Business

November 14, 2013

M&F Bank posts narrower profit

The corporate parent of Mechanics and Farmers Bank reported a smaller profit in the third quarter.

The corporate parent of Mechanics and Farmers Bank reported a smaller profit in the third quarter.

Durham-based M&F Bancorp reported third-quarter profit of $96,000, or 5 cents a share, down from $134,000 year ago, or 7 cents per share, a year ago.

The bank’s net income was $155,000 before deducting $59,000 in dividends paid to the U.S. Treasury stemming from federal stimulus money the bank received in 2009.

Past-due loans decreased from $10.4 million as of Dec. 31 to $2.9 million as of Sept. 30.

"We are very pleased with our improvement in asset quality," CEO Kim D. Saunders said in a statement.

Net interest income fell 5.2 percent to $2.7 million.

Mechanics and Farmers has seven branch offices in North Carolina: two each in Durham and Raleigh as well as branches in Charlotte, Winston-Salem and Greensboro.

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