KOSCIUSKO, Miss., April 18, 2013 /PRNewswire/ -- First M&F
Corp. (NASDAQ: FMFC) reported a profit today for the first quarter
ended March 31, 2013 of $2.598 million. Net income allocated to
common shareholders was $2.020
million or $0.22 basic and
diluted earnings per share compared to a profit of $1.139 million or $0.12 basic and diluted earnings per share for
the first quarter of 2012. Hugh S. Potts, Jr., CEO and
Chairman of the Board, commented, "This quarter is reflective of
the established trends of previous quarters and the current state
of the economy." Continuing further Potts said, "That is, our
improving asset quality metrics, a trend started many quarters ago,
and the stabilization of real estate values, has allowed meaningful
reductions in credit-related expenses and the current profitable
quarter."
Net Interest Income
Net interest income was down by 5.69% compared to the first
quarter of 2012, with the net interest margin falling to 3.53% on a
tax equivalent basis in the first quarter of 2013 as compared to
3.67% in the first quarter of 2012. The most significant
contributor to the decrease in net interest income was the erosion
in net interest spreads as the opportunities to re-price deposits
waned even as earning asset yields continued downward. Mr.
Potts commented, "Also reflective of current economic realities is
the compression of the net interest margin arising from continued
low rates, diminishing spreads and trends toward flat or modest
loan growth."
The net interest margin for the fourth quarter of 2012 was 3.56%
as compared to 3.73% for the third quarter of 2012 and 3.72% for
the second quarter of 2012. Loans Held for Investment yields
decreased to 5.28% in the first quarter of 2013 from 5.80% in the
first quarter of 2012. Overall loan yields fell also
from the fourth quarter of 2012 to the first quarter. Average total
loans were $990.968 million for the
first quarter of 2013 as compared to $1.008
billion for the fourth quarter of 2012 and $1.007 billion during the first quarter of 2012.
Loans Held for Investment increased by $12.184 million in the first quarter of 2013 but
fell by $11.854 million in the fourth
quarter of 2012. Deposit costs decreased in the first quarter
of 2013 from the fourth quarter of 2012, continuing a trend in
declining deposit costs dating back to the fourth quarter of 2007
as costs have reflected the low-rate environment since then.
Deposit costs were 0.55% in the first quarter of 2013 as compared
to 0.85% in the first quarter of 2012. Deposits fell by
$49.900 million, or 3.56% during the
first quarter of 2013, primarily from one large depositor. Loans
Held for Investment as a percentage of assets were 63.70% at
March 31, 2013 as compared to 60.95%
at March 31, 2012 and 60.90% at
December 31, 2012. Loans grew by less
than 1.00% since the first quarter of 2012 while deposits fell by
4.09%.
Non-interest Income
Non-interest income, excluding securities transactions, for the
first quarter of 2013 increased by 17.72% compared to the first
quarter of 2012, with deposit-related income down 3.50% and
mortgage income, bolstered by a somewhat improving housing market
and refinancings, up 127.69%. Insurance agency commissions
were down slightly, by 1.09%. Mr. Potts commented, "Mortgage
volumes and revenues have been a bright spot in the last few
quarters. M&F Bank was successful in gearing up to take
advantage of the opportunities presented."
Non-interest Expenses
Non-interest expenses were lower by 7.49% in the first quarter
of 2013 as compared to the first quarter of 2012. Salaries
and benefits expense decreased by 7.30%, mostly due to lower
medical benefits costs, while the major contributor to the overall
non-interest expense decrease was the 59.62% fall in foreclosed
property expense as credit issues began to dissipate, as property
values continued to stabilize and as new credit issues continued to
wane. "M&F continues to manage its portfolio of Other
Real Estate downward," said Mr. Potts, "as we're still dealing with
the residual aftermath of the real estate
collapse."
Credit Quality
Annualized net loan charge-offs as a percent of average loans
for the first quarter of 2013 were 0.21% as compared to 0.47% for
the same period in 2012. Non-accrual and 90-day past due loans as a
percent of total loans were 0.75% at the end of the first quarter
of 2013 as compared to 1.47% at the end of the 2012 quarter.
