M&F Bank maintained its unbroken streak of turning an annual profit in 2015, but its net income nonetheless fell sharply.
The corporate parent of Durham-based M&F reported that its net income for the year totaled $110,000, or 5 cents per share, down from $810,000 or 40 cents per share, in 2014.
M&F Bank has been profitable every year since it opened its doors in 1908.
“During 2015, we experienced lower than expected loan growth, which resulted in lower than expected earnings for the year,” CEO James H. Sills III said in a statement.
Sills also noted that the bank significantly improved its asset quality by reducing its past due loans to $3.8 million, down from $12.6 million in 2014.
Net interest income totaled $9.9 million, down from $10.6 million. Noninterest income fell by 34 percent to $1.6 million.
M&F has seven branches in North Carolina.