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First M&F Profitable for Fifth Consecutive Quarter, Earnings Improve, Credit Issues Stable


News provided by

First M&F Corporation

Apr 19, 2011, 04:00 ET

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KOSCIUSKO, Miss., April 19, 2011 /PRNewswire/ -- First M&F Corp. (NASDAQ: FMFC) reported a profit today for the first quarter ended March 31, 2011 of $950,000.  Net income allocated to common shareholders was $515,000 or $0.06 basic and diluted earnings per share compared to a profit of $413,000 or $0.05 basic and diluted earnings per share for the first quarter of 2010. Hugh S. Potts, Jr., CEO and Chairman of the Board, commented, "It is encouraging to see earnings of $0.06 per share this quarter to make five consecutive quarters of profitable operations and credit issues closer to resolution."

Net Interest Income

Net interest income was up by 13.20% compared to the first quarter of 2010, with the net interest margin increasing to 3.59% on a tax equivalent basis in the first quarter of 2011 as compared to 3.16% in the first quarter of 2010. The most significant contributor to the increase in net interest income was the increase in net interest spread as deposits continued to be repriced lower in the continuing low rate environment.  Mr. Potts commented, "The Company's net interest margin is improving through pricing and balance sheet management as well as the decline in non-performing asset drag."  

The net interest margin for the fourth quarter of 2010 was 3.57% as compared to 3.60% for the third quarter of 2010 and 3.40% for the second quarter of 2010. Loans Held for Investment yields decreased slightly to 5.92% in the first quarter of 2011 from 5.93% in the first quarter of 2010.   Overall loan yields improved slightly from the fourth quarter of 2010 to the first quarter. Average total loans were $1.061 billion for the first quarter of 2011 as compared to $1.048 billion for the fourth quarter of 2010 and $1.068 billion during the first quarter of 2010. Loans decreased by $8.885 million in the first quarter of 2011 but grew by $13.133 million in the fourth quarter of 2010.  Deposit costs decreased in the first quarter of 2011 from the fourth quarter of 2010 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 1.31% in the first quarter of 2011 as compared to 1.80% in the first quarter of 2010.

Deposits grew by $24.664 million, or 1.79% during the first quarter of 2011, primarily from public funds. Management plans to continue to focus on core deposit growth for 2011 to offset the influence that the low rate environment may have on the net interest margin. Loans as a percentage of assets were 65.40% at March 31, 2011 as compared to 64.22% at March 31, 2010 and 66.10% at December 31, 2010. Loans grew by less than 1.00% since the first quarter of 2010 while deposits grew by 1.90%.

Non-interest Income

Non-interest income, excluding securities transactions and other-than-temporary impairment on securities, for the first quarter of 2011 was down 2.56% compared to the first quarter of 2010, with deposit-related income down by .89% and mortgage income up by 3.79%.  Insurance agency commissions were down by less than 1.00%.  

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 29.24% in the first quarter of 2011 over 2010.  The drop in overall deposit revenues was due to a fall off in overdraft fee income, which decreased by 12.34% as the volume of overdrafts fell.  

Including securities gains and losses and impairments, non-interest income was up 2.28% over the year ago quarter.

Non-interest Expenses

Non-interest expenses were up by 10.46% in the first quarter of 2011 as compared to the first quarter of 2010.  Salaries and benefits expense increased by only 1.92% while the major contributor to the overall non-interest expense increase was the 416% increase in foreclosed property expense as credit issues began to culminate in foreclosure and disposal of other real estate.  

