Somerville-based Central Bancorp Inc. has reported $725,000 in net income for the quarter ended March 31, compared to a net loss of $1.1 million for the same period last year.

The company’s net income for the twelve months ended March 31 was $2 million, compared to net loss of $6.2 million for the fiscal year ended March 31, 2009. The improvement was significantly impacted by the September 2008 conservatorship of the Fannie Mae and Freddie Mac, which resulted in a $9.4 million impairment of the value of the company’s investment in the preferred stock of those companies.