Mayflower Bancorp, Inc. (NASDAQ:MFLR) reported net income of $359,000 or $0.17 per share for its first quarter ended July 31, 2011, a 7% improvement as compared to earnings of $336,000 or $0.16 per share for the same quarter last year. Diluted earnings per share for the quarter were $0.17 compared to $0.16 for the same quarter of last year. Net interest income for the quarter decreased by $31,000 or 1.4% to $2.1 million due to a decrease in the Company's net interest margin, from 3.78% in the July 2010 quarter to 3.59% in the July 2011 quarter. This decrease is primarily the result of a greater percentage of interest earning assets in interest-bearing deposits in banks, as compared to the prior year quarter. Average interest earning assets for the period increased from $227.9 million for the quarter ended July 31, 2010 to $236.6 million for the quarter ended July 31, 2011 and average interest bearing liabilities grew from $228.0 million for the quarter ended July 31, 2010 to $234.7 million for the quarter ended July 31, 2011.

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