The allowance for loan losses as a percentage of loans was 1.85%
at March 31, 2013 as compared to
1.64% at March 31, 2012. The
provision for loan losses fell to $1.280
million in the first quarter of 2013 from $2.280 million in the first quarter of
2012. Mr. Potts commented, "The trend of decreasing
credit-related expenses, primarily through lower provisions for
loan losses, is the result of quarters and years of credit
remediation and recovery by M&F associates. This
gratifying pattern of improvement and contribution to earnings,
though, will soon run its course and the Company will have to look
to profitable asset growth and increased operating efficiencies to
spur long-term earnings growth."
Balance Sheet
Total assets at March 31, 2013
were $1.551 billion as compared to
$1.602 billion at the end of 2012 and
$1.607 billion at March 31, 2012. Total Loans Held for Investment
were $987.657 million compared to
$975.473 million at the end of 2012
and $979.495 million at March 31, 2012. Deposits were $1.353 billion compared to $1.403 billion at the end of 2012 and
$1.411 billion at March 31, 2012. Total capital was $120.771 million, while common equity was
$101.558 million, or $11.00 in book value per share, at March 31, 2013.
Conclusion
Looking forward, Mr. Potts said, "The challenges ahead for First
M&F are common to the banking sector as a whole: profitable
growth in a low rate environment complicated by a still struggling
economy, modest loan demand and narrowing spreads. The
potential merger with Renasant, announced in February, should open
up greater growth markets and opportunities with higher
efficiencies, creating improved shareholder value. M&F
associates look forward to the challenge and the change." In
conclusion, Mr. Potts said, "While we await various approvals from
regulators and shareholders, we have a patient, thankful and
optimistic comfort in the Providential orchestration of the future
of M&F, Renasant and the U.S.A. A thorough discussion of
the merger will be forthcoming for shareholder enlightenment and
decision. Meanwhile, M&F associates are committed to
serving well, as always."
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 26 communities in
Mississippi, Alabama and Tennessee.
Caution Concerning Forward‑Looking Statements
This document includes certain "forward‑looking 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)
|
|
|
|
|
|
March
31
|
December
31
|
March
31
|
|
|
2013
|
2012
|
2012
|
|
Cash and
due from banks
|
$
32,543
|
$
54,811
|
$
38,688
|
|
Interest
bearing bank balances
|
31,590
|
94,313
|
51,900
|
|
Federal
funds sold
|
10,000
|
10,000
|
25,000
|
|
Securities
available for sale (cost of
|
|
|
|
|
$370,679, $341,273 and $361,199)
|
377,051
|
348,562
|
365,970
|
|
Loans held
for sale
|
17,573
|
21,014
|
28,684
|
|
|
|
|
|
|
Loans
|
987,657
|
975,473
|
