UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

         For the quarterly period ended December 31, 2004

                                       OR

------   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

                         Commission File Number: 0-51102

                            GEORGETOWN BANCORP, INC.
        (Exact name of small business issuer as specified in its charter)

         Federal                                               20-2107839
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)

2 East Main Street, Georgetown, MA                                       01833
(Address of principal executive office)                              (Zip Code)

                                 (978) 352-8600
              (Registrant's telephone number, including area code)


Indicate by check whether the registrant: (1) has filed all reports required to
be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No __

Indicate by check whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act).  Yes___ No X


Indicate the number of shares outstanding of the registrant's common stock, as
of the latest practicable date: Common Stock, $0.10 par value, 2,777,250 shares
outstanding as of February 4, 2005.
 Transitional Small Business Disclosure Format:  YES ___  NO X




<PAGE>




                                  Form 10-QSB

                            GEORGETOWN BANCORP, INC.
                               Table of Contents

Part I. Financial Information                                              Page

Item 1: Financial Statements (Unaudited)

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

        Consolidated Statements of Financial Condition as of
         December 31, 2004 and June 30, 2004                                  1
        Consolidated Statements of Income for the Three Months
         and Six Months Ended December 31, 2004 and 2003                      2
        Consolidated Statements of Changes in Retained Earnings
         for the Six Months Ended December 31, 2004 and 2003                  3
        Consolidated Statements of Cash Flows for the Six
         Months Ended December 31, 2004 and 2003                              4
        Notes to Consolidated Financial Statements                            6

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

Item 3: Controls and Procedures                                              11

Part II.Other Information

Item 1: Legal Proceedings                                                    12
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds          12
Item 3: Defaults upon Senior Securities                                      12
Item 4: Submission of Matters to a Vote of Security Holders                  12
Item 5: Other Information                                                    12
Item 6: Exhibits and Reports on Form 8-K                                     12

SIGNATURES                                                                   13



<PAGE>



                            GEORGETOWN BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                       STATEMENTS OF FINANCIAL CONDITION

                                     ASSETS

<TABLE>
<CAPTION>

                                                                             At December 31,       At June 30,
                                                                                 2004                 2004
                                                                              (Unaudited)
                                                                        -----------------------------------------

<S>                                                                           <C>                 <C>
Cash and due from banks                                                       $    2,404          $    2,233
Short-term investments                                                            25,900               1,475
                                                                           -----------------------------------------
      Total cash and cash equivalents                                             28,304               3,708

Securities available for sale, at fair value                                      12,096              10,299
Securities held to maturity, at amortized cost                                    13,612               3,682
Federal Home Loan Bank stock, at cost                                              2,428               1,549
Loans, net of allowance for loan losses                                          107,809              98,357
Premises and equipment, net                                                        4,939               5,077
Accrued interest receivable                                                          534                 411
Bank-owned life insurance                                                          1,144               1,121
Other assets                                                                       1,024                 654
                                                                              ----------          ----------

      Total Assets                                                            $  171,890          $  124,858
                                                                              ==========          ==========

                                         LIABILITIES AND RETAINED EARNINGS

Deposits                                                                      $  115,028          $   87,936
Securities sold under agreements to repurchase                                       747                 908
Short-term borrowings                                                             26,900               6,340
Long-term Federal Home Loan Bank Advances                                         19,990              21,012
Mortgagors' escrow accounts                                                          301                 232
Accrued expenses and other liabilities                                               476                 361
                                                                              ----------          ---------
      Total liabilities                                                          163,442             116,789
                                                                              ----------          ----------

Retained earnings                                                                  8,482               8,171
Accumulated other comprehensive income (loss)                                        (34)               (102)
                                                                              ----------          ----------
      Total retained earnings                                                      8,448               8,069
                                                                              ----------          ----------

      Total Liabilities and Retained Earnings                                 $  171,890          $  124,858
                                                                              ==========          ==========
</TABLE>


                                       1
<PAGE>


                            GEORGETOWN BANCORP, INC.

