The corporate parent of M&F Bank returned to profitability in the second quarter.
Durham-based M&F Bancorp reported Wednesday that it generated second-quarter net income of $259,000, or 13 cents per share. That was down from $448,000 a year ago, but marked a rebound from a $228,000 loss in the first quarter.
The bank’s net income totaled $318,000 in the latest quarter after excluding dividends paid to the U.S. Treasury stemming from federal stimulus money the bank received in 2009, down from net income of $507,000 a year earlier.
Net interest income decreased 4.3 percent to $2.5 million. Interest income fell 4.1 percent to $2.7 million.
Never miss a local story.
M&F, which recently changed its name from Mechanics and Farmers Bank, has seven branches across North Carolina.