KOSCIUSKO, Miss., Aug. 7, 2013 /PRNewswire/ -- First M&F
Corp. (NASDAQ: FMFC) revised net income for the quarter ended
June 30, 2013 to $222 thousand from $2.205
million reported in the July
19 earnings announcement. Earnings per share after preferred
stock dividends were revised to a loss of $.03 basic and diluted per share from the
previously reported net profit of $.18 basic and $.17
diluted per share. Net income for the year was revised to
$2.820 million or $.19 basic and diluted per share from the
previously reported $4.803 million or
$.40 basic and $.39 diluted per share.
As a result of a third quarter review of transactions and
events, management determined it appropriate to record a loss on
the sale of a foreclosed property and an other-than-temporary
impairment of certain securities in the second quarter of 2013
rather than the third quarter. The foreclosed property sale
resulted in a $1.125 million pre-tax
loss. The other-than-temporary impairment, related to the Company's
investments in certain collateralized debt obligations that were
sold during the third quarter, resulted in a pre-tax charge of
$2.038 million. The impairment charge
effectively wrote the amortized cost basis of the securities down
to their June 30 fair value of
$1.070 million. The subsequent third
quarter sale of the securities resulted in a gain of $375 thousand, resulting in net losses of
$1.663 million on the securities for
the year.
Hugh Potts, Jr., Chairman and CEO
commented, "We are making these revisions after a detailed review
of the accounting and reporting of certain transactions, identified
in the third quarter but which had second quarter effects. We
have made great strides in reducing our non-performing assets and
improving the quality of our balance sheet, especially in light of
our anticipated merger with Renasant. These transactions will
not have a material impact on the combined company after the merger
is completed. All indications are that the pending merger
with Renasant will be completed during the third quarter."
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)
|
|
|
|
|
June 30
|
December
31
|
June 30
|
|
2013
|
2012
|
2012
|
Cash and due from
banks
|
$
51,293
|
$
54,811
|
$
37,147
|
Interest bearing bank
balances
|
133,333
|
94,313
|
20,708
|
Federal funds
sold
|
10,000
|
10,000
|
6,750
|
Securities available
for sale (cost of
|
|
|
|
$275,550,
$341,273 and $371,424)
|
273,553
|
348,562
|
377,670
|
Loans held for
sale
|
2,614
|
21,014
|
22,291
|
|
|
|
|
Loans
|
967,013
|
975,473
|
982,596
|
Allowance for loan
losses
|
19,431
|
17,492
|
15,310
|
Net loans
|
947,582
|
957,981
|
967,286
|
|
|
|
|
Bank premises and
equipment
|
36,438
|
37,264
|
37,529
|
Accrued interest
receivable
|
4,777
|
5,683
|
6,060
|
Other real
estate
|
19,721
|
25,970
|
31,077
|
Other intangible
assets
|
3,946
|
4,159
|
4,373
|
Other
assets
|
44,548
|
41,926
|
