M&F Bancorp Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
August 14, 2014 at 09:26 am
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M&F Bancorp Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $507,000 compared to net loss of $7,000 for the second quarter of 2013, an increase of $514,000. Net income available to common shareholders was $448,000 compared to net loss available to common shareholders of $66,000 for the second quarter of 2013, an increase of $514,000. Diluted income per common share increased $0.25 to $0.22 for the second quarter of 2014 compared to diluted loss per common share of $0.03 in the second quarter of 2013. The company produced net interest income of $2.6 million, which was higher than the $2.5 million generated for the same period of 2013. The increase was caused by higher interest income, which increased $73,000 or approximately 2.71% to $2.8 million for the second three months of 2014 as compared to the same period of the prior year.
For the six months period, the company reported net income for of $784,000 compared to net income of $3,000 for the same period of 2013, an increase of $781,000. Net income available to common shareholders was $667,000 compared to loss income available to common shareholders of $115,000 for the same period of 2013, an increase of $782,000. Diluted income per common share increased $0.39 to $0.33 for the six months ended June 30, 2014 compared to diluted loss per common share of $0.06 in the same period of 2013. The company produced net interest income of $5.3 million during the six months ended June 30, 2014, which was $286,000 higher than the $5.0 million generated for the same time of 2013.
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.