Increased assets and lower operating expenses slightly boosted Middleborough-based Mayflower Bancorp Inc.’s profits in its first quarter.

The company reported $359,000 in net income for its first quarter ended July 31, a 7 percent improvement from $336,000 in net income for the same quarter last year.

Net interest income for the quarter decreased by $31,000 to $2.1 million due to a decrease in the company’s net interest margin. The decrease is primarily the result of a greater percentage of interest earning assets in interest-bearing deposits in banks, as compared to the prior year quarter.

Total operating expenses decreased by $62,000 or 3.1 percent for the quarter ended July 31, 2011. This was partially a result of a decrease of $42,000 in FDIC assessment expense, a result of a modification of the FDIC deposit insurance assessment base.

Since the end of the April 30 fiscal year, total assets of the company have increased by $1.8 million, ending at $248.7 million as of July 31.

In addition, the company’s board of directors declared a quarterly cash dividend of 6-cents per share. The dividend will be paid Sept. 8 to shareholders of record as of Sept. 1.