The parent company of M&F Bank, M&F Bancorp Inc (OTCMKTS:MFBP), was in the news cycle this past Friday after it announced its financial results for the first fiscal quarter of 2022. It should be noted that the results had not been audited.
That being said, it could be a good move for investors to take a look into some of the highlights. The net income for the company in the period ended on December 31, 2022 stood at $1.6 million, which reflected a rise of as much as 114.93% from the net income it generated in the prior year quarter.
On the other hand, the earnings for each basic and diluted share stood at $0.81 and $0.82 respectively, which was considerably higher than the earnings of $0.44 and $0.43 in the prior year quarter.
The return on average equity of shareholders was 33.84% and that was again a significant improvement on the 12.21% that had been recorded in the prior year period. It is now going to be interesting to see if the stock comes into focus among investors or not over the course of this week after this strong performance in the first fiscal quarter.