M&F Bancorp, Inc. Announces Profitable 2018 Results

Mar 9, 2020

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

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