FIRST M & F CORPORATION 
By KOSCIUSKO, Miss., July 19, 2012 /PRNewswire/ -- First M&F Corp. (NASDAQ: FMFC) reported today net income for the quarter ended June 30, 2012 of $1.753 million, or $0.14 basic and diluted earnings per share as compared to $1.106 million, or $0.07 basic and diluted earnings per share for the second quarter of 2011. The Company made net income of $1.607 million, or $0.12 basic and diluted earnings per share for the first quarter of 2012.
Hugh Potts, Jr., Chairman and CEO commented, "Per share earnings have doubled year-over-year, both quarter versus quarter and for the first half. The balance sheet is strengthening too, with asset quality metrics continuing to reflect consistent and material cleanup of the balance sheet. Non-accrual loans are down 80% from a year ago and non-performing assets are down 41%."
Net Interest Income
Reported net interest income was down by 2.68% on lower volumes compared to the second quarter of 2011, with the net interest margin falling slightly to 3.72% on a tax equivalent basis in the second quarter of 2012 as compared to 3.75% in the second quarter of 2011. The net interest margin for the first quarter of 2012 was 3.67% as compared to 3.64% for the fourth quarter of 2011 and 3.72% for the third quarter of 2011. Yields on total loans fell to 5.61% in the second quarter of 2012 from 5.85% in the second quarter of 2011. Yields on total loans fell from the first quarter of 2012 to the second quarter as well. Average total loans were $1.004 billion for the second quarter of 2012 as compared to $1.007 billion for the first quarter of 2012 and $1.053 billion during the second quarter of 2011. Loans held for investment increased by $3.1 million in the second quarter of 2012 but fell by $16.8 million in the first quarter. Mr. Potts stated, "Although loan growth is sluggish, our balance sheet is more efficient now through a combination of lower excess cash and deleveraging." Further commenting, Mr. Potts said, "The net interest margin continues to hold up in a tough credit and interest rate environment even as deposit cost benefits slow down."
Deposit costs decreased in the second quarter of 2012 from the first quarter of 2012 and from the second quarter of 2011, in response to the continuing low rate environment. Deposit costs were .78% in the second quarter of 2012 as compared to 1.20% in the second quarter of 2011. Deposits fell by $49.2 million during the second quarter of 2012 and have fallen by $63.2 million since the second quarter of 2011. Most of the linked-quarter change was in non-core public fund deposits. The year-over-year decrease was mostly retail certificate of deposit funding. Management continues to focus on core deposit growth to encourage relationship-driven deposits as a stable source of funding.
Loans held for investment as a percentage of assets were 62.93% at June 30, 2012 as compared to 64.36% at June 30, 2011 and 63.52% at December 31, 2011. Loans held for investment fell by 5.94% since the second quarter of 2011 and deposits fell by 4.43%.
Non-interest Income
Non-interest income, excluding securities transactions and impairment of investments, for the second quarter of 2012 grew by 35.5% compared to the second quarter of 2011, with deposit-related income up 3.03%. Insurance agency commissions were down 9.40% quarter over quarter. The major contributor to the growth in non-interest income was mortgage income as mortgage origination and sale volumes were influenced by a surge in refinancing. Mortgage income for the quarter was up 459% year-over-year and up 219% compared to the first quarter. Mr. Potts commented, "Our non-interest income base is solid...the boost from mortgage revenues was possible because we were able to gear up our efforts to take advantage of volume opportunities in this low-rate environment."
A major part of non-interest income consistently comes from deposit sources. Deposit revenues were up 3.03% quarter-over-quarter. Deposit revenues continue to be supported by debit card fee income, which grew by 15.75% in the second quarter of 2012 compared to the second quarter of 2011, while overdraft fee income fell by 2.88%.
