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First M&F reports improved quarter

KOSCIUSKO — First M&F Corp. reports a net profit for the quarter ended June 30, 2010, of $1.272 million.

Net income for the quarter allocated to common shareholders was $826,000, or $.09 basic and diluted earnings per share, compared to the first quarter of 2010 earnings of $413,000, or $.05 basic and diluted earnings per share and a loss of $5.498 million, or $(.61) basic and diluted earnings per share for the second quarter of 2009

Hugh Potts Jr., chairman and CEO said, “The arduous course of the last two and one half years shows signs of incremental progress and some abatement of old and new credit issues. While there remains stress upon borrowers, which causes challenges to M&F as a company, the progress in numbers is encouraging both by comparison and trend.”

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