50,605
|
Total assets
|
$
1,527,805
|
$
1,601,683
|
$
1,561,496
|
|
|
|
|
Non-interest bearing
deposits
|
$
304,734
|
$
276,295
|
$
236,145
|
Interest bearing
deposits
|
1,061,474
|
1,126,380
|
1,125,193
|
Total deposits
|
1,366,208
|
1,402,675
|
1,361,338
|
|
|
|
|
Federal funds and
repurchase agreements
|
1,994
|
3,720
|
3,224
|
Other
borrowings
|
2,792
|
36,007
|
40,333
|
Junior subordinated
debt
|
30,928
|
30,928
|
30,928
|
Accrued interest
payable
|
482
|
661
|
844
|
Other
liabilities
|
8,828
|
9,249
|
10,912
|
Total liabilities
|
1,411,232
|
1,483,240
|
1,447,579
|
|
|
|
|
Preferred stock,
30,000 shares issued and outstanding
|
19,569
|
18,865
|
18,198
|
Common stock,
9,236,479, 9,230,799 and 9,172,098
|
|
|
|
shares issued &
outstanding
|
46,182
|
46,154
|
45,860
|
Additional paid-in
capital
|
32,515
|
32,469
|
31,890
|
Nonvested restricted
stock awards
|
405
|
244
|
836
|
Retained
earnings
|
20,876
|
19,180
|
16,699
|
Accumulated other
comprehensive income (loss)
|
(2,974)
|
1,531
|
434
|
Total equity
|
116,573
|
118,443
|
113,917
|
Total liabilities &
equity
|
$
1,527,805
|
$
1,601,683
|
$
1,561,496
|
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
|
|
2013
|
2012
|
2013
|
2012
|
Interest and fees on
loans
|
$
12,652
|
$
13,741
|
$
25,350
|
$
27,899
|
Interest on loans
held for sale
|
25
|
244
|
81
|
417
|
Taxable
investments
|
1,338
|
1,563
|
2,569
|
3,053
|
Tax exempt
investments
|
348
|
319
|
700
|
637
|
Federal funds
sold
|
6
|
11
|
12
|
26
|
Interest bearing bank
balances
|
40
|
28
|
98
|
79
|
Total interest
income
|
14,409
|
15,906
|
28,810
|
32,111
|
|
|
|
|
|
Interest on
deposits
|
1,452
|
2,233
|
2,968
|
4,746
|
Interest on fed funds
and repurchase agreements
|
2
|
5
|
6
|
11
|
Interest on other
borrowings
|
329
|
437
|
700
|
888
|
Interest on
subordinated debt
|
297
|
315
|
580
|
586
|
Total interest
expense
|
2,080
|
2,990
|
4,254
|
6,231
|
|
|
|
|
|
Net interest
income
|
12,329
|
12,916
|
24,556
|
25,880
|
Provision for
possible loan losses
|
1,380
|
2,280
|
2,660
|
4,560
|
Net interest income after
loan loss
|
10,949
|
10,636
|
21,896
|
21,320
|
|
|
|
|
|
Service charges on
deposits
|
2,437
|
2,548
|
4,808
|
5,005
|
Mortgage banking
income
|
619
|
1,806
|
1,910
|
2,373
|
Agency commission
income
|
880
|
848
|
1,700
|
1,677
|
Fiduciary and
brokerage income
|
203
|
163
|
363
|
303
|
Other
income
|
618
|
673
|
1,662
|
1,510
|
Loss on
extinguishment of debt
|
(1,511)
|
-
|
(1,511)
|
-
|
Other-than-temporary
impairment on securities, net of
|
|
|
|
|
$0, $4, $0, and $4
reclassified to other
|
|
|
|
|
comprehensive
income
|
(2,038)
|
(4)
|
(2,038)
|
(4)
|
Gains on AFS
securities
|
1,378
|
1
|
1,394
|
592
|
Total noninterest
income
|
2,586
|
6,035
|
8,288
|
11,456
|
|
|
|
|
|
Salaries and employee
benefits
|
6,377
|
6,737
|
12,739
|
13,600
|
Net occupancy
expense
|
819
|
932
|
1,684
|
1,840
|
Equipment
expenses
|
390
|
