First M&F Corp. expected to Report Fiscal Year 2009 Results on January 18, 2010. This event was calculated by Capital IQ (Created on October 20, 2009).

First M&F Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, net income was a loss of $580,000 attributable to common shareholders, or a negative $0.06 per basic and diluted earnings per share, compared to the profit of $2.210 million, or $0.24 basic and diluted earnings per share for the third quarter of 2008. The reported loss included $2.0 million in extraordinary loan loss provisioning. The quarterly results also included $0.240 million in losses on the other than temporary impairment of trust preferred securities held in the investment portfolio. The third quarter of 2009 reflects a continuation of clear evidence of a recession and credit cycle. The company reported net interest income was down by 5.5% compared to the third quarter of 2008, with the net interest margin decreasing to 3.40% on a tax equivalent basis in the third quarter of 2009 as compared to 3.70% in the third quarter of 2008. The significant contributor to the decrease in net interest income year over year was the year-to-date continuing erosion in spreads in the low interest environment, although spreads and the margin did rebound somewhat in the quarter due mainly to increases in loan yields. The margin also continued to feel downward pressure from the increasing level of non-accrual loans. Total capital was $133.750 million, or $11.57 in book value per common share at September 30, 2009. For the quarter, loss before tax was $1.3 million and net loss was $0.13 million compared to the profit before tax was $3.12 million and net loss was $2.2 million for the same period a year ago. Return on average assets was negative at 0.03% and return on average equity was 14.84%. For the nine months, the company reported loss before taxes of $43.9 million, net loss of $32.5 million, net loss applicable to common stock was $33.5 million or $3.66 per diluted share on the net interest income of $35.4 million compared to income before taxes of $6.5 million, net income of $4.9 million, net loss applicable to common stock was $4.9 million or $0.53 per diluted share on the net interest income of $39.2 million for the same period a year ago. Return on assets was negative at 2.66% compared to return on assets of 0.40% for the same period a year ago. Return on equity was negative at 30.77% compared to 4.59% for the same period a year ago. Book value per share was $11.57 compared to $12.14 for the same date a year ago.

The board of directors of First M&F Corp., at its meeting on August 12, 2009, declared a quarterly cash dividend of $0.01 per share, payable on September 30, 2009, to stockholders of record as of September 17, 2009.