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First M&F reports increased earnings last year

KOSCIUSKO — First M&F Corp. reports 2011 net income of $4.373 million, compared to a net income of $4.011 million for 2010, a nine percent increase.

Earnings allocated to common shareholders were $2.584 million, or $0.28 basic and diluted earnings per share, compared to earnings of $15.071 million, or $1.66 basic and diluted earnings per share for 2010.

Earnings attributable to common shareholders for 2010 includes a $12.867 million gain on exchange of preferred stock recorded in the third quarter of 2010.  Excluding the gain on exchange, 2010 common earnings were $2.301 million, or $.25 basic and diluted earnings per share.

Net income for the quarter ended Dec. 31, 2011, was $530,000 allocated to common shareholders, or $.05 basic and diluted earnings per share, compared to $267,000, or $.03 basic and diluted earnings per share, for the fourth quarter of 2010.

For the fourth quarter of 2011 the annualized return on assets was 0.25 percent, while return on common equity was 2.27 percent. Comparatively, the return on assets for the fourth quarter of 2010 was 0.16 percent, with a return on common equity of 1.16 percent. The return on assets for 2011 was 0.27 percent, while the return on common equity was 2.81 percent.

“Our credit trends continue to improve, bolstered by eight quarters of post-recession earnings,” said Hugh S. Potts Jr., chairman and CEO of the financial institution.  “Our nonaccrual loans to total loans improved in 2011 to 1.68 percent from 3.11 percent in 2010.  While our net income overall was up nine percent, cash earnings applicable to common stock, excluding the 2010 gain on exchange of preferred stock, were up 13 percent year over year.”

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