First M&F Corporation
Supplemental Earnings Schedule
Fourth Quarter, 2003
Quarter Ended December 31			2003	2002
Net income			$2,808,962	$2,730,161
Average shares outstanding			4,571,542	4,603,444
EPS (basic)			0.61	0.59
EPS (fully diluted)			0.61	0.59
Year Ended December 31
Net income			$10,892,053	$10,234,949
Average shares outstanding			4,608,023	4,611,926
EPS (basic)			2.36	2.22
EPS (fully diluted)			2.35	2.22
			Year-to-Date
			12/31/03	12/31/02
Return on assets			1.03%	1.00%
Return on equity			9.82%	9.75%
(Amounts in thousands)
Total assets			1,078,298	1,037,134
Total equity			110,678	108,210
Total loans			781,321	678,746
Total deposits			820,226	824,024
Average assets			1,061,937	1,023,046
Average equity			110,908	104,954
Average loans			734,240	663,503
Average deposits			835,369	816,630
Historical Earnings Trends
			Net Income	EPS
			(in thousands)	(diluted)
		4Q 2003	2,809	0.61
		3Q 2003	2,791	0.60
		2Q 2003	2,638	0.57
		1Q 2003	2,654	0.57
		4Q 2002	2,730	0.59
		3Q 2002	2,867	0.62
		2Q 2002	2,329	0.51
		1Q 2002	2,309	0.50
		4Q 2001	2,060	0.45