M&F Bancorp Inc. Announces Unaudited Financial Results for the Third Quarter and Nine Months Ended September 30, 2014
November 14, 2014 at 04:02 pm
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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.
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.