M&F Bancorp Sees Fourth Quarter Gain, Cleaner Balance Sheet Going Forward

DURHAM, N.C. (February 17, 2017— M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the fourth quarter of 2016 today.  James H. Sills, III, President and CEO of the Company, commented, “2016 was the year to clean up the balance sheet. We continued the cleanup theme into the fourth quarter. We believe that the Bank is sound, healthy and continues to be well-capitalized; we view the actions taken during the year as a positive step to further improve the overall condition of the Bank. We reduced our delinquency percentage to 2.00% which is at a 10 year low. In addition, we reduced our OREO balance from $2.8 million as of January 1, 2016 to $367,000 at the end of the year. In the fourth quarter, we executed flawlessly, in terms of right sizing the balance sheet related to the liabilities, assets and capital account. In addition, we closed over $11.0 million in loans for the quarter. Further, in December we were fortunate to pay off TARP through the US Treasury early repurchase program. Read full press release

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