                        CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                  Three Months Ended                Six Months Ended
                                                            ------------------------------- -------------------------------
                                                              December 31,     December 31,   December 31,    December 31,
                                                                 2004             2003           2004             2003
                                                            --------------- --------------- --------------- ---------------

Interest and dividend income:

<S>                                                          <C>             <C>              <C>              <C>
     Interest and fees on loans                              $    1,437      $    1,287       $    2,817       $    2,545
     Investment interest and dividends                              269             131              516              265
     Short-term investments                                          32               4               37               13
                                                             ----------      ----------       ----------       ----------
         Total interest and dividend income                       1,738           1,422            3,370            2,823
                                                             ----------      ----------       ----------       ----------

Interest expense:
     Deposits                                                       360             316              685              632
     Federal Home Loan Bank advances                                311             204              585              421
     Securities sold under agreements to repurchase                   2               2                5                4
                                                             ----------      ----------       ----------       ----------
         Total interest expense                                     673             522            1,275            1,057
                                                             ----------      ----------       ----------       ----------

Net interest income                                               1,065             900            2,095            1,766
Provision for loan losses                                            18              12               36               24
                                                             ----------      ----------       ----------       ----------
     Net interest income, after provision for loan losses         1,047             888            2,059            1,742
                                                             ----------      ----------       ----------       ----------

Non-interest income:
     Customer service fees                                           73              81              154              174
     Loan fees                                                        5               5               11               16
     Loss on sale of securities                                       -               -               (2)               -
   Loss on impairment of securities                                   -             (10)               -              (10)
     Income from bank-owned life insurance                           11              12               22               24
     Other                                                            9              10               11               10
                                                             ----------      ----------       ----------       ----------
         Total non-interest income                                   98              98              196              214
                                                             ----------      ----------       ----------       ----------

Non-interest expenses:
     Salaries and employee benefits                                 447             455              939              879
     Occupancy and equipment expenses                               152             147              304              285
     Data processing expenses                                        74              62              144              135
     Professional fees                                               43              39               84               79
     Advertising expense                                             24              51               55               75
     Other general and administrative expenses                      122             117              252              239
                                                             ----------      ----------       ----------       ----------
         Total non-interest expenses                                862             871            1,778            1,692
                                                             ----------      ----------       ----------       ----------

Income before income taxes                                          283             115              477              264

Provision for income taxes                                           99              39              166               88
                                                             ----------      ----------       ----------       ----------

Net income                                                   $      184      $       76       $      311       $      176
                                                             ==========      ==========       ==========       ==========
</TABLE>


                                       2
<PAGE>


                            GEORGETOWN BANCORP, INC.
             CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                              Accumulated
                                                                                 Other
                                                              Retained       Comprehensive
                                                              Earnings       Income (Loss)         Total




<S>                                                       <C>               <C>               <C>
Balance at June 30, 2003                                   $     7,915       $        27       $     7,942
                                                                                               -----------

Comprehensive income:
    Net income                                                     176                 -               176
    Change in unrealized gain/loss on securities
    available for sale, net of tax effects                           -               (23)              (23)
                                                                                               -----------
        Total comprehensive income                                                                     153
                                                           -----------       -----------       -----------

Balance at December 31, 2003                               $     8,091       $         4       $     8,095
                                                           ===========       ===========       ===========

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

Comprehensive income:
    Net income                                                     311                 -               311
    Change in unrealized gain/loss on securities
    available for sale, net of tax effects                           -                68                68
                                                                                               -----------
        Total comprehensive income                                                                     379
                                                           -----------       -----------       -----------

Balance at December 31, 2004                               $     8,482       $       (34)      $     8,448
                                                           ===========       ============      ===========
</TABLE>


                                       3

<PAGE>


                            GEORGETOWN BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                 Six Months Ended
                                                                           -----------------------------
                                                                           December 31,     December 31,
                                                                               2004             2003
                                                                           -------------   -------------