423
|
822
|
886
|
Software and
processing expenses
|
555
|
346
|
911
|
708
|
FDIC insurance
assessments
|
323
|
553
|
671
|
1,067
|
Foreclosed property
expenses
|
2,051
|
1,282
|
2,639
|
2,738
|
Intangible asset
amortization and impairment
|
107
|
106
|
213
|
213
|
Other
expenses
|
3,042
|
3,940
|
6,924
|
7,253
|
Total noninterest
expense
|
13,664
|
14,319
|
26,603
|
28,305
|
|
|
|
|
|
Net income before
taxes
|
(129)
|
2,352
|
3,581
|
4,471
|
Income tax
expense
|
(351)
|
599
|
761
|
1,111
|
Net income
|
$
222
|
$
1,753
|
$
2,820
|
$
3,360
|
|
|
|
|
|
Earnings Per
Common Share Calculations:
|
|
|
|
|
Net income
|
$
222
|
$
1,753
|
$
2,820
|
$
3,360
|
Dividends and
accretion on preferred stock
|
(507)
|
(471)
|
(1,004)
|
(934)
|
Net income applicable to
common stock
|
(285)
|
1,282
|
1,816
|
2,426
|
Earnings attributable
to participating securities
|
(12)
|
56
|
69
|
61
|
Net income allocated to
common shareholders
|
$
(273)
|
$
1,226
|
$
1,747
|
$
2,365
|
|
|
|
|
|
Weighted average
shares (basic)
|
9,234,452
|
9,164,576
|
9,232,963
|
9,160,526
|
Weighted average
shares (diluted)
|
9,234,452
|
9,164,576
|
9,403,561
|
9,160,526
|
Basic earnings per
share
|
$
(0.03)
|
$
0.14
|
$
0.19
|
$
0.26
|
Diluted earnings per
share
|
$
(0.03)
|
$
0.14
|
$
0.19
|
$
0.26
|
First M&F
Corporation
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
YTD Ended
|
YTD Ended
|
YTD Ended
|
YTD Ended
|
|
June 30
|
December
31
|
June 30
|
December
31
|
|
2013
|
2012
|
2012
|
2011
|
Performance
Ratios:
|
|
|
|
|
Return on assets
(annualized)
|
0.37%
|
0.44%
|
0.42%
|
0.27%
|
Return on equity
(annualized) (a)
|
4.73%
|
6.12%
|
6.06%
|
4.00%
|
Return on common
equity (annualized) (a)
|
3.63%
|
5.30%
|
5.21%
|
2.81%
|
Efficiency ratio
(c)
|
79.88%
|
74.98%
|
74.94%
|
78.47%
|
Net interest margin
(annualized, tax-equivalent)
|
3.55%
|
3.67%
|
3.69%
|
3.68%
|
Net charge-offs to
average loans (annualized)
|
0.15%
|
0.61%
|
0.86%
|
1.05%
|
Nonaccrual loans to
total loans
|
0.62%
|
0.75%
|
0.64%
|
1.68%
|
90 day accruing loans
to total loans
|
0.02%
|
0.03%
|
0.15%
|
0.06%
|
|
|
|
|
|
|
|
|
|
|
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
|
June 30
|
March 31
|
December
31
|
September
30
|
|
2013
|
2013
|
2012
|
2012
|
Per Common Share
(diluted):
|
|
|
|
|
Net income
|
$
(0.03)
|
$
0.22
|
$
0.14
|
$
0.14
|
Cash dividends
paid
|
0.01
|
0.01
|
0.01
|
0.01
|
Book value
|
10.50
|
11.00
|
10.79
|
10.69
|
Closing stock
price
|
15.81
|
14.15
|
6.98
|
7.42
|
|
|
|
|
|
Loan Portfolio
Composition: (in thousands)
|
|
|
|
|
Commercial, financial
and agricultural
|
$
145,411
|
$
150,125
|
$
153,550
|
$
155,890
|
Non-residential real
estate
|
540,694
|
557,453
|
542,859
|
554,475
|
Residential real
estate
|
206,490
|
203,260
|
200,992
|
197,629
|
Home equity
loans
|
38,340
|
39,047
|
37,736
|
37,196
|
Consumer
loans
|
36,078
|
37,772
|
40,336
|
42,137
|
Total
loans
|
$
967,013
|
