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Mayflower Bancorp Inc (MFLR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, April 30, 2011

Mayflower Bancorp Inc

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CIK: 1381639 Ticker: MFLR
NEWS RELEASE
 
 

For Release:  Immediate                                                                                                                                             Contact:  Maria Vafiades
                                         (508) 947-4343
 
 
MAYFLOWER BANCORP REPORTS FOURTH QUARTER EARNINGS
AND PAYMENT OF DIVIDEND

           (Middleboro, MA), June 2, 2011 --- Mayflower Bancorp, Inc. (NASDAQ Global Market: MFLR) today reported net income of $292,000 or $0.14 per share for its fourth quarter ended April 30, 2011 as compared to earnings of $313,000 or $0.15 per share for the same quarter last year.  Diluted earnings per share for the fourth quarter were $0.14 compared to $0.15 for the fourth quarter of last year.

For the year ended April 30, 2011, net income was $1,338,000 or $0.64 per share, compared to earnings $1,163,000 or $0.56 per share for the same period last year.  On a diluted per share basis, earnings for the year were $0.64 per share compared to $0.56 per share for the same period one year ago.

Net interest income for the quarter ending April 30, 2011 decreased by $38,000, a result of a slight decrease in the Company’s net interest margin, from 3.78% for the quarter ended April 30, 2010 to 3.76% for the quarter ended April 30, 2011.  Total average interest earning assets for the quarter decreased from $226.3 million to $223.5 million, while average interest bearing liabilities declined from $226.0 million for the quarter ended April 30, 2010 to $222.3 million for the quarter ended April 30, 2011.  The decrease in average interest bearing liabilities is primarily due to a reduction of $4.0 million in the average balance of borrowed funds outstanding.
 
A provision of $45,000 was made to the Company’s reserve for loan loss during the quarter ended April 30, 2011, as compared to a provision of $140,000 for the quarter ended April 30, 2010.  In determining the appropriate level for the allowance for loan loss, the Company considers past loss experience, evaluations of underlying collateral, prevailing economic conditions, the nature of the loan portfolio, and levels of non-performing and other classified loans.  Management and the Company’s Board of Directors evaluate the loan loss reserve on a regular basis, and consider the allowance as constituted to be adequate at this time.
 
Non-interest income for the quarter decreased by $68,000, primarily due to a decrease of $46,000 in gains realized upon the sale of investments, coupled with a decrease of $35,000 in gains on sales of residential mortgages to the secondary mortgage market.  Additionally, customer service fees decreased by $31,000, a result of reduced return check fees and declining ATM surcharge income.  These decreases in noninterest income were offset by an increase of $23,000 in loan origination and other loan fees, an increase of $5,000 in interchange income, and an increase of $16,000 in other income.
 
As compared to the same period last year, total operating expenses for the Company increased by $37,000 or 1.9% for the quarter ended April 30, 2011.  This increase was partially a result of an increase of $43,000 in salary and benefit expense due to salary adjustments and increased retirement and other benefit costs.   Also contributing to the increase in operating expenses was an increase of $11,000 in data processing expense and an increase of $45,000 in other expenses.  These increases were offset by a decrease of $21,000 in FDIC assessment expenses, a decrease of $35,000 in losses and expenses of foreclosed properties, and a decrease of $6,000 in occupancy and equipment expense.
 
For the year ended April 30, 2011, net interest income was $8.5 million, an increase of $557,000 or 7.0% compared to the prior year.  The Company’s net interest margin increased from 3.53% for the year ended April 30, 2010 to 3.77% for year ended April 30, 2011.  Average interest earning assets for the year ended April 30, 2011 were $225.5 million as compared to $225.2 million for the year ended April 30, 2010, while average interest bearing liabilities were $224.7 million compared to $225.3 million for the same period one year ago.

 
 
The following information was filed by Mayflower Bancorp Inc (MFLR) on Monday, June 6, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: MFLR
CIK: 1381639
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-193240
Submitted to the SEC: Thu Jul 21 2011 10:37:20 AM EST
Accepted by the SEC: Thu Jul 21 2011
Period: Saturday, April 30, 2011
Industry: State Commercial Banks

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