First M&F reports hefty jump in net income

KOSCUISKO — First M&F Corp. reported 2012 net income of $6.985 million as compared to a net income of $4.373 million for 2011, a 59.7 percent increase.

Earnings allocated to common shareholders were $4.919 million, or $0.54 basic and diluted earnings per share, compared to earnings of $2.584 million, or $.28 basic and diluted earnings per share for 2011.

Net income for the quarter ended Dec. 31, 2012, was $1.290 million allocated to common shareholders, or $.14 basic and diluted earnings per share, compared to $530,000, or $.05 basic and diluted earnings per share for the fourth quarter of 2011.

For the fourth quarter of 2012 the annualized return on assets was 0.46 percent, while return on common equity was 5.40 percent. Comparatively, the return on assets for the fourth quarter of 2011 was 0.25 percent, with a return on common equity of 2.27 percent. The return on assets for 2012 was 0.44 percent, while the return on common equity was 5.30 percent.