | Rate   |   |
|                                                                                                                                                                                                                                          |   |  (Dollars                    in thousands) |    |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |
| Interest-earning                    assets:                                                                                                                                                                                                   |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                                                                                                                                                                                                         |   | $                                               | 127,919 |                                               |   | 5.92        | %      | $        | 128,760 |   | $      | 1,892       |   |     | 5.88   | %      | $      | 118,185 |   | $ | 1,633 |   |   | 5.53 | % |
| Investment                    securities                                                                                                                                                                                                      |   |                                            | 26,125  |                                               |   | 4.50        | %      |     | 26,591  |   |   | 312         |   |     | 4.69   | %      |   | 32,126 |   |   | 349 |   |   | 4.35 | % |
| Interest-earning                    deposits                                                                                                                                                                                                  |   |                                            | 217     |                                               |   | 5.07        | %      |     | 1,020   |   |   | 13          |   |     | 5.10   | %      |   | 3,188 |   |   | 30 |   |   | 3.76 | % |
| Total                    interest-earning assets                                                                                                                                                                                              |   |                                            | 154,261 |                                               |   | 5.68        | %      |     | 156,371 |   |   | 2,217       |   |     | 5.67   | %      |   | 153,499 |   |   | 2,012 |   |   | 5.24 | % |
| Non-interest-earning                    assets                                                                                                                                                                                                |   |                                            | 10,133  |                                               |   |        |   |     | 9,224   |   |   | -           |   |     |   |   |   | 9,003 |   |   | - |   |   |   |   |
| Total                    assets                                                                                                                                                                                                               |   | $                                               | 164,394 |                                               |   |        |   | $        | 165,595 |   |   | 2,217       |   |     |        |   | $      | 162,502 |   |   | 2,012 |   |   |  |   |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |         |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                    liabilities:                                                                                                                                                                                              |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Savings                    deposits                                                                                                                                                                                                           |   |                                            | 13,195  |                                               |   | 0.31        | %      | $        | 13,296  |   |   | 10          |   |     | 0.30   | %      | $      | 17,942 |   |   | 14 |   |   | 0.31 | % |
| NOW                    accounts                                                                                                                                                                                                               |   |                                            | 8,675   |                                               |   | 1.27        | %      |     | 8,661   |   |   | 31          |   |     | 1.43   | %      |   | 5,720 |   |   | 6 |   |   | 0.42 | % |
| Money                    market accounts                                                                                                                                                                                                      |   |                                            | 19,600  |                                               |   | 3.14        | %      |     | 19,784  |   |   | 155         |   |     | 3.13   | %      |   | 22,761 |   |   | 132 |   |   | 2.32 | % |
| Certificates                    of deposit                                                                                                                                                                                                    |   |                                            | 40,960  |                                               |   | 4.35        | %      |     | 43,511  |   |   | 466         |   |     | 4.28   | %      |   | 33,214 |   |   | 299 |   |   | 3.60 | % |
| Total                    interest-bearing deposits                                                                                                                                                                                            |   |                                            | 82,430  |                                               |   | 3.09        | %      |     | 85,252  |   |   | 662         |   |     | 3.11   | %      |   | 79,637 |   |   | 451 |   |   | 2.26 | % |
| FHLB                    advances                                                                                                                                                                                                              |   |                                            | 50,647  |                                               |   | 4.82        | %      |     | 49,947  |   |   | 613         |   |     | 4.91   | %      |   | 50,669 |   |   | 520 |   |   | 4.11 | % |
| Repurchase                    agreements                                                                                                                                                                                                      |   |                                            | 711     |                                               |   | 1.00        | %      |     | 778     |   |   | 2           |   |     | 1.03   | %      |   | 798 |   |   | 2 |   |   | 1.00 | % |
| Total                    interest-bearing liabilities                                                                                                                                                                                         |   | $                                               | 133,788 |                                               |   | 3.74        | %      | $        | 135,977 |   |   | 1,277       |   |     | 3.76   | %      | $      | 131,104 |   |   | 973 |   |   | 2.97 | % |
| Non-interest-bearing                    liabilities:                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |         |   |   |        |   |     |   |   |   |  |   |   |   |   |   |   |   |
| Demand                    deposits                                                                                                                                                                                                            |   |                                            | 12,007  |                                               |   |             |   |     | 11,117  |   |   |        |   |     |   |   |   | 10,611 |   |   |   |   |   |   |   |
| Other                    non-interest-bearing liabilities                                                                                                                                                                                     |   |                                            | 639     |                                               |   |        |   |     | 412     |   |   |        |   |     |   |   |   | 1,505 |   |   |   |   |   |   |   |
| Total                    Liabilities                                                                                                                                                                                                          |   |                                            | 146,434 |                                               |   |        |   |     | 147,506 |   |   |        |   |     |   |   |   | 143,220 |   |   |   |   |   |   |   |
| Stockholders'                    Equity                                                                                                                                                                                                       |   |                                            | 17,960  |                                               |   |        |   |     | 18,089  |   |   |        |   |     |   |   |   | 19,282 |   |   |   |   |   |   |   |
| Total                    liabilities and equity                                                                                                                                                                                               |   | $                                               | 164,394 |                                               |   |        |   | $        | 165,595 |   |   |        |   |     |        |   | $      | 162,502 |   |   |   |   |   |  |   |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Net                    interest income                                                                                                                                                                                                        |   |                                            |    |                                               |   |        |   |     |    |   | $      | 940         |   |     |   |   |   |   |   | $ | 1,039 |   |   |   |   |
| Net                    interest rate spread                                                                                                                                                                                                   |   |                                            |    |                                               |   | 1.95        | %      |     |    |   |   |        |   |     | 1.91   | %      |   |   |   |   |   |   |   | 2.27 | % |
| Net                    interest-earning assets                                                                                                                                                                                                |   | $                                               | 20,473  |                                               |   |        |   | $        | 20,394  |   |   |        |   |     |   |   | $      | 22,395 |   |   |   |   |   |   |   |
| Net                    interest margin                                                                                                                                                                                                        |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     | 2.40   | %      |   |   |   |   |   |   |   | 2.71 | % |
| Average                    of interest-earning                                                                                                                                                                                                |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| assets                    to interest-bearing                                                                                                                                                                                                 |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| liabilitities                                                                                                                                                                                                                                 |   |                                            |    |                                               |   | 115.30      | %      |     |    |   |   |        |   |     | 115.00 | %      |   |   |   |   |   |   |   | 117.08 | % |
|                                                                                                                                                                                                                                          |   |                                            |    |                                               |   |        |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| (1)                    Consists entirely of taxable investment securities.                                                                                                                                                                    |   |                                            |    |                                               |   |        |
| (2)                    Net interest rate spread represents the difference between the                    yield on                    average interest-earning assets and the cost of average interest-bearing                    liabilities. |   |                                            |    |
| (3)                    Net interest-earning assets represents total interest-earning                    assets less                    total interest-bearing liabilities.                                                                    |   |                                            |    |                                               |   |        |
| (4)                    Net interest margin represents net interest income divided by                    average                    total interest-earning assets.                                                                             |   |                                            |    |                                               |   |        |   |     |    |   |   |        |

