First M&F Corp. operates in the black

KOSCIUSKO — First M&F Corp. reports 2010 net income of $4.011 million as compared to a net loss of $59.799 million for 2009.

Earnings attributable to common shareholders were $15.071 million, or $1.66 basic and diluted earnings per share, compared to a loss of $60.655 million, or ($6.69) basic and diluted earnings per share for 2009.

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

Net income for the quarter ended Dec. 31, 2010, was $267,000 attributable to common shareholders, or $.03 basic and diluted earnings per share, compared to a loss of $27.488 million, or ($3.03) basic and diluted earnings per share for the fourth quarter of 2009.

“The positive and encouraging trends begun in the first quarter of 2010 continued through year end,” said Hugh S. Potts Jr., chairman and CEO. “Actions taken during 2009 bore fruit in 2010. Virtually every credit-related measure improved in 2010.”