Credit Quality

Annualized net loan charge-offs as a percent of average loans for the first quarter of 2011 were 0.60% as compared to 1.99% for the same period in 2010. Non-accrual and 90-day past due loans as a percent of total loans were 3.58% at the end of the first quarter of 2011 as compared to 4.21% at the end of the 2010 quarter

The allowance for loan losses as a percentage of loans was 1.62% at March 31, 2011 as compared to 2.03% at March 31, 2010. The provision for loan losses increased to $2.580 million in the first quarter of 2011 from $2.280 million in the first quarter of 2010.  Mr. Potts commented, "Our pre-tax, pre-provision, pre-credit earnings shield has held steady with some improvement over the last five quarters.  This enables us to produce positive earnings even after addressing credit issues, including the disposal of Other Real Estate.  This is a good sign as we move beyond current credit issues to a more profitable future."

Balance Sheet

Total assets at March 31, 2011 were $1.608 billion as compared to $1.604 billion at the end of 2010 and $1.623 billion at March 31, 2010. Total loans held to maturity were $1.051 billion compared to $1.060 billion at the end of 2010 and $1.042 billion at March 31, 2010. Deposits were $1.400 billion compared to $1.375 billion at the end of 2010 and $1.374 billion at March 31, 2010. Total capital was $107.679 million, while common equity was $91.006 million or $9.98 in book value per share at March 31, 2011.

Conclusion

"Progress out of the recession has been real, measurable and deliberate," said Mr. Potts.  "The national economy and real estate values have not allowed for a quick or robust recovery but we are making progress."

In conclusion Mr. Potts said, "First M&F is slowly building capital through retained earnings while navigating very choppy economic seas.  The storm has passed.  The incidence of new credit issues has slowed.  The disposition of other real estate is deliberate but moving in the right direction and losses on loans are in decline.  The Company is not yet back to normal earnings or credit quality but the path toward normalcy is before us."

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)





March 31

December 31

March 31


2011

2010

2010

Cash and due from banks

36,184

45,099

37,834

Interest bearing bank balances

80,408

72,103

82,126

Federal funds sold

25,000

25,000

42,000

Securities available for sale (cost of




 $294,351, $274,421 and $285,849)

296,242

276,929

289,354

Loans held for sale

2,586

6,242

8,698





Loans

1,051,261

1,060,146

1,042,429

Allowance for loan losses

17,043

16,025

21,115

    Net loans

1,034,218

1,044,121

1,021,314





Bank premises and equipment

40,516

40,696

42,141

Accrued interest receivable

6,719

6,380

7,040

Other real estate

29,660

31,125

31,460

Other intangible assets

4,906

5,013

5,333

Other assets

51,061

51,256

55,801

    Total assets

1,607,500

1,603,964

1,623,101





Non-interest bearing deposits

208,457

212,199

217,683

Interest bearing deposits

1,191,619

1,163,213

1,156,315

    Total deposits

1,400,076

1,375,412

1,373,998





Federal funds and repurchase agreements

14,561

33,481

14,225

Other borrowings

48,527

50,416

91,240

Junior subordinated debt

30,928

30,928

30,928

Accrued interest payable

1,367

1,470

2,489

Other liabilities

4,362

5,192

5,385

    Total liabilities

1,499,821

1,496,899

1,518,265





Preferred stock, 30,000 shares issued and outstanding

16,673

16,390

28,900

Common stock, 9,115,770, 9,106,803 and 9,069,346




    shares issued & outstanding

45,579

45,534

45,347

Additional paid-in capital

31,873

31,883

31,928

Nonvested restricted stock awards

783

784

780

Retained earnings (deficit)

12,651

12,225

(2,270)

Accumulated other comprehensive income

120

249

151

    Total equity

107,679

107,065

104,836

    Total liabilities & equity

1,607,500

1,603,964

1,623,101




First M&F Corporation and Subsidiary



Condensed Consolidated Statements of Income (Unaudited)



(In thousands, except share data)




