Investor News

M&F Bancorp, Inc. Announces Profitable 2018 Results

DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the fourth quarter of 2018 today. James H. Sills, III, President and CEO of the Company, commented, “During 2018, we made positive progress in all areas of the Company. We have officially turned around the Company from two years of prior losses. I am pleased to report that we generated positive earnings for the year in the amount of $466,000 compared to a net loss of $2.6 million in 2017. We increased our loans outstanding from $154 million to $174 million, an increase of 13.60%, which was one of the highest percentage increases in the state. Further, we closed over 196 loans in 2018 compared to 86 loans in 2017, which was tremendous improvement in loan volume and loan diversity in the portfolio. We were successful in executing our strategic plan to provide access to capital to small and medium businesses in all the markets served in 2018. Overall, we had positive increases in asset, loan and deposit growth and fee income including the Bank Enterprise Award (“BEA”) funds. Read full press release

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

M&F Bancorp, Inc. Announces Second Quarter 2018 Earnings

DURHAM, N.C.— M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the second quarter of 2018 today.

James H. Sills, III, President and CEO of the Company, commented, “We had a very good second quarter. We experienced improvements in loan growth, deposit growth, fee income and positive earnings. Our overall strategies to improve loans outstanding and core earnings are starting to bear fruit. We continue to improve in all the operational areas of the Company, and our overall delinquency percentage remains steady around 1.00% as of June 30, 2018. During the second quarter, we had excellent loan diversity and sales activity. The commercial and retail teams have attracted 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 45 loans totaling $10.0 million and our loans outstanding increased from $159.0 million as of March 31, 2018 to $164.6 million as of June 30, 2018.  Read full press release

M&F Bancorp, Inc. Announces First Quarter 2018 Results

DURHAM, N.C.– M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the first quarter of 2018 today.  James H. Sills III, President and CEO of the Company, commented, “Aside from a $1.0 million charge-off on a nationally syndicated loan, which declared bankruptcy, 2018 has exceeded expectations. Loans grew by approximately $5.5 million or 3.55% to $159.0 million at March 31, 2018 from $153.6 million at December 31, 2017, while deposits grew $1.4 million or 0.59% to $231.8 million at March 31, 2018 from $230.4 million at December 31, 2017. Our service charge income increased by $31,000 or 8.99% during the first quarter compared to the comparable period of the prior year, while our noninterest expenses decreased by $102,000 or 4.09% over the same time horizon. Read full press release


M&F Bancorp, Inc. Announces Fourth Quarter 2017 Results

DURHAM, N.C.— M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the fourth quarter of 2017 today.

James H. Sills, III, President and CEO of the Company, commented, “The Company experienced improvements in asset quality, fee income and controlling non-interest expenses. In the fourth quarter, we did experience our best quarter of the year in terms of generating new loan growth, which helped off-set some pay downs that occurred at the end of the year. However, for the second time in our 110 year history, the Company realized a year-end loss.  For 2017 the loss totaled $2.6 million. During the fourth quarter, we had two events that impacted our profitability. First, we had a large shared national credit, which declared bankruptcy and resulted in a charge-off in the amount of $1.5 million and largely resulted in the provision for loan losses of $1.2 million. Second, the enactment of the new federal tax law, signed in late December 2017, negatively affected the net loss for the Company for the year. Many banks large and small were hit with this onetime charge that comes from revaluing net deferred tax assets as a result of a decrease in income tax rate to 21%. Beginning in 2018, income tax expense will be positively affected by the substantial reduction in the corporate tax rate. The Company will continue to focus on our strategic priorities with emphasis on increasing loan volume.”  Read full press release


M&F Bancorp, Inc. Announces Third Quarter 2017 Results

DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2017 today.

James H. Sills, III, President and CEO of the Company, commented, “We continue to improve in all the operational areas of the Company. During the third quarter, we received our fifth Bank Enterprise Award (BEA) from the U.S. Treasury in the amount of $227,000, which is a testament to our commitment to serve low/moderate income communities within our footprint. We continue to experience improvements in deposit growth, fee income and controlling non-interest expenses. During the third quarter, we had flat loan growth, and we had a large shared national credit that impacted our profitability and delinquency ratios, which we continue to monitor very aggressively. For the fourth quarter, we anticipate our loans outstanding to increase based on the current pipeline and the Company will continue to focus on our strategic priorities with emphasis on increasing loan volume.”  Read full press release


M&F Bancorp, Inc. Announces Second Quarter 2017 Earnings

FOR IMMEDIATE RELEASE – August 4, 2017

DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the second quarter of 2017 today.