Cash flows from operating activities:
<S>                                                                        <C>               <C>
   Net income                                                              $    311          $    176
   Adjustments to reconcile net income to net cash provided by
     operating activities:
        Provision for loan losses                                                36                24
 Loss on impairment of securities                                                 -                10
 Loss on sale of securities                                                       2                 -
        Amortization of securities, net                                           2                38
        Amortization of deferred loan costs                                     (13)              (22)
        Depreciation and amortization expense                                   185               168
        Increase in accrued interest receivable                                (123)              (34)
        Increase in bank-owned life insurance                                   (22)              (25)
        Other, net                                                             (295)               63
                                                                           --------          --------
            Net cash provided by operating activities                            83               398
                                                                           --------          --------

Cash flows from investing activities: Activity in available-for-sale securities:
        Maturities, prepayments and calls                                       673             3,221
        Purchases                                                            (2,568)           (6,973)
        Proceeds on sales of securities                                         197                 -
   Activity in held-to-maturity securities:
        Maturities, prepayments and calls                                       991             1,511
        Purchases                                                           (10,917)           (2,021)
   Purchase of Federal Home Loan Bank stock                                    (879)              (64)
   Loan originations, net of amortization and payoffs                        (9,475)           (6,246)
   Purchase of banking premises and equipment                                   (47)             (508)
                                                                           --------          --------
            Net cash used by investing activities                           (22,025)          (11,080)
                                                                           --------          --------
</TABLE>

                                       4
<PAGE>


                            GEORGETOWN BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (continued)

<TABLE>
<CAPTION>

                                                                           For the Six Months Ended
                                                                         ----------------------------
                                                                         December 31,    December 31,
                                                                             2004            2003
                                                                         ------------    ------------

Cash flows from financing activities:
<S>                                                                          <C>              <C>
   Net increase in deposits                                                  27,092           7,550
   Net increase in securities sold under agreements to repurchase              (161)            (30)
   Proceeds of Federal Home Loan Bank advances with maturities greater
     than three months                                                        1,000           5,500
   Repayments of Federal Home Loan Bank advances with maturities
     greater than three months                                               (3,022)         (4,521)
   Net change in Federal Home Loan Bank advances with maturities of
     three months or less                                                    21,560          (1,000)
   Net change in mortgagors' escrow accounts                                     69               6
                                                                          ---------       ---------
            Net cash provided by financing activities                        46,538           7,505
                                                                          ---------       ---------

Net change in cash and cash equivalents                                      24,596          (3,177)

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

Cash and cash equivalents at end of period                                $  28,304       $   4,649
                                                                          =========       =========

Supplementary information:
   Interest paid on deposit accounts                                      $     685       $     632
   Interest paid on Federal Home Loan Bank advances                             585             421
Interest paid on securities sold under agreement to repurchase                    5               4
   Income taxes paid                                                            172             125

</TABLE>


                                       5
<PAGE>


                            GEORGETOWN BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.       BASIS OF PRESENTATION

The accompanying unaudited financial statements were prepared in accordance
with instructions for Form 10-QSB and Regulation S-X and do not include
information or footnotes necessary for a complete presentation of financial
condition, results of operations, and cash flows in conformity with generally
accepted accounting principles. However, in the opinion of management, all
adjustments (consisting of normal recurring adjustments) necessary for a fair
presentation of the financial statements have been included. The results of
operations for the six-month period ended December 31, 2004 are not necessarily
indicative of the results that may be expected for the entire fiscal year.
These financial statements should be read in conjunction with the financial
statements and notes thereto included in the 2004 Consolidated Financial
Statements of the Bank included in the Company's Registration Statement on
Form S-B2, as amended. The consolidated financial statements include the
accounts of Georgetown Savings Bank and its wholly owned subsidiary, Georgetown
Securities Corporation, which engages in the buying, selling and holding of
securities. All significant inter-company balances and transactions have been
eliminated in consolidation.

Critical Accounting Policies

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

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

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

                                       6

<PAGE>


2.       NET INCOME PER COMMON SHARE

         Basic and diluted net income per common share is not calculated since
         the Bank had not completed its reorganization into stock form for the
         period ended December 31, 2004.

3.       MUTUAL HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE

         In conjunction with its reorganization into the mutual holding company
         structure, on January 5, 2005, the Bank (i) converted to a stock
         savings bank as the successor to the Bank in its mutual form; (ii)
         organized the Company as a federally-chartered corporation that owns
         100% of the common stock of the Bank (in stock form); and (iii)
         organized Georgetown Bancorp, MHC as a federally-chartered mutual
         holding company that owns 55% of the Common Stock of the Company.

