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 were $0.14 and $0.11 respectively.
In February 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
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 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 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, 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 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 with these announcements, the Company also
reported that its Board of Directors has declared 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, Lakeville, Plymouth, Rochester, and Wareham, Massachusetts. All of the
Company's deposits are insured by the Federal Deposit Insurance
Corporation (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 Selected
Consolidated Financial Information)
This earnings report may contain certain forward-looking
statements, which are based on management's current expectations
regarding economic, legislative and regulatory 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; 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.
MAYFLOWER BANCORP, INC. AND
SUBSIDIARY
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
March
31,
|
|
March
31,
|
|
2013
|
|
2012
|
ASSETS
|
|
|
|
Cash and
cash equivalents:
|
(In Thousands)
|
Cash
and due from banks
|
$
3,492
|
|
$
3,764
|
Interest-bearing deposits in banks
|
8,931
|
|
8,602
|
Total cash and cash equivalents
|
12,423
|
|
12,366
|
Investment
securities:
|
|
|
|
Securities available-for-sale, at fair
value
|
48,248
|
|
44,295
|
Securities held-to-maturity (fair value of
$47,052 and $45,379,
|
|
|
|
respectively)
|
45,952
|
|
43,969
|
Total investment securities
|
94,200
|
|
88,264
|
Loans
receivable, net
|
139,321
|
|
134,331
|
Accrued
interest receivable
|
781
|
|
867
|
Real
estate held for investment
|
606
|
|
628
|
Real
estate acquired by foreclosure
|
139
|
|
194
|
Premises
and equipment, net
|
10,489
|
|
10,717
|
Deposits
with The Co-operative Central Bank
|
449
|
|
449
|
Stock in
Federal Home Loan Bank of Boston, at cost
|
1,252
|
|
1,449
|
Refundable
income taxes
|
447
|
|
596
|
Deferred
income taxes
|
-
|
|
377
|
Other
assets
|
1,237
|
|
1,317
|
Total assets
|
$
261,344
|
|
$
251,555
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Deposits
|
$
235,683
|
|
$
226,562
|
Advances
and borrowings
|
1,000
|
|
1,000
|
Advances
from borrowers for taxes and insurance
|
772
|
|
655
|
Deferred
income taxes
|
92
|
|
-
|
Accrued
expenses and other liabilities
|
1,171
|
|
1,454
|
Total
liabilities
|
238,718
|
|
229,671
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
Preferred
stock $1.00 par value; authorized 5,000,000 shares;
|
|
|
|
issued - none
|
-
|
|
-
|
Common
stock $1.00 par value; authorized 15,000,000 shares;
|
|
|
|
issued 2,058,422 at March 31, 2013 and
2,063,067 at March 31, 2012
|
2,058
|
|
2,063
|
Additional
paid-in capital
|
4,383
|
|
4,321
|
Retained
earnings
|
15,635
|
|
14,710
|
Accumulated other comprehensive income
|
550
|
|
790
|
Total stockholders' equity
|
22,626
|
|
21,884
|
Total liabilities and stockholders'
equity
|
$
261,344
|
|
$
251,555
|
|
|
|
|
MAYFLOWER BANCORP, INC. AND
SUBSIDIARY
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
Unaudited
|
|
|
|
|
|
Three
months
ended
|
|
Two
months
ended
|
|
Year
ended
|
|
Eleven
months
ended
|
|
March
31,
|
|
March
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(In Thousands, Except Per Share Data)
|
Interest
income:
|
|
|
|
|
|
|
|
Loans receivable
|
$
1,688
|
|
$
1,177
|
|
$
6,978
|
|
$
6,375
|
Securities held-to-maturity
|
236
|
|
203
|
|
1,050
|
|
1,261
|
Securities available-for-sale
|
214
|
|
212
|
|
987
|
|
1,337
|
Interest-bearing deposits in
banks
|
7
|
|
3
|
|
23
|
|
27
|
|
|
|
|
|
|
|
|
Total interest income
|
2,145
|
|
1,595
|
|
9,038
|
|
9,000
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Deposits
|
215
|
|
189
|
|
983
|
|
1,207
|
Borrowed funds
|
12
|
|
9
|
|
46
|
