M&F Bancorp Inc. announced unaudited financial results for the third quarter and nine months ended September 30, 2014. The company recorded quarterly net income for the third quarter of 2014 of $228,000 compared to net income of $155,000 for the third quarter of 2013, an increase of $73,000. Net income available to common shareholders for the third quarter of 2014 was $169,000 compared to net income available to common shareholders of $96,000 for the third quarter of 2013, an increase of $73,000. Diluted income per common share increased $0.03 to $0.08 for the third quarter of 2014 compared to diluted net income per common share of $0.05 in the third quarter of 2013. The company produced net interest income of $2.7 million during the three months ended September 30, 2014, which was relatively flat with the $2.7 million generated for the same period of 2013.

The company recorded net income for the nine months ended September 30, 2014 of $1,013,000 compared to net income of $158,000 for the same period of 2013, an increase of $855,000. Net income available to common shareholders for the nine months ended September 30, 2014 was $836,000 compared to a net loss available to common shareholders of $19,000 for the same period of 2013, an increase of $855,000. Diluted income per common share increased $0.42 to $0.41 for the nine months ended September 30, 2014 compared to diluted loss per common share of $0.01 in the same period of 2013. The company produced net interest income of $7.9 million during the nine months ended September 30, 2014, which was $278,000 higher than the $7.7 million generated for the same time of 2013. The increase was primarily caused by higher interest income, which increased $218,000 or approximately 2.65% to $8.4 million for the nine months ended September 30, 2014 as compared to the same period of the prior year.