KOSCIUSKO, Miss., July 19, 2013 /PRNewswire/ -- First M&F
Corp. (NASDAQ: FMFC) reported today a net profit for the quarter
ended June 30, 2013 of $2.205 million. Net income for the quarter
applicable to common stock was $1.698
million, or $0.18 basic and
$0.17 diluted earnings per share,
compared to the first quarter of 2013 earnings applicable to common
of $2.101 million, or $.22 basic and diluted earnings per share and
earnings of $1.282 million, or
$.14 basic and diluted earnings per
share for the second quarter of 2012.
Hugh Potts, Jr., Chairman and CEO
commented, "Once again, the performance of M&F is on track with
our plans and expectations. Credit metrics continue to
improve and the margin battle intensifies. Expenses are under
control although merger-related expenses are starting to be
felt. These are important issues, especially with our
upcoming merger with Renasant Bank to be completed in the third
quarter. With that merger, combined with recent performance,
the M&F team continues to deliver to our shareholders
increasing value and quality in their investment."
Net Interest Income
Reported net interest income was down by 4.54% on lower volumes
compared to the second quarter of 2012, with the net interest
margin falling to 3.58% on a tax equivalent basis in the second
quarter of 2013 as compared to 3.72% in the second quarter of 2012.
The net interest margin for the first quarter of 2013 was
3.53% as compared to 3.56% for the fourth quarter of 2012 and 3.73%
for the third quarter of 2012. Loan yields fell to 5.21% in
the second quarter of 2013 from 5.61% in the second quarter of
2012. Loan yields fell slightly from the first quarter of
2013 to the second quarter as well. Average loans were $.978 billion for the second quarter of 2013 as
compared to $.991 billion for the
first quarter of 2013 and $1.004
billion during the second quarter of 2012. Loans held for
investment fell by $20.6 million in
the second quarter of 2013 but grew by $12.2
million in the first quarter.
Deposit costs decreased in the second quarter of 2013 from the
first quarter of 2013 and from the second quarter of 2012, in
response to the continuing low rate environment. Deposit
costs were .54% in the second quarter of 2013 as compared to .78%
in the second quarter of 2012. Deposits grew by $13.4 million during the second quarter of 2013
and have grown by $4.9 million since
the second quarter of 2012.
Loans held for investment as a percentage of assets were 63.27%
at June 30, 2013 as compared to
62.93% at June 30, 2012 and 60.90% at
December 31, 2012. Loans fell by
1.59% since the second quarter of 2012 and deposits grew by
.36%.
Non-interest Income
Non-interest income, excluding securities transactions and
impairment of investments, for the second quarter of 2013 fell by
46.2% compared to the second quarter of 2012, with deposit-related
revenue down by 4.36%. Insurance agency commissions were up
3.77% quarter over quarter. The major contributors to the
decrease in non-interest income were reduced mortgage income and
the prepayment penalty realized upon the early retirement of
Federal Home Loan Bank advances offset somewhat by securities gains
taken as the investment portfolio was restructured in preparation
for the upcoming merger. Mortgage origination and sale
volumes were influenced by a fall in refinancing, partly affected
by the rise in rates and due to merger-related turnover in the
mortgage department. Mortgage income for the quarter was down
65.7% versus the year ago quarter and down 52% compared to the
first quarter.
Non-interest Expenses
Non-interest expenses were down overall 12.43% in the second
quarter of 2013 as compared to the second quarter of 2012 largely
due to volume-related decreases in mortgage expenses supplemented
by lower foreclosed property expenses and lower salaries and
employee benefits. These reductions were somewhat offset by
merger-related expenses of $.458
million, for accounting, legal and information technology
charges. Mr. Potts pointed out that, "After tax net
merger-related charges represented about $.04 per share in net earnings for the
quarter."
Credit Quality
Annualized net loan charge-offs as a percent of average loans
for the second quarter of 2013 were .09% as compared to 1.26% for
the same period in 2012. Net charge-offs totaled $.218 million for the quarter versus $3.054 million a year ago and $.503 million in the first quarter of 2013.
