First M&F Corporation
Financial Highlights
	QTD Ended	QTD Ended	QTD Ended	QTD Ended
	December 31	September 30	June 30	March 31
	2003	2003	2003	2003
Per Common Share (diluted):
Net income	0.61	0.60	0.57	0.57
Cash dividends paid	0.25	0.25	0.25	0.25
Book value	24.24	24.06	24.02	23.78
Closing stock price	37.90	35.65	32.71	35.80
Selected Average Balances: (in thousands)
Assets	1,074,285	1,061,855	1,054,605	1,056,814
Loans	783,509	760,505	706,319	685,260
Earning assets	981,399	973,817	967,460	972,243
Deposits	815,859	822,661	855,070	848,383
Equity	110,707	111,010	111,661	110,248
Selected Ratios:
Return on average assets	1.05%	1.05%	1.00%	1.00%
Return on average equity	10.15%	10.06%	9.45%	9.63%
Average equity to average assets	10.31%	10.45%	10.59%	10.43%
Tax-equivalent net interest margin	4.44%	4.47%	4.26%	4.12%
Efficiency ratio	62.52%	63.41%	63.02%	62.17%
Net charge-offs to average loans (annualized)	0.55%	0.20%	0.53%	0.46%
Nonaccrual and 90 day accruing loans to total loans	0.77%	0.81%	0.61%	0.78%
Price to book (x)	1.56	1.48	1.36	1.51
Price to earnings (x)	15.53	14.85	14.35	15.70