$
987,657
|
$
975,473
|
$
987,327
|
|
|
|
|
|
Deposit
Composition: (in thousands)
|
|
|
|
|
Noninterest-bearing
deposits
|
$
304,734
|
$
252,453
|
$
276,295
|
$
233,684
|
NOW
deposits
|
404,457
|
419,376
|
423,461
|
386,371
|
MMDA
deposits
|
200,839
|
207,931
|
214,091
|
216,620
|
Savings
deposits
|
119,583
|
119,728
|
118,123
|
117,404
|
Core certificates of
deposit under $100,000
|
176,722
|
182,245
|
188,733
|
201,361
|
Core certificates of
deposit $100,000 and over
|
148,734
|
159,913
|
165,979
|
177,084
|
Brokered certificates
of deposit under $100,000
|
3,305
|
3,295
|
3,549
|
3,417
|
Brokered certificates
of deposit $100,000 and over
|
7,834
|
7,834
|
12,444
|
13,533
|
Total
deposits
|
$
1,366,208
|
$
1,352,775
|
$
1,402,675
|
$
1,349,474
|
|
|
|
|
|
Nonperforming
Assets: (in thousands)
|
|
|
|
|
Nonaccrual
loans
|
$
6,036
|
$
7,277
|
$
7,444
|
$
6,219
|
Other real
estate
|
19,721
|
24,820
|
25,970
|
28,002
|
Investment
securities
|
679
|
604
|
733
|
644
|
Total
nonperforming assets
|
$
26,436
|
$
32,701
|
$
34,147
|
$
34,865
|
Accruing loans past
due 90 days or more
|
$
186
|
$
268
|
$
321
|
$
408
|
Restructured loans
(accruing)
|
$
6,209
|
$
21,657
|
$
21,800
|
$
16,784
|
Total nonaccrual loan
to loans
|
0.62%
|
0.72%
|
0.75%
|
0.62%
|
Total nonperforming
credit assets to loans and ORE
|
2.60%
|
3.12%
|
3.27%
|
3.29%
|
Total nonperforming
assets to assets ratio
|
1.73%
|
2.11%
|
2.13%
|
2.24%
|
|
|
|
|
|
Allowance For Loan
Loss Activity: (in thousands)
|
|
|
|
|
Beginning
balance
|
$
18,269
|
$
17,492
|
$
16,656
|
$
15,310
|
Provision for loan
loss
|
1,380
|
1,280
|
1,980
|
1,980
|
Charge-offs
|
(569)
|
(747)
|
(1,584)
|
(1,035)
|
Recoveries
|
351
|
244
|
440
|
401
|
Ending
balance
|
$
19,431
|
$
18,269
|
$
17,492
|
$
16,656
|
First M&F
Corporation
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
|
June 30
|
March 31
|
December
31
|
September
30
|
|
2013
|
2013
|
2012
|
2012
|
Condensed Income
Statements: (in thousands)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
14,409
|
$
14,401
|
$
15,186
|
$
15,625
|
Interest
expense
|
2,080
|
2,174
|
2,545
|
2,753
|
Net
interest income
|
12,329
|
12,227
|
12,641
|
12,872
|
Provision for loan
losses
|
1,380
|
1,280
|
1,980
|
1,980
|
Noninterest
revenues
|
2,586
|
5,702
|
5,735
|
5,607
|
Noninterest
expenses
|
13,664
|
12,939
|
13,913
|
14,060
|
Net
income before taxes
|
(129)
|
3,710
|
2,483
|
2,439
|
Income tax
expense
|
(351)
|
1,112
|
652
|
645
|
Net
income
|
$
222
|
$
2,598
|
$
1,831
|
$
1,794
|
Preferred
dividends
|
(507)
|
(497)
|
(488)
|
(479)
|
Net
income applicable to common stock
|
(285)
|
2,101
|
1,343
|
1,315
|
Earnings attributable
to participating securities
|
(12)
|
81
|
53
|
51
|
Net
income allocated to common shareholders
|
$
(273)
|
$
2,020
|
$
1,290
|
$
1,264
|
|
|
|
|
|
Tax-equivalent net
interest income
|
$
12,557
|
$
12,458
|
$
12,859
|
$
13,088
|
|
|
|
|
|
