Business

M&F Bank boosts profits

The corporate parent of Mechanics and Farmers Bank reported improved profits in the third quarter.

M&F Bancorp reported net income of $169,000, or 8 cents per share, an increase of $73,000 from a year ago.

Net income before dividends paid to the U.S. Treasury stemming from federal stimulus money the bank received in 2009 totaled $228,000, up from $155,000.

The Durham-based bank reported that noninterest expense was reduced from $8.6 million a year ago to $8.4 million. Net interest income was relatively flat at $2.7 million.

Mechanics and Farmers has seven branches statewide, including two each in Durham and Raleigh.

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