----

*Table          of Contents*

***Rate/Volume      Analysis.***

|                                                |   | **Three                  Months Ended December 31,** |   |
|-----------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                |   | **2006                  vs. 2005**                   |   |
|                                                |   |                                                 |   |   |   |   |   |
|                                                |   |                                                 |   |   |   | Total |   |
|                                                |   | Increase                  (Decrease) Due To:         |   | Increase |   |
|                                                |   | Volume                                               |   | Rate |   | (Decrease) |   |
|                                                |   |                                                 |   |   |   |   |   |
| **Interest-earning                  assets:**       |   |                                                 |   |   |   |   |   |   |   |   |
| Loans                                               |   | $                                                    | 146    |   | $ | 113 |   | $ | 259 |   |
| Investment                  securities              |   |                                                 | (60    | ) |   | 23 |   |   | (37 | ) |
| Interest-earning                  deposits          |   |                                                 | (20    | ) |   | 3 |   |   | (17 | ) |
|                                                |   |                                                 |        |   |   |   |   |   |   |   |
| Total                  interest-earning assets      |   |                                                 | 66     |   |   | 139 |   |   | 205 |   |
|                                                |   |                                                 |        |   |   |  |   |   |   |   |
|                                                |   |                                                 |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**  |   |                                                 |   |   |   |   |   |   |   |   |
| Savings                  deposits                   |   |                                                 | (4     | ) |   | - |   |   | (4 | ) |
| NOW                                                 |   |                                                 | 3      |   |   | 22 |   |   | 25 |   |
| Money                  market                       |   |                                                 | (17    | ) |   | 40 |   |   | 23 |   |
| CDs                                                 |   |                                                 | 93     |   |   | 74 |   |   | 167 |   |
| Total                  deposits                     |   |                                                 | 75     |   |   | 136 |   |   | 211 |   |
| FHLB                  advances                      |   |                                                 | (7     | ) |   | 100 |   |   | 93 |   |
| Repurchase                  agreements              |   |                                                 | -      |   |   | - |   |   | - |   |
| Total                  interest-bearing liabilities |   |                                                 | 68     |   |   | 236 |   |   | 304 |   |
|                                                |   |                                                 |   |   |   |   |   |   |   |   |
| Change                  in net interest income      |   | $                                                    | (2     | ) | $ | (97 | ) | $ | (99 | ) |
|                                                |   |                                                 |   |   |   |   |   |   |   |   |

