Potts: ‘Storm has passed’ First M&F Corp.

KOSCIUSKO — First M&F Corp. reported a profit for the first quarter ended March 31, 2011 of $950,000. Net income allocated to common shareholders was $515,000, or $0.06 basic and diluted earnings per share, compared to a profit of $413,000, or $0.05 basic and diluted earnings per share, for the first quarter of 2010.

Hugh S. Potts, Jr., CEO and chairman of the board, said, “It is encouraging to see earnings of $0.06 per share this quarter to make five consecutive quarters of profitable operations and credit issues closer to resolution.”

“Progress out of the recession has been real, measurable and deliberate. The national economy and real estate values have not allowed for a quick or robust recovery but we are making progress.

“First M&F is slowly building capital through retained earnings while navigating very choppy economic seas. The storm has passed.”

Source: First M&F