**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-QSB**

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

**                                  THE      SECURITIES EXCHANGE ACT OF 1934**

**         For      the      quarterly period ended December 31, 2005**

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**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**

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----

**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,                2005 and June 30, 2005             | 1        |
|                             | Consolidated                Statements of Operations for the Three Months                             |     |
|                             |     and                Six                Months Ended December 31, 2005 and 2004 | 2        |
|                             | Consolidated                Statements of Changes in Stockholders’ Equity for the               |     |
|                             |     Six                Months Ended December 31, 2005 and 2004                    | 3        |
|                             | Consolidated                Statements of Cash Flows for the Six Months                               |     |
|                             |     Ended                December 31, 2005 and 2004                               | 4        |
|                             | Notes                to Condensed Consolidated Financial Statements                                   | 6        |
|                             |                                                                                                  |     |
| Item                2:           | Management’s                Discussion and Analysis of Financial                                |     |
|                             |     Condition                and                Results of Operations             | 7        |
|                             |                                                                                                  |     |
| Item                3:           | Controls                and Procedures                                                                | 14       |
|                             |                                                                                                  |     |
| **Part              II.**        | **Other              Information**                                                                    |     |
|                             |                                                                                                  |     |
| Item                1:           | Legal                Proceedings                                                                      | 15       |
| Item                2:** ** | Unregistered                Sales of Equity Securities and Use of                                     |     |
|                             |     Proceeds                                                                      | 15       |
| Item                3:** ** | Defaults                upon Senior Securities                                                        | 15       |
| Item                4:** ** | Submission                of Matters to a Vote of Security Holders                                    | 15       |
| Item                5:** ** | Other                Information                                                                      | 15       |
| Item                6:** ** | Exhibits                and Reports on Form 8-K                                                       | 16       |
|                             |                                                                                                  |     |
| **SIGNATURES**                   | 17                                                                                                    |

----

| **GEORGETOWN                  BANCORP, INC.**                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------|
| **STATEMENTS                  OF FINANCIAL CONDITION**                                                                              |
| **(unaudited)**                                                                                                                     |
| ASSETS                                                                                                                              |
|                                                                                                                                |   |   |   |   |   |
|                                                                                                                                |   | At |   | At |   |
|                                                                                                                                |   | December                  31, |   | June                  30, |   |
|                                                                                                                                |   | 2005 |   | 2005 |   |
|                                                                                                                                |   | (In                  thousands) |   | (In                  thousands) |   |
| Cash                  and due from banks                                                                                            |   | $ | 2,899 |   | $ | 1,887 |   |
| Short-term                  investments                                                                                             |   |   | 3,677 |   |   | 3,191 |   |
|           Total                  cash and cash equivalents                        |   |   | 6,576 |   |   | 5,078 |   |
|                                                                                                                                |   |   |   |   |   |   |   |
| Securities                  available for sale, at fair value                                                                       |   |   | 17,777 |   |   | 16,814 |   |
| Securities                  held to maturity, at amortized cost                                                                     |   |   | 10,693 |   |   | 12,380 |   |
| Federal                  Home Loan Bank stock, at cost                                                                              |   |   | 2,754 |   |   | 2,526 |   |
| Loans,                  net of allowance for loan losses of $944,000                                                                |   |   |   |   |   |   |   |
|     at                  December 31, 2005 and $882,000 at June 30, 2005                                         |   |   | 118,444 |   |   | 114,781 |   |
| Premises                  and equipment, net                                                                                        |   |   | 5,397 |   |   | 4,885 |   |
| Accrued                  interest receivable                                                                                        |   |   | 731 |   |   | 680 |   |
| Bank-owned                  life insurance                                                                                          |   |   | 1,189 |   |   | 1,166 |   |
| Other                  assets                                                                                                       |   |   | 769 |   |   | 717 |   |
|                                                                                                                                |   |   |   |   |   |   |   |
|             Total                  assets                               |   | $ | 164,330 |   | $ | 159,027 |   |
|                                                                                                                                |   |   |   |   |   |   |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                |   |   |   |   |   |   |   |
| Deposits                                                                                                                            |   | $ | 91,455 |   | $ | 90,336 |   |
| Short-term                  borrowings                                                                                              |   |   | 26,250 |   |   | 28,350 |   |
| Long-term                  Federal Home Loan Bank advances                                                                          |   |   | 25,345 |   |   | 18,468 |   |
| Securities                  sold under agreements to repurchase                                                                     |   |   | 679 |   |   | 989 |   |
| Mortgagors'                  escrow accounts                                                                                        |   |   | 306 |   |   | 268 |   |
| Accrued                  expenses and other liabilities                                                                             |   |   | 1,182 |   |   | 1,331 |   |
|             Total                  liabilities                          |   |   | 145,217 |   |   | 139,742 |   |
|                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                |   |   |   |   |   |   |   |
| Stockholders'                  equity:                                                                                              |   |   |   |   |   |   |   |
| Preferred                  stock, $0.10 par value per share: 1,000,000                                                              |   |   |   |   |   |   |   |
|     shares                  authorized; none outstanding                                                        |   |   | - |   |   | - |   |
| Common                  Stock, $0.10 par value per share: 10,000,000                                                                |   |   |  |   |   |  |   |
|     shares                  authorized; 2,777,250 shares issued and outstanding                                 |   |   | 278 |   |   | 278 |   |
| Additional                  paid-in capital                                                                                         |   |   | 11,452 |   |   | 11,452 |   |
| Retained                  earnings                                                                                                  |   |   | 8,358 |   |   | 8,383 |   |
| Accumulated                  other comprehensive loss                                                                               |   |   | (197 | ) |   | (17 | ) |
| Unearned                  compensation - ESOP                                                                                       |   |   | (778 | ) |   | (811 | ) |
|             Total                  stockholders' equity                 |   |   | 19,113 |   |   | 19,285 |   |
|                                                                                                                                |   |   |   |   |   |   |   |
|             Total                  liabilities and stockholders' equity |   | $ | 164,330 |   | $ | 159,027 |   |
|                                                                                                                                |   |   |   |   |   |   |   |
| See                  notes to condensed consolidated financial statements.                                                          |   |   |   |   |   |   |   |
|                                                                                                                                |   |   |   |   |   |   |   |

