M&F Bancorp, Inc. Announces Third Quarter 2019 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited consolidated financial results for the third quarter of 2019 today.
James H. Sills III, President and CEO of the Company, commented, “This is the sixth consecutive quarter of positive earnings and overall performance is directionally consistent. More specifically, three key metrics – our return on assets, return on equity and efficiency ratio have improved this quarter based on improved earnings for the Company. Loans increased slightly by approximately $811,000 or 0.46% to $175.3 million at September 30, 2019 from $174.4 million as of December 31, 2018. Deposits increased $7.3 million to $240.3 million as of September 30, 2019 from $233.0 million as of December 31, 2018. The Company’s delinquency ratio was .66%, and asset quality metrics continue to be better than the peer group. We continue to execute our strategic plan to provide access to capital for small and medium size businesses in all the markets served. The Company will continue to focus on strategic priorities with emphasis on increasing loan volume and fee income to increase profitability for the remainder of the year.” Read full press release