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 | ||||||||
Other-than-temporary impairment on securities, net of | ||||||||||||
$4, $87, $4 and $142 reclassified to/from other | ||||||||||||
comprehensive income | (4 | ) | (85 | ) | (4 | ) | (381 | ) | ||||
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 | Total Revenues | Average 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 | |||||||||||
Average 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) | ||||