979,495
|
|
Allowance
for loan losses
|
18,269
|
17,492
|
16,084
|
|
Net loans
|
969,388
|
957,981
|
963,411
|
|
|
|
|
|
|
Bank
premises and equipment
|
36,871
|
37,264
|
37,831
|
|
Accrued
interest receivable
|
5,863
|
5,683
|
6,098
|
|
Other real
estate
|
24,820
|
25,970
|
34,636
|
|
Other
intangible assets
|
4,053
|
4,159
|
4,479
|
|
Other
assets
|
40,768
|
41,926
|
50,445
|
|
Total assets
|
$
1,550,520
|
$
1,601,683
|
$
1,607,142
|
|
|
|
|
|
|
Non-interest bearing deposits
|
$
252,453
|
$
276,295
|
$
238,603
|
|
Interest
bearing deposits
|
1,100,322
|
1,126,380
|
1,171,905
|
|
Total deposits
|
1,352,775
|
1,402,675
|
1,410,508
|
|
|
|
|
|
|
Federal
funds and repurchase agreements
|
2,250
|
3,720
|
3,738
|
|
Other
borrowings
|
34,877
|
36,007
|
41,673
|
|
Junior
subordinated debt
|
30,928
|
30,928
|
30,928
|
|
Accrued
interest payable
|
628
|
661
|
868
|
|
Other
liabilities
|
8,291
|
9,249
|
8,072
|
|
Total liabilities
|
1,429,749
|
1,483,240
|
1,495,787
|
|
|
|
|
|
|
Preferred
stock, 30,000 shares issued and outstanding
|
19,213
|
18,865
|
17,877
|
|
Common
stock, 9,233,917, 9,230,799 and 9,162,721)
|
|
|
|
|
shares issued &
outstanding
|
46,170
|
46,154
|
45,814
|
|
Additional
paid-in capital
|
32,497
|
32,469
|
31,892
|
|
Nonvested
restricted stock awards
|
325
|
244
|
700
|
|
Retained
earnings
|
21,184
|
19,180
|
15,508
|
|
Accumulated other comprehensive income
(loss)
|
1,382
|
1,531
|
(436)
|
|
Total equity
|
120,771
|
118,443
|
111,355
|
|
Total liabilities &
equity
|
$
1,550,520
|
$
1,601,683
|
$
1,607,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
M&F Corporation and Subsidiary
|
|
|
|
|
Condensed
Consolidated Statements of Income (Unaudited)
|
|
|
|
(In
thousands, except share data)
|
|
|
|
|
|
Three
Months Ended March 31
|
|
|
2013
|
2012
|
|
|
Interest
and fees on loans
|
$
12,698
|
$
14,158
|
|
|
Interest
on loans held for sale
|
56
|
173
|
|
|
Taxable
investments
|
1,231
|
1,490
|
|
|
Tax exempt
investments
|
352
|
318
|
|
|
Federal
funds sold
|
6
|
15
|
|
|
Interest
bearing bank balances
|
58
|
51
|
|
|
Total interest
income
|
14,401
|
16,205
|
|
|
|
|
|
|
|
Interest
on deposits
|
1,516
|
2,513
|
|
|
Interest
on fed funds and repurchase agreements
|
4
|
6
|
|
|
Interest
on other borrowings
|
371
|
451
|
|
|
Interest
on subordinated debt
|
283
|
271
|
|
|
Total interest
expense
|
2,174
|
3,241
|
|
|
|
|
|
|
|
Net interest
income
|
12,227
|
12,964
|
|
|
Provision
for possible loan losses
|
1,280
|
2,280
|
|
|
Net interest income after
loan loss
|
10,947
|
10,684
|
|
|
|
|
|
|
|
Service
charges on deposits
|
2,371
|
2,457
|
|
|
Mortgage
banking income
|
1,291
|
567
|
|
|
Agency
commission income
|
820
|
829
|
|
|
Fiduciary
and brokerage income
|
160
|
140
|
|
|
Other
income
|
1,044
|
837
|
|
|
Gains on
AFS securities
|
16
|
591
|
|
|
Total noninterest
income
|
5,702
|
5,421