----

| **GEORGETOWN                  BANCORP, INC.**                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------|
| **STATEMENTS                  OF OPERATIONS**                                                                               |
| **(unaudited)**                                                                                                             |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   | Three                  Months Ended |   | Six                  Months Ended |   |
|                                                                                                                        |   | December                  31, |   | December                  31, |   | December                  31, |   | December                  31, |   |
|                                                                                                                        |   | 2005 |   | 2004 |   | 2005 |   | 2004 |   |
|                                                                                                                        |   | (In                  thousands) |   | (In                  thousands) |   |
| Interest                  and dividend income:                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Loans,                  including fees                                                              |   | $ | 1,633 |   | $ | 1,437 |   | $ | 3,228 |   | $ | 2,817 |   |
|     Investment                  interest and dividends                                                  |   |   | 349 |   |   | 269 |   |   | 680 |   |   | 516 |   |
|     Short-term                  investments                                                             |   |   | 30 |   |   | 32 |   |   | 60 |   |   | 37 |   |
|             Total                  interest and dividend income |   |   | 2,012 |   |   | 1,738 |   |   | 3,968 |   |   | 3,370 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                  expense:                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Deposits                                                                                            |   |   | 451 |   |   | 360 |   |   | 859 |   |   | 685 |   |
|     Federal                  Home Loan Bank advances                                                    |   |   | 520 |   |   | 311 |   |   | 982 |   |   | 585 |   |
|     Securities                  sold                  under agreements to repurchase                    |   |   | 2 |   |   | 2 |   |   | 4 |   |   | 5 |   |
|             Total                  interest expense             |   |   | 973 |   |   | 673 |   |   | 1,845 |   |   | 1,275 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income                                                                                        |   |   | 1,039 |   |   | 1,065 |   |   | 2,123 |   |   | 2,095 |   |
| Provision                  for loan losses                                                                                  |   |   | 25 |   |   | 18 |   |   | 58 |   |   | 36 |   |
| Net                  interest income, after provision for loan losses                                                       |   |   | 1,014 |   |   | 1,047 |   |   | 2,065 |   |   | 2,059 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest                  income:                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Customer                  service fees                                                              |   |   | 90 |   |   | 73 |   |   | 182 |   |   | 154 |   |
|     Loss                  on                  sale of securities available for sale                     |   |   | - |   |   | - |   |   | - |   |   | (2 | ) |
|     Income                  from bank-owned life insurance                                              |   |   | 12 |   |   | 11 |   |   | 23 |   |   | 22 |   |
|     Other                                                                                               |   |   | 5 |   |   | 14 |   |   | 11 |   |   | 22 |   |
|             Total                  non-interest income          |   |   | 107 |   |   | 98 |   |   | 216 |   |   | 196 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest                  expenses:                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Salaries                  and                  employee benefits                                    |   |   | 626 |   |   | 447 |   |   | 1,279 |   |   | 939 |   |
|     Occupancy                  and                  equipment expenses                                  |   |   | 172 |   |   | 152 |   |   | 342 |   |   | 304 |   |
|     Data                  processing expenses                                                           |   |   | 66 |   |   | 74 |   |   | 123 |   |   | 144 |   |
|     Professional                  fees                                                                  |   |   | 112 |   |   | 43 |   |   | 197 |   |   | 84 |   |
|     Advertising                  expense                                                                |   |   | 91 |   |   | 24 |   |   | 101 |   |   | 55 |   |
|     Other                  general and administrative expenses                                          |   |   | 145 |   |   | 122 |   |   | 280 |   |   | 252 |   |
|             Total                  non-interest expenses        |   |   | 1,212 |   |   | 862 |   |   | 2,322 |   |   | 1,778 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)                  income before income taxes                                                                          |   |   | (91 | ) |   | 283 |   |   | (41 | ) |   | 477 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  tax (benefit) expense                                                                               |   |   | (34 | ) |   | 99 |   |   | (18 | ) |   | 166 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  (loss) income                                                                                          |   | $ | (57 | ) | $ | 184 |   | $ | (23 | ) | $ | 311 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss per share:                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                  and diluted                                                                                          |   |   | ($0.02 | ) |   | N/A |   |   | ($0.01 | ) |   | N/A |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                  notes to condensed consolidated financial statements.                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| **GEORGETOWN                  BANCORP, INC.**                                                                              |
|----------------------------------------------------------------------------------------------------------------------------|
| **STATEMENTS                  OF CHANGES IN STOCKHOLDERS' EQUITY**                                                         |
| **(unaudited)**                                                                                                            |
|                                                                                                                       |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |
|                                                                                                                       |   |   |   | Additional |   |   |   | Other |   |   |   |   |   |
|                                                                                                                       |   |   |   | Paid-in |   | Retained |   | Comprehensive |   | Unearned |   |   |   |
|                                                                                                                       |   | Common                  Stock |   | Capital |   | Earnings |   | Income                  (Loss) |   | Compensation |   | Total |   |
