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Mayflower Bancorp Inc (MFLR) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2013

Mayflower Bancorp Inc

CIK: 1381639 Ticker: MFLR

NEWS RELEASE


For Release:  Immediate
Contact:  Maria Vafiades
(508) 947-4343
 

MAYFLOWER BANCORP REPORTS SECOND QUARTER RESULTS

           (Middleboro, MA), October 22, 2013 --- Mayflower Bancorp, Inc. (NASDAQ Global Market: MFLR), the holding company for Mayflower Bank, today reported a net loss of $21,000 or $0.01 per share for the quarter ended September 30, 2013, compared to earnings of $375,000 or $0.18 per share for the quarter ended September 30, 2012.  Diluted results per share were $(0.01) and $0.18, respectively.

For the six months ended September 30, 2013, net income was $73,000 or $0.04 per share, compared to earnings of $764,000 or $0.37 per share for the six months ended September 30, 2012.  On a diluted per share basis, earnings for the six months were $0.04 and $0.37, respectively.

The Company previously announced that its Board of Directors declared a quarterly cash dividend of $0.06 per share to be payable on October 18, 2013 to shareholders of record as of October 4, 2013.

On May 14, 2013, the Company announced the signing of a definitive agreement under which Independent Bank Corp. will acquire Mayflower Bancorp, Inc.; and Rockland Trust Company, the subsidiary of Independent Bank Corp., will acquire Mayflower Bank (collectively, the “Merger”). The Merger is intended to qualify as a tax-free reorganization for Mayflower Bancorp, Inc. shareholders for federal income tax purposes. Shareholders will be able to elect to receive either $17.50 in cash or 0.565 shares of Independent Bank Corp. common stock in exchange for their shares, subject to proration and allocation so that 70% of shares are exchanged for Independent Bank Corp. stock and the remaining 30% exchanged for cash.

Net interest income was $1,763,000 for the quarter ended September 30, 2013, compared to $2,008,000 for the quarter ended September 30, 2012.  The net interest margin decreased, from 3.45% for the quarter ended September 30, 2012 to 3.05% for the quarter ended September 30, 2013.  Average interest-earning assets decreased from $232.6 million for the quarter ended September 30, 2012 to $231.2 million for the quarter ended September 30, 2013 and average interest-bearing liabilities declined from $226.6 million at September 30, 2012 to $223.4 million at September 30, 2013.

Non-interest income decreased by $305,000 for the quarter ended September 30, 2013 as compared to the quarter ended September 30, 2012.  This decrease was partially due to a decrease of $241,000 in gains/losses realized upon the sale of residential mortgage loans to the secondary mortgage market. Also, during the quarter, gains on sales of investments decreased by $69,000, other income decreased by $6,000, and customer service fees decreased by $7,000 due to reduced return check fees collected.  These decreases were offset by an increase of $11,000 in loan origination and other loan fees and by an increase of $7,000 in interchange income.
 
 
 
 

The following information was filed by Mayflower Bancorp Inc (MFLR) on Thursday, October 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
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 (loss)
Consolidated Statements Of Income
Aging Of Recorded Investment In Past Due Loans (detail)
Agreement And Plan Of Merger
Agreement And Plan Of Merger - Additional Information (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)
Basis Of Presentation
Estimated Fair Values Of Financial Instruments (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (tables)
Impaired Loans (detail)
Information Pertaining To Securities With Gross Unrealized Losses Aggregated By Investment Category And Length Of Time (detail)
Investment Securities
Investment Securities (tables)
Loan Portfolio By Credit Quality Indicators (detail)
Loans Receivable
Loans Receivable (tables)
Loans Receivable - Additional Information (detail)
Other Comprehensive Income
Other Comprehensive Income - Additional Information (detail)
Recent Accounting Pronouncements:
Reclassification
Recorded Investment In Nonaccrual Loans And Loans Past Due Over 90 Days And Still Accruing By Portfolio Segment (detail)
Scheduled Maturities Of Securities Held-to-maturity And Securities (other Than Equity And Trust Preferred Securities) Available-for-sale (detail)
Stock Option Activity (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Summary Of Loans Receivable (detail)
Summary Of Restricted Stock Activity (detail)
Ticker: MFLR
CIK: 1381639
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-13-439548
Submitted to the SEC: Wed Nov 13 2013 9:55:31 AM EST
Accepted by the SEC: Wed Nov 13 2013
Period: Monday, September 30, 2013
Industry: State Commercial Banks

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