First M&F posts quarterly loss

by Wally Northway

Published: October 20,2009

Tags: banking and finance, publicly traded company, recession

KOSCIUSKO — First M&F Corp. reports a net loss for the quarter ended Sept. 30 of $580,000 attributable to common shareholders, or ($0.06) basic and diluted earnings per share, compared to the second quarter of 2009 loss attributable to common shareholders of $5.498 million, or ($0.61) per share, and a profit of $ 2.210 million, or $0.24 basic and diluted earnings per share for the third quarter of 2008.

The reported loss included $2 million in extraordinary loan loss provisioning. The quarterly results also included $240,000 in losses on the other than temporary impairment of trust preferred securities held in the investment portfolio.

Hugh S. Potts, Jr., First M&F chairman and CEO, said, “The third quarter of 2009 reflects a continuation of clear evidence of a recession and credit cycle. No two companies or banks are identical in the timing of their entry into or exit from the downward credit cycle, which has not yet run its course. Most indicators reveal an emerging recovery. In looking at First M&F, there are some trends which are improving, some trends are relatively stable and some trends are still bothersome and troubling.”

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