KOSCIUSKO, Miss., April 19 /PRNewswire-FirstCall/ -- First M&F Corp. (Nasdaq: FMFC) reported a profit today for the first quarter ended March 31, 2010 of $853,000. Net income allocated to common shareholders was $413,000 or $0.05 basic and diluted earnings per share compared to a loss of $27.089 million or ($2.99) basic and diluted earnings per share for the first quarter of 2009. Hugh S. Potts, Jr., CEO and Chairman of the Board, commented, "While first quarter earnings are modest compared to the levels of 2006 and 2007, it is gratifying to report a return to positive earnings territory. After absorbing the brunt of the Great Recession of 2007-2009, to return to profitability is encouraging."
Net Interest Income
Net interest income was down by 5.09% compared to the first quarter of 2009, with the net interest margin decreasing to 3.16% on a tax equivalent basis in the first quarter of 2010 as compared to 3.33% in the first quarter of 2009. The most significant contributor to the decrease in net interest income and the squeeze in the margin was the changing balance sheet mix as average loans fell and were replaced by a lower yielding mix of assets. Lower loan yields in the continuing low-rate environment and the higher level of average non-performing assets were secondary contributors. The net interest margin for the fourth quarter of 2009 was 3.28% as compared to 3.40% for the third quarter of 2009 and 3.16% for the second quarter of 2009. Loan yields decreased to 5.90% in the first quarter of 2010 from 6.01% in the first quarter of 2009. Loan yields also decreased from the fourth quarter of 2009 to the first quarter. Average total loans were $1.068 billion for the first quarter of 2010 as compared to $1.103 billion for the fourth quarter of 2009 and $1.174 billion during the first quarter of 2009. Loans decreased by $15.911 million in the first quarter of 2010 and fell by $40.768 million in the fourth quarter of 2009. Deposit costs decreased in the first quarter of 2010 from the fourth quarter of 2009 continuing a trend in declining deposit costs dating back to the fourth quarter of 2007 as costs reflected Fed rate cuts through the fourth quarter of 2008 and the low-rate environment since then. Deposit costs were 1.80% in the first quarter of 2010 as compared to 2.30% in the first quarter of 2009. Deposits fell by $14.265 million, or 1.03% during the first quarter of 2010. Management plans to continue to focus on core deposit growth for 2010 to offset the influence that the low rate environment may have on the net interest margin. Loans as a percentage of assets were 64.22% at March 31, 2010 as compared to 69.38% at March 31, 2009 and 63.64% at December 31, 2009. Loans fell by 9.30% since the first quarter of 2009 while deposits grew by 4.63%.
Non-interest Income
Non-interest income, excluding securities transactions and other-than-temporary impairment on securities, for the first quarter of 2010 was down 7.46% compared to the first quarter of 2009, with deposit-related income down by 1.67% and mortgage income down by 6.79%. Insurance agency commissions were down by 7.52%.
A major part of non-interest income is from deposit sources. Deposit revenues, although slightly down overall, continue to be supported by debit card fee income, which increased by 13.07% in the first quarter of 2010 over 2009. The drop in overall deposit revenues was due to a fall off in overdraft fee income, which decreased by 5.27% as the volume of overdrafts fell.
Including securities gains and losses and impairments, non-interest income was up 8.00% over the year ago quarter.
Non-interest Expenses
Non-interest expenses excluding goodwill impairment and intangible asset amortization and impairment were down by 3.35% in the first quarter of 2010 as compared to the first quarter of 2009 in spite of a large increase in FDIC insurance assessments. Salaries and benefits were down by 4.71% as cost control and efficiency initiatives begun in the fourth quarter of 2009 took effect.