Three Months Ended March 31


2011

2010

Interest and fees on loans

15,375

15,388

Interest on loans held for sale

41

78

Taxable investments

1,771

2,045

Tax exempt investments

314

430

Federal funds sold

16

26

Interest bearing bank balances

52

45

    Total interest income

17,569

18,012




Interest on deposits

3,847

5,190

Interest on fed funds and repurchase agreements

15

19

Interest on other borrowings

524

1,066

Interest on subordinated debt

458

496

    Total interest expense

4,844

6,771




    Net interest income

12,725

11,241

Provision for possible loan losses

2,580

2,280

    Net interest income after loan loss

10,145

8,961




Service charges on deposits

2,458

2,480

Mortgage banking income

356

343

Agency commission income

892

898

Fiduciary and brokerage income

133

121

Other income

839

959

Other-than-temporary impairment on securities, net of



$56 and $69 recognized in other



comprehensive income

(296)

(202)

Gains on AFS securities

1,349

1,004

    Total noninterest income

5,731

5,603




Salaries and employee benefits

6,956

6,825

Net occupancy expense

989

969

Equipment expenses

466

651

Software and processing expenses

398

402

FDIC insurance assessments

774

846

Foreclosed property expenses

2,353

456

Intangible asset amortization and impairment

107

106

Other expenses

2,768

3,154

    Total noninterest expense

14,811

13,409




    Net income before taxes

1,065

1,155

Income tax expense

115

301

    Net income

950

854

Net income attributable to noncontrolling interests

-

1

    Net income attributable to First M&F Corp

950

853




Earnings Per Common Share Calculations:



    Net income attributable to First M&F Corp

950

853

Dividends and accretion on preferred stock

(432)

(437)

    Net income applicable to common stock

518

416

Earnings attributable to participating securities

3

3

    Net income allocated to common shareholders

515

413




Weighted average shares (basic)

9,109,095

9,069,346

Weighted average shares (diluted)

9,109,095

9,069,346

Basic earnings per share

$0.06

$0.05

Diluted earnings per share

$0.06

$0.05






First M&F Corporation





Financial Highlights






YTD Ended

YTD Ended

YTD Ended

YTD Ended


March 31

December 31

March 31

December 31


2011

2010

2010

2009

Performance Ratios:





Return on assets (annualized)

0.24%

0.25%

0.21%

-3.63%

Return on equity (annualized)  (a)

3.58%

3.74%

3.28%

-42.97%

Return on common equity (annualized)  (a)

2.31%

2.87%

2.20%

-53.73%

Efficiency ratio (c)

79.26%

78.47%

78.16%

89.87%

Net interest margin (annualized, tax-equivalent)

3.59%

3.43%

3.16%

3.29%

Net charge-offs to average loans (annualized)

0.60%

1.65%

1.99%

4.50%

Nonaccrual loans to total loans

3.55%

3.11%

4.01%

4.17%

90 day accruing loans to total loans

0.03%

0.09%

0.20%

0.23%












QTD Ended

QTD Ended

QTD Ended

QTD Ended


March 31

December 31

September 30

June 30


2011

2010

2010

2010

Per Common Share (diluted):





Net income

0.06

0.03

1.49

0.09

Cash dividends paid

0.01

0.01

0.01

0.01

Book value

9.98

9.96

10.18

8.68

Closing stock price

4.08

3.74

3.38

3.86






Loan Portfolio Composition: (in thousands)





Commercial, financial and agricultural

137,620

133,226

137,824

139,103

Non-residential real estate

642,372

646,731

626,747

615,571

Residential real estate

189,290

195,184

196,299

196,547

Home equity loans

38,622

40,305

40,523

41,254

Consumer loans

43,357

44,700

45,620

45,640

  Total loans

1,051,261

1,060,146

1,047,013

1,038,115






Deposit Composition: (in thousands)





Noninterest-bearing deposits

208,457

212,199

220,556

227,825

NOW deposits

411,898

364,209

307,533

312,828

MMDA deposits

161,959

166,455

162,955

145,798

Savings deposits

116,714

114,769

117,175

114,426

Core certificates of deposit under $100,000

261,087

268,272

267,350

278,177

Core certificates of deposit $100,000 and over

222,617

234,500

228,543

245,182

Brokered certificates of deposit under $100,000

2,880

3,074

3,005

5,322

Brokered certificates of deposit $100,000 and over

14,464

11,934

14,762

14,253

  Total deposits

1,400,076

1,375,412

1,321,879

1,343,811






Nonperforming Assets: (in thousands)





