M&F Bancorp, Inc. Announces
Second Quarter 2019 Results

March 9, 2020

M&F Bancorp, Inc. Announces Second Quarter 2019 Results

DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited consolidated financial results for the second quarter of 2019 today.

James H. Sills III, President and CEO of the Company, commented, “We continue to make progress to improve the overall earnings profile of the Company. This is the fourth consecutive quarter of positive earnings. Overall, we had positive increases in asset, loan and deposit growth. We now have a loan portfolio with a 74% loans-to-deposit ratio vs 71% from one year ago, which is contributing to increased earnings for the Company. Total assets increased $5.3 million as of June 30, 2019 compared to December 31, 2018. We are experiencing some headwinds in loan growth. Loans grew slightly by approximately $639,000 or 0.37% to $175.1 million at June 30, 2019 from $174.4 million as of December 31, 2018. Deposits increased $2.8 million to $235.8 million as of June 30, 2019 from $233.0 million as of December 31, 2018. Increases in total deposits were primarily attributable to growth in core deposit accounts, partially offset with fluctuations in wholesale funding.
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