M&F Bank posts Q1 profit

Posted by David Ranii on May 14, 2014 

Mechanics and Farmers Bank posted a profit of $218,000 in the first quarter, reversing its loss of a year ago.

M&F Bancorp, the corporate parent of the Durham-based bank, reported in financial documents filed with the Securities and Exchange Commission that it posted a profit of 11 cents per share in the first quarter. A year ago it posted a loss of $49,000, or 2 cents per share.

The bank’s first-quarter net income totaled $277,000 before deducting dividends paid to the U.S. Treasury stemming from federal stimulus money the bank received in 2009.

Net interest income rose 8 percent to $2.7 million in the quarter.

Mechanics and Farmers has seven branches across the state, including two each in Durham and Raleigh.

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