First M&F Corporation
Financial Highlights
	QTD Ended	QTD Ended	QTD Ended	QTD Ended
	December 31	September 30	June 30	March 31
	2004	2004	2004	2004
Per Common Share (diluted):
Net income	0.58	0.61	0.60	0.57
Cash dividends paid	0.25	0.25	0.25	0.25
Book value	24.96	24.81	24.26	24.48
Closing stock price	33.85	33.35	31.14	33.51
Selected Average Balances: (in thousands)
Assets	1,138,009	1,107,013	1,090,834	1,104,631
Loans	848,841	810,659	779,171	776,637
Earning assets	1,033,084	1,002,936	986,108	1,000,681
Deposits	848,667	854,000	848,953	848,912
Equity	113,043	111,441	111,542	111,950
Selected Ratios:
Return on average assets (annualized)	0.93%	1.00%	1.01%	0.94%
Return on average equity (annualized)	9.34%	9.98%	9.87%	9.29%
Average equity to average assets	9.93%	10.07%	10.23%	10.13%
Net interest margin (annualized, tax-equivalent)	4.25%	4.24%	4.19%	4.24%
Efficiency ratio	64.05%	65.74%	62.16%	55.36%
Net charge-offs to average loans (annualized)	0.93%	0.05%	0.08%	1.23%
Nonaccrual and 90 day accruing loans to total loans	0.47%	0.75%	0.66%	1.11%
Price to book (x)	1.36	1.34	1.28	1.37
Price to earnings (x)	14.59	13.45	12.98	14.70