Credit Quality
Annualized net loan charge-offs as a percent of average loans for the first quarter of 2010 were 1.99% as compared to 1.13% for the same period in 2009. Non-accrual and 90-day past due loans as a percent of total loans were 4.21% at the end of the first quarter of 2010 as compared to 4.63% at the end of the 2009 quarter
The allowance for loan losses as a percentage of loans was 2.01% at March 31, 2010 as compared to 3.59% at March 31, 2009. The provision for loan losses decreased to $2.280 million in the first quarter of 2010 from $19.840 million in the first quarter of 2009. Mr. Potts commented, "Asset quality measures are stabilizing and/or improving. There remain credit issues; the cycle has not run its course. The economy has not come close to full recovery, real estate values have not materially improved; however, there is reasonable cause for encouragement."
Balance Sheet
Total assets at March 31, 2010 were $1.623 billion as compared to $1.663 billion at the end of 2009 and $1.639 billion at March 31, 2009. Total loans held to maturity were $1.042 billion compared to $1.058 billion at the end of 2009 and $1.149 billion at March 31, 2009. Deposits were $1.374 billion compared to $1.388 billion at the end of 2009 and $1.313 billion at March 31, 2009. Total capital was $104.836 million, while common equity was $75.936 million or $8.37 in book value per share at March 31, 2010.
Conclusion
"We believe all elements of recovery are in place," said Mr. Potts. "The pace will be pushed by the M&F team, within the context of overall recovery and reasonable risk management. We intend to grow in specific segments of a broader economy and have strategies to that end."
In conclusion Mr. Potts said, "There were extraordinary elements in the first quarter both in revenue and expense. The year of 2010 should be a much improved year. The recovery of M&F will not be achieved in a quarter or even a year; but, the journey to a new and profitable 'normal' has begun."
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 |
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Condensed Consolidated Statements of Condition (Unaudited) |
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(In thousands, except share data) |
||||
March 31 |
December 31 |
March 31 |
||
2010 |
2009 |
2009 |
||
Cash and due from banks |
37,834 |
42,446 |
35,992 |
|
Interest bearing bank balances |
82,126 |
84,810 |
14,985 |
|
Federal funds sold |
42,000 |
70,000 |
54,900 |
|
Securities available for sale (cost of |
||||
$285,849, $280,470 and $280,687) |
289,354 |
284,550 |
285,752 |
|
Loans held for sale |
8,698 |
10,266 |
6,066 |
|
Loans |
1,042,429 |
1,058,340 |
1,149,252 |
|
Allowance for loan losses |
21,115 |
24,014 |
41,506 |
|
Net loans |
1,021,314 |
1,034,326 |
1,107,746 |
|
Bank premises and equipment |
42,141 |
42,919 |
44,827 |
|
Accrued interest receivable |
7,040 |
7,598 |
9,742 |
|
Other real estate |
31,460 |
23,578 |
10,907 |
|
Goodwill |
0 |
0 |
16,772 |
|
Other intangible assets |
5,333 |
5,439 |
5,758 |
|
Other assets |
55,801 |
57,036 |
45,950 |
|
Total assets |
1,623,101 |
1,662,968 |
1,639,397 |
|
Non-interest bearing deposits |
217,683 |
228,579 |
191,386 |
|
Interest bearing deposits |
1,156,315 |
1,159,684 |
1,121,774 |
|
Total deposits |
1,373,998 |
1,388,263 |
1,313,160 |
|
