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First M & F Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 14, 2011 04:04PM

First M & F Corp. (FMFC) filed Quarterly Report for the period ended 2011-09-30. First M & F Corp. has a market cap of $28.03 million; its shares were traded at around $3.07 with a P/E ratio of 11.81 and P/S ratio of 0.3. The dividend yield of First M & F Corp. stocks is 1.3%.



Highlight of Business Operations:

Net income for the third quarter of 2011 was $1.330 million, or $0.10 basic and diluted earnings per share as compared to net income of $1.245 million, or $1.49 basic and diluted earnings per share for the same period in 2010 and net income of $1.106 million or $0.07 basic and diluted earnings per share for the second quarter of 2011. Net income for the first nine months of 2011 was $3.386 million or $0.23 basic and diluted earnings per share as compared to net income of $3.370 million or $1.63 basic and diluted earnings per share for the same period in 2010. The major factor contributing to the increase in year-over-year earnings was an increase of $3.288 million in net interest income after provision for loan loss as compared to 2010. This improvement was offset by an increase of $3.395 million in noninterest expenses, influenced by an increase in foreclosed property expenses of $4.263 million, during the first nine months of 2011.

Balance sheet dynamics affecting the comparative net interest margins for the third quarter of 2011 compared to 2010 include (1) a decrease of 1.71% in average loans held for investment, (2) a decrease in average loans as a percentage of earning assets from 75.58% in the third quarter of 2010 to 71.75% in the third quarter of 2011, (3) an increase in average interest-bearing deposits of 5.49%, (4) a decrease in average other borrowings of 11.00% and (5) a decrease in average noninterest-bearing deposits as a percentage of total assets from 14.50% in 2010 to 14.05% in 2011.

Balance sheet dynamics affecting the comparative net interest margins for the third quarter of 2011 compared to the second quarter of 2011 include (1) a decrease of 2.07% in average loans held for investment, (2) a decrease in average loans as a percentage of earning assets from 72.69% in the second quarter of 2011 to 71.75% in the third quarter of 2011, (3) a decrease in average interest-bearing deposits of 1.10%, (4) a decrease in average other borrowings of 2.32% and (5) an increase in average noninterest-bearing deposits as a percentage of total assets from 13.52% in the second quarter of 2011 to 14.05% in the third quarter of 2011.

Noninterest income, excluding securities transactions, was $4.959 million for the third quarter of 2011 as compared to $4.779 million for the same period in 2010 and $4.456 million in the second quarter of 2011. For the third quarter of 2011 as compared to the third quarter of 2010: (1) deposit revenues increased by $92 thousand, (2) mortgage banking revenues increased by $194 thousand and (3) agency commissions decreased by $102 thousand. For the third quarter of 2011 as compared to the second quarter of 2011: (1) deposit revenues increased by $248 thousand, (2) mortgage banking revenues increased by $201 thousand and (3) agency commissions increased by $74 thousand.

The Company sold $22.243 million of U.S. government-sponsored entity securities and $36.668 million of mortgage-backed securities for gains of $2.193 million during the first nine months of 2011. The Company sold $9.882 million of U.S. government-sponsored entity securities and $7.510 million of mortgage-backed securities for gains of $456 thousand during the third quarter of 2011. The Company sold $9.902 million of government sponsored entity securities, $29.007 million of mortgage-backed securities and $5.387 million of municipal bonds for gains of approximately $1.763 million during the first nine months of 2010. The proceeds from the 2011 sales of mortgage-backed securities and government sponsored entities were reinvested in similar securities with shorter maturities. The proceeds from the 2010 sales of mortgage-backed securities were mostly reinvested into other mortgage-backed securities while the proceeds of the municipal bond sales as well as sales and calls of U.S. government sponsored entity bonds were reinvested into securities of U.S. government sponsored entities, most of which had three to five year maturities.

Read the The complete Report



Stocks Discussed: FMFC,
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