|                                                                                                                       |   | (In                  thousands) |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at June 30, 2004                                                                                  |   | $ | - |   | $ | - |   | $ | 8,171 |   | $ | (102 | ) | $ | - |   | $ | 8,069 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  income (loss):                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net                  income                                                                        |   |   |   |   |   |   |   |   | 311 |   |   |   |   |   |   |   |   | 311 |   |
|     Change                  in unrealized gain (loss)                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         on                  securities available for sale,                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         net                  of                  reclassification adjustments      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         and                  tax                  effects                          |   |   |   |   |   |   |   |   |   |   |   | 68 |   |   |   |   |   | 68 |   |
|             Total                  comprehensive income (loss) |   |    |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   | 379 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2004                                                                              |   | $ | - |   | $ | - |   | $ | 8,482 |   | $ | (34 | ) | $ | - |   |   | 8,448 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     to                  be                  allocated (22,232 shares)                                  |   |   |    |   |   |    |   |   | (2 | ) |   |    |   |   | 33 |   |   | 31 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2005                                                                              |   | $ | 278 |   | $ | 11,452 |   | $ | 8,358 |   | $ | (197 | ) | $ | (778 | ) | $ | 19,113 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                  notes to condensed consolidated financial statements.                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| **GEORGETOWN                BANCORP, INC.**                                                                                                                       |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **STATEMENTS                OF CASH FLOWS**                                                                                                                       |   |
| **(unaudited)**                                                                                                                                                   |   |
|                                                                                                                                                              |   | Six                Months Ended |   |
|                                                                                                                                                              |   | December                31, |   | December                31, |   |
|                                                                                                                                                              |   | 2005 |   | 2004 |   |
|                                                                                                                                                              |   | (In                thousands) |   |
| Cash                flows from operating activities:                                                                                                              |   |   |   |   |   |   |   |
|     Net                (loss) income                                                                                                          |   | $ | (23 | ) | $ | 311 |   |
|                     Adjustments to reconcile net (loss) income to net cash                                                                    |   |   |   |   |   |   |   |
|         provided                by                operating activities:                                                   |   |   |   |   |   |   |   |
|             Provision                for                loan losses                                   |   |   | 58 |   |   | 36 |   |
|             Loss                on                sale of securities                                  |   |   | - |   |   | 2 |   |
|             (Accretion)                amortization of securities, net                                |   |   | (25 | ) |   | 2 |   |
|             Accretion                of                deferred loan costs                            |   |   | (32 | ) |   | (13 | ) |
|             Depreciation                and amortization expense                                      |   |   | 200 |   |   | 185 |   |
|             Increase                in                accrued interest receivable                     |   |   | (51 | ) |   | (123 | ) |
|             Income                from bank-owned life insurance                                      |   |   | (23 | ) |   | (22 | ) |
|               ESOP                compensation expense                                      |   |   | 31 |   |   | - |   |
|             Other,                net                                                                 |   |   | (94 | ) |   | (295 | ) |
|                 Net                cash provided by operating activities          |   |   | 41 |   |   | 83 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |
| Cash                flows from investing activities:                                                                                                              |   |   |   |   |   |   |   |
|     Activity                in                available-for-sale securities:                                                                  |   |   |   |   |   |   |   |
|         Maturities,                prepayments and calls                                                                  |   |   | 2,262 |   |   | 673 |   |
|         Purchases                                                                                                         |   |   | (3,500 | ) |   | (2,568 | ) |
|         Proceeds                on                sales of securities                                                     |   |   | - |   |   | 197 |   |
|     Activity                in                held-to-maturity securities:                                                                    |   |   |   |   |   |   |   |
|     Maturities,                prepayments and calls                                                                                          |   |   | 1,700 |   |   | 991 |   |
|     Purchases                                                                                                                                 |   |   | - |   |   | (10,917 | ) |
| Purchase                of Federal Home Loan Bank stock                                                                                                           |   |   | (228 | ) |   | (879 | ) |
| Loan                originations, net of amortization and payoffs                                                                                                 |   |   | (3,689 | ) |   | (9,475 | ) |
| Purchase                of premises and equipment                                                                                                                 |   |   | (712 | ) |   | (47 | ) |
|                                   Net cash used by investing activities |   |   | (4,167 | ) |   | (22,025 | ) |

