M&F Bancorp has reported a net income of $0.93 million for the year ended December 31, 2007, a decline as compared to the 2006 net income of $1.79 million.
Net interest income, after credits for loan losses, decreased by $0.7 million or 7.1%, to $9.12 million on a year-over-year basis compared to 2006.
Total assets decreased by $46 million to $222 million as of December 31, 2007, from $268 million as of December 31, 2006. Net loans decreased to $144 million at the year end 2007 from $159 million in 2006.
According to the company, the decrease is largely attributable to management’s focus on repositioning the balance sheet by exiting the market for high-rate internet deposits.