Middleboro-based Mayflower Bancorp, the holding company for Mayflower Bank, recently reported a 32 percent increase in net income for its fourth quarter ended March 31.
Net income for that period totaled $297,000, compared with $224,000 for the two-month period ended March 31, 2012. In February 2012, Mayflower Bancorp changed its fiscal year-end from April 30 to March 31, necessitating the shortened reporting periods for the prior fiscal year.
For the year ended March 31, net income was $1.5 million compared with $1.2 million for the 11 months ended March 31, 2012. Net interest income was $8 million, compared with $7.7 million for the 11 months ended March 31, 2012. The net interest margin for the year ended March 31, 2013 was 3.4 percent, compared to 3.62 percent for the 11 months ended March 31, 2012.
Net interest income was $1.9 million for the quarter ended March 31, 2013, compared with $1.4 million for the two months ended March 31, 2012. The net interest margin decreased, from 3.61 percent for the two months ended March 31 last year to 3.2 percent for the quarter ended March 31 this year. Average interest-earning assets increased from $232.2 million for the two months ended March 31, 2012 to $240 million for the quarter ended March 31, 2013. Average interest-bearing liabilities grew from $227.5 million for the two months ended March 31, 2012 to $233 million for the quarter ended March 31, 2013.
Non-interest income was $487,000 for the quarter ended March 31, 2013, compared to $322,000 for the two months ended March 31, 2012. During the quarter ended March 31, 2013, Mayflower Bancorp recorded $176,000 in gain on sales of mortgage loans, compared with $109,000 recorded for the two months ended March 31, 2012. Gain on sales of investment securities was $87,000 for the current year quarter, compared with $53,000 for the prior year two-month period. Customer service fees totaled $115,000, interchange income was $61,000, loan origination and other loan fees were $21,000 and other income was $27,000, as compared to $91,000, $40,000, $9,000, and $20,000, respectively for the prior year two-month period.