Non-accrual and 90-day past due loans as a percent of total loans
were .64% at the end of the second quarter of 2013 as compared to
.79% at the end of the 2012 quarter. The allowance for loan losses
as a percentage of loans was 2.01% at June
30, 2013 as compared to 1.56% at June
30, 2012. The provision for loan losses was lower by 39.5%
versus the year ago quarter as credit quality continued to
improve.
Balance Sheet
Total assets at June 30, 2013 were
$1.529 billion as compared to
$1.602 billion at the end of 2012 and
$1.561 billion at June 30, 2012. Total loans were $.967 billion compared to $.975 billion at the end of 2012 and $.983 billion at June 30,
2012. Deposits were $1.366
billion compared to $1.403
billion at the end of 2012 and $1.361
billion at June 30, 2012.
Total capital was $117.278 million,
or $10.58 in book value per common
share, at June 30, 2013.
In summary Mr. Potts said, "First M&F had a good quarter and
we'll be combining with Renasant on a high note. The decision
to merge with Renasant, now approved by our shareholders, was
driven by a prudent and thorough assessment of shareholder
benefits. On our own, we were well on our way to achieving a return
to growing value and high performance but shareholder patience,
already taxed with the events of recent years, was a major factor
in the decision."
In closing, Mr. Potts concluded, "As the current prices of First
M&F and Renasant indicate, M&F shareholder value has
largely been restored. Our shareholders can look to their
investment in First M&F, and post-merger in Renasant, as an
opportunity for even greater value and financial wherewithal.
Looking back at M&F's long history, we can rest assured that
there has been Divine guidance given to this company for 123
years. May the Lord continue to guide and bless us as we seek
Him in humble reliance and trust. Thanks to our shareholders
for the fellowship of shared objectives and a common destiny
through this 123 year journey."
About First M&F Corporation
First M&F Corp., the parent of M&F Bank, is committed to
proceed with its mission of making the mid-south better through the
delivery of excellence in financial services to 26 communities in
Mississippi, Alabama, and Tennessee.
Caution Concerning Forward‑Looking Statements
This document includes certain "forward‑looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from these
expectations due to changes in economic, business, competitive,
market and regulatory factors. More detailed information about
those factors is contained in First M&F Corporation's filings
with the Securities and Exchange Commission.
First M&F
Corporation
|
|
|
|
Condensed
Consolidated Statements of Condition (Unaudited)
|
|
|
(In
thousands, except share data)
|
|
|
|
|
June 30
|
December
31
|
June 30
|
|
2013
|
2012
|
2012
|
Cash and due from
banks
|
$
49,568
|
$
54,811
|
$
37,147
|
Interest bearing bank
balances
|
133,333
|
94,313