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
6,362
|
6,863
|
|
|
Net
occupancy expense
|
865
|
908
|
|
|
Equipment
expenses
|
432
|
463
|
|
|
Software
and processing expenses
|
356
|
362
|
|
|
FDIC
insurance assessments
|
348
|
514
|
|
|
Foreclosed
property expenses
|
588
|
1,456
|
|
|
Intangible
asset amortization and impairment
|
106
|
107
|
|
|
Other
expenses
|
3,882
|
3,313
|
|
|
Total noninterest
expense
|
12,939
|
13,986
|
|
|
|
|
|
|
|
Net income before
taxes
|
3,710
|
2,119
|
|
|
Income tax
expense
|
1,112
|
512
|
|
|
Net income
|
$
2,598
|
$
1,607
|
|
|
|
|
|
|
|
Earnings Per Common Share
Calculations:
|
|
|
|
|
Net income
|
$
2,598
|
$
1,607
|
|
|
Dividends
and accretion on preferred stock
|
(497)
|
(463)
|
|
|
Net income applicable to
common stock
|
2,101
|
1,144
|
|
|
Earnings
attributable to participating securities
|
81
|
5
|
|
|
Net income allocated to
common shareholders
|
$
2,020
|
$
1,139
|
|
|
|
|
|
|
|
Weighted
average shares (basic)
|
9,231,457
|
9,156,476
|
|
|
Weighted
average shares (diluted)
|
9,345,384
|
9,156,476
|
|
|
Basic
earnings per share
|
$
0.22
|
$
0.12
|
|
|
Diluted
earnings per share
|
$
0.22
|
$
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
M&F Corporation
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
YTD
Ended
|
YTD
Ended
|
YTD
Ended
|
YTD
Ended
|
|
March
31
|
December
31
|
March
31
|
December
31
|
|
2013
|
2012
|
2012
|
2011
|
Performance Ratios:
|
|
|
|
|
Return on
assets (annualized)
|
0.67%
|
0.44%
|
0.40%
|
0.27%
|
Return on
equity (annualized) (a)
|
8.84%
|
6.12%
|
5.84%
|
4.00%
|
Return on
common equity (annualized) (a)
|
8.51%
|
5.30%
|
4.95%
|
2.81%
|
Efficiency
ratio (c)
|
71.25%
|
74.98%
|
75.18%
|
78.47%
|
Net
interest margin (annualized, tax-equivalent)
|
3.53%
|
3.67%
|
3.67%
|
3.68%
|
Net
charge-offs to average loans (annualized)
|
0.21%
|
0.61%
|
0.47%
|
1.05%
|
Nonaccrual
loans to total loans
|
0.72%
|
0.75%
|
1.45%
|
1.68%
|
90 day
accruing loans to total loans
|
0.03%
|
0.03%
|
0.02%
|
0.06%
|
|
|
|
|
|
|
|
|
|
|
|
QTD
Ended
|
QTD
Ended
|
QTD
Ended
|
QTD
Ended
|
|
March
31
|
December
31
|
September
30
|
June
30
|
|
2013
|
2012
|
2012
|
2012
|
Per
Common Share (diluted):
|
|
|
|
|
Net
income
|
$
0.22
|
$
0.14
|
$
0.14
|
$
0.14
|
Cash
dividends paid
|
0.01
|
0.01
|
0.01
|
0.01
|
Book
value
|
11.00
|
10.79
|
10.69
|
10.44
|
Closing
stock price
|
14.15
|
6.98
|
7.42
|
5.18
|
|
|
|
|
|
Loan
Portfolio Composition: (in thousands)
|
|
|
|
|
Commercial, financial and agricultural
|
$
150,125
|
$
153,550
|
$
155,890
|
$
147,773
|
Non-residential real estate
|
557,453
|
542,859
|
554,475
|
567,184
|
Residential real estate
|
203,260
|
200,992
|
197,629
|
189,927
|
Home
equity loans
|
39,047
|
37,736
|
37,196
|
36,183
|
Consumer
loans
|
37,772
|
40,336
|
42,137
|
41,529
|
Total loans
|
$
987,657
|
$
975,473
|
$
987,327
|
$
