First M&F Corporation
Average Balance Sheets/Yields and Costs (tax-equivalent)
(In thousands with yields and costs annualized)	YTD December, 2005		YTD December, 2004
	Average		Average
	Balance	Yield/Cost	Balance	Yield/Cost
Interest bearing bank balances	4,717	4.53%	5,747	1.70%
Federal funds sold	7,566	2.57%	11,449	0.99%
Taxable investments (amortized cost)	139,753	4.15%	131,105	4.15%
Tax-exempt investments (amortized cost)	50,314	6.42%	53,500	6.59%
Loans held for sale	9,085	4.63%	11,967	3.12%
Loans held for investment	884,232	6.68%	794,010	6.31%
Total earning assets	1,095,667	6.29%	1,007,778	5.92%
Non-earning assets	113,387		102,411
Total average assets	1,209,054		1,110,189
NOW	205,207	1.45%	146,213	0.54%
MMDA	125,359	1.31%	134,078	0.84%
Savings	84,282	1.81%	86,758	1.36%
Certificates of Deposit	394,344	2.94%	359,318	2.41%
Short-term borrowings	19,056	4.07%	20,839	3.19%
Other borrowings	117,088	4.00%	118,597	3.92%
Total interest bearing liabilities	945,336	2.45%	865,803	1.97%
Non-interest bearing deposits	140,036		123,773
Non-interest bearing liabilities	7,959		8,618
Capital	115,723		111,995
Total average liabilities and equity	1,209,054		1,110,189
Net interest spread		3.84%		3.95%
Effect of non-interest bearing deposits		0.32%		0.25%
Effect of leverage		0.02%		0.03%
Net interest margin, tax-equivalent		4.18%		4.23%
Less tax equivalent adjustment:
Investments		0.11%		0.13%
Loans		0.01%		0.01%
Reported book net interest margin		4.06%		4.09%