M&F Bancorp, Inc. Announces Improved Third Quarter 2018 Earnings
DURHAM, N.C.– October 26, 2018 – M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2018 today.
James H. Sills, III, President and CEO of the Company, commented, “We continue to build momentum back to profitability. During the third quarter, we recorded positive net income of $850,000, primarily driven by a significant recovery from a previously charged-off nationally syndicated loan. We continue to experience improvements in loan growth, deposit growth, total asset growth and positive earnings. Our overall delinquency percentage is now .86% and below the industry standard of 1.00% as of September 30, 2018. During the third quarter, we had excellent loan diversity and sales activity. The commercial and retail teams continue to attract new small and medium sized businesses and consumer customers to the Company, which allows us to generate organic growth in our five markets. We closed 42 loans totaling $6.0 million, and our loans outstanding increased from $164.6 million as of June 30, 2018 to $169.1 million as of September 30, 2018. For the remaining quarter in 2018, the Company will strive to make progress on our strategic priorities placing emphasis on increasing loan volume and diversifying our fee income streams. We are continuing to execute our strategic plan designed to improve the overall performance of the Company.” Read full press release