----

| **GEORGETOWN                BANCORP, INC.**                                                                                      |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|
| **STATEMENTS                OF CASH FLOWS**                                                                                      |   |
| **(unaudited)**                                                                                                                  |   |
| (continued)                                                                                                                      |   |
|                                                                                                                             |   |   |   |   |   |
|                                                                                                                             |   | Six                Months Ended |   |
|                                                                                                                             |   | December                31, |   | December                31, |   |
|                                                                                                                             |   | 2005 |   | 2004 |   |
|                                                                                                                             |   | (In                thousands) |   |
| Cash                flows from financing activities:                                                                             |   |   |   |   |   |   |   |
|     Net                increase in deposits                                                                  |   |   | 1,119 |   |   | 27,092 |   |
|     Net                increase in securities sold under agreements                                          |   |   |   |   |   |   |   |
|         to                repurchase                                                     |   |   | (310 | ) |   | (161 | ) |
|     Net                change in borrowings with maturities of three                                         |   |   |   |   |   |   |   |
|         months                or less                                                    |   |   | (16,523 | ) |   | 21,560 |   |
|     Proceeds                of                Federal Home Loan Bank advances                                |   |   |   |   |   |   |   |
|         with                maturities greater than three months                         |   |   | 28,050 |   |   | 1,000 |   |
|     Repayments                of                Federal Home Loan Bank advances                              |   |   |   |   |   |   |   |
|         with                maturities greater than three months                         |   |   | (6,750 | ) |   | (3,022 | ) |
|     Net                change in mortgagors' escrow accounts                                                 |   |   | 38 |   |   | 69 |   |
|             Net                cash provided by financing activities |   |   | 5,624 |   |   | 46,538 |   |
|                                                                                                                             |   |   |   |   |   |   |   |
| Net                change in cash and cash equivalents                                                                           |   |   | 1,498 |   |   | 24,596 |   |
|                                                                                                                             |   |   |   |   |   |   |   |
| Cash                and cash equivalents at beginning of year                                                                    |   |   | 5,078 |   |   | 3,708 |   |
|                                                                                                                             |   |   |   |   |   |   |   |
| Cash                and cash equivalents at end of year                                                                          |   | $ | 6,576 |   | $ | 28,304 |   |
|                                                                                                                             |   |   |   |   |   |   |   |
| Supplementary                information:                                                                                        |   |   |   |   |   |   |   |
|     Interest                paid                on deposit accounts                                          |   | $ | 859 |   | $ | 685 |   |
|     Interest                paid                on Federal Home Loan Bank advances                           |   |   | 982 |   |   | 585 |   |
|     Interest                paid                on securities sold under agreement                           |   |   |   |   |   |   |   |
|                      to repurchase                                                                      |   |   | 4 |   |   | 5 |   |
|     Income                taxes paid, net of refunds                                                         |   |   | (9 | ) |   | 172 |   |
|                                                                                                                             |   |   |   |   |   |   |   |
|                                                                                                                             |   |   |   |   |   |   |   |
|     See                notes to condensed consolidated financial statements.                                 |   |   |   |   |   |   |   |

