Mayflower Bancorp, Inc. (NASDAQ:MFLR) was trading up Tuesday after reporting stronger first-quarter earnings from a year ago, and a 6-cent quarterly dividend.
The southeastern Massachusetts-based company posted net income of $336,000, or 16 cents a share, up 45% from $232,000, or 11 cents a share, in the same quarter last year.
Average interest-earning assets decreased to $227.9 million from $255.6 million the year prior, while average interest-bearing liabilities were $225.4 million, down slightly from $228 million the earlier-year period.
Mayflower CEO Edward M. Pratt said he was “pleased” to report improved first quarter earnings.
“Notwithstanding a still-challenging economic environment, Mayflower continues to be a well-capitalized, highly liquid, sound company advantageously positioned to focus on our core business of lending to qualified borrowers of all types,” he said.
The company also declared Tuesday a quarterly cash dividend of 6 cents a share to be payable on Sept. 8 to shareholders of record as of Sept. 1.