         Costs incurred in connection with the reorganization and offering were
         recorded as a reduction in the proceeds of the offering. At December
         31, 2004, reorganization expenses of approximately $426,000 had been
         recorded in other assets.


                                       7
<PAGE>


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

Comparison of Financial Condition at December 31, 2004 and June 30, 2004

     Our total assets increased by $47.0 million, or 37.7%, to $171.9
million at December 31, 2004, from $124.9 million at June 30, 2004. The
increase in total assets resulted primarily from increases in short-term
investments, loans receivable and investment securities held to maturity.
Short-term investments increased $24.4 million or 1656.5%, of which $25.1
million was due to funds received in connection with the Company's Initial
Public Offering (IPO). Of the $25.1 million, $14.5 million was returned to
investors in January 2005, as the IPO was over-subscribed. The increase in
loans receivable of $9.5 million, or 9.6%, to $107.8 million at December 31,
2004, reflected continued demand for one- to four-family mortgage loans in the
continued low interest rate environment, as well as moderating refinancing
activity. The increase in investment securities held to maturity of $9.9
million, or 269.7%, to $13.6 million at December 31, 2004, reflected the
results of a leverage transaction undertaken during the first quarter. This
transaction was funded by three equal advances from the Federal Home Loan Bank
of Boston aggregating $10.5 million at a rate of approximately 1.42%, and\
increased balances of certificates of deposit that resulted from a special rate
(at 3.75%) that we offered on three-year certificates of deposit during the
first quarter.

     Total deposits increased by $27.1 million, or 30.8%, to $115.0 million
at December 31, 2004, from $87.9 million at June 30, 2004. The increase in
deposits resulted primarily from a $25.9 million, or 118.6%, increase in
savings accounts, of which $25.1 million was due to funds received in
connection with the Company's IPO and a $1.4 million, or 14.2%, increase in
demand deposit accounts. Of the $25.1 million received in connection with the
Company's IPO, $14.5 million was returned to investors in January 2005, as the
IPO was over-subscribed and the remaining balance was transferred to retained
earnings. Our short-term borrowings from the Federal Home Loan Bank increased
$20.6 million, or 324.3%, to $26.9 million at December 31, 2004 from $6.3
million at June 30, 2004, reflecting the increases used to fund loan growth,
the leverage transaction and declines in short-term certificates of deposit.

     Retained earnings increased $379,000, or 4.7%, to $8.4 million at
December 31, 2004, from $8.1 million at June 30, 2004, reflecting net income of
$311,000, and a decrease in accumulated other comprehensive income to $34,000
at December 31, 2004, from $102,000 at June 30, 2004, reflecting $68,000 in net
unrealized gains on securities available for sale for the six months ended
December 31, 2004.

Comparison of Operating Results for the Three Months Ended December 31, 2004
and 2003

     General. Net income increased $108,000, or 142.1%, to $184,000 for the
three months ended December 31, 2004, from $76,000 for the three months ended
December 31, 2003. The increase in net income reflected an increase in net
interest income and a reduction in non-interest expense.

     Interest Income. Interest income increased by $316,000, or 22.2%, to
$1.7 million for the three months ended December 31, 2004, from $1.4 million
for the three months ended December 31, 2003. The increase resulted primarily
from an increase of $150,000, or 11.7%, in interest income on loans receivable
and an increase of $138,000, or 104.9%, in interest and dividend income on
securities. The increase in interest income reflected a $29.3 million, or
26.4%, increase in the average balance of interest-earning assets for the three
months ended December 31, 2004 to $139.9 million from $110.6 million for the
three months ended December 31, 2003. Partially offsetting the increase in
interest income attributable to higher average balances of interest-earning
assets was the 17 basis point decrease in the average yield on interest-earning
assets to 4.97% for the three months ended December 31, 2004 from 5.14% for
the three months ended December 31, 2003.

