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First M&F net income up 59.7%.

BANKING AND CREDIT NEWS-January 28, 2013-First M&F net income up 59.7%(C)2013 M2 COMMUNICATIONS

28 January 2013 -- First M&F Corp. (NASDAQ: FMFC) has reported 2012 net income rose 59.7% to USD6.985m compared to USD4.373m for 2011.

Earnings allocated to common shareholders were USD4.919m, or USD0.54 basic and diluted earnings per share, compared to earnings of USD2.584m, or USD.28 basic and diluted earnings per share for 2011. "Our management team is gratified and proud to announce a 93% improvement in common earnings per share. From virtually every perspective the M&F Team has led the company to a much improved performance," said Hugh S. Potts, Jr., chairman and CEO.

Net income for the quarter ended December 31, 2012 was USD1.290m allocated to common shareholders, or USD.14 basic and diluted earnings per share, compared to USD.530m, or USD.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%, while return on common equity was 5.40%. Comparatively, the return on assets for the fourth quarter of 2011 was 0.25%, with a return on common equity of 2.27%. The return on assets for 2012 was 0.44%, while the return on common equity was 5.30%.

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.

USD 1 = 0.63460 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Jan 28, 2013
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