**Comparison      of Operating Results for the Six Months Ended December 31, 2006 and      2005**

***General.***
** **

***Interest      Income.***
** **
** **

----

*Table          of Contents*

***Interest      Expense.***
** **

***Net      Interest Income.***
** **

***Provision      for Loan Losses***
*.*

***Non-interest      Income.***
** **

***Non-interest      Expense.***
** **

***Income      Taxes.***
** **

***Average      Balance***

----

*Table          of Contents*

|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |
|-----------------------------------------------------------|--------|------------------------------------|---------|--------------------------------------------------|--------|-------------------------------------------|--------|----------|---------|--------|--------|-------------|--------|----------|--------|--------|--------|
|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |
|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |
|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |
|                                                      |   | At                    December 31, |    | Six                    Months Ended December 31, |   |
|                                                      |   | 2006                               |    | 2006                                             |   | 2005                                      |   |
|                                                      |   |                               |    | Weighted                                         |   | Average                                   |   |     |    |   |   | Average     |   |     |   |   |   |
|                                                      |   | Outstanding                        |    | Average                                          |   | Outstanding                               |   |     |    | Yield/ |   | Outstanding |   |     |   | Yield/ |   |
|                                                      |   | Balance                            |    | Rate                                             |   | Balance                                   |   | Interest |    | Rate   |   | Balance     |   | Interest |   | Rate   |   |
|                                                      |   |                               |    |                                             |   | (Dollars                    in thousands) |   |     |    |   |   |        |   |     |   |   |   |
|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |
| Interest-earning                    assets:               |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                     |   | $                                  | 127,919 |                                             |   | 5.92                                      | %      | $        | 129,934 |   | $      | 3,806       |   |     | 5.86   | %      | $      | 117,426 |   | $ | 3,228 |   |   | 5.50 | % |
| Investment                    securities                  |   |                               | 26,125  |                                             |   | 4.50                                      | %      |     | 27,066  |   |   | 677         |   |     | 5.00   | %      |   | 31,570 |   |   | 680 |   |   | 4.31 | % |
| Interest-earning                    deposits              |   |                               | 217     |                                             |   | 5.07                                      | %      |     | 809     |   |   | 21          |   |     | 5.19   | %      |   | 3,430 |   |   | 60 |   |   | 3.50 | % |
| Total                    interest-earning assets          |   |                               | 154,261 |                                             |   | 5.68                                      | %      |     | 157,809 |   |   | 4,504       |   |     | 5.71   | %      |   | 152,426 |   |   | 3,968 |   |   | 5.21 | % |
| Non-interest-earning                    assets            |   |                               | 10,133  |                                             |   |                                      |   |     | 9,324   |   |   | -           |   |     |   |   |   | 8,810 |   |   | - |   |   |   |   |
| Total                    assets                           |   | $                                  | 164,394 |                                             |   |                                      |   | $        | 167,133 |   |   | 4,504       |   |     |        |   | $      | 161,236 |   |   | 3,968 |   |   |  |   |
|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |                               |    |                                             |   |                                      |   |     |         |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                    liabilities:          |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Savings                    deposits                       |   |                               | 13,195  |                                             |   | 0.31                                      | %      | $        | 13,880  |   |   | 25          |   |     | 0.36   | %      | $      | 18,716 |   |   | 29 |   |   | 0.31 | % |
| NOW                    accounts                           |   |                               | 8,675   |                                             |   | 1.27                                      | %      |     | 8,315   |   |   | 54          |   |     | 1.30   | %      |   | 5,445 |   |   | 7 |   |   | 0.26 | % |
