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.”
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info