|
20,708
|
Federal funds
sold
|
10,000
|
10,000
|
6,750
|
Securities available
for sale (cost of
|
|
|
|
$277,588,
$341,273 and $371,424)
|
273,553
|
348,562
|
377,670
|
Loans held for
sale
|
2,614
|
21,014
|
22,291
|
|
|
|
|
Loans
|
967,013
|
975,473
|
982,596
|
Allowance for loan
losses
|
19,431
|
17,492
|
15,310
|
Net loans
|
947,582
|
957,981
|
967,286
|
|
|
|
|
Bank premises and
equipment
|
36,438
|
37,264
|
37,529
|
Accrued interest
receivable
|
4,777
|
5,683
|
6,060
|
Other real
estate
|
22,571
|
25,970
|
31,077
|
Other intangible
assets
|
3,946
|
4,159
|
4,373
|
Other
assets
|
44,128
|
41,926
|
50,605
|
Total assets
|
$
1,528,510
|
$
1,601,683
|
$
1,561,496
|
|
|
|
|
Non-interest bearing
deposits
|
$
304,734
|
$
276,295
|
$
236,145
|
Interest bearing
deposits
|
1,061,474
|
1,126,380
|
1,125,193
|
Total deposits
|
1,366,208
|
1,402,675
|
1,361,338
|
|
|
|
|
Federal funds and
repurchase agreements
|
1,994
|
3,720
|
3,224
|
Other
borrowings
|
2,792
|
36,007
|
40,333
|
Junior subordinated
debt
|
30,928
|
30,928
|
30,928
|
Accrued interest
payable
|
482
|
661
|
844
|
Other
liabilities
|
8,828
|
9,249
|
10,912
|
Total liabilities
|
1,411,232
|
1,483,240
|
1,447,579
|
|
|
|
|
Preferred stock,
30,000 shares issued and outstanding
|
19,569
|
18,865
|
18,198
|
Common stock,
9,236,479, 9,230,799 and 9,172,098
|
|
|
|
shares issued &
outstanding
|
46,182
|
46,154
|
45,860
|
Additional paid-in
capital
|
32,515
|
32,469
|
31,890
|
Nonvested restricted
stock awards
|
405
|
244
|
836
|
Retained
earnings
|
22,859
|
19,180
|
16,699
|
Accumulated other
comprehensive income (loss)
|
(4,252)
|
1,531
|
434
|
Total equity
|
117,278
|
118,443
|
113,917
|
Total liabilities &
equity
|
$
1,528,510
|
$
1,601,683
|
$
1,561,496
|
|
|
|
|
First M&F
Corporation and Subsidiary
|
|
Condensed
Consolidated Statements of Income (Unaudited)
|
(In thousands, except
share data)
|
|
|
|
|
Three Months Ended
June 30
|
Six Months Ended June
30
|
|
2013
|
2012
|
2013
|
2012
|
Interest and fees on
loans
|
$
12,652
|
$
13,741
|
$
25,350
|
$
27,899
|
Interest on loans
held for sale
|
25
|
244
|
81
|
417
|
Taxable
investments
|
1,338
|
1,563
|
2,569
|
3,053
|
Tax exempt
investments
|
348
|
319
|
700
|
637
|
Federal funds
sold
|
6
|
11
|
12
|
26
|
Interest bearing bank
balances
|
40
|
28
|
98
|
79
|
Total interest
income
|
14,409
|
15,906
|
28,810
|
32,111
|
|
|
|
|
|
Interest on
deposits
|
1,452
|
2,233
|
2,968
|
4,746
|
Interest on fed funds
and repurchase agreements
|
2
|
5
|
6
|
11
|
Interest on other
borrowings
|
329
|
437
|
700
|
888
|
Interest on
subordinated debt
|
297
|
315
|
580
|
586
|
Total interest
expense
|
2,080
|
2,990
|
4,254
|
6,231
|
|
|
|
|
|
Net interest
income
|
12,329
|
12,916
|
24,556
|
25,880
|
Provision for
possible loan losses
|
1,380
|
2,280
|
2,660
|
4,560
|
Net interest income after
loan loss
|
10,949
|
10,636
|
21,896
|
21,320
|
|
|
|
|
|
Service charges on
deposits
|
2,437
|