Non-interest Expenses
Non-interest expenses were flat in the second quarter of 2012 as compared to the second quarter of 2011 largely due to volume-related increases in mortgage expenses mostly offset by lower foreclosed property expenses and lower salaries and employee benefits. Mr. Potts pointed out that, "Expense results reflect both discipline and savings from McKinley offset somewhat by offense-related resource allocation into growth niches."
Credit Quality
Annualized net loan charge-offs as a percent of average loans for the second quarter of 2012 were 1.26% as compared to .20% for the same period in 2011. Net charge-offs totaled $3.054 million for the quarter versus $.518 million a year ago and $1.149 million in the first quarter of 2012. Non-accrual and 90-day past due loans as a percent of total loans were .79% at the end of the second quarter of 2012 as compared to 3.20% at the end of the 2011 quarter. The allowance for loan losses as a percentage of loans held for investment was 1.56% at June 30, 2012 as compared to 1.80% at June 30, 2011. The provision for loan losses was flat year-over-year. Mr. Potts commented, "Throughout this credit cycle, we have worked on the premise that ultimately there would be a positive correlation between asset quality and earnings. We're seeing that play out now. As investor confidence in the sector improves and as funds flow into the micro-cap space, prices naturally react favorably. Since year-end, we've seen an 82% rise in share price." Further commenting Mr. Potts said, "Credit trends begun in 2010 continue to be positive, sustained and material. Many metrics are at, or near, pre-recession levels and others are in sight."
Balance Sheet
Total assets at June 30, 2012 were $1.561 billion as compared to $1.569 billion at the end of 2011 and $1.623 billion at June 30, 2011. Total loans held for investment were $.983 billion compared to $.996 billion at the end of 2011 and $1.045 billion at June 30, 2011. Deposits were $1.361 billion compared to $1.371 billion at the end of 2011 and $1.424 billion at June 30, 2011. Total capital was $113.917 million, or $10.44 in book value per common share, at June 30, 2012. Commenting on capital, Mr. Potts said, "The Company is accumulating capital, improving ratios and preparing for more stringent regulations coming down the road. We still have preferred capital issued to the Treasury, but it's inexpensive, and as a Community Development Financial Institution under the Community Development Capital Initiative program, we have until 2018 before it re-prices. So with time, patience and good prospects, management intends to avoid a dilutive capital raise. Under present circumstances, our legacy and new shareholders should not be overly concerned about dilution."
In closing Mr. Potts said, "The M&F story continues to materially improve along with performance. The story, though not exotic or flashy, is yet remarkable and noteworthy for its consistency and focus on remediation where it counts - where the problems are."
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 25 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
2012 2011 2011
---- ---- ----
Cash and due from
banks $37,147 $39,976 $41,146
Interest bearing bank
balances 20,708 39,391 103,847
Federal funds sold 6,750 25,000 25,000
Securities available
