Middleboro-based Mayflower Bancorp, the bank holding company for Mayflower Co-operative Bank, swung back into black for the quarter ended Oct. 31, posting net income of $302,000, after a $907,000 net loss in the same quarter last year.

For the six-months ended Oct. 31, net income was $534,000, compared to a net loss of $657,000 for the same period last year.

In conjunction with these announcements, the company’s board of directors has declared a quarterly cash dividend of $0.06 per share to be payable on Dec.11 to shareholders of record as of Dec. 4.

"We continue to operate in an extremely difficult environment, and although optimistic about an economic recovery, as yet, we see precious little evidence of one in our market. Although our asset quality has continued to be comparatively good, even our conservatively underwritten loan portfolio may be subject to ongoing pressure in the periods to come," said Edward M. Pratt, president and CEO of the company. "We have been successful in controlling our funding costs and improving our net interest margin, and we expect that trend to continue through the remainder of our current fiscal year, as high cost certificates of deposit are replaced on our balance sheet by lower cost, core deposits."