Federal funds and repurchase agreements |
14,225 |
8,642 |
8,064 |
|
Other borrowings |
91,240 |
122,510 |
140,524 |
|
Junior subordinated debt |
30,928 |
30,928 |
30,928 |
|
Accrued interest payable |
2,489 |
2,933 |
2,999 |
|
Other liabilities |
5,385 |
5,062 |
5,031 |
|
Total liabilities |
1,518,265 |
1,558,338 |
1,500,706 |
|
Preferred stock, 30,000 shares issued and outstanding |
28,900 |
28,838 |
28,657 |
|
Common stock, 9,069,346, 9,069,346 and 9,063,346 |
||||
shares issued & outstanding |
45,347 |
45,347 |
45,317 |
|
Additional paid-in capital |
31,928 |
31,926 |
31,842 |
|
Nonvested restricted stock awards |
780 |
734 |
788 |
|
Retained earnings |
(2,270) |
(2,595) |
31,548 |
|
Accumulated other comprehensive income |
151 |
379 |
538 |
|
Total First M&F Corp equity |
104,836 |
104,629 |
138,690 |
|
Noncontrolling interests in subsidiaries |
- |
1 |
1 |
|
Total equity |
104,836 |
104,630 |
138,691 |
|
Total liabilities & equity |
1,623,101 |
1,662,968 |
1,639,397 |
|
First M&F Corporation and Subsidiary |
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Condensed Consolidated Statements of Income (Unaudited) |
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(In thousands, except share data) |
|||
Three Months Ended March 31 |
|||
2010 |
2009 |
||
Interest and fees on loans |
15,388 |
17,273 |
|
Interest on loans held for sale |
78 |
79 |
|
Taxable investments |
2,045 |
2,316 |
|
Tax exempt investments |
430 |
562 |
|
Federal funds sold |
26 |
25 |
|
Interest bearing bank balances |
45 |
6 |
|
Total interest income |
18,012 |
20,261 |
|
Interest on deposits |
5,190 |
6,385 |
|
Interest on fed funds and repurchase agreements |
19 |
33 |
|
Interest on other borrowings |
1,066 |
1,503 |
|
Interest on subordinated debt |
496 |
496 |
|
Total interest expense |
6,771 |
8,417 |
|
Net interest income |
11,241 |
11,844 |
|
Provision for possible loan losses |
2,280 |
19,840 |
|
Net interest income (expense) after loan loss |
8,961 |
(7,996) |
|
Service charges on deposits |
2,480 |
2,522 |
|
Mortgage banking income |
343 |
368 |
|
Agency commission income |
898 |
971 |
|
Fiduciary and brokerage income |
121 |
116 |
|
Other income |
959 |
1,211 |
|
Other-than-temporary impairment on securities, net of |
|||
$69 and $0 charged to other comprehensive |
|||
income |
(202) |
- |
|
Gains on AFS securities |
1,004 |
- |
|
Total noninterest income |
5,603 |
5,188 |
|
Salaries and employee benefits |
6,825 |
7,162 |
|
Net occupancy expense |
969 |
1,108 |
|
Equipment expenses |
651 |
755 |
|
Software and processing expenses |
402 |
526 |
|
FDIC insurance assessments |
846 |
476 |
|
Foreclosed property expenses |
456 |
756 |
|
Goodwill impairment |
- |
15,800 |
|
Intangible asset amortization and impairment |
107 |
1,369 |
|
Other expenses |
3,153 |
3,091 |
|
Total noninterest expense |
13,409 |
31,043 |
|
Net income (loss) before taxes |
1,155 |
(33,851) |
|
Income tax expense (benefit) |
301 |
(6,594) |
|
Net income (loss) |
854 |
(27,257) |
|
Net income (loss) attributable to noncontrolling interests |
1 |
(16) |
|
Net income (loss) attributable to First M&F Corp |
853 |
(27,241) |
|
Earnings Per Common Share Calculations: |
|||
Net income (loss) attributable to First M&F Corp |
853 |
(27,241) |
|
Dividends and accretion on preferred stock |
437 |
154 |
|
Net income (loss) applicable to common stock |
416 |
