Middleborough’s Mayflower Bancorp Inc., the holding company for Mayflower Bank, reported $341,000 in net income for its third quarter ended Jan. 31, compared to $325,000 for the same quarter last year.

For the nine months ended Jan. 31, net income was $993,000, compared to $1.05 million for the same period last year. Net interest income for the quarter ending Jan. 31 decreased by $15,000 to $2.1 million. This reduction was due to a decrease in the company’s net interest margin to 3.62 percent in January 2012 quarter from 3.73 percent in the January 2011 quarter.

Compared to the same period last year, total operating expenses decreased by $143,000 for the quarter ended Jan. 31, 2012. The provision for loan losses for the quarter ended Jan. 31 was $90,000, compared to $20,000 for the quarter ended Jan. 31, 2011.

In addition, the company’s board of directors also declared a quarterly cash dividend of 6 cents per share. The dividend will be paid March 9 to shareholders of record as of March 2.