M&F Bancorp, Inc. Announces
First Quarter 2018 Results

March 9, 2020

M&F Bancorp, Inc. Announces First Quarter 2018 Results

DURHAM, N.C.– M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the first quarter of 2018 today.  James H. Sills III, President and CEO of the Company, commented, “Aside from a $1.0 million charge-off on a nationally syndicated loan, which declared bankruptcy, 2018 has exceeded expectations. Loans grew by approximately $5.5 million or 3.55% to $159.0 million at March 31, 2018 from $153.6 million at December 31, 2017, while deposits grew $1.4 million or 0.59% to $231.8 million at March 31, 2018 from $230.4 million at December 31, 2017. Our service charge income increased by $31,000 or 8.99% during the first quarter compared to the comparable period of the prior year, while our non interest expenses decreased by $102,000 or 4.09% over the same time horizon. Read full press release