Year-over-year net income in the quarter ended June 30 increased 5.5 percent at Brighton-based People’s Federal Bancshares.

The holding company for Peoples Federal Savings Bank posted net income of $598,000 this quarter, the company’s third quarter, compared with $567,000 for the same quarter last year. For the nine-month period ended June 30, the company reported $1.8 million in net income, compared with $2 million for the same period last year.

Total assets increased $3.7 million, or 0.6 percent, to $574.5 million at June 30, from $570.8 million at Sept. 30, 2012. Net loans increased $2.3 million, or 0.5 percent, as residential real estate, construction and commercial loans all increased while commercial real estate and consumer loans declined.

Deposits increased $6.9 million to $423.6 million at June 30, from $416.7 million at Sept. 30, 2012.

Stockholders’ equity declined $3.5 million, or 3.2 percent, to $107 million from $110.5 million at Sept. 30 of last year, which the company attributed primarily to $2.1 million in dividends paid and to the repurchase and retirement of 253,900 shares, or $4.5 million, of the company’s common stock pursuant to its repurchase plan.

Net interest and dividend income remained flat at $4.2 million, compared with the second quarter of 2012. For the nine months ended June 30, net interest and dividend income totaled $12.5 million, down slightly from $12.7 million for the comparable period last year.

Non-interest income totaled $472,000 for the quarter ended June 30, 2013, as compared with $443,000 for the quarter ended June 30, 2012. Non-interest expense totaled $3.6 million for the quarter ended June 30 of this year, as well as the quarter ended June 30, 2012.

Non-performing assets totaled $1.9 million, or 0.3 percent of total assets, at June 30, compared with $3.4 million, or 0.6 percent of total assets, at Sept. 30, 2012. Classified assets decreased to $3.5 million at June 30, compared with $9.6 million at Sept. 30, 2012 and $4.1 million at March 31. The company did not provide a contribution to the allowance for loan losses during the quarter ended June 30, reflecting little change in net loans and improvements in loan delinquencies, non-performing assets and classified assets.   

The company’s net interest margin came to 3.1 percent at June 30, compared with 3.29 percent for the same time last year.