First M&F posts quarterly loss
Published: October 20,2009
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.”
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Mississippi Film Studios signs contract with New Orleans company
- Peavey's wellness program honored after workers drop 1,000 pounds
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Board authorizes sale of company that owns Silver Slipper Casino
- State renews battle over water use with city of Memphis
- GreenTech holds grand opening of neighborhood electric vehicle plant