logo
  Join        Login             Stock Quote

Mayflower Bancorp (MFLR) 3Q Earnings Rise 19.4 Pct; Declares Div

 January 22, 2013 02:23 PM


(By Balaseshan) Mayflower Bancorp Inc. (NASDAQ: MFLR), the holding company for Mayflower Bank, reported a 19.4% increase in quarterly earnings on lower provision for loan losses, non-interest expenses and higher non-interest income.

Earnings for the third quarter were $407,000 or $0.20 per share, up from $341,000 or $0.17 per share last year.

Net interest income declined 3.6% to $2.0 million. The net interest margin decreased to 3.42% for the third quarter from 3.62% for the quarter ended January 31, 2012.

Non-interest income grew 8.2%, primarily due to an increase of $86,000 in gain on sales of mortgage loans, a $29,000 gain on sales of investment securities, and a $7,000 rise in interchange income. These increases were offset by a decrease of $3,000 in loan origination and other loan fees and a decrease of $27,000 in customer service fees.

Total non-interest expense fell by 3.6%, partially a result of a drop of $70,000 in losses and expenses of other real estate owned, due to reduced levels of other real estate owned, a decrease of $6,000 in occupancy and equipment expense, and a decline of $9,000 in FDIC assessment expense.

Provision for loan losses fell to $10,000 from $90,000. The allowance for loan loss as a percentage for net loans declined to 0.85% from 0.91%.

Total assets have increased by $3.5 million since March 31, 2012, ending at $255.1 million as of December 31, 2012. During the period, loans receivable increased by $7.8 million and total investment securities decreased by $4.6 million. The increase in loans receivable is primarily due to growth of $9.7 million in residential mortgages.

Total deposits for the nine months ended December 31, 2012 increased by $2.9 million, comprising of $9.2 million growth in aggregate checking and savings account balances, as offset by a reduction of $6.3 million in certificate of deposit balances.

In addition, the company's board of directors has declared a quarterly cash dividend of $0.06 per share to be payable on February 19 to shareholders of record as of February 5.

MFLR is trading up 0.48% at $10.55 on Tuesday. The stock has been trading between $7.50 and $11.24 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageFord Motor Company (F): A long Road to Deutsche Bank’s $19 Target

Ford Motor Company (NYSE:F) is going the right way on a one way street where most everybody else is driving read on...

article imageCitigroup Inc (C) Q1 Earnings Preview: Too Many Parts Heading South

Citigroup Inc (NYSE:C) will issue its first quarter results via press release at approximately 8 a.m. (ET) read on...

article imageFacebook Inc (FB): You Might Not Like It Today, But You’ll Like It Tomorrow

Do you honestly want to invest in stocks right now? It sure looks like the bull market is at least on read on...

article imageJPMorgan Chase & Co. (JPM) Q1 Earnings Preview: Regulation Costs To Trim Guidance?

JPMorgan Chase & Co. (NYSE:JPM) will host a conference call to review first quarter 2014 financial results read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.