M&F Bancorp, Inc. Announces Third Quarter 2024 Results and $500 Million Milestone

DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2024 and a quarterly cash common dividend of $0.05 per share.

Third Quarter 2024 Highlights

• Net income available to common stockholders totaled $928,000 and $1.4 million for the three months ended September 30, 2024, and 2023, respectively, down 32.11%; net income available to common stockholders totaled $2.8 million and $4.4 million for the nine months ended September 30, 2024 and 2023, respectively, down 36.86%.
• Basic and diluted earnings per common share of $0.47 and $0.46, respectively, for the three months ended September 30, 2024, down from $0.69 and $0.68, respectively, for the same period in 2023; basic and diluted earnings per common share of $1.41 and $1.40, respectively, for the nine months ended September 30, 2024, down from $2.23 and $2.20, respectively, for the same period in 2023.
• Return on average common stockholders’ equity of 12.14% for the three months ended September 30, 2024, compared with 22.40% for the same period in 2023.
• Period end loans of $283.2 million, up 5.25% from December 31, 2023.
• Provision for (reversal of) credit losses totaled $(16,000) and $356,000 for the three months ended September 30, 2024 and 2023, respectively; provision for credit losses totaled $274,000 and $426,000 for the nine months ended September 30, 2024 and 2023, respectively.
• Period end deposits of $375.1 million, up 16.86% from December 31, 2023.
• Period end assets of $512.4 million, up 13.06% from December 31, 2023.