for sale (cost of
$371,424, $315,890 and $288,304) 377,670 320,774 293,133
Loans held for sale 22,291 26,073 2,117
Loans 982,596 996,340 1,044,595
Allowance for loan
losses 15,310 14,953 18,805
------ ------ ------
Net loans 967,286 981,387 1,025,790
Bank premises and
equipment 37,529 37,989 40,564
Accrued interest
receivable 6,060 6,122 5,970
Other real estate 31,077 36,952 30,650
Other intangible
assets 4,373 4,586 4,799
Other assets 50,605 50,401 50,074
------ ------ ------
Total assets $1,561,496 $1,568,651 $1,623,090
========== ========== ==========
Non-interest bearing
deposits $236,145 $231,718 $243,626
Interest bearing
deposits 1,125,193 1,139,745 1,180,873
--------- --------- ---------
Total deposits 1,361,338 1,371,463 1,424,499
Federal funds and
repurchase agreements 3,224 4,398 5,047
Other borrowings 40,333 43,001 45,492
Junior subordinated
debt 30,928 30,928 30,928
Accrued interest
payable 844 1,023 1,306
Other liabilities 10,912 8,242 5,765
------ ----- -----
Total liabilities 1,447,579 1,459,055 1,513,037
Preferred stock,
30,000 shares issued
and outstanding 18,198 17,564 16,962
Common stock,
9,172,098, 9,154,936
and 9,131,387
shares issued &
outstanding 45,860 45,775 45,657
Additional paid-in
capital 31,890 31,895 31,935
Nonvested restricted
stock awards 836 674 718
Retained earnings 16,699 14,456 13,224
Accumulated other
comprehensive income
(loss) 434 (768) 1,557
--- ---- -----
Total equity 113,917 109,596 110,053
------- ------- -------
Total liabilities &
equity $1,561,496 $1,568,651 $1,623,090
========== ========== ==========
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
2012 2011 2012 2011
---- ---- ---- ----
Interest and fees on loans $13,741 $15,281 $27,899 $30,656
Interest on loans held for sale 244 27 417 68
Taxable investments 1,563 1,931 3,053 3,702
Tax exempt investments 319 302 637 616
Federal funds sold 11 15 26 31
Interest bearing bank balances 28 46 79 98
--- --- --- ---
Total interest income 15,906 17,602 32,111 35,171
Interest on deposits 2,233 3,523 4,746 7,370
Interest on fed funds and repurchase agreements 5 7 11 22
Interest on other borrowings 437 509 888 1,033
Interest on subordinated debt 315 292 586 750
--- --- --- ---
Total interest expense 2,990 4,331 6,231 9,175
Net interest income 12,916 13,271 25,880 25,996
Provision for possible loan losses 2,280 2,280 4,560 4,860
----- ----- ----- -----
Net interest income after loan loss 10,636 10,991 21,320 21,136
Service charges on deposits 2,548 2,473 5,005 4,931
Mortgage banking income 1,806 323 2,373 679
Agency commission income 848 936 1,677 1,828
Fiduciary and brokerage income 163 152 303 285
Other income 673 572 1,510 1,411
(4) (85) (4) (381)
Other-than-temporary impairment on securities, net of $4, $87, $4 and $142 reclassified
to/from other comprehensive income
Gains on AFS securities 1 341 592 1,690
--- --- --- -----
Total noninterest income 6,035 4,712 11,456 10,443
Salaries and employee benefits 6,737 7,157 13,600 14,113
Net occupancy expense 932 951 1,840 1,940
Equipment expenses 423 451 886 916
Software and processing expenses 346 395 708 794
FDIC insurance assessments 553 577 1,067 1,351
Foreclosed property expenses 1,282 1,468 2,738 3,821
Intangible asset amortization and impairment 106 107 213 214
Other expenses 3,940 3,197 7,253 5,965
----- ----- ----- -----