James H. Sills, III, President, and CEO of the Company, commented, “We are focused on improving core earnings and expense containment. We continue to improve in all the operational areas of the Company. We have experienced improvements in deposit growth, fee income and controlling non-interest expenses. Our overall delinquency percentage remains steady in the 1.28% range as of June 30, 2017. During the second quarter, we had flat loan growth; however, we did close our first SBA loan with others in the pipeline, which will help to increase our loans outstanding.

Recently, we hired a new Chief Credit Officer and new commercial lender for our Charlotte market. These two staff additions along with increased sales activity will help attract new customers to the Company. For the remaining quarters in 2017, the Company intends to continue to make progress on our strategic priorities placing emphasis on increasing loan volume.”  Read full press release


M&F Bancorp, Inc. Announces First Quarter 2017 Net Income

DURHAM, N.C. (April 27, 2017) — M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the first quarter of 2017 today.  James H. Sills, III, President and CEO of the Company, commented, “2017 is the year to grow the loan portfolio and generate core earnings. We believe that the Bank is sound, healthy and continues to be well-capitalized. From an overall loan portfolio perspective, “the clean-up” of the balance sheet that occurred in the third and fourth quarters of 2016 has positioned us to be more in line with the peer group banks. At the end of the first quarter, we had reduced our delinquency percentage to 1.15% compared to 2.00% at December 31, 2016. In addition, we reduced our other real estate owned (“OREO”) balance from $367,000 at December 31, 2016 to $0 at March 31, 2017. During the first quarter of 2017, we had positive earnings versus a projected loss. Our loans outstanding increased from $150.3 million (including those held for sale) at December 31, 2016 to $156.2 million at March 31, 2017. We are focused on growing the loans outstanding with good quality loans and serving the communities where we are located. We are extremely focused on sales, loan growth and expense control to generate more core earnings.” Read full press release


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 entire Press Release


M&F Bancorp, Inc. Posts $2.3 Million Gain on Discounted TARP Redemption

DURHAM, N.C. (December 20, 2016— M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), has redeemed, at a discount, all of the shares of preferred stock sold in August 20, 2010 to the U.S. Department of the Treasury (“Treasury”).  The Company issued 11,735 shares of Series B Fixed Rate Cumulative Perpetual Preferred Stock to the Treasury under the Troubled Asset Relief Program (“TARP”) Community Development Capital Initiative.  The Company paid $9.4 million to redeem the preferred stock, including approximately $23 thousand of accrued and unpaid dividends.  The funds for the redemption came from existing financial resources of the Bank. Read entire Press Release


Shareholder Correspondence: November 4, 2016

Dear Fellow Shareholders:
We continue to make progress to improve M&F Bank’s asset quality to be more in line with our peer banks in North Carolina. Over the past two years…

Fri, Nov. 4, 2016 19:01:38 GMT
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M&F Bancorp Sees Third Quarter Loss, Cleaner Balance Sheet Going Forward

DURHAM, N.C.(November 4, 2016)– M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2016 today.

Fri, Nov. 4, 2016 19:01:38 GMT
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Annual Report 2016

 

M&F Bancorp, Inc.
2634 Durham Chapel Hill Blvd
Durham, NC 27707
(919) 687-7800
Investor Relations Contact
919-687-7800

 


 

Transfer Agent
American Stock Transfer & Trust Co.

59 Maiden Lane
Plaza Level
New York, NY 10038
(800) 937-5449

Annual Report 2016

 

M&F Bancorp, Inc.
2634 Durham Chapel Hill Blvd
Durham, NC 27707
(919) 687-7800
Investor Relations Contact
919-687-7800

 


 

Transfer Agent
American Stock Transfer & Trust Co.

59 Maiden Lane
Plaza Level
New York, NY 10038
(800) 937-5449

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