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Mayflower Bancorp, Inc. (MFLR) Reports Flat Profit

Mayflower Bancorp, Inc. (MFLR) reported $232,000, or $0.11 per share, in earnings for its first fiscal quarter of 2009. This was approximately flat with the same quarter of 2008. The bank reported total assets of $246.9 million.

The company also declared a quarterly cash dividend of $.06 per share to be paid September 8 to shareholders of record as of September 1. This was down from the previous dividend of $0.10 per share.

“The decision made by our Board of Directors to reduce the dividend paid per share was made in the interests of retaining more capital in the Company,” said Edward M. Pratt, the CEO of Mayflower Bancorp, Inc. “In this very difficult and still uncertain economic climate, the Board believes this to be an appropriate and prudent decision, and one that serves to both protect our shareholders today, while setting the course for greater shareholder value in the future.”

Mayflower Bancorp, Inc reported zero provisions for loan losses in the quarter, underscoring the conservative nature of the bank when underwriting loans. Non-performing assets as a percentage of total assets were only 0.43% in the quarter.

Mayflower Bancorp, Inc. reported an ending book value of $9.49 per share. This compares favorably to the closing stock price of $8.00.

Mayflower Bancorp, Inc. was founded in 1889, and serves the Massachusetts market with seven branches.

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