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First M & F Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 13, 2011 11:16AM

First M & F Corp. (FMFC) filed Quarterly Report for the period ended 2011-03-31. First M & F Corp. has a market cap of $37.2 million; its shares were traded at around $4.06 with a P/E ratio of 2.4 and P/S ratio of 0.4. The dividend yield of First M & F Corp. stocks is 1%.



Highlight of Business Operations:

Net income for the first quarter of 2011 was $950 thousand, or $.06 basic and diluted earnings per share as compared to net income of $853 thousand, or $.05 basic and diluted earnings per share for the same period in 2010 and net income of $641 million or $.03 basic and diluted earnings per share for the fourth quarter of 2010. The major factor contributing to the increase in year-over-year earnings was an increase of $1.184 million in net interest income after provision for loan loss as compared to 2010.

Net interest income before loan loss expenses for the first quarter of 2011 was $12.725 million as compared to $11.241 million for the first quarter of 2010 and $12.368 million for the fourth quarter of 2010. For the first quarter of 2011 compared to the same quarter of 2010: earning asset yields decreased by 9 basis points, liability costs decreased by 58 basis points, the net interest spread increased by 50 basis points and the net interest margin increased by 43 basis points. For the first quarter of 2011 compared to the fourth quarter of 2010: earning asset yields decreased by 11 basis points, liability costs decreased by 18 basis points, the net interest spread increased by 7 basis points and the net interest margin increased by 2 basis points.

Net interest income was up by 13.20% compared to the first quarter of 2010, with the net interest margin increasing to 3.59% on a tax equivalent basis in the first quarter of 2011 as compared to 3.16% in the first quarter of 2010. The significant contributor to the increase in net interest income was the increase in net interest spread as deposits continued to be repriced lower in the continuing low rate environment. The net interest margin for the fourth quarter of 2010 was 3.57% as compared to 3.60% for the third quarter of 2010 and 3.40% for the second quarter of 2010. Yields on loans held for investment decreased slightly to 5.92% in the first quarter of 2011 from 5.93% in the first quarter of 2010. Overall loan yields improved slightly from the fourth quarter of 2010 to the first quarter of 2011. Average loans were $1.061 billion for the first quarter of 2011 as compared to $1.048 billion for the fourth quarter of 2010 and $1.068 billion during the first quarter of 2010. Loans decreased by $8.885 million in the first quarter of 2011 but grew by $13.133 million in the fourth quarter of 2010.

Read the The complete Report



Stocks Discussed: FMFC,
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