Business

M&F Bank narrows loss in Q1

The corporate parent of M&F Bank narrowed its net loss in the first quarter.

Durham-based M&F Bancorp reported Wednesday that its net loss totaled $140,000 in the first quarter, down from $228,000 a year ago. Net loss per share totaled 7 cents, down from11 cents a year ago.

After excluding dividends paid to the U.S. Treasury stemming from federal stimulus money the bank received in 2009, the company’s net loss totaled $81,000 versus $169,000 a year ago.

Net interest income totaled $2.3 million, down from $2.4 million a year ago. Noninterest income rose $37,000 to $428,000.

Noninterest expense fell $177,000 to $2.8 million.

Loans totaled $160.7 million, down from $164.9 million as of Dec. 31.

CEO James H. Sills III said in a statement that lower than expected loans produced lower than expected earnings for the quarter.

M&F Bank has seven branches across the state and $304.7 million in assets.

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