M&F Bank posts Q1 profit
05/14/2014 3:29 PM
02/15/2015 11:20 AM
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.
Join the Discussion
News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.