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Article: Mayflower Co-operative announces first quarter results. (Mayflower Cooperative Bank)
- Article from:
- PR Newswire
- Article date:
- September 26, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MAYFLOWER CO-OPERATIVE ANNOUNCES FIRST QUARTER RESULTS
MIDDLEBORO, Mass., Sept. 26 /PRNewswire/ -- Mayflower Cooperative Bank (NASDAQ: MFLR) reported net income of $194,000 for the three months ended July 31, 1988, a slight decrease from net income of $232,000 reported for the three months ending July 31, 1987. This decrease can be attributed to changes in accounting practices regarding the recognition of loan origination fees and loan underwriting expenses.
Effective Jan. 1, 1988 Statement No. 91 of the Financial Accounting Standards Board requires that loan origination fees and certain direct costs associated with originating loans be deferred ...