Nonaccrual loans

37,407

33,127

37,082

35,603

Other real estate

29,660

31,125

38,631

31,231

Investment securities

639

698

596

660

  Total nonperforming assets

67,706

64,950

76,309

67,494

Accruing loans past due 90 days or more

338

951

858

1,307

Restructured loans (accruing)

16,320

18,052

18,518

15,374

Total nonaccrual loan to loans

3.55%

3.11%

3.53%

3.41%

Total nonperforming credit assets to loans and ORE

6.19%

5.85%

6.95%

6.22%

Total nonperforming assets to assets ratio

4.21%

4.05%

4.93%

4.30%






Allowance For Loan Loss Activity: (in thousands)





Beginning balance

16,025

20,077

18,301

21,115

Provision for loan loss

2,580

2,280

2,280

2,380

Charge-offs

(2,147)

(6,536)

(1,485)

(5,706)

Recoveries

585

204

981

512

Ending balance

17,043

16,025

20,077

18,301











First M&F Corporation





Financial Highlights






QTD Ended

QTD Ended

QTD Ended

QTD Ended


March 31

December 31

September 30

June 30


2011

2010

2010

2010

Condensed Income Statements: (in thousands)










Interest income

17,569

17,603

17,855

18,222

Interest expense

4,844

5,235

5,561

6,324

  Net interest income

12,725

12,368

12,294

11,898

Provision for loan losses

2,580

2,280

2,280

2,380

Noninterest revenues

5,731

4,956

4,746

5,216

Noninterest expenses

14,811

14,628

13,111

13,342

  Net income before taxes

1,065

416

1,649

1,392

Income tax expense (benefit)

115

(226)

407

120

Noncontrolling interest

-

1

(3)

-

  Net income

950

641

1,245

1,272

Preferred dividends

(432)

(375)

(441)

(439)

Gain on exchange of preferred stock (Note 1)

-

-

12,867

-

  Net income applicable to common stock

518

266

13,671

833

Earnings (loss) attributable to participating securities

3

(1)

106

7

  Net income allocated to common shareholders

515

267

13,565

826






Tax-equivalent net interest income

12,955

12,624

12,563

12,180






Selected Average Balances: (in thousands)





Assets

1,622,363

1,574,426

1,553,415

1,598,285

Loans held for investment

1,056,903

1,041,453

1,046,242

1,038,148

Earning assets

1,463,032

1,404,766

1,384,289

1,438,166

Deposits

1,403,733

1,341,738

1,331,624

1,362,362

Equity

107,633

109,110

108,535

105,381

Common equity

91,102

90,612

79,547

76,582






Selected Ratios:





Return on average assets (annualized)

0.24%

0.16%

0.32%

0.32%

Return on average equity (annualized)  (a)

3.58%

2.33%

4.55%

4.84%

Return on average common equity (annualized)  (a)

2.31%

1.16%

4.01%

4.37%

Average equity to average assets

6.63%

6.93%

6.99%

6.59%

Tangible equity to tangible assets  (b)

6.41%

6.38%

6.72%

6.56%

Tangible common equity to tangible assets  (b)

5.37%

5.36%

5.67%

4.70%

Net interest margin (annualized, tax-equivalent)

3.59%

3.57%

3.60%

3.40%

Efficiency ratio (c)

79.26%

83.22%

75.75%

76.69%

Net charge-offs to average loans (annualized)

