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

Mayflower Bancorp Inc

CIK: 1381639 Ticker: MFLR
NEWS RELEASE
 

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

           (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.

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Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Income
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Accrued Interest Receivable (detail)
Accrued Interest Receivable (tables)
Advances, Borrowings And Lines-of-credit
Advances, Borrowings And Lines-of-credit - Additional Information (detail)
Aging Of Recorded Investment In Past Due Loans (detail)
Allowance For Loan Losses And Recorded Investment In Loans By Portfolio Segment And Impairment Method (detail)
Amortized Cost And Fair Values Of Securities (detail)
Assumptions Used To Determine Fair Value Of Stock Options Granted (detail)
Balances Of Assets And Liabilities Measured At Fair Value (detail)
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Commitments And Contingencies - Additional Information (detail)
Components Of Net Deferred Tax Assets Liabilities (detail)
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Information Pertaining To Securities With Gross Unrealized Losses Aggregated By Investment Category And Length Of Time (detail)
Investment Securities
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Other Noninterest Expense
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Premises And Equipment
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Quarterly Data (unaudited)
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Related Party Transactions
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Summary Of Deposits (detail)
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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

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