2,548
|
4,808
|
5,005
|
Mortgage banking
income
|
619
|
1,806
|
1,910
|
2,373
|
Agency commission
income
|
880
|
848
|
1,700
|
1,677
|
Fiduciary and
brokerage income
|
203
|
163
|
363
|
303
|
Other
income
|
618
|
673
|
1,662
|
1,510
|
Loss on
extinguishment of debt
|
(1,511)
|
-
|
(1,511)
|
-
|
Other-than-temporary
impairment on securities, net of
|
|
|
|
|
$0, $4, $0, and $4
reclassified to other
|
|
|
|
|
comprehensive
income
|
-
|
(4)
|
-
|
(4)
|
Gains on AFS
securities
|
1,378
|
1
|
1,394
|
592
|
Total noninterest
income
|
4,624
|
6,035
|
10,326
|
11,456
|
|
|
|
|
|
Salaries and employee
benefits
|
6,377
|
6,737
|
12,739
|
13,600
|
Net occupancy
expense
|
819
|
932
|
1,684
|
1,840
|
Equipment
expenses
|
390
|
423
|
822
|
886
|
Software and
processing expenses
|
555
|
346
|
911
|
708
|
FDIC insurance
assessments
|
323
|
553
|
671
|
1,067
|
Foreclosed property
expenses
|
926
|
1,282
|
1,514
|
2,738
|
Intangible asset
amortization and impairment
|
107
|
106
|
213
|
213
|
Other
expenses
|
3,042
|
3,940
|
6,924
|
7,253
|
Total noninterest
expense
|
12,539
|
14,319
|
25,478
|
28,305
|
|
|
|
|
|
Net income before
taxes
|
3,034
|
2,352
|
6,744
|
4,471
|
Income tax
expense
|
829
|
599
|
1,941
|
1,111
|
Net income
|
$
2,205
|
$
1,753
|
$
4,803
|
$
3,360
|
|
|
|
|
|
Earnings Per
Common Share Calculations:
|
|
|
|
|
Net income
|
$
2,205
|
$
1,753
|
$
4,803
|
$
3,360
|
Dividends and
accretion on preferred stock
|
(507)
|
(471)
|
(1,004)
|
(934)
|
Net income applicable to
common stock
|
1,698
|
1,282
|
3,799
|
2,426
|
Earnings attributable
to participating securities
|
65
|
56
|
146
|
61
|
Net income allocated to
common shareholders
|
$
1,633
|
$
1,226
|
$
3,653
|
$
2,365
|
|
|
|
|
|
Weighted average
shares (basic)
|
9,234,452
|
9,164,576
|
9,232,963
|
9,160,526
|
Weighted average
shares (diluted)
|
9,445,769
|
9,164,576
|
9,403,561
|
9,160,526
|
Basic earnings per
share
|
$
0.18
|
$
0.14
|
$
0.40
|
$
0.26
|
Diluted earnings per
share
|
$
0.17
|
$
0.14
|
$
0.39
|
$
0.26
|
|
|
|
|
|
|
|
|
|
|
First M&F
Corporation
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
YTD Ended
|
YTD Ended
|
YTD Ended
|
YTD Ended
|
|
June 30
|
December
31
|
June 30
|
December
31
|
|
2013
|
2012
|
2012
|
2011
|
Performance
Ratios:
|
|
|
|
|
Return on assets
(annualized)
|
0.62%
|
0.44%
|
0.42%
|
0.27%
|
Return on equity
(annualized) (a)
|
8.05%
|
6.12%
|
6.06%
|
4.00%
|
Return on common
equity (annualized) (a)
|
7.58%
|
5.30%
|
5.21%
|
2.81%
|
Efficiency ratio
(c)
|
72.09%
|
74.98%
|
74.94%
|
78.47%
|
Net interest margin
(annualized, tax-equivalent)
|
3.55%
|
3.67%
|
3.69%
|
3.68%
|
Net charge-offs to
average loans (annualized)
|
0.15%
|
0.61%
|
0.86%
|
1.05%
|
Nonaccrual loans to
total loans
|
0.62%
|
0.75%
|
0.64%
|
1.68%
|
90 day accruing loans
to total loans
|
0.02%
|
0.03%
|
0.15%
|
0.06%
|
|
|
|
|
|
|
|
|
|
|
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
|
June 30
|
March 31
|
December