(27,395) |
|
Earnings (loss) attributable to participating securities |
3 |
(306) |
|
Net income (loss) allocated to common shareholders |
413 |
(27,089) |
|
Weighted average shares (basic) |
9,069,346 |
9,063,346 |
|
Weighted average shares (diluted) |
9,069,346 |
9,063,346 |
|
Basic earnings (loss) per share |
$0.05 |
($2.99) |
|
Diluted earnings (loss) per share |
$0.05 |
($2.99) |
|
First M&F Corporation |
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Financial Highlights |
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YTD Ended |
YTD Ended |
YTD Ended |
YTD Ended |
||
March 31 |
December 31 |
March 31 |
December 31 |
||
2010 |
2009 |
2009 |
2008 |
||
Performance Ratios: |
|||||
Return on assets (annualized) |
0.21% |
-3.63% |
-6.71% |
0.03% |
|
Return on equity (annualized) (a) |
3.28% |
-42.97% |
-73.59% |
0.37% |
|
Return on common equity (annualized) (a) |
2.20% |
-53.73% |
-81.82% |
0.37% |
|
Efficiency ratio |
78.16% |
89.87% |
80.41% |
72.77% |
|
Net interest margin (annualized, tax-equivalent) |
3.16% |
3.29% |
3.33% |
3.67% |
|
Net charge-offs to average loans (annualized) |
1.99% |
4.50% |
1.13% |
0.75% |
|
Nonaccrual loans to total loans |
4.01% |
4.17% |
4.51% |
1.74% |
|
90 day accruing loans to total loans |
0.20% |
0.23% |
0.12% |
0.48% |
|
QTD Ended |
QTD Ended |
QTD Ended |
QTD Ended |
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March 31 |
December 31 |
September 30 |
June 30 |
||
2010 |
2009 |
2009 |
2009 |
||
Per Common Share (diluted): |
|||||
Net income (loss) |
0.05 |
(3.03) |
(0.06) |
(0.61) |
|
Cash dividends paid |
0.01 |
0.01 |
0.01 |
0.01 |
|
Book value |
8.37 |
8.36 |
11.57 |
11.46 |
|
Closing stock price |
3.15 |
2.21 |
3.75 |
4.07 |
|
Loan Portfolio Composition: (in thousands) |
|||||
Commercial, financial and agricultural |
123,476 |
120,415 |
124,836 |
135,325 |
|
Non-residential real estate |
626,025 |
643,804 |
677,777 |
672,359 |
|
Residential real estate |
195,862 |
195,361 |
197,760 |
205,068 |
|
Home equity loans |
43,043 |
44,560 |
44,250 |
44,827 |
|
Consumer loans |
44,788 |
44,586 |
44,318 |
40,728 |
|
Other loans |
9,235 |
9,614 |
10,167 |
9,434 |
|
Total loans |
1,042,429 |
1,058,340 |
1,099,108 |
1,107,741 |
|
Deposit Composition: (in thousands) |
|||||
Noninterest-bearing deposits |
217,683 |
228,579 |
196,999 |
181,163 |
|
NOW deposits |
331,066 |
309,545 |
294,303 |
286,265 |
|
MMDA deposits |
141,203 |
161,570 |
155,858 |
163,112 |
|
Savings deposits |
113,367 |
112,764 |
112,370 |
113,061 |
|
Core certificates of deposit under $100,000 |
289,525 |
290,602 |
283,531 |
281,698 |
|
Core certificates of deposit $100,000 and over |
262,335 |
266,131 |
297,347 |
268,861 |
|
Brokered certificates of deposit under $100,000 |
6,033 |
7,284 |
7,028 |
9,776 |
|
Brokered certificates of deposit $100,000 and over |
12,786 |
11,788 |
9,381 |
5,611 |
|
Total deposits |
1,373,998 |
1,388,263 |
1,356,817 |
1,309,547 |
|
Nonperforming Assets: (in thousands) |
|||||
Nonaccrual loans |
42,148 |
44,549 |
69,019 |
74,420 |
|
Other real estate |
31,460 |
23,578 |
28,114 |
22,575 |
|
Investment securities |
795 |
825 |
610 |
1,047 |
|
Total nonperforming assets |
74,403 |
68,952 |
97,743 |
98,042 |
|
Accruing loans past due 90 days or more |
2,092 |
2,479 |
6,351 |
5,608 |
|
Restructured loans (accruing) |
6,759 |
4,620 |
3,664 |
3,664 |
|
