Middleborough’s Mayflower Bancorp Inc. said its net income fell to $316,000 for its third quarter ended Jan. 31, from $387,000 for the same quarter last year.

But for the nine months ended Jan. 31, 2010, net income was $850,000, compared to a net loss of $270,000 for the same period last year.

Included in prior year-to-date operating results for the nine months ended Jan. 31, 2009 was a $1.9 million charge related to the company’s ownership of Fannie Mae and Freddie Mac stock. The net after-tax reduction in earnings as a result of that charge was $1.2 million.

"Our results have been aided substantially by the continued improvement of our net interest margin, and by all of the circumstances that continue to contribute to that improvement, including our ability to attract inexpensive, in-market core deposits," said Edward M. Pratt, president and CEO. "Although our non-performing assets decreased during the quarter and remain higher than our targets, our overall loan delinquency remains at manageable, low levels. We note that the provision made to our loan loss reserve was our first such provision in almost three years, and results in the maintenance of reasonable coverage ratios for both non-performing and total loans."

The company’s board of directors has also declared a quarterly cash dividend of 6 cents per share. The dividend will be paid March 12 to shareholders of record as of March 5.