8-K

United States

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 18, 2014

M&F BANCORP, INC.

(Exact Name of Registrant as specified in its charter)

North Carolina	000-27307	56-1980549
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

2634 Durham-Chapel Hill Boulevard, Durham, North Carolina 27707

(Address of principal executive offices)

Registrant’s telephone number, including area code (919) 683-1521

Not Applicable

(Former address of principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02– RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 18, 2014, M&F Bancorp, Inc. issued a press release announcing its financial results for the year ended December 31, 2013. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

Pursuant to General Instruction B.2 of the Current Report on Form 8-K, the information in this Current Report on Form 8-K, including the press release appearing in Exhibit 99.1, is furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Furthermore, the information in this Current Report on Form 8-K, including the press release appearing in Exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, as amended.

ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

The following exhibits are filed herewith:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated March 18, 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

M&F BANCORP, INC.
	By:	/s/ Kim D. Saunders
		Kim D. Saunders
		President and Chief Executive Officer

Dated: March 18, 2014 

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Press Release dated March 18, 2014.

EX-99.1

 

FOR IMMEDIATE RELEASE – March 18, 2014	Exhibit 99.1
	Contact:
	Randall C. Hall, SVP/CFO
	919.313.3600
	randall.hall@mfbonline.com

M&F Bancorp, Inc. Announces December 31, 2013 Results

DURHAM, N.C.--

M&F Bancorp, Inc. (OTCBB: MFBP), a bank holding company headquartered in Durham, NC, today reported 2013 results with highlights as follows:

· M&F Bank, the subsidiary of M&F Bancorp, Inc., continued to maintain “Well Capitalized” status, the highest regulatory capital measure. Capital ratios at December 31, 2013 for M&F Bank were 10.69% for Tier 1 leverage, 15.51% for Tier 1 risk-based, and 16.77% for total risk based.

· Net income was $363 thousand for the twelve months ended December 31, 2013 compared to $341 thousand for the twelve months ended December 31, 2012.

· Net income available to common shareholders was $126 thousand and $104 thousand for the twelve months ended December 31, 2013 and 2012, respectively.

· Diluted net income per common share was $0.06 for the twelve months ended December 31, 2013 compared to net income per common share of $0.05 for the twelve months ended December 31, 2012.

· Net interest margin, computed on a fully tax equivalent basis, increased 5 basis points to 3.83% for the twelve months ended December 31, 2013 over the same period in 2012.

· Non-interest expense decreased primarily as a result of decreases in salaries and benefits, information technology, FDIC insurance premiums, other real estate owned expenses and delivery expenses, partially offset by increases professional fees for the twelve months ended December 31, 2013.

· Loans grew by $14.3 million or 8.13% over December 31, 2012 to $189.5 million at December 31, 2013.

· Non-accrual loans decreased by $2.0 million during the twelve months ended December 31, 2013 to $6.7 million.

· Deposits increased $9.0 million or 3.61% over December 31, 2012 to $259.9 million at December 31, 2013.

· Total assets increased $5.4 million or 1.82% over December 31, 2012 to $301.5 million at December 31, 2013.

“Our organization achieved much success during 2013. Loans increased $14.3 million or 8.13% during the year to $189.5 million at December 31, 2013, while non-accrual loans decreased from $8.7 million at December 31, 2012 to $6.7 million at December 31, 2013. This could not have happened without the dedication of our seasoned lenders, who not only have worked tirelessly with our borrowers, who have suffered from the effects of the prolonged economic downturn, but also sought new opportunities for lending and building communities. During the fourth quarter of 2013, M&F Bank received a Bank Enterprise Award from the U.S. Treasury of $323 thousand, which reflects the M&F Bank’s dedication to financing and supporting community and economic development activities in economically distressed areas. We are honored to have received this recognition and financial support,” stated Kim D. Saunders, President & CEO.

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of M&F Bancorp, Inc. (the “Company”) and M&F Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and M&F Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Neither the Company nor M&F Bank undertakes an obligation to update any forward-looking statements. Additional information is detailed in the Company's filings with the Securities and Exchange Commission, and is available at www.sec.gov.

Source: M&F Bancorp, Inc.