M&F Bancorp Inc. Reports Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2015
August 13, 2015 at 04:16 pm EDT
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M&F Bancorp Inc. reported unaudited financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company's net income was $318,000 compared to $507,000 for the second quarter of 2014, a decrease of $189,000. Net income available to common shareholders for the second quarter of 2015 was $259,000 compared to $448,000 for the second quarter of 2014, a decrease of $189,000. Diluted income per common share decreased $0.09 to $0.13 for the second quarter of 2015 compared to $0.22 in the second quarter of 2014. The Company produced net interest income of $2.5 million during the three months ended June 30, 2015, which was down slightly from the $2.6 million generated for the same period of 2014. Interest income decreased $112,000 or 4.31% to $2.7 million for the three months ended June 30, 2015 as compared to the same period of the prior year. Interest expense remained flat at $164,000 for the three months ended June 30, 2015 and 2014.
For the six months, the company's net income was $149,000 compared to $784,000 for the same period of 2014, a decrease of $635,000. Net income available to common shareholders for the six months ended June 30, 2015 was $32,000 compared to $667,000 for the same period of 2014, a decrease of $635,000. Diluted income per common share decreased $0.31 to $0.02 for the six months ended June 30, 2015 compared to $0.33 in the same period of 2014. The Company produced net interest income of $4.9 million during the six months ended June 30, 2015, which was $373,000 lower than the $5.3 million generated for the same time of 2014. The decrease was primarily caused by lower interest income, which decreased $375,000 or approximately 6.69% to $5.2 million for the six months ended June 30, 2015 as compared to the same period of the prior year. Interest expense decreased slightly to $337,000 for the six months ended June 30, 2015 compared to $339,000 for the same period in 2014.
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.