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Mayflower Bancorp Reports Fourth Quarter And Annual Earnings And Payment Of Dividend.

MIDDLEBORO, Mass., April 30, 2013 /PRNewswire/ — 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

An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of
 were $0.14 and $0.11 respectively.

In
February
 see month.
 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
  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 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

n.pl the benefits, other than wages or salary, provided by an employer for employees (e.g., health insurance, vacation time, disability income).
 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

See Federal Deposit Insurance Corporation (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
 , something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although
, 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 provision for loan losses for the year ended March 31, 2013 was
$40,000, compared to $228,000 for the eleven months ended March 31,
2012. The allowance for loan losses as a percentage of net loans was
0.87% at March 31, 2013, compared to 0.91% at March 31, 2012.

Since March 31, 2012, total assets of the Company have increased by
$9.8 million, ending at $261.3 million as of March 31, 2013. During the
year, total investment securities increased by $5.9 million and net
loans receivable increased by $5.0 million. The growth in loan balances
is comprised of an increase of $8.6 million in residential mortgages
outstanding, as the Bank
elected
  
v. e·lect·ed, e·lect·ing, e·lects

v.tr.
1. To select by vote for an office or for membership.

2. To pick out; select:
 to retain in portfolio a larger
percentage of new fixed-rate residential mortgage originations, and an
increase of $75,000 in net construction loans outstanding. Offsetting
these increases were decreases of $1.8 million in home equity loans and
lines of credit, $1.6 million in commercial loans and mortgages and
$284,000 in consumer loans.

During the year ended March 31, 2013, total deposits increased by
$9.1 million. This growth was comprised of an increase of $17.6 million
in aggregate checking and
savings account

 balances, as offset by a
decrease of $8.5 million in certificate of deposit balances. Advances
and borrowings outstanding remained constant at $1.0 million.

As of March 31, 2013, non-performing assets totaled $584,000,
compared to $506,000 at March 31, 2012 and to $2.9 million at April 30,
2011. The increase from March 31, 2012 is the result of an increase of
$133,000 in non-performing loans, offset by a reduction of $55,000 in
real estate acquired by
foreclosure

. Non-performing assets to total
assets were 0.22% at March 31, 2013, compared to 0.20% at March 31,
2012. The allowance for loan losses as a percentage of non-performing
loans was 271.5% at March, 2013, compared to 390.1% at March 31,
2012.

Total stockholders’ equity stood at $22.6 million at March 31,
2012, compared to $21.9 million at March 31, 2012.
Tier 1 capital

 to
average assets stood at 8.6% at March 31, 2013, compared to 8.4% at
March 31, 2012. The increase in total equity is the result of net income
for the year of $1,468,000 and stock-based compensation credits of
$74,000. Those increases in total equity were partially offset during
the year by dividends paid of $0.24 per share, totaling $495,000, and
Company stock repurchases totaling $65,000. Additionally, total equity
decreased by $240,000 due to a decrease in the net
unrealized gain

 on
securities classified as available-for-sale.

In
conjunction
 in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun.
 with these announcements, the Company also reported
that its Board of Directors has
declared
  
v. de·clared, de·clar·ing, de·clares

v.tr.
1. To make known formally or officially. See Synonyms at announce.

2. To state emphatically or authoritatively; affirm.

3.
 a quarterly cash dividend of
$0.06 per share to be payable on May 24, 2013, to shareholders of record
as of May 14, 2013.

Mayflower Bancorp, Inc. is the holding company for Mayflower Bank
which specializes in residential and commercial lending and traditional
banking and deposit services. The Company currently serves southeastern
Massachusetts from its main office in Middleboro and maintains
additional full-service offices in
Bridgewater
 town (1990 pop. 21,249), Plymouth co., E Mass.; inc. 1656. Manufacturing includes shoes and metal products. Its iron foundry industry dates from colonial times. Bridgewater State College and a state prison are there.
,
Lakeville

,
Plymouth
 city (1991 pop. 238,583) and district, Devon, SW England, on Plymouth Sound. The three towns that Plymouth has comprised since 1914 are Plymouth, Stonehouse, and Devonport.
,

Rochester
 .

1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858.
, and
Wareham, Massachusetts

. All of the Company’s
deposits are
insured
 n.
 by the
Federal Deposit Insurance Corporation
 (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000.
 (FDIC)
to applicable limits. All amounts above those limits are insured in full
by the Share Insurance Fund (SIF) of Massachusetts. For further
information on Mayflower Bancorp, Inc. please visit
www.mayflowerbank.com.

(See
accompanying
  
v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies

v.tr.
1. To be or go with as a companion.

2.
 Selected
Consolidated
  
v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates

v.tr.
1. To unite into one system or whole; combine:
 Financial Information)

This earnings report may contain certain forward-looking statements,
which are based on management’s current expectations regarding
economic, legislative and
regulatory
  
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.

2.
 issues that may impact the
Company’s earnings in future periods. Factors that could cause
future results to vary materially from current management expectations
include, but are not limited to, general economic conditions, changes in
interest rates, deposit flows, real estate values and competition;
changes in accounting principles, policies or
guidelines

n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks.
; changes in
legislation or regulation; and other economic, competitive,
governmental, regulatory and technological factors affecting the
Company’s operations, pricing, products and services. Additional
factors that may affect our results are discussed under “Item 1A
Risk Factors” in the Company’s Quarterly Reports on Form 10-Q
and in its Annual Report on Form 10-K, each filed with the Securities
and Exchange Commission (the “SEC”), which are available at
the SEC’s website ( www.sec.
gov

 ) and to which reference is hereby
made.

SOURCE Mayflower Bancorp, Inc.