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.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Moon River Foods creating 100 jobs in Mississippi Delta
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- Weyerhaeuser investing $57M to modernize lumber mill
- Google chooses Mad Genius as example of Internet use
- Two BancorpSouth mergers delayed by federal inquiries
- Health officials identify another case of chikungunya virus
- Biloxi council approves $29M contract for baseball stadium construction
- Cochran continues to question EPA over new regulations
- Wasted away — Margaritaville in Biloxi to close by Sept. 19