KOSCIUSKO, Miss., July 19 /PRNewswire-FirstCall/ -- First M&F Corp. reported today a net profit for the quarter ended June 30, 2010 of $1.272 million. Net income for the quarter allocated to common shareholders was $.826 million, or $.09 basic and diluted earnings per share, compared to the first quarter of 2010 earnings of $.413 million, or $.05 basic and diluted earnings per share and a loss of $5.498 million, or $(.61) basic and diluted earnings per share for the second quarter of 2009
Hugh Potts, Jr., Chairman and CEO commented, "The arduous course of the last two and one half years shows signs of incremental progress and some abatement of old and new credit issues. While there remains stress upon borrowers, which causes challenges to M&F as a company, the progress in numbers is encouraging both by comparison and trend."
Net Interest Income
Reported net interest income was up by 5.62% compared to the second quarter of 2009, with the net interest margin increasing to 3.40% on a tax equivalent basis in the second quarter of 2010 as compared to 3.16% in the second quarter of 2009. The significant contributor to the increase in net interest income year over year was the improvement in spreads, primarily due to lower cost of funds followed by a trend downward in new nonaccrual loans. The net interest margin for the first quarter of 2010 was 3.16% as compared to 3.28% for the fourth quarter of 2009 and 3.40% for the third quarter of 2009. Loan yields increased to 6.06% in the second quarter of 2010 from 5.70% in the second quarter of 2009, affected positively by fewer new nonaccrual loans. Loan yields increased from the first quarter of 2010 to the second quarter as well. Average loans, including loans held for sale, were $1.045 billion for the second quarter of 2010 as compared to $1.068 billion for the first quarter of 2010 and $1.138 billion during the second quarter of 2009. Loans decreased by $4.3 million in the second quarter of 2010 and fell by $15.9 million in the first quarter. Mr. Potts stated, "The trends of interest lost to non-accrual, delinquencies and new problem credits are all improving. The credit cycle has not yet run its course, but clearly we are well advanced. The halting, tepid recovery adds to the challenges of credit remediation and growth in new business."
Deposit costs decreased in the second quarter of 2010 from the first quarter of 2010 and from the second quarter of 2009, in response to the continuing low rate environment. Deposit costs were 1.75% in the second quarter of 2010 as compared to 2.19% in the second quarter of 2009. Deposits fell by $30.2 million during the second quarter of 2010 but have grown $34.3 million since the second quarter of 2009. Management plans to continue to focus on core deposit growth for 2010 to encourage relationship-driven deposits as a stable source of low cost funding.
Loans as a percentage of assets were 66.19% at June 30, 2010 as compared to 68.16% at June 30, 2009 and 63.64% at December 31, 2009. Loans fell by 6.29% since the second quarter of 2009 while deposits grew by 2.62%.
Non-interest Income
Non-interest income, excluding securities transactions and impairment of investments, for the second quarter of 2010 fell by 9.28% compared to the second quarter of 2009, with deposit-related income down 8.75%. Insurance agency commissions were down by 2.30%.
A major part of non-interest income is from deposit sources. Although down overall, deposit revenues continue to be supported by debit card fee income, which was flat in the second quarter of 2010 compared to the second quarter of 2009, while overdraft fee income decreased by 11.81%.
Non-interest Expenses
Non-interest expenses were down by 15.64% in the second quarter of 2010 as compared to the second quarter of 2009 largely due to lower foreclosed property expenses and cost-savings initiatives put in place in late 2009 and early 2010, including the closure of seven branch locations. As part of the expense initiatives, salaries and benefits expenses fell by 5.55% quarter over quarter.
Credit Quality
Annualized net loan charge-offs as a percent of average loans for the second quarter of 2010 were 2.01% as compared to 6.87% for the same period in 2009. Net charge-offs totaled $5.194 million for the quarter versus $19.378 million a year ago and $5.179 million in the first quarter of 2010. Non-accrual and 90-day past due loans as a percent of total loans were 3.58% at the end of the second quarter of 2010 as compared to 7.19% at the end of the 2009 quarter. The allowance for loan losses as a percentage of loans was 1.76% at June 30, 2010 as compared to 2.83% at June 30, 2009. The provision for loan losses fell to $2.380 million in the second quarter of 2010 from $9.195 million in the second quarter of 2009 as the pace of loan impairments trended downward. Mr. Potts commented, "Non-accrual loans have fallen to $35.6 million from $44.5 million at year end and $74.4 million a year ago. Year-to-date 2010 losses have fallen to $10.4 million from $22.6 million in 2009 and year-to-date provision expense has fallen to $4.7 million from $29.0 million a year ago." Commenting further, Mr. Potts said, "There is a clear distinction between substantive progress in a credit cycle and normal credit trends in linked quarters. There is a distinction between unsubstantiated optimism and clearing indices. We are grateful for every encouraging trend and committed to a continuation of improved performance and increasing shareholder value."