0.60%

2.41%

0.19%

2.01%

Nonaccrual loans to total loans

3.55%

3.11%

3.53%

3.41%

90 day accruing loans to total loans

0.03%

0.09%

0.08%

0.13%

Price to book

0.41x

0.38x

0.33x

0.44x

Price to earnings

17.00x

31.17x

0.57x

10.72x






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 2011

950

518

515

0.06

4Q 2010

641

266

267

0.03

3Q 2010

1,245

13,671

13,565

1.49

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)
















Revenue Statistics:


Non-interest

Non-interest



Revenues

Revenues to

Revenues to



Per FTE

Ttl. Revenues

Avg. Assets



(thousands)

(percent)

(percent)


1Q 2011

37.9

30.67%

1.43%


4Q 2010

35.4

28.19%

1.25%


3Q 2010

34.9

27.42%

1.21%


2Q 2010

35.1

29.98%

1.31%


1Q 2010

34.4

32.66%

1.39%


4Q 2009

32.8

26.09%

1.05%


3Q 2009

34.4

29.81%

1.30%


2Q 2009

31.2

29.92%

1.24%


1Q 2009

32.3

29.81%

1.28%

















Expense Statistics:

Non-interest





Expense to

Efficiency




Avg. Assets

Ratio




(percent)

(percent)  (c)



1Q 2011

3.70%

79.26%



4Q 2010

3.69%

83.22%



3Q 2010

3.35%

75.75%



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%








First M&F Corporation





Average Balance Sheets/Yields and Costs (tax-equivalent)





(In thousands with yields and costs annualized)

QTD March 2011

QTD March 2010


Average


Average



Balance

Yield/Cost

Balance

Yield/Cost

Interest bearing bank balances

93,864

0.22%

81,226

0.22%

Federal funds sold

25,000

0.25%

49,848

0.21%

Taxable investments (amortized cost)

249,061

2.88%

236,038

3.51%

Tax-exempt investments (amortized cost)

33,939

5.98%

46,541

5.98%

Loans held for sale

4,265

3.85%

11,506

2.76%

Loans held for investment

1,056,903

5.92%

1,056,177

5.93%

  Total earning assets

1,463,032

4.93%

1,481,336

5.02%

Non-earning assets

159,331


157,425


  Total average assets

1,622,363


1,638,761







NOW

402,801

0.81%

330,094

1.07%

MMDA

161,581

0.85%

147,128

1.08%

Savings

115,815

1.21%

112,260

1.33%

Certificates of Deposit

514,184

1.86%

576,885

2.50%

Short-term borrowings

23,917

0.25%

13,733

0.56%

Other borrowings

80,261

4.97%

131,820

4.80%

  Total interest bearing liabilities

1,298,559

1.51%

1,311,920

2.09%

Non-interest bearing deposits

209,352


213,143


Non-interest bearing liabilities

6,819


8,114


Preferred equity

16,531


28,868


Common equity

91,102


76,716


  Total average liabilities and equity

1,622,363


1,638,761


Net interest spread


3.42%


2.92%

Effect of non-interest bearing deposits


0.21%


0.29%

Effect of leverage


-0.04%


-0.05%

  Net interest margin, tax-equivalent


3.59%


3.16%

Less tax equivalent adjustment:





  Investments


0.05%


0.07%

  Loans


0.01%


0.01%

Reported book net interest margin


3.53%


3.08%


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)



Note 1: On September 29, 2010 the Company issued 30,000 shares of Class B, Series CD, par value $1,000 preferred stock to the U.S. Treasury to acquire its 30,000 shares outstanding of Class B, Series A, par value $1,000 preferred stock. The Series CD preferred stock issued has a dividend rate of 2.00%. The estimated fair value of the Series CD preferred stock as of September 29, 2010 was $16,159,000. The Series A preferred stock carried a dividend rate of 5.00% and had a book value of $29,026,000 as of September 29, 2010. The acquisition of the Series A shares in exchange for the Series CD shares resulted in a gain of $12,867,000 which was recorded as a credit to retained earnings.


SOURCE First M&F Corporation

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