M&F Bancorp, Inc. Announces Fourth Quarter and Annual 2019 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced consolidated financial results for the fourth quarter (unaudited) and full year ended December 31, 2019 today.
James H. Sills III, President, and CEO of the Company commented, “2019 was the best year of performance for M&F Bancorp, Inc., (the “Company”) and M&F Bank (the “Bank”) in many years. Consolidated earnings for 2019 topped $1.0 million, and the Company paid its first common stock dividend since 2014. We were successful in executing our strategic plan to provide access to capital to small and medium businesses, and we achieved excellent loan diversity in our markets.
Additionally, we launched a new money service business product offering to generate additional fee income for the Company. During 2019, we continued to make positive progress in all areas of the Company. Overall, we experienced positive increases in assets, loans, deposits and fee income. The Company’s delinquency rate was 0.76%, which was the lowest level in more than 10 years. The Company’s Tier 1 Leverage Capital ratio was 8.43%, and Total Risk Based Capital ratio was 12.50%. We believe that the Company is sound, healthy and continues to improve its results.”
The Company recorded net income for the fourth quarter of 2019 of $378,000 as compared to $128,000 for the comparable quarter of 2018. Diluted income per common share was $0.19 and $0.06 for the fourth quarter of 2019 and 2018, respectively.
The Company recorded net income for the year ended December 31, 2019 of $1.0 million as compared to $466,000 for the same period of 2018. Diluted income per common share was $0.50 and $0.23 for the year ended December 31, 2019 and 2018, respectively.
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