Balance Sheet
Total assets at June 30, 2010 were $1.568 billion as compared to $1.663 billion at the end of 2009 and $1.625 billion at June 30, 2009. Total loans were $1.038 billion compared to $1.058 billion at the end of 2009 and $1.108 billion at June 30, 2009. Deposits were $1.344 billion compared to $1.388 billion at the end of 2009 and $1.310 billion at June 30, 2009. Total capital was $107.7 million or $8.68 in book value per common share at June 30, 2010. Mr. Potts further added, "M&F is building capital in modest proportions. The margin for error or misstep is slight. The difficulties facing us are not vanquished." In closing Mr. Potts said, "There is a renewing sense of accomplishment, optimism and quiet, confident focus among the M&F Family as we strive to finish the cleanup and build momentum. The building of value is real; we trust it will be rewarded sooner rather than later."
About First M&F Corporation
First M&F Corp., the parent of M&F Bank, is committed to proceed with its mission of making the mid-south better through the delivery of excellence in financial services to 33 communities in Mississippi, Alabama, Tennessee and Florida.
Caution Concerning ForwardLooking Statements
This document includes certain "forwardlooking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in First M&F Corporation's filings with the Securities and Exchange Commission.
First M&F Corporation Condensed Consolidated Statements of Condition (Unaudited) (In thousands, except share data) December June 30 31 June 30 2010 2009 2009 ---- ---- ---- Cash and due from banks 34,213 42,446 42,128 Interest bearing bank balances 53,449 84,810 6,108 Federal funds sold 31,000 70,000 16,700 Securities available for sale (cost of $275,867, $280,470 and $326,902) 282,508 284,550 330,925 Loans held for sale 4,484 10,266 4,897 Loans 1,038,115 1,058,340 1,107,741 Allowance for loan losses 18,301 24,014 31,323 ------ ------ ------ Net loans 1,019,814 1,034,326 1,076,418 Bank premises and equipment 41,659 42,919 44,215 Accrued interest receivable 6,572 7,598 8,639 Other real estate 31,231 23,578 22,575 Goodwill 0 0 16,772 Other intangible assets 5,226 5,439 5,653 Other assets 58,234 57,036 50,293 ------ ------ ------ Total assets 1,568,390 1,662,968 1,625,323 Non-interest bearing deposits 227,825 228,579 181,163 Interest bearing deposits 1,115,986 1,159,684 1,128,384 --------- --------- --------- Total deposits 1,343,811 1,388,263 1,309,547 Federal funds and repurchase agreements 17,045 8,642 6,780 Other borrowings 58,874 122,510 135,975 Junior subordinated debt 30,928 30,928 30,928 Accrued interest payable 1,831 2,933 3,007 Other liabilities 8,194 5,062 6,429 ----- ----- ----- Total liabilities 1,460,683 1,558,338 1,492,666 Preferred stock, 30,000 shares issued and outstanding 28,964 28,838 28,717 Common stock, 9,069,346, 9,069,346 and 9,069,346 shares issued & outstanding 45,347 45,347 48,544 Additional paid-in capital 31,932 31,926 28,721 Nonvested restricted stock awards 743 734 747 Retained earnings (1,529) (2,595) 25,906 Accumulated other comprehensive income 2,249 379 21 ----- --- --- Total First M&F Corp equity 107,706 104,629 132,656 Noncontrolling interests in subsidiaries 1 1 1 Total equity 107,707 104,630 132,657 ------- ------- ------- Total liabilities & equity 1,568,390 1,662,968 1,625,323 First M&F Corporation and Subsidiary Condensed Consolidated Statements of Income (Unaudited) (In thousands, except share data) Three Months Ended June 30 Six Months Ended June 