Mayflower Bancorp, Inc. reported net income of $313,000 or $0.15 per diluted share, for the fourth quarter of fiscal 2010, which ended 4/30/2010. The company earned net income of $305,000, or $0.15 per diluted share, in the corresponding quarter in 2009.
Although net income for Mayflower Bancorp, Inc. was flat for the quarter on a year over year basis, the company reported much improved results for the full fiscal year. The company earned net income of $1.2 million, or $0.56 per diluted share, in fiscal 2010, compared to only $35,000, or $0.02 per diluted share, in fiscal 2009.
The management of Mayflower Bancorp, Inc. said that the poor results in fiscal 2009 was due to a $1.9 million impairment charge that the company recorded due to its holdings of preferred stock and auction rate preferred stock of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
Edward M. Pratt, the CEO of Mayflower Bancorp, Inc., said, “Our fourth quarter reflected the continuation of several positive trends for the Company, including further growth in core deposit totals, ongoing reductions in the cost of our deposits, and improvement in our net interest income. In future periods, we will look to further these developments, while focusing on the orderly elimination of non-accrual loans and of real estate acquired by foreclosure currently on our books.”
Mayflower Bancorp, Inc. also declared a quarterly cash dividend of $0.06 per share to shareholders of record as of 6/10/2010. The dividend is payable on 6/17/2010.
Mayflower Bancorp, Inc. is a bank holding company that owns the Mayflower Co-operative Bank. The bank has 7 locations in Massachusetts.
For more information on the company, go to www.mayflowerbank.com