First M&F posts Q1 earnings of $2M


KOSCIUSKO – First M&F Corp., the parent of M&F Bank, reported first–quarter net income of $2 million, or 22 cents a share. That compares to earnings of $1.1 million, or 12 cents a share for the year–ago quarter.

The company’s provision for loan losses declined from $2.28 million a year ago to $1.28 million for the first quarter of 2013.

Net interest margin for the first quarter was 3.56 percent, compared to 3.73 percent in the year–ago quarter. Total assets on March 31 were $1.55 billion, compared to $1.6 billion in the year–ago period. Deposits fell from $1.4 billion to $1.35 billion.

NEMS Daily Journal