30 2010 2009 2010 2009 ---- ---- ---- ---- Interest and fees on loans 15,687 16,076 31,075 33,349 Interest on loans held for sale 46 37 124 116 Taxable investments 2,032 2,495 4,077 4,811 Tax exempt investments 392 536 822 1,098 Federal funds sold 24 14 50 39 Interest bearing bank balances 41 2 86 8 --- --- --- --- Total interest income 18,222 19,160 36,234 39,421 Interest on deposits 4,971 6,106 10,161 12,491 Interest on fed funds and repurchase agreements 15 24 34 57 Interest on other borrowings 846 1,272 1,912 2,775 Interest on subordinated debt 492 493 988 989 --- --- --- --- Total interest expense 6,324 7,895 13,095 16,312 Net interest income 11,898 11,265 23,139 23,109 Provision for possible loan losses 2,380 9,195 4,660 29,035 ----- ----- ----- ------ Net interest income (expense) after loan loss 9,518 2,070 18,479 (5,926) Service charges on deposits 2,566 2,812 5,046 5,334 Mortgage banking income 469 592 812 960 Agency commission income 935 957 1,833 1,928 Fiduciary and brokerage income 144 136 265 252 Other income 558 653 1,517 1,864 Other-than-temporary impairment on securities, net of $0, (164) (175) (366) (175) $218, $154 and $218 charged to other comprehensive income Gains on AFS securities 708 1 1,712 1 --- --- ----- --- Total noninterest income 5,216 4,976 10,819 10,164 Salaries and employee benefits6,893 7,298 13,718 14,460 Net occupancy expense 977 1,066 1,946 2,174 Equipment expenses 658 734 1,309 1,489 Software and processing expenses 417 467 819 993 FDIC insurance assessments 839 1,339 1,685 1,815 Foreclosed property expenses 419 1,526 875 2,282 Goodwill impairment - - - 15,800 Intangible asset amortization and impairment 106 105 213 1,474 Other expenses 3,033 3,280 6,186 6,369 ----- ----- ----- ----- Total noninterest expense 13,342 15,815 26,751 46,856 Net income (loss) before taxes 1,392 (8,769) 2,547 (42,618) Income tax expense (benefit) 120 (3,660) 421 (10,252) --- ------ --- ------- Net income (loss) 1,272 (5,109) 2,126 (32,366) Net income (loss) attributable to noncontrolling interests 0 2 1 (14) --- --- --- --- Net income (loss) attributable to First M&F Corp 1,272 (5,111) 2,125 (32,352) ===== ====== ===== ======= Earnings Per Common Share Calculations: Net income (loss) attributable to First M&F Corp 1,272 (5,111) 2,125 (32,352) Dividends and accretion on preferred stock 439 439 876 593 --- --- --- --- Net income (loss) applicable to common stock 833 (5,550) 1,249 (32,945) Earnings (loss) attributable to participating securities 7 (52) 10 (358) Net income (loss) allocated to common shareholders 826 (5,498) 1,239 (32,587) === ====== ===== ======= Weighted average shares ( basic) 9,069,346 9,065,390 9,069,346 9,064,374 Weighted average shares (diluted) 9,069,346 9,065,390 9,069,346 9,064,374 Basic earnings (loss) per share $0.09 ($0.61) $0.14 ($3.60) Diluted earnings (loss) per share $0.09 ($0.61) $0.14 ($3.60) ===== ====== ===== ====== First M&F Corporation Financial Highlights YTD Ended YTD Ended YTD Ended YTD Ended December December June 30 31 June 30 31 2010 2009 2009 2008 ---- ---- ---- ---- Performance Ratios: Return on assets (annualized) 0.26% -3.63% -4.01% 0.03% Return on equity (annualized) (a) 4.06% -42.97% -45.28% 0.37% Return on common equity (annualized) (a) 3.29% -53.73% -54.23% 0.37% Efficiency ratio 77.42% 89.87% 86.92% 72.77% Net interest margin (annualized, tax- equivalent) 3.28% 3.29% 3.25% 3.67% Net charge-offs to average loans (annualized) 2.00% 4.50% 3.97% 0.75% Nonaccrual loans to total loans 3.41% 