| Money                    market accounts                  |   |                               | 19,600  |                                             |   | 3.14                                      | %      |     | 20,216  |   |   | 311         |   |     | 3.08   | %      |   | 21,643 |   |   | 235 |   |   | 2.17 | % |
| Certificates                    of deposit                |   |                               | 40,960  |                                             |   | 4.35                                      | %      |     | 43,434  |   |   | 924         |   |     | 4.25   | %      |   | 33,582 |   |   | 588 |   |   | 3.50 | % |
| Total                    interest-bearing deposits        |   |                               | 82,430  |                                             |   | 3.09                                      | %      |     | 85,845  |   |   | 1,314       |   |     | 3.06   | %      |   | 79,386 |   |   | 859 |   |   | 2.16 | % |
| FHLB                    advances                          |   |                               | 50,647  |                                             |   | 4.82                                      | %      |     | 50,846  |   |   | 1,240       |   |     | 4.88   | %      |   | 49,683 |   |   | 982 |   |   | 3.95 | % |
| Repurchase                    agreements                  |   |                               | 711     |                                             |   | 1.00                                      | %      |     | 794     |   |   | 4           |   |     | 1.01   | %      |   | 839 |   |   | 4 |   |   | 0.95 | % |
| Total                    interest-bearing liabilities     |   | $                                  | 133,788 |                                             |   | 3.74                                      | %      | $        | 137,485 |   |   | 2,558       |   |     | 3.72   | %      | $      | 129,908 |   |   | 1,845 |   |   | 2.84 | % |
| Non-interest-bearing                    liabilities:      |   |                               |    |                                             |   |                                      |   |     |         |   |   |        |   |     |   |   |   |  |   |   |   |   |   |   |   |
| Demand                    deposits                        |   |                               | 12,007  |                                             |   |                                           |   |     | 11,038  |   |   |        |   |     |   |   |   | 10,508 |   |   |   |   |   |   |   |
| Other                    non-interest-bearing liabilities | 639    |                               |    |                                             |   |                                      | 284    |     |    |   |   |        |   |     |   | 1,498  |   |   |   |   |   |   |   |
| Total                    Liabilities                      |   |                               | 146,434 |                                             |   |                                      |   |     | 148,807 |   |   |        |   |     |   |   |   | 141,914 |   |   |   |   |   |   |   |
| Stockholders'                    Equity                   |   |                               | 17,960  |                                             |   |                                      |   |     | 18,326  |   |   |        |   |     |   |   |   | 19,322 |   |   |   |   |   |   |   |
| Total                    liabilities and equity           |   | $                                  | 164,394 |                                             |   |                                      |   | $        | 167,133 |   |   |        |   |     |        |   | $      | 161,236 |   |   |   |   |   |  |   |
|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Net                    interest income                    |   |                               |    |                                             |   |                                      |   |     |    |   | $      | 1,946       |   |     |   |   |   |   |   | $ | 2,123 |   |   |   |   |
| Net                    interest rate spread               |   |                               |    |                                             |   | 1.95                                      | %      |     |    |   |   |        |   |     | 1.99   | %      |   |   |   |   |   |   |   | 2.37 | % |
| Net                    interest-earning assets            |   | $                                  | 20,473  |                                             |   |                                      |   | $        | 20,324  |   |   |        |   |     |   |   | $      | 22,518 |   |   |   |   |   |   |   |
| Net                    interest margin                    |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     | 2.47   | %      |   |   |   |   |   |   |   | 2.79 | % |
| Average                    of interest-earning            |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| assets                    to interest-bearing             |   |                               |    |                                             |   |                                      |   |     |    |   |   |        |   |     |   |   |   |   |   |   |   |   |   |   |   |
| liabilitities                                             |   |                               |    |                                             |   | 115.30                                    | %      |     |    |   |   |        |   |     | 114.78 | %      |   |   |   |   |   |   |   | 117.33 | % |

