Middleboro-based Mayflower Bancorp Inc. reported net income of $385,000 for the second quarter ended Oct. 31, which is a 27 percent increase compared to the $302,000 during the same time last year.

This improvement was due to an increase in the Mayflower Bancorp’s net interest margin, from 3.35 percent in the October 2009 quarter to 3.79 percent in the October 2010 quarter, according to a statement.

"Six months into our current fiscal year, we are pleased to note several positive trends impacting our performance, particularly improvements to our net interest margin and income, and reductions in non-accrual loans and real estate acquired by foreclosure," said Edward M. Pratt, president and chief executive officer. "At the same time, we acknowledge that we have more work to do and additional goals to achieve in a difficult economic environment. Although we do not, as yet, note any substantial rebound in that environment, we continue to be well positioned in the interim period and prepared to capitalize on such an improvement when it does occur."

Mayflower Bancorp also declared a quarterly cash dividend of 6-cents per share to be payable on Dec. 10 to shareholders of record as of Dec. 3.