4.17% 6.69% 1.74% 90 day accruing loans to total loans 0.17% 0.23% 0.50% 0.48% QTD Ended QTD Ended QTD Ended QTD Ended December September June 30 March 31 31 30 2010 2010 2009 2009 ---- ---- ---- ---- Per Common Share (diluted): Net income (loss) 0.09 0.05 (3.03) (0.06) Cash dividends paid 0.01 0.01 0.01 0.01 Book value 8.68 8.37 8.36 11.57 Closing stock price 3.86 3.15 2.21 3.75 Loan Portfolio Composition: (in thousands) Commercial, financial and agricultural 130,657 123,476 120,415 124,836 Non-residential real estate 615,571 626,025 643,804 677,777 Residential real estate 196,547 195,862 195,361 197,760 Home equity loans 41,254 43,043 44,560 44,250 Consumer loans 44,998 44,788 44,586 44,318 Other loans 9,088 9,235 9,614 10,167 ----- ----- ----- ------ Total loans 1,038,115 1,042,429 1,058,340 1,099,108 Deposit Composition: (in thousands) Noninterest-bearing deposits 227,825 217,683 228,579 196,999 NOW deposits 312,828 331,066 309,545 294,303 MMDA deposits 145,798 141,203 161,570 155,858 Savings deposits 114,426 113,367 112,764 112,370 Core certificates of deposit under $100,000 278,177 289,525 290,602 283,531 Core certificates of deposit $100,000 and over 245,182 262,335 266,131 297,347 Brokered certificates of deposit under $100,000 5,322 6,033 7,284 7,028 Brokered certificates of deposit $100,000 and over 14,253 12,786 11,788 9,381 ------ ------ ------ ----- Total deposits 1,343,811 1,373,998 1,388,263 1,356,817 Nonperforming Assets: (in thousands) Nonaccrual loans 35,603 42,148 44,549 69,019 Other real estate 31,231 31,460 23,578 28,114 Investment securities 660 795 825 610 --- --- --- --- Total nonperforming assets 67,494 74,403 68,952 97,743 Accruing loans past due 90 days or more 1,799 2,092 2,479 6,351 Restructured loans (accruing) 15,374 6,759 4,620 3,664 Total nonaccrual loan to loans 3.41% 4.01% 4.17% 6.24% Total nonperforming credit assets to loans and ORE 6.22% 6.80% 6.24% 8.57% Total nonperforming assets to assets ratio 4.30% 4.58% 4.15% 5.83% Allowance For Loan Loss Activity: (in thousands) Beginning balance 21,115 24,014 32,695 31,323 Provision for loan loss 2,380 2,280 15,761 4,805 Charge-offs (5,706) (5,928) (24,556) (3,597) Recoveries 512 749 114 164 --- --- --- --- Ending balance 18,301 21,115 24,014 32,695 First M&F Corporation Financial Highlights QTD Ended QTD Ended QTD Ended QTD Ended December September June 30 March 31 31 30 2010 2010 2009 2009 ---- ---- ---- ---- Condensed Income Statements: (in thousands) Interest income 18,222 18,012 19,486 19,926 Interest expense 6,324 6,771 7,299 7,628 ----- ----- ----- ----- Net interest income 11,898 11,241 12,187 12,298 Provision for loan losses 2,380 2,280 15,761 4,805 Noninterest revenues 5,216 5,603 4,425 5,381 Noninterest expenses 13,342 13,409 34,876 14,140 ------ ------ ------ ------ Net income (loss) before taxes 1,392 1,155 (34,025) (1,266) Income tax expense (benefit) 120 301 (6,715) (1,137) Noncontrolling interest 0 1 1 7 --- --- --- --- Net income (loss) 1,272 853 (27,311) (136) Preferred dividends 439 437 436 435 --- --- --- --- Net income (loss) applicable to common stock 833 416 (27,747) (571) Earnings (loss) attributable to participating securities 7 3 (259) 9 --- --- ---- --- Net income (loss) allocated to common shareholders 826 413 (27,488) (580) Tax-equivalent net interest income 12,180 11,554 12,537 12,670 Selected Average Balances: (in thousands) Assets 1,598,285 1,638,761 1,676,504 1,646,710 Loans held for investment 1,038,148 1,056,177 1,093,694 1,100,109 Earning