Total noninterest expense 14,319 14,303 28,305 29,114
Net income before taxes 2,352 1,400 4,471 2,465
Income tax expense 599 294 1,111 409
--- --- ----- ---
Net income $1,753 $1,106 $3,360 $2,056
====== ====== ====== ======
Earnings Per Common Share Calculations:
Net income $1,753 $1,106 $3,360 $2,056
Dividends and accretion on preferred stock (471) (440) (934) (872)
---- ---- ---- ----
Net income applicable to common stock 1,282 666 2,426 1,184
Earnings attributable to participating securities 56 5 61 8
Net income allocated to common shareholders $1,226 $661 $2,365 $1,176
====== ==== ====== ======
Weighted average shares (basic) 9,164,576 9,118,267 9,160,526 9,113,706
Weighted average shares (diluted) 9,164,576 9,118,267 9,160,526 9,113,706
Basic earnings per share $0.14 $0.07 $0.26 $0.13
Diluted earnings per share $0.14 $0.07 $0.26 $0.13
===== ===== ===== =====
First M&F Corporation
Financial Highlights
YTD Ended YTD Ended YTD Ended YTD Ended
June 30 December 31 June 30 December 31
2012 2011 2011 2010
---- ---- ---- ----
Performance Ratios:
Return on assets
(annualized) 0.42% 0.27% 0.26% 0.25%
Return on equity
(annualized) (a) 6.06% 4.00% 3.83% 3.74%
Return on common equity
(annualized) (a) 5.21% 2.81% 2.61% 2.87%
Efficiency ratio (c) 74.94% 78.47% 78.92% 78.47%
Net interest margin
(annualized, tax-
equivalent) 3.69% 3.68% 3.67% 3.43%
Net charge-offs to
average loans
(annualized) 0.86% 1.05% 0.40% 1.65%
Nonaccrual loans to total
loans 0.64% 1.68% 3.13% 3.11%
90 day accruing loans to
total loans 0.15% 0.06% 0.07% 0.09%
QTD Ended QTD Ended QTD Ended QTD Ended
June 30 March 31 December 31 September 30
2012 2012 2011 2011
---- ---- ---- ----
Per Common Share
(diluted):
Net income $0.14 $0.12 $0.05 $0.10
Cash dividends paid 0.01 0.01 0.01 0.01
Book value 10.44 10.20 10.05 10.23
Closing stock price 5.18 4.80 2.84 3.16
Loan Portfolio
Composition: (in
thousands)
Commercial, financial and
agricultural $147,773 $144,319 $155,330 $143,133
Non-residential real
estate 567,184 568,811 574,505 603,904
Residential real estate 189,927 188,891 186,815 185,564
Home equity loans 36,183 36,098 37,024 38,320
Consumer loans 41,529 41,376 42,666 44,045
------ ------ ------ ------
Total loans $982,596 $979,495 $996,340 $1,014,966
Deposit Composition: (in
thousands)
Noninterest-bearing
deposits $236,145 $238,603 $231,718 $222,042
NOW deposits 391,726 421,249 390,256 378,409
MMDA deposits 211,447 222,016 197,849 179,138
Savings deposits 116,598 121,872 119,693 118,814
Core certificates of
deposit under $100,000 208,684 213,944 227,867 250,130
Core certificates of
deposit $100,000 and over 178,926 176,761 187,513 216,655
Brokered certificates of
deposit under $100,000 3,393 3,234 3,539 4,686
Brokered certificates of
deposit $100,000 and over 14,419 12,829 13,028 13,985
------ ------ ------ ------
Total deposits $1,361,338 $1,410,508 $1,371,463 $1,383,859
Nonperforming Assets: (in
thousands)
Nonaccrual loans $6,443 $14,604 $17,177 $26,622
Other real estate 31,077 34,636 36,952 32,722
Investment securities 639 646 599 509
--- --- --- ---
Total nonperforming assets $38,159 $49,886 $54,728 $59,853
Accruing loans past due 90
days or more $1,537 $245 $602 $252
Restructured loans
(accruing) $18,372 $19,077 $19,662 $19,712
Total nonaccrual loan to
loans 0.64% 1.45% 1.68% 2.59%
Total nonperforming credit
assets to loans and ORE 3.62% 4.72% 5.11% 5.60%