----

**GEORGETOWN      BANCORP, INC.**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1.        **
**BASIS      OF PRESENTATION**

----

**2.        **
**NET      INCOME PER COMMON SHARE**

|   |                                                        |   | Three                Months Ended |      | Six                Months Ended  |   |      |
|--------|-------------------------------------------------------------|--------|-----------------------------------|-----------|----------------------------------|--------|-----------|
|   |                                                        |   | December                31, 2005  |      | December                31, 2005 |   |      |
|   |                                                        |   |                              |      |                             |   |      |
|   | Net                loss to common stockholders              |   |                              | ($57,000  | )                                |   | ($23,000  | ) |   |
|   |                                                        |   |                              |      |                             |   |      |   |   |
|   | Basic                potential common shares:               |   |                              |      |                             |   |      |   |   |
|   | Weighted                average shares outstanding          |   |                              | 2,777,250 |                             |   | 2,777,250 |   |   |
|   | Weighted                average unallocated ESOP shares     |   |                              | (78,843   | )                                |   | (79,678   | ) |   |
|   | Basic                weighted average shares outstanding    |   |                              | 2,698,407 |                             |   | 2,697,572 |   |   |
|   |                                                        |   |                              |      |                             |   |      |   |   |
|   | Dilutive                potential common shares             |   |                              |           |                             |   |           |   |   |
|   |                                                        |   |                              |      |                             |   |      |   |   |
|   | Dilutive                weighted average shares outstanding |   |                              | 2,698,407 |                             |   | 2,697,572 |   |   |
|   |                                                        |   |                              |      |                             |   |      |   |   |
|   |                                                        |   |                              |      |                             |   |      |   |   |
|   | Basic                and diluted EPS                        |   |                              | ($0.02    | )                                |   | ($0.01    | ) |   |