| (1)                    Consists entirely of taxable investment securities.                                                                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)                    Net interest rate spread represents the difference between the                    yield on                    average interest-earning assets and the cost of average interest-bearing                    liabilities. |
| (3)                    Net interest-earning assets represents total interest-earning                    assets less                    total interest-bearing liabilities.                                                                    |
| (4)                    Net interest margin represents net interest income divided by                    average                    total interest-earning                    assets.                                                          |

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*Table              of Contents*

***Rate/Volume      Analysis.***

|                                                |   | **Six                  Months Ended December 31,** |   |
|-----------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                |   | **2006                  vs. 2005**                 |   |
|                                                |   | Increase                  (Decrease) Due To        |   |   |   |
|                                                |   |                                               |   |   |   | Total |   |
|                                                |   |                                               |   |   |   | Increase |   |
|                                                |   | Volume                                             |   | Rate |   | (Decrease) |   |
|                                                |   |                                               |   |   |   |   |   |
| **Interest-earning                  assets:**       |   |                                               |   |   |   |   |   |   |   |   |
| Loans                                               |   | $                                                  | 344    |   | $ | 234 |   | $ | 578 |   |
| Investment                  securities              |   |                                               | (97    | ) |   | 94 |   |   | (3 | ) |
| Interest-earning                  deposits          |   |                                               | (46    | ) |   | 7 |   |   | (39 | ) |
|                                                |   |                                               |        |   |   |   |   |   |   |   |
| Total                  interest-earning assets      |   |                                               | 201    |   |   | 335 |   |   | 536 |   |
|                                                |   |                                               |        |   |   |  |   |   |   |   |
|                                                |   |                                               |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**  |   |                                               |   |   |   |   |   |   |   |   |
| Savings                  deposits                   |   |                                               | (7     | ) |   | 3 |   |   | (4 | ) |
| NOW                                                 |   |                                               | 4      |   |   | 43 |   |   | 47 |   |
| Money                  market                       |   |                                               | (15    | ) |   | 91 |   |   | 76 |   |
| CDs                                                 |   |                                               | 173    |   |   | 163 |   |   | 336 |   |
| Total                  deposits                     |   |                                               | 155    |   |   | 300 |   |   | 455 |   |
| FHLB                  advances                      |   |                                               | 23     |   |   | 235 |   |   | 258 |   |
| Repurchase                  agreements              |   |                                               | -      |   |   | - |   |   | - |   |
| Total                  interest-bearing liabilities |   |                                               | 178    |   |   | 535 |   |   | 713 |   |
|                                                |   |                                               |   |   |   |   |   |   |   |   |
| Change                  in net interest income      |   | $                                                  | 23     |   | $ | (200 | ) | $ | (177 | ) |

***Liquidity      and Capital Resources***
***.***

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*Table          of Contents*

***Off-Balance      Sheet Arrangements.***

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*Table          of Contents*

| **Item                3.** | **Controls                and Procedures** |
|----------------------------|--------------------------------------------|

**PART      II. OTHER INFORMATION**

| **Item                1.** | **Legal                Proceedings** |
|----------------------------|--------------------------------------|

| **Item                2.** | **Unregistered                Sales of Equity Securities and Use of                Proceeds** |
|----------------------------|-----------------------------------------------------------------------------------------------|

|   |    Period                              |   |   Total                  Number ofShares                  Purchased |   Average                  Price PaidPer                  Share | Total                  Number of SharesPurchased                  as Part ofPublicly                  AnnouncedProgram                  (1) | Maximum                  Number ofShares                  That May Yet bePurchased                  Under theProgram                  (1) |
|--------|-------------------------------------------------------|--------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   | October                  1 through October 31, 2006   |   | 0                                                                             | $0.00                                                                     | 78,000                                                                                                                                      | 60,863                                                                                                                                    |
|   | November                  1through November 30, 2006  |   | 0                                                                             | $0.00                                                                     | 78,000                                                                                                                                      | 60,863                                                                                                                                    |
|   | December                  1 through December 31, 2006 |   | 0                                                                             | $0.00                                                                     | 78,000                                                                                                                                      | 60,863                                                                                                                                    |

| **Item                3.** | **Defaults                Upon Senior Securities** |
|----------------------------|----------------------------------------------------|

| **Item                4.** | **Submission                of Matters to a Vote of Security                Holders** |
|----------------------------|---------------------------------------------------------------------------------------|

|   | Election                to the Board of Directors |  For | Withheld |   |
|--------|---------------------------------------------------|-----------|----------|--------|
|   |                                              |      |     |   |
|   | Anthony                S. Conte, Jr               | 2,333,098 | 87,835   |   |
|   |                                              |      |     |   |
|   | Mary                L. Williams                   | 2,329,955 | 90,978   |   |

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*Table          of Contents*

|   |                           | Abstain  |  For | Against |   |
|--------|--------------------------------|---------------|-----------|---------|--------|
|   | Number                of votes | 1,896         | 2,407,704 | 11,333  |   |
|   |                           |          |      |    |   |

| **Item                5.** | **Other                Information** |
|----------------------------|--------------------------------------|

| **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 |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table          of Contents*

**GEORGETOWN      BANCORP, INC.**

**SIGNATURES**

|                                   | **GEORGETOWN                BANCORP, INC.**                                 |   |
|----------------------------------------|-----------------------------------------------------------------------------|--------|
|                                   | **(Registrant)**                                                            |   |
|                                   |                                                                        |   |
|                                   |                                                                        |   |
|                                   |                                                                        |   |
|                                   |                                                                        |   |
| Date:                February 12, 2007 | /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)                 |
|                                   |                                                                        |   |