First M&F returns to profitability

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.”