**3.        **
**MUTUAL      HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE**

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

**Comparison      of Financial Condition at December 31, 2005 and June 30,      2005**

----

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

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

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

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

----

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

----

| **Net                  Interest Income Analysis**                                                   |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|----------|--------|--------|--------|-------------|--------|----------|--------|--------|---------|--------|--------|
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |
|                                                                                                |   | Three                  Months Ended December 31, |    |
|                                                                                                |   | 2005                                             |    | 2004     |   |
|                                                                                                |   | Average                                          |    |     |   |   |   | Average     |   |     |   |   |    |
|                                                                                                |   | Outstanding                                      |    |     |   | Yield/ |   | Outstanding |   |     |   | Yield/ |    |
|                                                                                                |   | Balance                                          |    | Interest |   | Rate   |   | Balance     |   | Interest |   | Rate   |    |
|                                                                                                |   | (Dollars                  in thousands)          |    |
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |
| Interest-earning                  assets:                                                           |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     Loans                                                                       |   | $                                                | 118,185 |     | $      | 1,633  |   |        | 5.53   | %        |   | $      | 105,771 |   | $      | 1,437 |   |   | 5.43 | % |   |
|     Investment                  securities                                      |   |                                             | 32,126  |     |   | 349    |   |        | 4.35   | %        |   |   | 27,546  |   |   | 269 |   |   | 3.91 | % |   |
|     Interest-earning                  deposits                                  |   |                                             | 3,188   |     |   | 30     |   |        | 3.76   | %        |   |   | 6,603   |   |   | 32 |   |   | 1.94 | % |   |
|         Total                  interest-earning assets      |   |                                             | 153,499 |     |   | 2,012  |   |        | 5.24   | %        |   |   | 139,920 |   |   | 1,738 |   |   | 4.97 | % |   |
|     Non-interest-earning                  assets                                |   |                                             | 9,003   |     |   | -      |   |        |   |     |   |   | 9,435   |   |   | - |   |   |   |   |   |
|     Total                  assets                                               |   | $                                                | 162,502 |     |   | 2,012  |   |        |        |     |   | $      | 149,355 |   |   | 1,738 |   |   |  |   |   |
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|                                                                                                |   |                                             |         |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
| Interest-bearing                  liabilities:                                                      |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     Savings                  deposits                                           |   | $                                                | 17,942  |     |   | 14     |   |        | 0.31   | %        |   | $      | 28,074  |   |   | 22 |   |   | 0.31 | % |   |
|     NOW                  accounts                                               |   |                                             | 5,720   |     |   | 6      |   |        | 0.42   | %        |   |   | 5,465   |   |   | 5 |   |   | 0.35 | % |   |
|     Money                  market accounts                                      |   |                                             | 22,761  |     |   | 132    |   |        | 2.32   | %        |   |   | 16,332  |   |   | 55 |   |   | 1.36 | % |   |
|     Certificates                  of                  deposit                   |   |                                             | 33,214  |     |   | 299    |   |        | 3.60   | %        |   |   | 36,667  |   |   | 278 |   |   | 3.04 | % |   |
|         Total                  interest-bearing deposits    |   |                                             | 79,637  |     |   | 451    |   |        | 2.26   | %        |   |   | 86,539  |   |   | 360 |   |   | 1.67 | % |   |
|     FHLB                  advances                                              |   |                                             | 50,669  |     |   | 520    |   |        | 4.11   | %        |   |   | 41,227  |   |   | 311 |   |   | 3.02 | % |   |
|     Repurchase                  agreements                                      |   |                                             | 798     |     |   | 2      |   |        | 1.00   | %        |   |   | 896     |   |   | 2 |   |   | 0.89 | % |   |
|         Total                  interest-bearing liabilities |   | $                                                | 131,104 |     |   | 973    |   |        | 2.97   | %        |   | $      | 128,662 |   |   | 673 |   |   | 2.09 | % |   |
| Non-interest-bearing                  liabilities:                                                  |   |                                             |         |     |   |   |   |        |   |     |   |   |         |   |   |   |   |   |   |   |   |
|     Demand                  deposits                                            |   |                                             | 10,611  |     |   |   |   |        |   |     |   |   | 10,741  |   |   |   |   |   |   |   |   |
|     Other                  non-interest-bearing liabilities                     |   |                                             | 1,505   |     |   |   |   |        |   |     |   |   | 1,369   |   |   |   |   |   |   |   |   |
| Total                  Liabilities                                                                  |   |                                             | 143,220 |     |   |   |   |        |   |     |   |   | 140,772 |   |   |   |   |   |   |   |   |
|     Stockholders'                  Equity                                       |   |                                             | 19,282  |     |   |   |   |        |   |     |   |   | 8,583   |   |   |   |   |   |   |   |   |
|         Total                  liabilities and equity       |   | $                                                | 162,502 |     |   |   |   |        |        |     |   | $      | 149,355 |   |   |   |   |   |  |   |   |
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
| Net                  interest income                                                                |   |                                             |    |     | $      | 1,039  |   |        |   |     |   |   |    |   | $      | 1,065 |   |   |   |   |   |
| Net                  interest rate spread                                                           |   |                                             |    |     |   |   |   |        | 2.27   | %        |   |   |    |   |   |   |   |   | 2.88 | % |   |
| Net                  interest-earning assets                                                        |   | $                                                | 22,395  |     |   |   |   |        |   |     |   | $      | 11,258  |   |   |   |   |   |   |   |   |
| Net                  interest margin                                                                |   |                                             |    |     |   |   |   |        | 2.71   | %        |   |   |    |   |   |   |   |   | 3.04 | % |   |
| Average                  of interest-earning                                                        |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     assets                  to interest-bearing                                 |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     liabilitities                                                               |   |                                             |    |     |   |   |   |        | 117.08 | %        |   |   |    |   |   |   |   |   | 108.75 | % |   |
|                                                                                                |   |                                             |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |

----

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

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

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

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

**Comparison      of Operating Results for the Six Months Ended December 31, 2005 and      2004**

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

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

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

----

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

----

| **Net                  Interest Income Analysis**                                                   |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |
|-----------------------------------------------------------------------------------------------------|--------|------------------------------------------------|---------|----------|--------|--------|--------|-------------|--------|----------|--------|--------|---------|--------|--------|
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |
|                                                                                                |   | Six                  Months Ended December 31, |    |
|                                                                                                |   | 2005                                           |    | 2004     |   |
|                                                                                                |   | Average                                        |    |     |   |   |   | Average     |   |     |   |   |    |
|                                                                                                |   | Outstanding                                    |    |     |   | Yield/ |   | Outstanding |   |     |   | Yield/ |    |
|                                                                                                |   | Balance                                        |    | Interest |   | Rate   |   | Balance     |   | Interest |   | Rate   |    |
|                                                                                                |   | (Dollars                  in thousands)        |    |
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |
| Interest-earning                  assets:                                                           |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     Loans                                                                       |   | $                                              | 117,426 |     | $      | 3,228  |   |        | 5.50   | %        |   | $      | 104,358 |   | $      | 2,817 |   |   | 5.40 | % |   |
|     Investment                  securities                                      |   |                                           | 31,570  |     |   | 680    |   |        | 4.31   | %        |   |   | 26,169  |   |   | 516 |   |   | 3.94 | % |   |
|     Interest-earning                  deposits                                  |   |                                           | 3,430   |     |   | 60     |   |        | 3.50   | %        |   |   | 4,046   |   |   | 37 |   |   | 1.83 | % |   |
|         Total                  interest-earning assets      |   |                                           | 152,426 |     |   | 3,968  |   |        | 5.21   | %        |   |   | 134,573 |   |   | 3,370 |   |   | 5.01 | % |   |
|     Non-interest-earning                  assets                                |   |                                           | 8,810   |     |   | -      |   |        |   |     |   |   | 9,096   |   |   | - |   |   |   |   |   |
|     Total                  assets                                               |   | $                                              | 161,236 |     |   | 3,968  |   |        |        |     |   | $      | 143,669 |   |   | 3,370 |   |   |  |   |   |
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|                                                                                                |   |                                           |         |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
| Interest-bearing                  liabilities:                                                      |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     Savings                  deposits                                           |   | $                                              | 18,716  |     |   | 29     |   |        | 0.31   | %        |   | $      | 25,165  |   |   | 39 |   |   | 0.31 | % |   |
|     NOW                  accounts                                               |   |                                           | 5,445   |     |   | 7      |   |        | 0.26   | %        |   |   | 5,343   |   |   | 7 |   |   | 0.26 | % |   |
|     Money                  market accounts                                      |   |                                           | 21,644  |     |   | 235    |   |        | 2.17   | %        |   |   | 16,268  |   |   | 109 |   |   | 1.34 | % |   |
|     Certificates                  of                  deposit                   |   |                                           | 33,582  |     |   | 588    |   |        | 3.50   | %        |   |   | 35,924  |   |   | 530 |   |   | 2.95 | % |   |
|         Total                  interest-bearing deposits    |   |                                           | 79,386  |     |   | 859    |   |        | 2.16   | %        |   |   | 82,700  |   |   | 685 |   |   | 1.66 | % |   |
|     FHLB                  advances                                              |   |                                           | 49,683  |     |   | 982    |   |        | 3.95   | %        |   |   | 39,698  |   |   | 585 |   |   | 2.95 | % |   |
|     Repurchase                  agreements                                      |   |                                           | 839     |     |   | 4      |   |        | 0.95   | %        |   |   | 899     |   |   | 5 |   |   | 1.11 | % |   |
|         Total                  interest-bearing liabilities |   | $                                              | 129,908 |     |   | 1,845  |   |        | 2.84   | %        |   | $      | 123,297 |   |   | 1,275 |   |   | 2.07 | % |   |
| Non-interest-bearing                  liabilities:                                                  |   |                                           |         |     |   |   |   |        |   |     |   |   |         |   |   |   |   |   |   |   |   |
|     Demand                  deposits                                            |   |                                           | 10,508  |     |   |   |   |        |   |     |   |   | 10,718  |   |   |   |   |   |   |   |   |
|     Other                  non-interest-bearing liabilities                     |   |                                           | 1,498   |     |   |   |   |        |   |     |   |   | 1,210   |   |   |   |   |   |   |   |   |
| Total                  Liabilities                                                                  |   |                                           | 141,914 |     |   |   |   |        |   |     |   |   | 135,224 |   |   |   |   |   |   |   |   |
|     Stockholders'                  Equity                                       |   |                                           | 19,322  |     |   |   |   |        |   |     |   |   | 8,445   |   |   |   |   |   |   |   |   |
|         Total                  liabilities and equity       |   | $                                              | 161,236 |     |   |   |   |        |        |     |   | $      | 143,669 |   |   |   |   |   |  |   |   |
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
| Net                  interest income                                                                |   |                                           |    |     | $      | 2,123  |   |        |   |     |   |   |    |   | $      | 2,095 |   |   |   |   |   |
| Net                  interest rate spread                                                           |   |                                           |    |     |   |   |   |        | 2.37   | %        |   |   |    |   |   |   |   |   | 2.94 | % |   |
| Net                  interest-earning assets                                                        |   | $                                              | 22,518  |     |   |   |   |        |   |     |   | $      | 11,276  |   |   |   |   |   |   |   |   |
| Net                  interest margin                                                                |   |                                           |    |     |   |   |   |        | 2.79   | %        |   |   |    |   |   |   |   |   | 3.11 | % |   |
| Average                  of interest-earning                                                        |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     assets                  to interest-bearing                                 |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |
|     liabilitities                                                               |   |                                           |    |     |   |   |   |        | 117.33 | %        |   |   |    |   |   |   |   |   | 109.15 | % |   |
|                                                                                                |   |                                           |    |     |   |   |   |        |   |     |   |   |    |   |   |   |   |   |   |   |   |