Total nonperforming assets
to assets ratio 2.44% 3.10% 3.49% 3.77%
Allowance For Loan Loss
Activity: (in thousands)
Beginning balance $16,084 $14,953 $16,111 $18,805
Provision for loan loss 2,280 2,280 2,280 2,580
Charge-offs (3,460) (2,061) (4,001) (5,419)
Recoveries 406 912 563 145
--- --- --- ---
Ending balance $15,310 $16,084 $14,953 $16,111
First M&F Corporation
Financial Highlights
QTD Ended QTD Ended QTD Ended QTD Ended
June 30 March 31 December 31 September 30
2012 2012 2011 2011
---- ---- ---- ----
Condensed Income Statements: (in thousands)
Interest income $15,906 $16,205 $16,305 $17,239
Interest expense 2,990 3,241 3,662 4,014
----- ----- ----- -----
Net interest income 12,916 12,964 12,643 13,225
Provision for loan losses 2,280 2,280 2,280 2,580
Noninterest revenues 6,035 5,421 5,912 5,219
Noninterest expenses 14,319 13,986 15,077 14,143
------ ------ ------ ------
Net income before taxes 2,352 2,119 1,198 1,721
Income tax expense 599 512 211 391
--- --- --- ---
Net income $1,753 $1,607 $987 $1,330
Preferred dividends (471) (463) (454) (448)
---- ---- ---- ----
Net income applicable to common stock 1,282 1,144 533 882
Earnings attributable to participating
securities 56 5 3 4
--- --- --- ---
Net income allocated to common shareholders $1,226 $1,139 $530 $878
Tax-equivalent net interest income $13,134 $13,181 $12,865 $13,450
Selected Average Balances: (in thousands)
Assets $1,577,420 $1,607,013 $1,564,531 $1,592,030
Loans held for investment 973,545 983,800 993,869 1,028,372
Earning assets 1,420,370 1,445,332 1,401,948 1,433,189
Deposits 1,379,716 1,409,393 1,366,628 1,390,834
Equity 112,466 110,745 110,483 110,412
Common equity 94,430 93,025 93,077 93,307
Selected Ratios:
Return on average assets (annualized) 0.45% 0.40% 0.25% 0.33%
Return on average equity (annualized) (a) 6.27% 5.84% 3.54% 4.78%
Return on average common equity (annualized)
(a) 5.46% 4.95% 2.27% 3.76%
Average equity to average assets 7.13% 6.89% 7.06% 6.94%
Tangible equity to tangible assets (b) 7.04% 6.67% 6.71% 6.71%
Tangible common equity to tangible assets (b) 5.87% 5.55% 5.59% 5.61%
Net interest margin (annualized, tax-
equivalent) 3.72% 3.67% 3.64% 3.72%
Efficiency ratio (c) 74.70% 75.18% 80.29% 75.76%
Net charge-offs to average loans (annualized) 1.26% 0.47% 1.37% 2.03%
Nonaccrual loans to total loans 0.64% 1.45% 1.68% 2.59%
90 day accruing loans to total loans 0.15% 0.02% 0.06% 0.02%
Price to book 0.50x 0.47x 0.28x 0.31x
Price to earnings 9.25x 10.00x 14.20x 7.90x
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 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
1Q 2011 950 518 515 0.06
4Q 2010 641 266 267 0.03
3Q 2010 1,245 13,671 13,565 1.49
2Q 2010 1,272 833 826 0.09
Revenue
Statistics: Non-interest Non-interest
Revenues Revenues to Revenues to
Per FTE Ttl. Revenues Avg. Assets
(thousands) (percent) (percent)
---------- -------- --------
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%
1Q 2011 37.9 30.67% 1.43%
4Q 2010 35.4 28.19% 1.25%
3Q 2010 34.9 27.42% 1.21%
2Q 2010 35.1 29.98% 1.31%
Expense
Statistics: Non-interest
Expense to Efficiency
Avg. Assets Ratio
(percent) (percent) (c)
-------- -------------
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%
1Q 2011 3.70% 79.26%
4Q 2010 3.69% 83.22%
3Q 2010 3.35% 75.75%
2Q 2010 3.35% 76.69%
First M&F
Corporation