31
|
September
30
|
|
2013
|
2013
|
2012
|
2012
|
Per Common Share
(diluted):
|
|
|
|
|
Net income
|
$
0.17
|
$
0.22
|
$
0.14
|
$
0.14
|
Cash dividends
paid
|
0.01
|
0.01
|
0.01
|
0.01
|
Book value
|
10.58
|
11.00
|
10.79
|
10.69
|
Closing stock
price
|
15.81
|
14.15
|
6.98
|
7.42
|
|
|
|
|
|
Loan Portfolio
Composition: (in thousands)
|
|
|
|
|
Commercial, financial
and agricultural
|
$
145,411
|
$
150,125
|
$
153,550
|
$
155,890
|
Non-residential real
estate
|
540,694
|
557,453
|
542,859
|
554,475
|
Residential real
estate
|
206,490
|
203,260
|
200,992
|
197,629
|
Home equity
loans
|
38,340
|
39,047
|
37,736
|
37,196
|
Consumer
loans
|
36,078
|
37,772
|
40,336
|
42,137
|
Total
loans
|
$
967,013
|
$
987,657
|
$
975,473
|
$
987,327
|
|
|
|
|
|
Deposit
Composition: (in thousands)
|
|
|
|
|
Noninterest-bearing
deposits
|
$
304,734
|
$
252,453
|
$
276,295
|
$
233,684
|
NOW
deposits
|
404,457
|
419,376
|
423,461
|
386,371
|
MMDA
deposits
|
200,839
|
207,931
|
214,091
|
216,620
|
Savings
deposits
|
119,583
|
119,728
|
118,123
|
117,404
|
Core certificates of
deposit under $100,000
|
176,722
|
182,245
|
188,733
|
201,361
|
Core certificates of
deposit $100,000 and over
|
148,734
|
159,913
|
165,979
|
177,084
|
Brokered certificates
of deposit under $100,000
|
3,305
|
3,295
|
3,549
|
3,417
|
Brokered certificates
of deposit $100,000 and over
|
7,834
|
7,834
|
12,444
|
13,533
|
Total
deposits
|
$
1,366,208
|
$
1,352,775
|
$
1,402,675
|
$
1,349,474
|
|
|
|
|
|
Nonperforming
Assets: (in thousands)
|
|
|
|
|
Nonaccrual
loans
|
$
6,036
|
$
7,277
|
$
7,444
|
$
6,219
|
Other real
estate
|
22,571
|
24,820
|
25,970
|
28,002
|
Investment
securities
|
679
|
604
|
733
|
644
|
Total
nonperforming assets
|
$
29,286
|
$
32,701
|
$
34,147
|
$
34,865
|
Accruing loans past
due 90 days or more
|
$
186
|
$
268
|
$
321
|
$
408
|
Restructured loans
(accruing)
|
$
6,209
|
$
21,657
|
$
21,800
|
$
16,784
|
Total nonaccrual loan
to loans
|
0.62%
|
0.72%
|
0.75%
|
0.62%
|
Total nonperforming
credit assets to loans and ORE
|
2.88%
|
3.12%
|
3.27%
|
3.29%
|
Total nonperforming
assets to assets ratio
|
1.92%
|
2.11%
|
2.13%
|
2.24%
|
|
|
|
|
|
Allowance For Loan
Loss Activity: (in thousands)
|
|
|
|
|
Beginning
balance
|
$
18,269
|
$
17,492
|
$
16,656
|
$
15,310
|
Provision for loan
loss
|
1,380
|
1,280
|
1,980
|
1,980
|
Charge-offs
|
(569)
|
(747)
|
(1,584)
|
(1,035)
|
Recoveries
|
351
|
244
|
440
|
401
|
Ending
balance
|
$
19,431
|
$
18,269
|
$
17,492
|
$
16,656
|
|
|
|
|
|
|
|
|
|
|
First M&F
Corporation
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
QTD Ended
|
|
June 30
|
March 31
|
December
31
|
September
30
|
|
2013
|
2013
|
2012
|
2012
|
Condensed Income
Statements: (in thousands)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
14,409
|
$
14,401
|
$
15,186
|
$
15,625
|
Interest
expense
|
2,080
|
2,174
|
2,545
|
2,753
|
Net
interest income
|
12,329
|
12,227
|
12,641
|
12,872
|
