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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 10-QSB/A
AMENDMENT NO. 1
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
Commission File Number 0-27307
M&F BANCORP, INC.
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(Name of small business issuer in its charter)
NORTH CAROLINA 56-1980549
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(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
2634 CHAPEL HILL BLVD., P.O. BOX 1932, DURHAM, NORTH CAROLINA 27702
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(Address of principal executive offices)
(919) 683-1521
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(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
State the number of shares outstanding of each of the issuer's class of common
equity, as of the latest practicable date:
COMMON STOCK NO PAR VALUE 569,200
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Outstanding at September 30, 1999
Note: This amendment is to correct a typographical error on the Registrant's
Consolidated Condensed Statement of Income on page 5 for the entry of
non-interest income.
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M&F BANCORP, INC.
CONSOLIDATED CONDENSED STATEMENT OF INCOME
(unaudited)
(in thousands, except per share data)
Quarter Ending: September 30, 1999 September 30, 1998
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Interest Income:
Interest on Loans $2,197 $2,178
Securities:
Taxable 380 329
Tax exempt 128 66
Federal Funds Sold 17 11
Other Interest 28 4
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Total Interest Income $2,750 $2,588
Interest Expense:
Interest-bearing Demand 31 46
Savings 254 258
Time Deposits 487 494
Interest on Federal Funds & Borrowings 118 26
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Total Interest Expense $ 890 $ 824
Net Interest Income 1,860 1,764
Provision for Loan Losses 12 118
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Net Interest Income After Provision for Loan Losses 1,848 1,646
Non-interest Income 415 365
Non-interest Expense 1,617 1,595
Income before Taxes 646 416
Income Tax Expense 188 185
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Net Income $ 458 $ 231
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Earnings per share common equivalent shares:
Basic $ .80 $ .41
Diluted $ .80 $ .41
Weighted average shares outstanding:
Basic 569 569
Diluted 569 569
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to signed on its behalf by the undersigned, thereunto duly
authorized.
M&F Bancorp, Inc.
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(Registrant)
Date: December 22, 1999 By: /s/ J. W. Taylor
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J. W. Taylor
Chairman, President/CEO
Date: December 22, 1999 By: /s/ Lee Johnson, Jr.
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Lee Johnson, Jr.
Vice President