Average Balance Sheets/Yields and Costs (tax-
equivalent)
(In thousands
with yields
and costs
annualized) QTD June 2012 QTD June 2011
------------- -------------
Average Average
Balance Yield/Cost Balance Yield/Cost
------- ---------- ------- ----------
Interest
bearing bank
balances $30,923 0.37% $71,291 0.26%
Federal funds
sold 15,082 0.27% 25,000 0.25%
Taxable
investments
(amortized
cost) 333,794 1.88% 262,915 2.95%
Tax-exempt
investments
(amortized
cost) 36,610 5.59% 32,407 5.98%
Loans held for
sale 30,416 3.22% 2,928 3.75%
Loans held for
investment 973,545 5.69% 1,050,136 5.85%
------- ---- --------- ----
Total earning
assets 1,420,370 4.57% 1,444,677 5.00%
Non-earning
assets 157,050 154,194
------- -------
Total average
assets $1,577,420 $1,598,871
NOW $404,958 0.43% $400,942 0.71%
MMDA 217,533 0.37% 167,657 0.77%
Savings 121,778 0.95% 117,783 1.12%
Certificates of
Deposit 402,703 1.31% 493,722 1.76%
Short-term
borrowings 2,974 0.62% 8,637 0.34%
Other
borrowings 71,771 4.21% 77,440 4.15%
------ ---- ------ ----
Total interest
bearing
liabilities 1,221,717 0.98% 1,266,181 1.37%
Non-interest
bearing
deposits 232,744 216,227
Non-interest
bearing
liabilities 10,493 7,552
Preferred
equity 18,036 16,815
Common equity 94,430 92,096
------ ------
Total average
liabilities
and equity $1,577,420 $1,598,871
Net interest
spread 3.59% 3.63%
Effect of non-
interest
bearing
deposits 0.16% 0.20%
Effect of
leverage -0.03% -0.08%
----- -----
Net interest
margin, tax-
equivalent 3.72% 3.75%
Less tax
equivalent
adjustment:
Investments 0.05% 0.05%
Loans 0.01% 0.02%
---- ----
Reported book
net interest
margin 3.66% 3.68%
First M&F
Corporation
Average Balance Sheets/Yields and Costs (tax-
equivalent)
(In thousands
with yields
and costs
annualized) YTD June 2012 YTD June 2011
------------- -------------
Average Average
Balance Yield/Cost Balance Yield/Cost
------- ---------- ------- ----------
Interest
bearing bank
balances $55,067 0.29% $82,515 0.24%
Federal funds
sold 20,041 0.26% 25,000 0.25%
Taxable
investments
(amortized
cost) 316,708 1.94% 256,026 2.92%
Tax-exempt
investments
(amortized
cost) 35,790 5.71% 33,169 5.98%
Loans held for
sale 26,573 3.15% 3,593 3.81%
Loans held for
investment 978,672 5.74% 1,053,501 5.88%
------- ---- --------- ----
Total earning
assets 1,432,851 4.57% 1,453,804 4.94%
Non-earning
assets 159,365 156,748
------- -------
Total average
assets $1,592,216 $1,610,552
NOW $412,108 0.45% $401,866 0.76%
MMDA 222,067 0.45% 164,635 0.81%
Savings 121,307 0.97% 116,805 1.17%
Certificates of
Deposit 409,895 1.35% 503,896 1.81%
Short-term
borrowings 4,014 0.53% 16,235 0.27%
Other
borrowings 72,439 4.09% 78,843 4.56%
------ ---- ------ ----
Total interest
bearing
liabilities 1,241,830 1.01% 1,282,280 1.44%
Non-interest
bearing
deposits 229,177 212,809
Non-interest
bearing
liabilities 9,603 7,188
Preferred
equity 17,878 16,674
Common equity 93,728 91,601
------ ------
Total average
liabilities
and equity $1,592,216 $1,610,552
Net interest
spread 3.56% 3.50%
Effect of non-
interest
bearing
deposits 0.16% 0.21%
Effect of
leverage -0.03% -0.04%
----- -----
Net interest
margin, tax-
equivalent 3.69% 3.67%
Less tax
equivalent
adjustment:
Investments 0.05% 0.05%
Loans 0.01% 0.01%
---- ----
Reported book
net interest
margin 3.63% 3.61%
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 Corp.