Total nonaccrual loan to loans |
4.01% |
4.17% |
6.24% |
6.69% |
|
Total nonperforming credit assets to loans and ORE |
6.80% |
6.24% |
8.57% |
8.54% |
|
Total nonperforming assets to assets ratio |
4.58% |
4.15% |
5.83% |
6.03% |
|
Allowance For Loan Loss Activity: (in thousands) |
|||||
Beginning balance |
24,014 |
32,695 |
31,323 |
41,506 |
|
Provision for loan loss |
2,280 |
15,761 |
4,805 |
9,195 |
|
Charge-offs |
(5,928) |
(24,556) |
(3,597) |
(19,579) |
|
Recoveries |
749 |
114 |
164 |
201 |
|
Ending balance |
21,115 |
24,014 |
32,695 |
31,323 |
|
First M&F Corporation |
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Financial Highlights |
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QTD Ended |
QTD Ended |
QTD Ended |
QTD Ended |
||
March 31 |
December 31 |
September 30 |
June 30 |
||
2010 |
2009 |
2009 |
2009 |
||
Condensed Income Statements: (in thousands) |
|||||
Interest income |
18,012 |
19,486 |
19,926 |
19,160 |
|
Interest expense |
6,771 |
7,299 |
7,628 |
7,895 |
|
Net interest income |
11,241 |
12,187 |
12,298 |
11,265 |
|
Provision for loan losses |
2,280 |
15,761 |
4,805 |
9,195 |
|
Noninterest revenues |
5,603 |
4,425 |
5,381 |
4,976 |
|
Noninterest expenses |
13,409 |
34,876 |
14,140 |
15,815 |
|
Net income (loss) before taxes |
1,155 |
(34,025) |
(1,266) |
(8,769) |
|
Income tax expense (benefit) |
301 |
(6,715) |
(1,137) |
(3,660) |
|
Noncontrolling interest |
1 |
1 |
7 |
2 |
|
Net income (loss) |
853 |
(27,311) |
(136) |
(5,111) |
|
Preferred dividends |
437 |
436 |
435 |
439 |
|
Net income (loss) applicable to common stock |
416 |
(27,747) |
(571) |
(5,550) |
|
Earnings (loss) attributable to participating securities |
3 |
(259) |
9 |
(52) |
|
Net income (loss) allocated to common shareholders |
413 |
(27,488) |
(580) |
(5,498) |
|
Tax-equivalent net interest income |
11,554 |
12,537 |
12,670 |
11,654 |
|
Selected Average Balances: (in thousands) |
|||||
Assets |
1,638,761 |
1,676,504 |
1,646,710 |
1,611,513 |
|
Loans held for investment |
1,056,177 |
1,093,694 |
1,100,109 |
1,131,370 |
|
Earning assets |
1,481,335 |
1,518,371 |
1,478,169 |
1,478,819 |
|
Deposits |
1,379,510 |
1,361,049 |
1,315,758 |
1,303,615 |
|
Equity |
105,584 |
133,240 |
135,365 |
138,120 |
|
Common equity |
76,715 |
104,471 |
106,694 |
109,510 |
|
Selected Ratios: |
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Return on average assets (annualized) |
0.21% |
-6.46% |
-0.03% |
-1.27% |
|
Return on average equity (annualized) (a) |
3.28% |
-81.32% |
-0.40% |
-14.84% |
|
Return on average common equity (annualized) (a) |
2.20% |
-105.37% |
-2.13% |
-20.33% |
|
Average equity to average assets |
6.44% |
7.95% |
8.22% |
8.57% |
|
Tangible equity to tangible assets (b) |
6.15% |
5.98% |
6.74% |
6.88% |
|
Tangible common equity to tangible assets (b) |
4.36% |
4.24% |
5.00% |
5.09% |
|
Net interest margin (annualized, tax-equivalent) |
3.16% |
3.28% |
3.40% |
3.16% |
|
Efficiency ratio |
78.16% |
106.73% |
78.34% |
95.10% |
|
Net charge-offs to average loans (annualized) |
1.99% |
8.87% |
1.24% |
6.87% |
|
Nonaccrual loans to total loans |
4.01% |
4.17% |
6.24% |
6.69% |
|
90 day accruing loans to total loans |
0.20% |
0.23% |
0.57% |
0.50% |
|
Price to book (x) |
0.38 |
0.26 |
0.32 |
0.36 |
|
Price to earnings (x) |
15.75 |
N/A |
N/A |
N/A |
|
First M&F Corporation |