Provision for loan
losses
|
1,380
|
1,280
|
1,980
|
1,980
|
Noninterest
revenues
|
4,624
|
5,702
|
5,735
|
5,607
|
Noninterest
expenses
|
12,539
|
12,939
|
13,913
|
14,060
|
Net
income before taxes
|
3,034
|
3,710
|
2,483
|
2,439
|
Income tax
expense
|
829
|
1,112
|
652
|
645
|
Net
income
|
$
2,205
|
$
2,598
|
$
1,831
|
$
1,794
|
Preferred
dividends
|
(507)
|
(497)
|
(488)
|
(479)
|
Net
income applicable to common stock
|
1,698
|
2,101
|
1,343
|
1,315
|
Earnings attributable
to participating securities
|
65
|
81
|
53
|
51
|
Net
income allocated to common shareholders
|
$
1,633
|
$
2,020
|
$
1,290
|
$
1,264
|
|
|
|
|
|
Tax-equivalent net
interest income
|
$
12,557
|
$
12,458
|
$
12,859
|
$
13,088
|
|
|
|
|
|
Selected Average
Balances: (in thousands)
|
|
|
|
|
Assets
|
$
1,543,020
|
$
1,570,994
|
$
1,585,467
|
$
1,546,416
|
Loans held for
investment
|
973,160
|
977,198
|
982,894
|
984,282
|
Earning
assets
|
1,408,023
|
1,431,054
|
1,436,348
|
1,396,824
|
Deposits
|
1,345,703
|
1,369,784
|
1,381,667
|
1,343,559
|
Equity
|
121,328
|
119,209
|
117,529
|
115,544
|
Common
equity
|
101,940
|
100,171
|
98,837
|
97,186
|
|
|
|
|
|
Selected
Ratios:
|
|
|
|
|
Return on average
assets (annualized)
|
0.57%
|
0.67%
|
0.46%
|
0.46%
|
Return on average
equity (annualized) (a)
|
7.29%
|
8.84%
|
6.19%
|
6.18%
|
Return on average
common equity (annualized) (a)
|
6.68%
|
8.51%
|
5.40%
|
5.38%
|
Average equity to
average assets
|
7.86%
|
7.59%
|
7.41%
|
7.47%
|
Tangible equity to
tangible assets (b)
|
7.43%
|
7.55%
|
7.15%
|
7.28%
|
Tangible common
equity to tangible assets (b)
|
6.15%
|
6.31%
|
5.97%
|
6.08%
|
Net interest margin
(annualized, tax-equivalent)
|
3.58%
|
3.53%
|
3.56%
|
3.73%
|
Efficiency ratio
(c)
|
72.99%
|
71.25%
|
74.83%
|
75.21%
|
Net charge-offs to
average loans (annualized)
|
0.09%
|
0.21%
|
0.46%
|
0.26%
|
Nonaccrual loans to
total loans
|
0.62%
|
0.72%
|
0.75%
|
0.62%
|
90 day accruing loans
to total loans
|
0.02%
|
0.03%
|
0.03%
|
0.04%
|
Price to
book
|
1.49x
|
1.29x
|
0.65x
|
0.69x
|
Price to
earnings
|
23.25x
|
16.08x
|
12.46x
|
13.25x
|
|
|
|
|
|
First M&F
Corporation
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
|
|
|
Historical
Earnings Trends:
|
|
Earnings
|
Earnings
|
|
|
|
Applicable
to
|
Allocated
to
|
|
|
|
Common
|
Common
|
|
|
Earnings
|
Stock
|
Shareholders
|
EPS
|
|
(in
thousands)
|
(in
thousands)
|
(in
thousands)
|
(diluted)
|
2Q 2013
|
$
2,205
|
$
1,698
|
$
1,633
|
$
0.17
|
1Q 2013
|
2,598
|
2,101
|
2,020
|
0.22
|
4Q 2012
|
1,831
|
1,343
|
1,290
|
0.14
|
3Q 2012
|
1,794
|
1,315
|
1,264
|
0.14
|
2Q 2012
|
1,753
|
1,282
|
1,226
|
0.14
|
1Q 2012
|
1,607
|
1,144
|
1,139
|
0.12
|
4Q 2011
|
987
|
533
|
530
|
0.05
|
3Q 2011
|
1,330
|
882
|
878
|
0.10
|
2Q 2011
|
1,106
|
666
|
661
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
Statistics:
|
|
Non-interest
|
Non-interest
|
|
|
Revenues
|
Revenues
to
|
Revenues
to
|
|
|
Per FTE
|
Ttl.
Revenues
|
Avg.
