M&F Bancorp, Inc. Announces Unaudited Financial Results for the First Quarter Ended March 31, 2016
May 12, 2016 at 11:01 am EDT
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M&F Bancorp Inc. announced unaudited financial results for the first quarter ended March 31, 2016. The company recorded a net loss for the three months ended March 31, 2016 of $81,000 compared to a net loss $169,000 for three months ended March 31, 2015, an improvement of $88,000. Net loss available to common shareholders for the three months ended March 31, 2016 was $140,000 compared to a net loss of $228,000 during the comparable period of 2015, an improvement of $88,000. Diluted loss per common share increased $0.04 to $0.07 for the three months ended March 31, 2016 compared to $0.11 during the comparable period of 2015. The company produced net interest income of $2.3 million for the three months ended March 31, 2016, which was down from the $2.4 million generated same period of 2015. Interest income decreased $105,000 or 4.08% to $2.5 million for the three months ended March 31, 2016 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.