----

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

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

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

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

**Item      3.**
**Controls      and Procedures **

----

**PART      II. OTHER INFORMATION**

**Item      1.       **
**Legal      Proceedings**

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

**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 |   |
|--------|---------------------------------------------------|-----------|----------|--------|
|   |                                              |      |     |   |
|   | Robert                E. Balletto                 | 2,481,749 | 19,505   |   |
|   |                                              |      |     |   |
|   | James                E. Brackbill, Jr., M.D.      | 2,481,899 | 19,355   |   |
|   |                                              |      |     |   |
|   | David                H. Condon                    | 2,481,799 | 19,455   |   |
|   |                                              |      |     |   |
|   | Stephen                L. Flynn                   | 2,479,675 | 21,579   |   |
|   |                                              |      |     |   |
|   | Thomas                L. Hamelin                  | 2,480,675 | 20,579   |   |
|   |                                              |      |     |   |
|   | Arthur                J. Rauseo                   | 2,475,099 | 26,155   |   |
|   |                                              |      |     |   |
|   | Raymond                W. DeZenzo, Jr.            | 2,480,899 | 20,355   |   |
|   |                                              |      |     |   |
|   | Mary                L. Williams                   | 2,477,373 | 23,881   |   |

|   |                           | Abstain  |  For | Against |   |
|--------|--------------------------------|---------------|-----------|---------|--------|
|   |                           |          |      |    |   |
|   | Number                of votes | 3,143         | 2,495,034 | 3,077   |   |

**Item      5.**
**Other      Information**

----

**Item      6.**
 
**Exhibits      and Reports on Form 8-K**

|   | 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 |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**GEORGETOWN      BANCORP, INC.**

**SIGNATURES**

|                                   | **GEORGETOWN                BANCORP, INC.**                                                                    |   |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------|--------|
|               | **                             (Registrant)** |   |
|                                   |                                                                                                           |   |
|                                   |                                                                                                           |   |
|                                   |                                                                                                           |   |
|                                   |                                                                                                           |   |
| Date:                February 10, 2006 | /s/                Robert E. Balletto                                                                          |   |
|                                   | Robert                E. Balletto                                                                              |   |
|                                   | President                and Chief Executive Officer                                                           |   |
|                                   | (Principal                Executive Officer)                                                                   |   |
|                                   |                                                                                                           |   |
|                                   |                                                                                                           |   |
|                                   | /s/                Joseph W. Kennedy                                                                           |   |
|                                   | Joseph                W. Kennedy                                                                               |   |
|                                   | Senior                Vice President, Treasurer and Chief Financial Officer                                    |
|                                   | (Principal                Accounting and Financial Officer)                                                    |