Mayflower Bancorp Inc. in Middleboro, Mass., said Friday that earnings for its fiscal first quarter, which ended July 31, fell 19% from a year earlier, to $242,000.
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Diluted earnings per share dropped 21%, to 12 cents.
The parent of the $243 million-asset Mayflower Co-operative Bank said its net interest income decreased 5%, to $1.8 million, because of the flat yield curve.
Its net interest margin fell 8 basis points from a year earlier but rose 6 basis points from the previous quarter, to 3.11%.
Operating expenses rose 3.2% from a year earlier, to $1.7 million, mainly because Mayflower added a branch. It now has seven loactions.