assets 1,438,166 1,481,335 1,518,371 1,478,169 Deposits 1,362,362 1,379,510 1,361,049 1,315,758 Equity 105,381 105,584 133,240 135,365 Common equity 76,582 76,715 104,471 106,694 Selected Ratios: Return on average assets (annualized) 0.32% 0.21% -6.46% -0.03% Return on average equity (annualized) (a) 4.84% 3.28% -81.32% -0.40% Return on average common equity (annualized) (a) 4.37% 2.20% -105.37% -2.13% Average equity to average assets 6.59% 6.44% 7.95% 8.22% Tangible equity to tangible assets (b) 6.56% 6.15% 5.98% 6.74% Tangible common equity to tangible assets (b) 4.70% 4.36% 4.24% 5.00% Net interest margin (annualized, tax- equivalent) 3.40% 3.16% 3.28% 3.40% Efficiency ratio 76.69% 78.16% 106.73% 78.34% Net charge-offs to average loans (annualized) 2.01% 1.99% 8.87% 1.24% Nonaccrual loans to total loans 3.41% 4.01% 4.17% 6.24% 90 day accruing loans to total loans 0.17% 0.20% 0.23% 0.57% Price to book (x) 0.44 0.38 0.26 0.32 Price to earnings (x) 10.72 15.75 N/A N/A First M&F Corporation Financial Highlights Historical Earnings Trends: Earnings Earnings Applicable Allocated to to Common Common Earnings Stock Shareholders EPS (in (in (in thousands) thousands) thousands) (diluted) ----------- ----------- ----------- --------- 2Q 2010 1,272 833 826 0.09 1Q 2010 853 416 413 0.05 4Q 2009 (27,311) (27,747) (27,488) (3.03) 3Q 2009 (136) (571) (580) (0.06) 2Q 2009 (5,111) (5,550) (5,498) (0.61) 1Q 2009 (27,241) (27,395) (27,089) (2.99) 4Q 2008 (4,357) (4,357) (4,300) (0.47) 3Q 2008 2,210 2,210 2,183 0.24 2Q 2008 (466) (466) (458) (0.05) 1Q 2008 3,139 3,139 3,097 0.34 4Q 2007 3,561 3,561 3,517 0.38 Non- Non- Revenue Statistics: interest interest Revenues Revenues Revenues to to Contribution Ttl. Avg. Per FTE Revenues Assets Margin (percent) (thousands) (percent) (percent) (c) ----------- --------- --------- ---------- 2Q 2010 35.1 29.98% 1.31% 60.37% 1Q 2010 34.4 32.66% 1.39% 60.22% 4Q 2009 32.8 26.09% 1.05% 60.22% 3Q 2009 34.4 29.81% 1.30% 60.64% 2Q 2009 31.2 29.92% 1.24% 56.11% 1Q 2009 32.3 29.81% 1.28% 58.85% 4Q 2008 32.8 26.90% 1.19% 62.36% 3Q 2008 34.4 29.16% 1.37% 61.78% 2Q 2008 33.4 28.13% 1.31% 61.00% 1Q 2008 33.7 29.03% 1.34% 59.68% 4Q 2007 34.3 27.31% 1.29% 61.21% Non- Expense Statistics: interest Expense to Efficiency Avg. Assets Ratio (percent) (percent) (d) --------- --------- 2Q 2010 3.35% 76.69% 1Q 2010 3.32% 78.16% 4Q 2009 8.25% 106.73% 3Q 2009 3.41% 78.34% 2Q 2009 3.94% 95.10% 1Q 2009 7.65% 80.41% 4Q 2008 3.52% 79.29% 3Q 2008 3.29% 69.93% 2Q 2008 3.34% 71.85% 1Q 2008 3.25% 70.33% 4Q 2007 3.19% 67.78% First M&F Corporation Average Balance Sheets/Yields and Costs (tax-equivalent) (In thousands with yields and costs annualized) QTD June 2010 QTD June 2009 ------------- ------------- Average Average Yield/ Yield/ Balance Cost Balance Cost ------- ------- ------- ------- Interest bearing bank balances 68,553 0.24% 9,339 0.06% Federal funds sold 39,548 0.24% 23,959 0.23% Taxable investments (amortized cost) 243,858 3.34% 250,023 4.00% Tax-exempt investments (amortized cost) 41,696 6.01% 57,091 6.01% Loans held for sale 6,363 2.90% 7,036 2.13% Loans held for investment 1,038,148 6.08% 1,131,370 5.72% --------- ---- --------- ---- Total earning assets 1,438,166 5.16% 1,478,818 5.30% Non-earning assets 160,119 132,695 ------- ------- Total average assets 1,598,285 1,611,513 NOW 322,791 1.06% 280,952 1.42% MMDA 143,445 1.13% 172,014 1.33% Savings 113,983 1.28% 113,799 1.51% Certificates of Deposit 559,825 2.40% 552,134 2.99% Short-term borrowings 