Mayflower Bancorp Inc (MFLR) 10-K Annual Report Fri Jun 28 2013

(Middleboro, MA), April 30, 2013 --- Mayflower Bancorp, Inc. (NASDAQ Global Market: MFLR), the holding company for Mayflower Bank, today reported net income of $297,000 or $0.14 per share the fourth quarter ended March 31, 2013, compared to earnings of $224,000 or $0.11 per share for the two-month period ended March 31, 2012. The diluted earnings per share were $0.14 and $0.11 respectively.

In February 2012, Mayflower Bancorp, Inc. changed its fiscal year-end from April 30 to March 31, necessitating the shortened reporting periods for the prior fiscal year.

For the year ended March 31, 2013, net income was $1,468,000 or $0.71 per share, compared to $1,217,000 or $0.59 per share for the eleven months ended March 31, 2012. On a diluted per share basis, earnings were $0.71 per share and $0.59 per share, respectively.

Net interest income was $1,918,000 for the quarter ended March 31, 2013, compared to $1,397,000 for the two months ended March 31, 2012. The net interest margin decreased, from 3.61% for the two months ended March 31, 2012 to 3.20% for the quarter ended March 31, 2013. Average interest-earning assets increased from $232.2 million for the two months ended March 31, 2012 to $240.0 million for the quarter ended March 31, 2013. Average interest-bearing liabilities grew from $227.5 million for the two months ended March 31, 2012 to $233.0 million for the quarter ended March 31, 2013.

Non-interest income was $487,000 for the quarter ended March 31, 2013, compared to $322,000 for the two months ended March 31, 2012. During the quarter ended March 31, 2013, Mayflower Bancorp, Inc. recorded $176,000 in gain on sales of mortgage loans, as compared to $109,000 recorded for the two months ended March 31, 2012. Also, gain on sales of investment securities was $87,000 for the current year quarter, as compared to $53,000 for the prior year two-month period. Finally, for the quarter ended March 31, 2013 customer service fees were $115,000, interchange income was $61,000, loan origination and other loan fees were $21,000, and other income was $27,000, as compared to $91,000, $40,000, $9,000, and $20,000, respectively for the prior year two-month period.

Non-interest expense is reported as $1,948,000 for the quarter ended March 31, 2013, compared to $1,347,000 for the two months ended March 31, 2012. Compensation and fringe benefits were $1,079,000 for the quarter ended March 31, 2013, compared to $714,000 for the two months ended March 31, 2012. For the current year quarter, occupancy and equipment expense was $274,000, compared to $173,000 for the prior year two-month period, and losses and expenses of other real estate owned were $6,000 for the quarter ended March 31, 2013, compared to $76,000 for the two months ended March 31, 2012. Finally, for the quarter ended March 31, 2013, FDIC assessment expense was $36,000 and other expenses were $553,000, compared to $23,000 and $361,000, respectively, for the prior year two-month period.

There was no provision for loan losses for the current year quarter, compared to a provision of $31,000 for the two months ended March 31, 2012. 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.

For the year ended March 31, 2013, net interest income was $8.0 million, compared to $7.7 million for the eleven months ended March 31, 2012. The net interest margin for the year ended March 31, 2013 was 3.40%, compared to 3.62% for the eleven months ended March 31, 2012. Average interest-earning assets for the year ended March 31, 2013 were $235.6 million as compared to $231.8 million for the eleven months ended March 31, 2012, while average interest-bearing liabilities were $229.7 million for the current year compared to $228.5 million for the eleven months ended March 31, 2012.

Non-interest income was $2.1 million for the year ended March 31, 2013, compared to $1.7 million for the eleven months ended March 31, 2012. During the year ended March 31, 2013, Mayflower Bancorp, Inc. recorded $772,000 in gain on sales of mortgage loans, as compared to $376,000 for the prior eleven-month period. Also, gain on sales of investment securities was $342,000 for the current year, as compared to $294,000 for the prior eleven-month period. Finally, for the year ended March 31, 2013, customer service fees were $548,000, interchange income was $249,000, loan origination and other loan fees were $102,000, and other income was $116,000, as compared to $583,000, $210,000, $84,000, and $140,000, respectively for the prior year eleven month period.

Non-interest expense was $7.8 million for the year ended March 31, 2013, compared to $7.3 million for the eleven months ended March 31, 2012. Compensation and fringe benefits were $4,355,000 for the year ended March 31, 2013, compared to $3,965,000 for the eleven months ended March 31, 2012. For the year ended March 31, 2013, occupancy and equipment expense was $1,052,000, compared to $969,000 for the eleven months ended March 31, 2012, and losses and expenses of other real estate owned were $20,000 for the year ended March 31, 2013, compared to $172,000 for the eleven months ended March 31, 2012. Finally, for the year ended March 31, 2013, FDIC assessment expense was $138,000 and other expenses were $2,275,000, compared to $148,000 and $2,063,000, respectively for the prior eleven-month period.

The following information was filed by Mayflower Bancorp Inc (MFLR) on Wednesday, May 1, 2013 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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/1381639/000119312513276584/d505343d10k.htm

View differences made from one year to another to evaluate Mayflower Bancorp Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Mayflower Bancorp Inc.

Continue

Assess how Mayflower Bancorp Inc's management team is paid from their Annual Proxy

Mayflower Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Mayflower Bancorp Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: MFLR
CIK: 1381639
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-276584
Submitted to the SEC: Fri Jun 28 2013 12:31:27 PM EST
Accepted by the SEC: Fri Jun 28 2013
Period: Sunday, March 31, 2013
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/mflr/0001193125-13-276584.htm

Mayflower Bancorp Inc (MFLR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, March 31, 2013

SEC Filings

MFLR Valuations

MFLR

MFLR Annual Reports

MFLR Quarterly Reports

MFLR Corporate News