982,596
|
|
|
|
|
|
Deposit
Composition: (in thousands)
|
|
|
|
|
Noninterest-bearing deposits
|
$
252,453
|
$
276,295
|
$
233,684
|
$
236,145
|
NOW
deposits
|
419,376
|
423,461
|
386,371
|
391,726
|
MMDA
deposits
|
207,931
|
214,091
|
216,620
|
211,447
|
Savings
deposits
|
119,728
|
118,123
|
117,404
|
116,598
|
Core
certificates of deposit under $100,000
|
182,245
|
188,733
|
201,361
|
208,684
|
Core
certificates of deposit $100,000 and over
|
159,913
|
165,979
|
177,084
|
178,926
|
Brokered
certificates of deposit under $100,000
|
3,295
|
3,549
|
3,417
|
3,393
|
Brokered
certificates of deposit $100,000 and over
|
7,834
|
12,444
|
13,533
|
14,419
|
Total deposits
|
$
1,352,775
|
$
1,402,675
|
$
1,349,474
|
$
1,361,338
|
|
|
|
|
|
Nonperforming Assets: (in
thousands)
|
|
|
|
|
Nonaccrual
loans
|
$
7,277
|
$
7,444
|
$
6,219
|
$
6,443
|
Other real
estate
|
24,820
|
25,970
|
28,002
|
31,077
|
Investment
securities
|
604
|
733
|
644
|
639
|
Total nonperforming assets
|
$
32,701
|
$
34,147
|
$
34,865
|
$
38,159
|
Accruing
loans past due 90 days or more
|
$
268
|
$
321
|
$
408
|
$
1,537
|
Restructured loans (accruing)
|
$
21,657
|
$
21,800
|
$
16,784
|
$
18,372
|
Total
nonaccrual loan to loans
|
0.72%
|
0.75%
|
0.62%
|
0.64%
|
Total
nonperforming credit assets to loans and ORE
|
3.12%
|
3.27%
|
3.29%
|
3.62%
|
Total
nonperforming assets to assets ratio
|
2.11%
|
2.13%
|
2.24%
|
2.44%
|
|
|
|
|
|
Allowance For Loan Loss Activity: (in
thousands)
|
|
|
|
|
Beginning
balance
|
$
17,492
|
$
16,656
|
$
15,310
|
$
16,084
|
Provision
for loan loss
|
1,280
|
1,980
|
1,980
|
2,280
|
Charge-offs
|
(747)
|
(1,584)
|
(1,035)
|
(3,460)
|
Recoveries
|
244
|
440
|
401
|
406
|
Ending
balance
|
$
18,269
|
$
17,492
|
$
16,656
|
$
15,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
M&F Corporation
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
QTD
Ended
|
QTD
Ended
|
QTD
Ended
|
QTD
Ended
|
|
March
31
|
December
31
|
September
30
|
June
30
|
|
2013
|
2012
|
2012
|
2012
|
Condensed Income Statements: (in
thousands)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
14,401
|
$
15,186
|
$
15,625
|
$
15,906
|
Interest
expense
|
2,174
|
2,545
|
2,753
|
2,990
|
Net interest income
|
12,227
|
12,641
|
12,872
|
12,916
|
Provision
for loan losses
|
1,280
|
1,980
|
1,980
|
2,280
|
Noninterest revenues
|
5,702
|
5,735
|
5,607
|
6,035
|
Noninterest expenses
|
12,939
|
13,913
|
14,060
|
14,319
|
Net income before taxes
|
3,710
|
2,483
|
2,439
|
2,352
|
Income tax
expense
|
1,112
|
652
|
645
|
599
|
Net income
|
$
2,598
|
$
1,831
|
$
1,794
|
$
1,753
|
Preferred
dividends
|
(497)
|
(488)
|
(479)
|
(471)
|
Net income applicable to common
stock
|
2,101
|
1,343
|
1,315
|
1,282
|
Earnings
attributable to participating securities
|
81
|
53
|
51
|
56
|
Net income allocated to common
shareholders
|
$
2,020
|
$
1,290
|
$
1,264