Assets
|
|
|
(thousands)
|
(percent)
|
(percent)
|
|
2Q 2013
|
$
40.3
|
26.91%
|
1.20%
|
|
1Q 2013
|
40.4
|
31.40%
|
1.47%
|
|
4Q 2012
|
40.2
|
30.85%
|
1.44%
|
|
3Q 2012
|
39.9
|
29.99%
|
1.44%
|
|
2Q 2012
|
41.1
|
31.48%
|
1.54%
|
|
1Q 2012
|
40.5
|
29.14%
|
1.36%
|
|
4Q 2011
|
39.0
|
31.48%
|
1.50%
|
|
3Q 2011
|
36.6
|
27.96%
|
1.30%
|
|
2Q 2011
|
36.6
|
25.88%
|
1.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
Statistics:
|
Non-interest
|
|
|
|
|
Expense to
|
Efficiency
|
|
|
|
Avg.
Assets
|
Ratio
|
|
|
|
(percent)
|
(percent)
(c)
|
|
|
2Q 2013
|
3.26%
|
72.99%
|
|
|
1Q 2013
|
3.34%
|
71.25%
|
|
|
4Q 2012
|
3.49%
|
74.83%
|
|
|
3Q 2012
|
3.62%
|
75.21%
|
|
|
2Q 2012
|
3.65%
|
74.70%
|
|
|
1Q 2012
|
3.50%
|
75.18%
|
|
|
4Q 2011
|
3.82%
|
80.29%
|
|
|
3Q 2011
|
3.52%
|
75.76%
|
|
|
2Q 2011
|
3.59%
|
78.56%
|
|
|
|
|
|
|
|
First M&F
Corporation
|
Average Balance
Sheets/Yields and Costs (tax-equivalent)
|
(In thousands with
yields and costs annualized)
|
QTD June
2013
|
QTD June
2012
|
|
Average
|
|
Average
|
|
|
Balance
|
Yield/Cost
|
Balance
|
Yield/Cost
|
Interest bearing bank
balances
|
$
61,978
|
0.26%
|
$
30,923
|
0.37%
|
Federal funds
sold
|
10,000
|
0.25%
|
15,082
|
0.27%
|
Taxable investments
(amortized cost)
|
313,887
|
1.71%
|
333,794
|
1.88%
|
Tax-exempt
investments (amortized cost)
|
44,109
|
5.04%
|
36,610
|
5.59%
|
Loans held for
sale
|
4,889
|
2.08%
|
30,416
|
3.22%
|
Loans held for
investment
|
973,160
|
5.22%
|
973,545
|
5.69%
|
Total
earning assets
|
1,408,023
|
4.17%
|
1,420,370
|
4.57%
|
Non-earning
assets
|
134,997
|
|
157,050
|
|
Total
average assets
|
$
1,543,020
|
|
$
1,577,420
|
|
|
|
|
|
|
NOW
|
$
411,929
|
0.23%
|
$
404,958
|
0.43%
|
MMDA
|
200,444
|
0.18%
|
217,533
|
0.37%
|
Savings
|
120,227
|
0.76%
|
121,778
|
0.95%
|
Certificates of
Deposit
|
345,147
|
1.04%
|
402,703
|
1.31%
|
Short-term
borrowings
|
2,862
|
0.20%
|
2,974
|
0.62%
|
Other
borrowings
|
62,062
|
4.05%
|
71,771
|
4.21%
|
Total
interest bearing liabilities
|
1,142,671
|
0.73%
|
1,221,717
|
0.98%
|
Non-interest bearing
deposits
|
267,956
|
|
232,744
|
|
Non-interest bearing
liabilities
|
11,065
|
|
10,493
|
|
Preferred
equity
|
19,388
|
|
18,036
|
|
Common
equity
|
101,940
|
|
94,430
|
|
Total
average liabilities and equity
|
$
1,543,020
|
|
$
1,577,420
|
|
Net interest
spread
|
|
3.44%
|
|
3.59%
|
Effect of
non-interest bearing deposits
|
|
0.14%
|
|
0.16%
|
Effect of
leverage
|
|
0.00%
|
|
-0.03%
|
Net
interest margin, tax-equivalent
|
|
3.58%
|
|
3.72%
|
Less tax equivalent
adjustment:
|
|
|
|
|
Investments
|
|
0.06%
|
|
0.05%
|
Loans
|
|
0.01%
|
|
0.01%
|
Reported book net
interest margin
|
|
3.51%
|
|
3.66%
|
|
|
|
|
|
First M&F
Corporation
|
|
|
|
|
Average Balance
Sheets/Yields and Costs (tax-equivalent)
