M&F Bancorp Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 03, 2016
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M&F Bancorp Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total interest income of $2,320,000 compared to $2,749,000 a year ago. Loss before income tax was $5,194,000 compared to profit of $337,000 a year ago. Net loss available to common stockholders was $3,779,000 or $1.86 per basic and diluted share compared to profit of $217,000 or $0.11 per basic and diluted share a year ago. Return on average assets was negative of 5.11% against 0.29% a year ago. Return on average common stockholders' equity was negative of 61.21% against 3.51% a year ago.
For the nine months, the company reported net income of $7,204,000 compared to $7,974,000 for a year ago. Loss before income tax was $5,258,000 compared to profit of $534,000 a year ago. Net loss available to common stockholders was $3,927,000 or $1.93 per basic and diluted share compared to profit of $248,000 or $0.12 per basic and diluted share a year ago.
M&F Bancorp, Inc. is a bank holding company for M&F Bank (the Bank). The Company operates through a single business segment and offers a variety of consumer and commercial banking services and products in North Carolina. The Bank is a state-chartered commercial bank. The Bank provides Personal Banking, Business Banking and Digital Banking products and services. The Bank offerings includes checking accounts, savings accounts and certificate of deposits, health savings account (HAS) accounts, credit cards, home equity, personal loans, auto loans, uChoose rewards, card valet, automatic teller machine (ATM) access, retirement calculator, auto loan calculator, personal loan calculator, commercial checking, commercial savings, business loans, Small Business Administration (SBA) loans, business credit card and treasury management services. The Bank has seven branches in North Carolina, two in Durham, two in Raleigh, and one each in Charlotte, Greensboro and Winston-Salem.