M&F Bancorp Inc. Reports Earnings Results for the Second Quarter and Half Year Ended June 30, 2016
August 13, 2016 at 08:55 am
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M&F Bancorp Inc. reported earnings results for the second quarter and half year ended June 30, 2016. The company reported net income for the second quarter of 2016 of $50,000 compared to $318,000 for the second quarter of 2015, a decrease of $268,000. Net loss available to common shareholders for the second quarter of 2016 was $9,000 compared to net income available to common stockholders of $259,000 for the second quarter of 2015, a decrease of $268,000. Diluted income per common share decreased $0.13 to none for the second quarter of 2016 compared to $0.13 in the second quarter of 2015. Loan revenue was $2.2 million, down from $2.5 million a year ago. The company produced net interest income of $2.2 million during the three months ended June 30, 2016, which was down $259,000 from the $2.5 million generated for the same period of 2015. Interest income decreased $236,000 or 8.90% to $2.4 million for the three months ended June 30, 2016 as compared to the same period of the prior year.
The company recorded a net loss for the six months ended June 30, 2016 of $31,000 compared to net income of $149,000 for the same period of 2015, a decrease of $180,000. Net loss available to common shareholders for the six months ended June 30, 2016 was $148,000 compared to net income available to commons stockholders of $32,000 for the same period of 2015, a decrease of $180,000. Diluted loss per common share was $0.07 compared to diluted EPS of $0.02 in the same period of 2015. The company produced net interest income of $4.5 million during the six months ended June 30, 2016, which was $372,000 lower than the $4.9 million generated for the same time of 2015. The decrease was primarily caused by lower interest income, which decreased $342,000 or approximately 6.54% to $4.9 million for the six months ended June 30, 2016 as compared to the same period of the prior year.
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.