First M&F returns to profitability
Published: April 21,2010
KOSCIUSKO — First M&F Corp. is back in the black. reporting a profit for the first quarter ended March 31, 2010, of $853,000.
Net income allocated to common shareholders was $413,000, or $0.05 basic and diluted earnings per share, compared to a loss of $27.089 million or ($2.99) basic and diluted earnings per share for the first quarter of 2009.
Hugh S. Potts Jr., CEO and chairman, said, “While first quarter earnings are modest compared to the levels of 2006 and 2007, it is gratifying to report a return to positive earnings territory. After absorbing the brunt of the Great Recession of 2007-2009, to return to profitability is encouraging.
“There were extraordinary elements in the first quarter both in revenue and expense. The year of 2010 should be a much-improved year. The recovery of M&F will not be achieved in a quarter or even a year; but, the journey to a new and profitable ‘normal’ has begun.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- HUNTER ARNOLD: Mississippi, Gulf Coast states focus on global business markets
- Host families prepare for Mississippi Braves’ season
- JOSH MABUS — Mississippi’s Healthcare: Not a quality problem, a marketing problem
- Ridgeland property rights tussle is expected to have wide impact
- Starkville's Cotton Mill Marketplace hotel breaks ground Wednesday
- Report ranks state schools' performance 51st in the nation
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Two new casinos like the odds on Mississippi Gulf Coast
- BILL CRAWFORD: Keep schools free from preventable diseases