Middleborough’s Mayflower Bancorp Inc. has reported net income of $336,000 for its first quarter ended July 31, up from $232,000 during the same period last year.

Since the end of the April 30, 2010 fiscal year, total assets of the company have decreased by $1.9 million, ending at $253.6 million as of July 31. The reduction is comprised of a decrease of $5.3 million in cash and cash equivalents, offset by an increase of $4.1 million in the total investment portfolio and by an increase of $202,000 in loans receivable.

"We are pleased to report improved earnings for the first quarter of our new fiscal year. Notwithstanding a still-challenging economic environment, Mayflower continues to be a well-capitalized, highly liquid, sound company advantageously positioned to focus on our core business of lending to qualified borrowers of all types," said Edward M. Pratt, president and chief executive officer. "In that regard, we are again pleased to note that during these unprecedented times, we have never interrupted our pursuit of that core business and look forward to helping as many of those applicants as possible in future periods."

The company also reported its board of directors has 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.