|
$
1,226
|
|
|
|
|
|
Tax-equivalent net interest income
|
$
12,458
|
$
12,859
|
$
13,088
|
$
13,134
|
|
|
|
|
|
Selected Average Balances: (in
thousands)
|
|
|
|
|
Assets
|
$
1,570,994
|
$
1,585,467
|
$
1,546,416
|
$
1,577,420
|
Loans held
for investment
|
977,198
|
982,894
|
984,282
|
973,545
|
Earning
assets
|
1,431,054
|
1,436,348
|
1,396,824
|
1,420,370
|
Deposits
|
1,369,784
|
1,381,667
|
1,343,559
|
1,379,716
|
Equity
|
119,209
|
117,529
|
115,544
|
112,466
|
Common
equity
|
100,171
|
98,837
|
97,186
|
94,430
|
|
|
|
|
|
Selected Ratios:
|
|
|
|
|
Return on
average assets (annualized)
|
0.67%
|
0.46%
|
0.46%
|
0.45%
|
Return on
average equity (annualized) (a)
|
8.84%
|
6.19%
|
6.18%
|
6.27%
|
Return on
average common equity (annualized) (a)
|
8.51%
|
5.40%
|
5.38%
|
5.46%
|
Average
equity to average assets
|
7.59%
|
7.41%
|
7.47%
|
7.13%
|
Tangible
equity to tangible assets (b)
|
7.55%
|
7.15%
|
7.28%
|
7.04%
|
Tangible
common equity to tangible assets (b)
|
6.31%
|
5.97%
|
6.08%
|
5.87%
|
Net
interest margin (annualized, tax-equivalent)
|
3.53%
|
3.56%
|
3.73%
|
3.72%
|
Efficiency
ratio (c)
|
71.25%
|
74.83%
|
75.21%
|
74.70%
|
Net
charge-offs to average loans (annualized)
|
0.21%
|
0.46%
|
0.26%
|
1.26%
|
Nonaccrual
loans to total loans
|
0.72%
|
0.75%
|
0.62%
|
0.64%
|
90 day
accruing loans to total loans
|
0.03%
|
0.03%
|
0.04%
|
0.15%
|
Price to
book
|
1.29x
|
0.65x
|
0.69x
|
0.50x
|
Price to
earnings
|
16.08x
|
12.46x
|
13.25x
|
9.25x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
M&F Corporation
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
Historical Earnings Trends:
|
|
Earnings
|
Earnings
|
|
|
|
Applicable
to
|
Allocated
to
|
|
|
|
Common
|
Common
|
|
|
Earnings
|
Stock
|
Shareholders
|
EPS
|
|
(in
thousands)
|
(in
thousands)
|
(in
thousands)
|
(diluted)
|
1Q
2013
|
$
2,598
|
$
2,101
|
$
2,020
|
$
0.22
|
4Q
2012
|
1,831
|
1,343
|
1,290
|
0.14
|
3Q
2012
|
1,794
|
1,315
|
1,264
|
0.14
|
2Q
2012
|
1,753
|
1,282
|
1,226
|
0.14
|
1Q
2012
|
1,607
|
1,144
|
1,139
|
0.12
|
4Q
2011
|
987
|
533
|
530
|
0.05
|
3Q
2011
|
1,330
|
882
|
878
|
0.10
|
2Q
2011
|
1,106
|
666
|
661
|
0.07
|
1Q
2011
|
950
|
518
|
515
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
Statistics:
|
|
Non-interest
|
Non-interest
|
|
|
Revenues
|
Revenues
to
|
Revenues
to
|
|
|
Per
FTE
|
Ttl.
Revenues
|
Avg.
Assets
|
|
|
(thousands)
|
(percent)
|
(percent)
|
|
1Q
2013
|
$
40.4
|
31.40%
|
1.47%
|
|
4Q
2012
|
40.2
|
30.85%
|
1.44%
|
|
3Q
2012
|
39.9
|
29.99%
|
1.44%
|
|
2Q
2012
|
41.1
|
31.48%
|
1.54%
|
|
1Q
2012
|
40.5
|
29.14%
|
1.36%
|
|
4Q
2011
|
39.0
|
31.48%
|
1.50%
|
|
3Q
2011
|
36.6
|
27.96%
|
1.30%
|
|
2Q
2011
|
36.6
|
25.88%
|
1.18%
|
|
1Q
2011
|
37.9
|
30.67%
|
1.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
Statistics:
|
Non-interest
|
|
|
|
|
Expense
to
|
Efficiency
|
|
|
|
Avg.