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Financial Highlights |
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Historical Earnings Trends: |
Earnings |
Earnings |
|||
Applicable to |
Allocated to |
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Common |
Common |
||||
Earnings |
Stock |
Shareholders |
EPS |
||
(in thousands) |
(in thousands) |
(in thousands) |
(diluted) |
||
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 |
|
3Q 2007 |
3,808 |
3,808 |
3,760 |
0.42 |
|
Revenue Statistics: |
Non-interest |
Non-interest |
|||
Revenues |
Revenues to |
Revenues to |
Contribution |
||
Per FTE |
Ttl. Revenues |
Avg. Assets |
Margin |
||
(thousands) |
(percent) |
(percent) |
(percent) (c) |
||
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% |
|
3Q 2007 |
35.0 |
27.83% |
1.36% |
62.58% |
|
Expense Statistics: |
Non-interest |
||||
Expense to |
Efficiency |
||||
Avg. Assets |
Ratio |
||||
(percent) |
(percent) (d) |
||||
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% |
|||
3Q 2007 |
3.24% |
66.08% |
|||
First M&F Corporation |
|||||
Average Balance Sheets/Yields and Costs (tax-equivalent) |
|||||
(In thousands with yields and costs annualized) |
|||||
QTD March 2010 |
QTD March 2009 |
||||
Average |
Average |
||||
Balance |
Yield/Cost |
Balance |
Yield/Cost |
||
Interest bearing bank balances |
81,226 |
0.22% |
16,195 |
0.16% |
|
Federal funds sold |
49,848 |
0.21% |
44,819 |
0.22% |
|
Taxable investments (amortized cost) |
236,038 |
3.51% |
191,111 |
4.92% |
|
Tax-exempt investments (amortized cost) |
46,541 |
5.98% |
59,875 |
6.07% |
|
Loans held for sale |
11,506 |
2.76% |
8,987 |
3.56% |
|
Loans held for investment |
1,056,177 |
5.93% |
1,165,086 |
6.03% |
|
Total earning assets |
1,481,336 |
5.02% |
1,486,073 |
5.63% |
|
Non-earning assets |
157,425 |
159,482 |
|||
Total average assets |
1,638,761 |
1,645,555 |
|||
NOW |
330,094 |
1.07% |
263,716 |
1.37% |
|
MMDA |
147,128 |
1.08% |
172,747 |
1.70% |
|
Savings |
112,260 |
1.33% |
114,655 |
1.65% |
|
Certificates of Deposit |
576,885 |
2.50% |
573,579 |
3.04% |
|
Short-term borrowings |
13,733 |
0.56% |
10,163 |
1.31% |
|
Other borrowings |
131,820 |
4.80% |
176,133 |
4.60% |
|
Total interest bearing liabilities |
1,311,920 |
2.09% |
1,310,993 |
2.60% |
|
Non-interest bearing deposits |
213,143 |
180,207 |
|||
Non-interest bearing liabilities |
8,114 |
4,227 |
|||
Preferred equity |
28,868 |
14,322 |
|||
Common equity |
76,716 |
135,806 |
|||
Total average liabilities and equity |
1,638,761 |
1,645,555 |
|||
Net interest spread |
2.92% |
3.03% |
|||
Effect of non-interest bearing deposits |
0.29% |
0.31% |
|||
Effect of leverage |
-0.05% |
-0.01% |
|||
Net interest margin, tax-equivalent |
3.16% |
3.33% |
|||
Less tax equivalent adjustment: |
|||||
Investments |
0.07% |
0.09% |
|||
Loans |
0.01% |
0.01% |
|||
Reported book net interest margin |
3.08% |
3.23% |
|||
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) Contribution margin is calculated as: (Tax-equivalent net interest income plus noninterest revenues minus salaries and benefits) divided by (Tax-equivalent net interest income plus noninterest revenues)
(d) Efficiency ratio is calculated as: (Noninterest expense) divided by (Tax-equivalent net interest income plus noninterest revenues)
SOURCE First M&F Corp.
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