|
|
|
|
(In thousands with
yields and costs annualized)
|
YTD June
2013
|
YTD June
2012
|
|
Average
|
|
Average
|
|
|
Balance
|
Yield/Cost
|
Balance
|
Yield/Cost
|
Interest bearing bank
balances
|
$
69,212
|
0.29%
|
$
55,067
|
0.29%
|
Federal funds
sold
|
10,000
|
0.25%
|
20,041
|
0.26%
|
Taxable investments
(amortized cost)
|
311,642
|
1.66%
|
316,708
|
1.94%
|
Tax-exempt
investments (amortized cost)
|
44,148
|
5.10%
|
35,790
|
5.71%
|
Loans held for
sale
|
9,305
|
1.76%
|
26,573
|
3.15%
|
Loans held for
investment
|
975,168
|
5.25%
|
978,672
|
5.74%
|
Total
earning assets
|
1,419,475
|
4.16%
|
1,432,851
|
4.57%
|
Non-earning
assets
|
137,455
|
|
159,365
|
|
Total
average assets
|
$
1,556,930
|
|
$
1,592,216
|
|
|
|
|
|
|
NOW
|
$
417,417
|
0.23%
|
$
412,108
|
0.45%
|
MMDA
|
206,242
|
0.18%
|
222,067
|
0.45%
|
Savings
|
119,477
|
0.78%
|
121,307
|
0.97%
|
Certificates of
Deposit
|
353,048
|
1.06%
|
409,895
|
1.35%
|
Short-term
borrowings
|
4,093
|
0.27%
|
4,014
|
0.53%
|
Other
borrowings
|
64,107
|
4.03%
|
72,439
|
4.09%
|
Total
interest bearing liabilities
|
1,164,384
|
0.74%
|
1,241,830
|
1.01%
|
Non-interest bearing
deposits
|
261,493
|
|
229,177
|
|
Non-interest bearing
liabilities
|
10,779
|
|
9,603
|
|
Preferred
equity
|
19,214
|
|
17,878
|
|
Common
equity
|
101,060
|
|
93,728
|
|
Total
average liabilities and equity
|
$
1,556,930
|
|
$
1,592,216
|
|
Net interest
spread
|
|
3.42%
|
|
3.56%
|
Effect of
non-interest bearing deposits
|
|
0.14%
|
|
0.16%
|
Effect of
leverage
|
|
-0.01%
|
|
-0.03%
|
Net
interest margin, tax-equivalent
|
|
3.55%
|
|
3.69%
|
Less tax equivalent
adjustment:
|
|
|
|
|
Investments
|
|
0.06%
|
|
0.05%
|
Loans
|
|
0.01%
|
|
0.01%
|
Reported book net
interest margin
|
|
3.49%
|
|
3.63%
|
|
|
|
|
|
First M&F
Corporation
|
|
|
|
|
Notes to Financial
Schedules
|
|
|
|
|
|
|
|
|
|
(a) Return on
equity is calculated as: (Net income attributable to First M&F
Corp) divided by (Total equity)
|
|
|
|
|
|
|
Return on common
equity is calculated as: (Net income attributable to First M&F
Corp minus preferred
dividends) divided by
(Total First M&F Corp equity minus
preferred stock)
|
|
|
|
|
|
(b) Tangible
equity to tangible assets is calculated as: (Total equity minus
goodwill and other intangible assets)
divided
by (Total assets minus
goodwill and other intangible assets)
|
|
|
|
|
|
Tangible common equity
to tangible assets is calculated as: (Total First M&F Corp
equity minus preferred stock
minus goodwill and other intangible assets) divided by
(Total assets minus goodwill and other intangible
assets)
|
|
|
|
|
|
(c) Efficiency
ratio is calculated as: (Noninterest expense) divided by
(Tax-equivalent net interest income plus noninterest
revenues)
|
|
|
|
|
|
|
|
SOURCE First M&F Corporation