     Interest income on loans receivable increased $150,000, or 11.7%, to
$1.4 million for the three months ended December 31, 2004, from $1.3 million
for the three months ended December 31, 2003. The increase was due to the
increase in the average balance of loans receivable of $11.9 million, or 12.7%,
to $105.8 million for the three months ended December 31, 2004 from $93.9
million for the three months ended December 31, 2003, partially offset by the
decrease in the average yield to 5.43% from 5.48%.

     Interest and dividend income on investment securities increased
$138,000, or 104.9%, to $269,000 for the three months ended December 31, 2004
from $131,000 for the three months ended December 31, 2003. The increase was
due in part to the increase in the average balance of investment securities of
$12.1 million, or 78.0%, to $27.5 million for the three months ended December
31, 2004 from $15.5 million for the three months ended December 31, 2003. Also
contributing to the increase in interest and dividend income on investments
securities was the 51 basis point increase in the average yield on investment
securities to 3.90% for the three months ended December 31, 2004, from 3.39%
for the three months ended December 31, 2003.


                                       8
<PAGE>

     Interest Expense. Interest expense increased $151,000, or 28.9%, to
$673,000 for the three months ended December 31, 2004, from $522,000 for the
three months ended December 31, 2003. The increase in interest expense was due
to the $27.5 million, or 27.2%, increase in the average balance of
interest-bearing liabilities to $128.6 million for the three months ended
December 31, 2004, from $101.1 million in the same period in 2003, and by a 3
basis point increase in the average cost to 2.09% for the three months ended
December 31, 2004, from 2.06% for the same period in 2003.

     Interest expense on Federal Home Loan Bank advances increased
$107,000, or 52.7%, due to a $18.6 million or 79.3% increase in the average
balance of advances during the three months ended December 31, 2004, to $42.1
million, from $23.5 million during the same period in 2003, partially offset
by a 51 basis point decrease in the average cost of the advances to 2.96% for
the three months ended December 31, 2004, from 3.47% for the same period in
2003. Additionally, interest expense on interest-bearing deposits increased
$44,000, or 13.6%, to $360,000 for the three months ended December 31, 2004,
from $316,000 for the same period in 2003. The increase was due to the $8.9
million increase in the average balance of interest-bearing deposits for the
three months ended December 31, 2004, to $86.5 million from $77.6 million for
the same period in 2003, and by a 3 basis point increase in the average cost to
1.66% for the three months ended December 31, 2004, from 1.63% for the same
period in 2003.

     Net Interest Income. Net interest income increased $165,000, or 18.3%,
to $1.1 million during the three months ended December 31, 2004, from $900,000
for the same period in 2003. The increase in our net interest income was a
result of the $1.8 million, or 18.4%, increase in our net interest-earning
assets to $11.3 million for the three months ended December 31, 2004, from $9.5
million during the same period in 2003, partially offset by the decrease in our
net interest margin to 3.05% during the three months ended December 31, 2004,
from 3.25% for the same period ended 2003.

     Provision for Loan Losses. A provision of $18,000 for the three months
ended December 31, 2004 was made, as compared to a $12,000 provision for the
three months ended December 31, 2003. The allowance for loan losses was
$792,000, or 0.73% of loans outstanding at December 31, 2004, as compared to
$839,000, or 0.88% of loans outstanding at December 31, 2003. The increase in
the provision and the decline in the allowance were due to a loan charge-off of
$120,000 related to one lending relationship.

     Non-interest Income. Non-interest income remained unchanged at $98,000
for the three months ended December 31, 2004, and for the three month ended
December 31, 2003. Customer service fees decreased $8,000 for the three months
ended December 31, 2004, due to a reduction in fees collected relating to
service charges and penalties on deposit accounts. Additionally, results for
the three months ended December 31, 2003 included a $10,000 loss on the
impairment of a security, while the three months ended December 31, 2004 did
not have such activity.

