Profile: Georgetown Bancorp Inc (GTWN.OQ)

GTWN.OQ on NASDAQ Stock Exchange Capital Market

17.94USD
3 Mar 2015
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Georgetown Bancorp, Inc., incorporated on January 27, 2004, is a stock holding company for Georgetown Savings Bank (the Bank). The Bank is a federally chartered savings bank. The Bank conducts business from its main office located in Georgetown, Massachusetts, and its branch offices located in North Andover and Rowley, Massachusetts. The Company’s principal business consists of attracting deposits from businesses and the general public primarily in Essex County, Massachusetts and investing those deposits, together with borrowings and funds generated from operations, in commercial and multi-family real estate loans, one- to four-family investment property loans and commercial business loans, one- to four-family residential real estate loans, home equity loans and lines of credit and consumer loans, as well as investing in investment securities. It primarily originates loans in eastern Massachusetts (which includes the Boston metropolitan area) and southern New Hampshire. Its revenues are derived principally from interest on loans and securities, customer service fees and its mortgage banking operation. The Company’s primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities, as well as the sale of residential loans in the secondary market. The Company primarily serves communities located in Essex County, Massachusetts for deposit products and eastern Massachusetts (which includes the Boston metropolitan area) and southern New Hampshire for lending products.

Lending Activities

The Company’s loan portfolio includes residential loans, commercial loans, construction loans and consumer loans. Residential loans include one- to four-family loans and home equity loans and lines of credit. The total residential mortgage loans totaled $104,676 at September 30, 2014. Its commercial loans include one- to four-family investment property loans, multi-family real estate loans, commercial real estate loans and commercial business loans. The total commercial loans totaled $97,096 at September 30, 2014. Its construction loans include one- to four-family loans, multi-family loans and non-residential loans. The total construction loans totaled $28,695 at September 30, 2014. At September 30, 2014, net total loans totaled $229,126. Net Loans (excluding loans held for sale) increased $5.2 million, or 2.3%, to $229.1 million at September 30, 2014. Construction loans were totaled to $28.7 million at September 30, 2014. The majority of its construction loans remain collateralized by residential real estate (85.1% at September 30, 2014). One- to four-family investment property loans were totaled to $9.4 million at September 30, 2014. Multi-family real estate loans are totaled to $14.9 million at September 30, 2014. Commercial real estate loans were totaled to $55.0 million at September 30, 2014. One- to four-family residential mortgage loans were totaled to $88.8 million at September 30, 2014. Home equity loans were totaled to $15.9 million at September 30, 2014.

Investment Activities

The Company’s securities are classified as held-to-maturity securities or available-for-sale securities. The Company’s investment portfolio at September 30, 2014, at amortized cost, included $2.5 million in state and municipal securities. It also invests in residential mortgage-backed securities, at amortized cost of $17.5 million at September 30, 2014. Total securities available for sale were totaled $19.94 million at September 30, 2014. Held-to-maturity Securities include residential mortgage-backed securities totaled at amortized cost of $0.87 million. Its total securities portfolio was totaled $20.8 million at September 30, 2014.

Sources of Funds

Deposits have been the Company’s primary source of funds for use in lending and investment activities. It also uses borrowings, primarily Federal Home Loan Bank of Boston advances and to a lesser extent brokered deposits. Deposits were totaled to $183.2 million at September 30, 2014. It includes Money market accounts, demand deposits, Certificates of deposit, NOW accounts. Total interest-bearing deposits were totaled to $15.43 million. Its deposits are generated primarily from residents within its primary deposit market area, as 73.4% of total deposits at December 31, 2013, were from the Essex County market. As of December 31, 2013, brokered deposits totaled $596,000. At September 30, 2014, the certificates of deposit were totaled to $64.5 million. Its borrowings consist primarily of advances from the Federal Home Loan Bank of Boston. As of December 31, 2013, the Company had Federal Home Loan Bank of Boston advances in the amount of $54.9 million.

Subsidiary Activities

Georgetown Securities Corporation is a wholly owned subsidiary of the Bank. Georgetown Securities Corporation was formed for the purpose of buying, selling and holding securities on its own behalf. At December 31, 2013, Georgetown Securities Corporation had total assets of $18.0 million.

Company Address

Georgetown Bancorp Inc

2 East Main Street
GEORGETOWN   MA   01833
P: +1978.3528600

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