|
100
|
|
|
|
|
|
|
|
|
Total interest expense
|
227
|
|
198
|
|
1,029
|
|
1,307
|
|
|
|
|
|
|
|
|
Net
interest income
|
1,918
|
|
1,397
|
|
8,009
|
|
7,693
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
-
|
|
31
|
|
40
|
|
228
|
|
|
|
|
|
|
|
|
Net
interest income after provision for loan losses
|
1,918
|
|
1,366
|
|
7,969
|
|
7,465
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
Loan origination and other loan
fees
|
21
|
|
9
|
|
102
|
|
84
|
Customer service fees
|
115
|
|
91
|
|
548
|
|
583
|
Gain on sales of mortgage
loans
|
176
|
|
109
|
|
772
|
|
376
|
Gain on sales of investment
securities
|
87
|
|
53
|
|
342
|
|
294
|
Interchange income
|
61
|
|
40
|
|
249
|
|
210
|
Other
|
27
|
|
20
|
|
116
|
|
140
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
487
|
|
322
|
|
2,129
|
|
1,687
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
Compensation and fringe
benefits
|
1,079
|
|
714
|
|
4,355
|
|
3,965
|
Occupancy and equipment
|
274
|
|
173
|
|
1,052
|
|
969
|
FDIC assessment
|
36
|
|
23
|
|
138
|
|
148
|
Losses and expenses of other real estate
owned
|
6
|
|
76
|
|
20
|
|
172
|
Other
|
553
|
|
361
|
|
2,275
|
|
2,063
|
|
|
|
|
|
|
|
|
Total
noninterest expense
|
1,948
|
|
1,347
|
|
7,840
|
|
7,317
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
457
|
|
341
|
|
2,258
|
|
1,835
|
|
|
|
|
|
|
|
|
Provision
for income taxes
|
160
|
|
117
|
|
790
|
|
618
|
|
|
|
|
|
|
|
|
Net
income
|
$
297
|
|
$
224
|
|
$
1,468
|
|
$
1,217
|
|
|
|
|
|
|
|
|
Earnings
per share (basic)
|
$
0.14
|
|
$
0.11
|
|
$
0.71
|
|
$
0.59
|
|
|
|
|
|
|
|
|
Earnings
per share (diluted)
|
$
0.14
|
|
$
0.11
|
|
$
0.71
|
|
$
0.59
|
|
|
|
|
|
|
|
|
Weighted
average basic shares outstanding
|
2,058
|
|
2,063
|
|
2,059
|
|
2,069
|
Diluted
effect of outstanding stock options
|
5
|
|
3
|
|
5
|
|
3
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares outstanding
|
2,063
|
|
2,066
|
|
2,064
|
|
2,072
|
|
|
|
|
|
|
|
|
Mayflower Bancorp, Inc. and
Subsidiary
|
Selected Financial Ratios
|
(Dollars in thousands, except per share
information)
|
|
|
|
|
|
|
|
Three
months
ended
|
Two
months
ended
|
|
Year
ended
|
Eleven
months
ended
|
|
March
31,
|
|
March
31,
|
|
2013
|
2012
|
|
2013
|
2012
|
Key
Performance Ratios
|
|
|
|
|
|
Dividends
paid per share
|
$
0.06
|
$
0.06
|
|
$
0.24
|
$
0.24
|
Annualized
return on average assets
|
0.46%
|
0.54%
|
|
0.58%
|
0.53%
|
Annualized
return on average equity
|
5.26%
|
6.15%
|
|
6.56%
|
6.15%
|
Net
interest spread
|
3.19%
|
3.60%
|
|
3.39%
|
3.62%
|
Net
interest margin
|
3.20%
|
3.61%
|
|
3.40%
|
3.62%
|
|
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
April 30,
|
Loans
past due over 90 days
|
2013
|
|
2012
|
|
2011
|
Residential mortgages
|
$
-
|
|
$
-
|
|
$
1,108
|
Home
equity loans and lines of credit
|
148
|
|
30
|
|
139
|
Commercial
and construction mortgages
|
-
|
|
250
|
|
456
|
Commercial
and consumer loans
|
-
|
|
-
|
|
-
|
|
$
148
|
|
$
280
|
|
$
1,703
|
Non-performing assets
|
|
|
|
|
|
Non-accrual loans
|
$
445
|
|
$
312
|
|
$
1,703
|
Real
estate acquired by foreclosure
|
139
|
|
194
|
|
1,211
|
|
$
584
|
|
$
506
|
|
$
2,914
|
|
|
|
|
|
|
Allowance for loan losses
|
$
1,208
|
|
$
1,217
|
|
$
1,214
|
|
|
|
|
|
|
Asset
Quality Ratios
|
|
|
|
|
|
Allowance
for loan losses/net loans
|
0.87%
|
|
0.91%
|
|
0.98%
|
Allowance
for loan losses/non-performing loans
|
271.46%
|
|
390.06%
|
|
71.29%
|
|
|
|
|
|
|
Non-performing loans/net loans
|
0.32%
|
|
0.23%
|
|
1.37%
|
Non-performing loans/total assets
|
0.17%
|
|
0.12%
|
|
0.69%
|
|
|
|
|
|
|
Non-performing assets/net loans
|
0.42%
|
|
0.38%
|
|
2.34%
|
Non-performing assets/total assets
|
0.22%
|
|
0.20%
|
|
1.18%
|
|
|
|
|
|
|
Tier 1
Capital to average assets
|
8.60%
|
|
8.43%
|
|
8.35%
|
Tier 1
Capital to risk weighted assets
|
16.66%
|
|
15.89%
|
|
15.07%
|
Book Value
per Share
|
$
10.99
|
|
$
10.61
|
|
$
10.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Mayflower Bancorp, Inc.