M&F Bancorp Sees Third Quarter Loss, Cleaner Balance Sheet Going Forward
DURHAM, N.C.(November 4, 2016)– M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2016 today.
James H. Sills III, President, and CEO of the Company, commented, “Over the past 24 months, we have committed to improving our asset quality ratios to be more in line with our peer banks in North Carolina. On September 30, 2014, our delinquency ratio was over 8.00% for our entire loan portfolio. In the most recent quarter, the Bank decreased its overall delinquency percentage to 2.75% as of September 30, 2016. The Company’s improvement in this metric has been profound with a reduction of over 65.00% for this very important ratio. Given this direction, the third quarter was the right time for us to sell $10.5 million in loans, which were not originated by the Company, but assumed during a 2008 Bank acquisition. The high operating costs of servicing those loans, and the delinquency rates associated with them, have had a negative impact on our overall performance. Read entire press release