Selected Average
Balances: (in thousands)
|
|
|
|
|
Assets
|
$
1,543,020
|
$
1,570,994
|
$
1,585,467
|
$
1,546,416
|
Loans held for
investment
|
973,160
|
977,198
|
982,894
|
984,282
|
Earning
assets
|
1,408,023
|
1,431,054
|
1,436,348
|
1,396,824
|
Deposits
|
1,345,703
|
1,369,784
|
1,381,667
|
1,343,559
|
Equity
|
121,328
|
119,209
|
117,529
|
115,544
|
Common
equity
|
101,940
|
100,171
|
98,837
|
97,186
|
|
|
|
|
|
Selected
Ratios:
|
|
|
|
|
Return on average
assets (annualized)
|
0.06%
|
0.67%
|
0.46%
|
0.46%
|
Return on average
equity (annualized) (a)
|
0.73%
|
8.84%
|
6.19%
|
6.18%
|
Return on average
common equity (annualized) (a)
|
-1.12%
|
8.51%
|
5.40%
|
5.38%
|
Average equity to
average assets
|
7.86%
|
7.59%
|
7.41%
|
7.47%
|
Tangible equity to
tangible assets (b)
|
7.39%
|
7.55%
|
7.15%
|
7.28%
|
Tangible common
equity to tangible assets (b)
|
6.11%
|
6.31%
|
5.97%
|
6.08%
|
Net interest margin
(annualized, tax-equivalent)
|
3.58%
|
3.53%
|
3.56%
|
3.73%
|
Efficiency ratio
(c)
|
90.24%
|
71.25%
|
74.83%
|
75.21%
|
Net charge-offs to
average loans (annualized)
|
0.09%
|
0.21%
|
0.46%
|
0.26%
|
Nonaccrual loans to
total loans
|
0.62%
|
0.72%
|
0.75%
|
0.62%
|
90 day accruing loans
to total loans
|
0.02%
|
0.03%
|
0.03%
|
0.04%
|
Price to
book
|
1.51x
|
1.29x
|
0.65x
|
0.69x
|
Price to
earnings
|
N/A
|
16.08x
|
12.46x
|
13.25x
|
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)
|
2Q 2013
|
$
222
|
$
(285)
|
$
(273)
|
$
(0.03)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
Statistics:
|
|
Non-interest
|
Non-interest
|
|
|
Revenues
|
Revenues
to
|
Revenues
to
|
|
|
Per FTE
|
Ttl.
Revenues
|
Avg.
Assets
|
|
|
(thousands)
|
(percent)
|
(percent)
|
|
2Q 2013
|
$
35.6
|
17.07%
|
0.67%
|
|
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%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
Statistics:
|
Non-interest
|
|
|
|
|
Expense to
|
Efficiency
|
|
|
|
Avg.
Assets
|
Ratio
|
|
|
|
(percent)
|
(percent)
(c)
|
|
|
2Q 2013
|
3.55%
|
90.24%
|
|
|
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%
|
|
|
First M&F
Corporation
|
|
|
|
|
Average Balance
Sheets/Yields and Costs (tax-equivalent)
|
|
|
|
(In thousands with
yields and costs annualized)
|
QTD June
2013
|
QTD June
2012
|
|
Average
|
|
Average
|
|
|
Balance
|
Yield/Cost
|
Balance
|
Yield/Cost
|
Interest bearing bank
balances
|
$
61,978
|
0.26%
|
$
30,923
|
0.37%
|
Federal funds
sold
|
10,000
|
0.25%
|
15,082
|
0.27%
|
Taxable investments
(amortized cost)
|
313,887
|
1.71%
|
333,794
|
1.88%
|
Tax-exempt
investments (amortized cost)
|
44,109
|
5.04%
|
36,610
|
5.59%
|
Loans held for
sale
|
4,889
|
2.08%
|
30,416
|
3.22%
|
Loans held for
investment
|
973,160
|
5.22%
|
973,545
|
5.69%
|
Total
earning assets
|
1,408,023
|
4.17%
|
1,420,370
|
4.57%
|
Non-earning
assets
|
134,997
|
|
157,050
|
|
Total
average assets
|
$
1,543,020
|
|
$
1,577,420
|
|
|
|
|
|
|
NOW
|
$