Assets
|
Ratio
|
|
|
|
(percent)
|
(percent) (c)
|
|
|
1Q
2013
|
3.34%
|
71.25%
|
|
|
4Q
2012
|
3.49%
|
74.83%
|
|
|
3Q
2012
|
3.62%
|
75.21%
|
|
|
2Q
2012
|
3.65%
|
74.70%
|
|
|
1Q
2012
|
3.50%
|
75.18%
|
|
|
4Q
2011
|
3.82%
|
80.29%
|
|
|
3Q
2011
|
3.52%
|
75.76%
|
|
|
2Q
2011
|
3.59%
|
78.56%
|
|
|
1Q
2011
|
3.70%
|
79.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
M&F Corporation
|
|
|
|
|
Average
Balance Sheets/Yields and Costs (tax-equivalent)
|
|
|
|
(In
thousands with yields and costs annualized)
|
QTD March
2013
|
QTD March
2012
|
|
Average
|
|
Average
|
|
|
Balance
|
Yield/Cost
|
Balance
|
Yield/Cost
|
Interest
bearing bank balances
|
$
76,526
|
0.31%
|
$
79,212
|
0.26%
|
Federal
funds sold
|
10,000
|
0.24%
|
25,000
|
0.25%
|
Taxable
investments (amortized cost)
|
309,373
|
1.61%
|
299,622
|
2.00%
|
Tax-exempt
investments (amortized cost)
|
44,187
|
5.16%
|
34,969
|
5.83%
|
Loans held
for sale
|
13,770
|
1.65%
|
22,729
|
3.06%
|
Loans held
for investment
|
977,198
|
5.28%
|
983,800
|
5.80%
|
Total earning assets
|
1,431,054
|
4.15%
|
1,445,332
|
4.57%
|
Non-earning assets
|
139,940
|
|
161,681
|
|
Total average assets
|
$
1,570,994
|
|
$
1,607,013
|
|
|
|
|
|
|
NOW
|
$
422,966
|
0.22%
|
$
419,260
|
0.46%
|
MMDA
|
212,106
|
0.18%
|
226,602
|
0.52%
|
Savings
|
118,719
|
0.80%
|
120,835
|
0.99%
|
Certificates of Deposit
|
361,037
|
1.08%
|
417,086
|
1.39%
|
Short-term
borrowings
|
5,337
|
0.31%
|
5,054
|
0.48%
|
Other
borrowings
|
66,173
|
4.01%
|
73,107
|
3.97%
|
Total interest bearing
liabilities
|
1,186,338
|
0.74%
|
1,261,944
|
1.03%
|
Non-interest bearing deposits
|
254,957
|
|
225,610
|
|
Non-interest bearing liabilities
|
10,490
|
|
8,714
|
|
Preferred
equity
|
19,038
|
|
17,720
|
|
Common
equity
|
100,171
|
|
93,025
|
|
Total average liabilities and
equity
|
$
1,570,994
|
|
$
1,607,013
|
|
Net
interest spread
|
|
3.41%
|
|
3.54%
|
Effect of
non-interest bearing deposits
|
|
0.13%
|
|
0.16%
|
Effect of
leverage
|
|
-0.01%
|
|
-0.03%
|
Net interest margin,
tax-equivalent
|
|
3.53%
|
|
3.67%
|
Less tax
equivalent adjustment:
|
|
|
|
|
Investments
|
|
0.05%
|
|
0.05%
|
Loans
|
|
0.01%
|
|
0.01%
|
Reported
book net interest margin
|
|
3.47%
|
|
3.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
M&F Corporation
|
|
|
|
|
Notes to
Financial Schedules
|
|
|
|
|
|
|
|
|
|
(a)
Return on equity is calculated as: (Net income attributable to
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)
|
|
|
|
|
|
|
|
(b)
Tangible equity to tangible assets is calculated as: (Total equity
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)
|
|
|
|
|
|
|
(c)
Efficiency ratio is calculated as: (Noninterest expense) divided by
(Tax-equivalent net interest income plus
|
noninterest
revenues)
|
|
|
|
|
SOURCE First M&F Corp.