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

Mar 9, 2020

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

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