Diluted earnings per share for the second quarter were $0.12 compared to $0.13 for the second quarter of last year. Net interest income for the quarter decreased by $99,000, or 5.5%, to $1.7 million as compared to $1.8 million for the quarter ended October 31, 2006.
For the six months ended October 31, 2007, net income decreased to $498,000 or
$0.24 per share as against the earnings of $583,000 or $0.28 per share for the same period one year ago On a diluted earnings per share basis, earnings for the six months were $0.23 per share compared to $0.27 for the same period in 2006.
Edward Pratt, president and CEO of Mayflower Bancorp, said: Our results continue to be impacted by a very difficult economic environment, including a slumping real estate market plagued by uncertain property values, increased mortgage foreclosures in our area, and falling consumer confidence. We take note however, of this quarter’s highest level of profitability over the last
four quarters, effective control of our operating expenses and a continued
strong loan loss allowance.