10,728 0.57% 9,013 1.08% Other borrowings 111,440 4.82% 157,054 4.51% ------- ---- ------- ---- Total interest bearing liabilities 1,262,212 2.01% 1,284,966 2.46% Non-interest bearing deposits 222,318 184,716 Non-interest bearing liabilities 8,374 3,711 Preferred equity 28,931 28,608 Common equity 76,450 109,512 ------ ------- Total average liabilities and equity 1,598,285 1,611,513 Net interest spread 3.15% 2.84% Effect of non-interest bearing deposits 0.30% 0.31% Effect of leverage -0.05% -0.01% ----- ----- Net interest margin, tax-equivalent 3.40% 3.16% Less tax equivalent adjustment: Investments 0.06% 0.09% Loans 0.02% 0.01% ---- ---- Reported book net interest margin 3.32% 3.06% First M&F Corporation Average Balance Sheets/Yields and Costs (tax-equivalent) (In thousands with yields and costs annualized) YTD June 2009 YTD June 2009 ------------- ------------- Average Average Yield/ Yield/ Balance Cost Balance Cost ------- ------- ------- ------- Interest bearing bank balances 74,854 0.23% 12,748 0.12% Federal funds sold 44,670 0.22% 34,331 0.23% Taxable investments (amortized cost) 239,969 3.43% 220,730 4.40% Tax-exempt investments (amortized cost) 44,105 5.99% 58,476 6.04% Loans held for sale 8,920 2.81% 8,006 2.93% Loans held for investment 1,047,113 6.00% 1,148,135 5.88% --------- ---- --------- ---- Total earning assets 1,459,631 5.09% 1,482,426 5.46% Non-earning assets 158,780 146,014 ------- ------- Total average assets 1,618,411 1,628,440 NOW 326,422 1.07% 272,382 1.40% MMDA 145,276 1.11% 172,378 1.52% Savings 113,126 1.30% 114,225 1.58% Certificates of Deposit 568,309 2.45% 562,798 3.02% Short-term borrowings 12,223 0.56% 9,585 1.20% Other borrowings 121,573 4.81% 166,540 4.56% ------- ---- ------- ---- Total interest bearing liabilities 1,286,929 2.05% 1,297,908 2.53% Non-interest bearing deposits 217,756 182,474 Non-interest bearing liabilities 8,244 3,967 Preferred equity 28,900 21,504 Common equity 76,582 122,587 ------ ------- Total average liabilities and equity 1,618,411 1,628,440 Net interest spread 3.04% 2.93% Effect of non-interest bearing deposits 0.30% 0.31% Effect of leverage -0.06% 0.01% ----- ---- Net interest margin, tax-equivalent 3.28% 3.25% Less tax equivalent adjustment: Investments 0.07% 0.10% Loans 0.01% 0.01% ---- ---- Reported book net interest margin 3.20% 3.14% First M&F Corporation Notes to Financial Schedules Return on equity is calculated as: (Net income attributable to (a) First M&F Corp) divided by (Total equity) Return on common equity is calculated as: (Net income attributable to First M&F Corp minus preferred dividends) divided by (Total First M&F Corp equity minus preferred stock) Tangible equity to tangible assets is calculated as: (Total equity (b) minus goodwill and other intangible assets) divided by (Total assets minus goodwill and other intangible assets) Tangible common equity to tangible assets is calculated as: (Total First M&F Corp equity minus preferred stock minus goodwill and other intangible assets) divided by (Total assets minus goodwill and other intangible assets) Contribution margin is calculated as: (Tax-equivalent net interest (c) income plus noninterest revenues minus salaries and benefits) divided by (Tax-equivalent net interest income plus noninterest revenues) Efficiency ratio is calculated as: (Noninterest expense) divided by (d) (Tax-equivalent net interest income plus noninterest revenues)
First M&F Corp.
CONTACT: John G. Copeland, EVP & Chief Financial Officer,
+1-662-289-8594