     Non-interest Expense. Non-interest expense decreased $9,000, or 1.0%,
to $862,000 for the three months ended December 31, 2004, from $871,000 for the
three months ended December 31, 2003. Compensation and employee benefits
decreased $8,000, or 1.7%, reflecting a $35,000 reversal of accrued expense
associated with the Bank's Incentive Plan in the quarter ended December 31,
2004, as well as $27,000 decline in compensation expense as two position
remained unfilled during the quarter ended December 31, 2004. Occupancy
expenses increased $5,000, or 3.2%, due to increased depreciation costs and
maintenance costs associated with our new main office. Advertising expenses
decreased $27,000, or 52.6%, as the Bank did not utilize cable television and
radio mediums during the quarter ended December 31, 2004. Our non-interest
expense associated with data processing services increased $12,000 or 17.9% to
$74,000 for the three months ended December 31, 2004, from $62,000 for the
three months ended December 31, 2003. Other general and administrative expenses
increased $5,000, or 4.3%, to $122,000 for the three months ended December 31,
2004, from $117,000 from the three months ended December 31, 2003.


                                       9
<PAGE>

     Income Tax Expense. The provision for income taxes increased to
$99,000 for the three months ended December 31, 2004, from $39,000 for the
three months ended December 31, 2003, due primarily to the increased level of
income before taxes of $283,000 for the three months ended December 31, 2004,
compared to $115,000 for the same period in 2003. The effective tax rates for
the three months ended December 31, 2004 and 2003 were 35.0% and 33.9%,
respectively.

Comparison of Operating Results for the Six Months Ended December 31, 2004 and
2003

     General. Net income increased $135,000, or 76.6%, to $311,000 for the
six months ended December 31, 2004, from $176,000 for the six months ended
December 31, 2003. The increase in net income reflected an increase in net
interest income, which more than offset increased non-interest expense and
decreased non-interest income.

     Interest Income. Interest income increased by $547,000, or 19.4%, to
$3.4 million for the six months ended December 31, 2004, from $2.8 million for
the six months ended December 31, 2003. The increase resulted from an increase
of $272,000, or 10.7%, in interest income on loans receivable and an increase
of $251,000, or 94.6%, in interest and dividend income on securities. The
increase in interest income reflected the $25.8 million, or 23.7%, increase in
the average balance of interest-earning assets to $134.6 million from $108.8
million. Partially offsetting the increase in interest income attributable to
higher average balances of interest-earning assets was the 18 basis point
decrease in the average yield on interest-earning assets to 5.01% for the six
months ended December 31, 2004 from 5.19% for the six months ended December 31,
2003.

     Interest income on loans receivable increased $272,000, or 10.7%, to
$2.8 million for the six months ended December 31, 2004, from $2.5 million for
the six months ended December 31, 2003. The increase was due to the increase in
the average balance of loans receivable of $12.7 million, or 13.9%, to $104.4
million for the six months ended December 31, 2004 from $91.7 million for the
six months ended December 31, 2003, partially offset by the decrease in the
average yield to 5.40% from 5.55%.

     Interest and dividend income on investment securities increased
$251,000, or 94.6%, to $516,000 for the six months ended December 31, 2004 from
$265,000 for the six months ended December 31, 2003. The increase was due in
part to the increase in the average balance of investment securities of $11.2
million, or 75.6%, to $26.1 million for the six months ended December 31, 2004
from $14.9 million for the six months ended December 31, 2003. Also
contributing to the increase in interest and dividend income on investments
securities was the 38 basis point increase in the average yield on investment
securities to 3.95% for the six months ended December 31, 2004, from 3.57% for
the six months ended December 31, 2003.

     Interest Expense. Interest expense increased $218,000, or 20.6%, to
$1.3 million for the six months ended December 31, 2004, from $1.1 million for
the six months ended December 31, 2003. The increase in interest expense was
due to the $23.9 million, or 24.0%, increase in the average balance of
interest-bearing liabilities to $123.3 million for the six months ended
December 31, 2004, from $99.4 million in the same period ended 2003, partially
offset by a 6 basis point decrease in the average cost to 2.07% for the six
months ended December 31, 2004, from 2.13% for the same period in 2003.

