First M&F Corp. Investor Information

CONTACT: John G. Copeland
EVP & Chief Financial Officer
(662) 289-8594

April 19, 2006

FOR IMMEDIATE RELEASE

First M&F Corp. reports first quarter 2006 earnings

KOSCIUSKO, Miss. - First M&F Corp. (NASDAQ: FMFC) reported today that net income for the quarter ended March 31, 2006 was $3.270 million, or $.73 basic and diluted earnings per share, compared to $3.198 million, or $.71 basic and diluted earnings per share for the first quarter of 2005.

For the first quarter of 2006 the annualized return on assets was .94%, while return on equity was 11.05%. Comparatively, the return on assets for the first quarter of 2005 was 1.09%, with a return on equity of 11.20%.

The per share earnings for the first quarter of 2006 included approximately $0.04 of merger costs. Excluding merger costs, first quarter 2006 earnings increased 8.4% over first quarter 2005 and 13% over fourth quarter 2005.

"Our results for the first quarter were encouraging, especially in light of our merger with Columbiana Bancshares and the attendant one-time merger charges and the allocation of resources to systems conversions and integration", said Hugh S. Potts, Jr., Chairman and CEO. "We made good progress in the quarter toward full integration of our new Alabama operations into M&F Bank, setting the stage for a successful full-service entry into Tennessee in the second quarter."

• First M&F Corporation Condensed Consolidated Statements of Condition (Unaudited)
• First M&F Corporation and Subsidiary - Condensed Consolidated Statements of Income (Unaudited)
• First M&F Corporation Financial Highlights
• First M&F Corporation Average Balance Sheets / Yields and Costs (tax-equivalent)

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