M&F Bancorp Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
November 12, 2015 at 06:36 pm
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M&F Bancorp Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net income of $276,000 compared to $228,000 for the third quarter of 2014, an increase of $48,000. Net income available to common shareholders was $217,000 compared to $169,000 for the third quarter of 2014, an increase of $48,000. Diluted income per common share increased $0.03 to $0.11 the third quarter of 2015 compared to $0.08 in the third quarter of 2014. The company produced net interest income of $2.6 million which was down slightly from the $2.7 million generated for the same period of 2014.
For the nine months, the company reported net income of $425,000 compared to $1,013,000 for the same period of 2014, a decrease of $588,000. Net income available to common shareholders was $248,000 compared to $836,000 for the same period of 2014, a decrease of $588,000. Diluted income per common share decreased $0.29 to $0.12 compared to $0.41 in the same period of 2014. The company produced net interest income of $7.5 million, which was $455,000 lower than the $7.9 million generated for the same time in 2014. The decrease was primarily caused by lower interest income, which decreased $455,000 or approximately 5.4% to $8.0 million as compared to the same period of the prior year. Net income of $245,000, partially offset by preferred dividends and accretion of $177,000, also contributed to the overall increase in stockholders' equity.
M&F Bancorp, Inc. is a bank holding company for M&F Bank (the Bank). The Company operates through a single business segment and offers a variety of consumer and commercial banking services and products in North Carolina. The Bank is a state-chartered commercial bank. The Bank provides Personal Banking, Business Banking and Digital Banking products and services. The Bank offerings includes checking accounts, savings accounts and certificate of deposits, health savings account (HAS) accounts, credit cards, home equity, personal loans, auto loans, uChoose rewards, card valet, automatic teller machine (ATM) access, retirement calculator, auto loan calculator, personal loan calculator, commercial checking, commercial savings, business loans, Small Business Administration (SBA) loans, business credit card and treasury management services. The Bank has seven branches in North Carolina, two in Durham, two in Raleigh, and one each in Charlotte, Greensboro and Winston-Salem.