     Interest expense on Federal Home Loan Bank advances increased $164,000,
or 38.9%, due to a $18.1 million or 80.6% increase in the average balance of
advances during the six months ended December 31, 2004, to $40.6 million, from
$22.5 million during the same period in 2003, partially offset by a 87 basis
point decrease in the average cost of the advances to 2.88% for the six months
ended December 31, 2004, from 3.75% for the same period in 2003. Additionally,
interest expense on interest-bearing deposits increased $53,000, or 8.3%, to
$685,000 for the three months ended December 31, 2004, from $632,000 for the
same period in 2003. The increase was due to the $5.8 million or 7.5% increase
in the average balance of interest-bearing deposits for the three months ended
December 31, 2004, to $82.7 million from $76.9 million for the same period in
2003, and by a 2 basis point increase in the average cost to 1.66% for the
three months ended December 31, 2004, from 1.64% in the same period of 2003.


                                       10
<PAGE>


     Net Interest Income. Net interest income increased $329,000, or 18.6%,
to $2.1 million during the six months ended December 31, 2004, from $1.8
million for the same period in 2003. The increase in our net interest income
was a result of the $1.9 million, or 19.8%, increase in our net
interest-earning assets to $11.3 million for the six months ended December 31,
2004, from $9.4 million during the same period in 2003, partially offset by the
decrease in our net interest margin to 3.11% during the six months ended
December 31, 2004, from 3.25% for the same period ended 2003.

     Provision for Loan Losses. We made a provision of $36,000 for the six
months ended December 31, 2004, as compared to a $24,000 provision for the six
months ended December 31, 2003. The allowance for loan losses was $792,000, or
0.73% of loans outstanding at December 31, 2004, as compared to $839,000, or
0.88% of loans outstanding at December 31, 2003. The increase in the provision
and the decline in the allowance were due to a loan charge-off of $120,000
related to one lending relationship.

     Non-interest Income. Non-interest income decreased by $18,000, or 8.2%,
to $196,000 for the six months ended December 31, 2004, from $214,000 for the
six month ended December 31, 2003. Customer service fees decreased $20,000 or
11.4% for the six months ended December 31, 2004, due to a reduction in fees
collected relating to service charges and penalties on deposit accounts.
Additionally, results for the six months ended December 31, 2003 included a
$10,000 loss on the impairment of a security, while the six months ended
December 31, 2004 did not have such activity.

     Non-interest Expense. Non-interest expense increased $86,000, or 5.1%,
to $1.8 million for the six months ended December 31, 2004, from $1.7 million
for the six months ended December 31, 2003. Compensation and employee benefits
increased $60,000, or 6.8%, reflecting annual salary increases and higher
benefit costs. Occupancy expenses increased $19,000, or 6.7%, due to increased
depreciation costs and maintenance costs associated with our new main office.
Advertising expenses decreased $20,000, or 27.0%, as the Bank did not utilize
cable television and radio mediums during the six months ended December 31,
2004. Non-interest expense associated with data processing services increased
$9,000 or 6.5% to $144,000 for the six months ended December 31, 2004, from
$135,000 for the six months ended December 31, 2003. Other general and
administrative expenses increased $13,000, or 5.4%, to $252,000 for the six
months ended December 31, 2004, from $239,000 from the six months ended
December.

     Income Tax Expense. The provision for income taxes increased to
$166,000 for the six months ended December 31, 2004, from $88,000 for the six
months ended December 31, 2003, due primarily to the increased level of income
before taxes of $477,000 for the six months ended December 31, 2004, compared
to $264,000 for the same period in 2003. The effective tax rates for the six
months ended December 31, 2004 and 2003 were 34.9% and 33.4%, respectively.

Item 3. Controls and Procedures

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

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

        Not applicable


                                       11
<PAGE>

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

        Not applicable

Item 3. Defaults Upon Senior Securities

        Not applicable

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

        Not applicable

Item 5. Other Information

        Not applicable

Item 6. Exhibits and Reports on Form 8-K

        Exhibits

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



                                       12
<PAGE>


                            GEORGETOWN BANCORP, INC.

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                        GEORGETOWN BANCORP, INC.
                                           (Registrant)




Date: February 14, 2005                 /s/ Robert E. Balletto
                                        -----------------------------------
                                        Robert E. Balletto
                                        President and Chief Executive Officer
                                        (Principal Executive Officer)

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



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