411,929
|
0.23%
|
$
404,958
|
0.43%
|
MMDA
|
200,444
|
0.18%
|
217,533
|
0.37%
|
Savings
|
120,227
|
0.76%
|
121,778
|
0.95%
|
Certificates of
Deposit
|
345,147
|
1.04%
|
402,703
|
1.31%
|
Short-term
borrowings
|
2,862
|
0.20%
|
2,974
|
0.62%
|
Other
borrowings
|
62,062
|
4.05%
|
71,771
|
4.21%
|
Total
interest bearing liabilities
|
1,142,671
|
0.73%
|
1,221,717
|
0.98%
|
Non-interest bearing
deposits
|
267,956
|
|
232,744
|
|
Non-interest bearing
liabilities
|
11,065
|
|
10,493
|
|
Preferred
equity
|
19,388
|
|
18,036
|
|
Common
equity
|
101,940
|
|
94,430
|
|
Total
average liabilities and equity
|
$
1,543,020
|
|
$
1,577,420
|
|
Net interest
spread
|
|
3.44%
|
|
3.59%
|
Effect of
non-interest bearing deposits
|
|
0.14%
|
|
0.16%
|
Effect of
leverage
|
|
0.00%
|
|
-0.03%
|
Net
interest margin, tax-equivalent
|
|
3.58%
|
|
3.72%
|
Less tax equivalent
adjustment:
|
|
|
|
|
Investments
|
|
0.06%
|
|
0.05%
|
Loans
|
|
0.01%
|
|
0.01%
|
Reported book net
interest margin
|
|
3.51%
|
|
3.66%
|
First M&F
Corporation
|
|
|
|
|
Average Balance
Sheets/Yields and Costs (tax-equivalent)
|
|
|
|
|
(In thousands with
yields and costs annualized)
|
YTD June
2013
|
YTD June
2012
|
|
Average
|
|
Average
|
|
|
Balance
|
Yield/Cost
|
Balance
|
Yield/Cost
|
Interest bearing bank
balances
|
$
69,212
|
0.29%
|
$
55,067
|
0.29%
|
Federal funds
sold
|
10,000
|
0.25%
|
20,041
|
0.26%
|
Taxable investments
(amortized cost)
|
311,642
|
1.66%
|
316,708
|
1.94%
|
Tax-exempt
investments (amortized cost)
|
44,148
|
5.10%
|
35,790
|
5.71%
|
Loans held for
sale
|
9,305
|
1.76%
|
26,573
|
3.15%
|
Loans held for
investment
|
975,168
|
5.25%
|
978,672
|
5.74%
|
Total
earning assets
|
1,419,475
|
4.16%
|
1,432,851
|
4.57%
|
Non-earning
assets
|
137,455
|
|
159,365
|
|
Total
average assets
|
$
1,556,930
|
|
$
1,592,216
|
|
|
|
|
|
|
NOW
|
$
417,417
|
0.23%
|
$
412,108
|
0.45%
|
MMDA
|
206,242
|
0.18%
|
222,067
|
0.45%
|
Savings
|
119,477
|
0.78%
|
121,307
|
0.97%
|
Certificates of
Deposit
|
353,048
|
1.06%
|
409,895
|
1.35%
|
Short-term
borrowings
|
4,093
|
0.27%
|
4,014
|
0.53%
|
Other
borrowings
|
64,107
|
4.03%
|
72,439
|
4.09%
|
Total
interest bearing liabilities
|
1,164,384
|
0.74%
|
1,241,830
|
1.01%
|
Non-interest bearing
deposits
|
261,493
|
|
229,177
|
|
Non-interest bearing
liabilities
|
10,779
|
|
9,603
|
|
Preferred
equity
|
19,214
|
|
17,878
|
|
Common
equity
|
101,060
|
|
93,728
|
|
Total
average liabilities and equity
|
$
1,556,930
|
|
$
1,592,216
|
|
Net interest
spread
|
|
3.42%
|
|
3.56%
|
Effect of
non-interest bearing deposits
|
|
0.14%
|
|
0.16%
|
Effect of
leverage
|
|
-0.01%
|
|
-0.03%
|
Net
interest margin, tax-equivalent
|
|
3.55%
|
|
3.69%
|
Less tax equivalent
adjustment:
|
|
|
|
|
Investments
|
|
0.06%
|
|
0.05%
|
Loans
|
|
0.01%
|
|
0.01%
|
Reported book net
interest margin
|
|
3.49%
|
|
3.63%
|
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.