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.