Middleboro-based Mayflower Bancorp, the bank holding company for Mayflower Co-operative Bank, has reported net income of $387,000 for its third quarter ended Jan. 31, compared to earnings of $289,000 for the same quarter last year, a 34 percent increase.

In conjunction with these announcements, the company’s board of directors has declared a quarterly cash dividend of $.10 per share to be payable on March 16, to shareholders of record as of March 9.

The net loss for the 9-month period was $270,000, compared to earnings of $787,000 for the same period one year ago – a $1.1 million swing.

In this period, the company’s net results were "significantly impacted by the September 2008 announcement of a federal conservatorship of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.," the bank said.

As previously reported, this announcement prompted the company to write off the balances of its preferred stock holdings in both entities, and resulted in a gross loss of $1.9 million.