M&F Bancorp, Inc. Announces Fourth Quarter 2024 Results and Quarterly Cash Dividend

DURHAM, N.C., February 7, 2025 – 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 2024 and a quarterly cash common dividend of $0.06 per share.

Fourth Quarter 2024 Highlights

• Net income available to common stockholders totaled $841,000 and $1.0 million for the three months ended December 31, 2024 and
  2023, respectively, down 18.98%; net income available to common stockholders totaled $3.6 million and $5.5 million for the years
  ended December 31, 2024 and 2023, respectively, down 33.46%.
• Basic and diluted earnings per common share of $0.42 for the three months ended December 31, 2024, down from $0.52 for the same
  period in 2023; basic and diluted earnings per common share of $1.83 and $1.81, respectively, for the year ended December 31, 2024,
  down from $2.75 and $2.72, respectively, for the same period in 2023.
• Return on average common stockholders’ equity of 10.57% for the three months ended December 31, 2024, compared with 17.23% for
  the same period in 2023.
• Period end loans of $284.0 million, up 5.55% from December 31, 2023.
• Reversal of credit losses totaled $26,000 and $46,000 for the three months ended December 31, 2024 and 2023, respectively; provision
  for (reversal of) credit losses totaled $(199,000) and $98,000 for the years ended December 31, 2024 and 2023, respectively.
• Period end deposits of $390.8 million, up 21.75% from December 31, 2023.
• Period end assets of $525.0 million, up 15.83% from December 31, 2023.