First M&F Corporation
Average Balance Sheets/Yields and Costs (tax-equivalent)
(In thousands with yields and costs annualized)	QTD March, 2006		QTD March, 2005
	Average		Average
	Balance	Yield/Cost	Balance	Yield/Cost
Interest bearing bank balances	9,594	5.00%	9,108	2.90%
Federal funds sold	24,628	3.88%	20,379	2.31%
Taxable investments (amortized cost)	160,714	4.47%	128,116	4.06%
Tax-exempt investments (amortized cost)	49,440	6.25%	51,062	6.47%
Loans held for sale	8,411	3.32%	13,272	3.53%
Loans held for investment	994,364	7.15%	842,999	6.39%
Total earning assets	1,247,151	6.66%	1,064,936	5.97%
Non-earning assets	139,127		109,099
Total average assets	1,386,278		1,174,035
NOW	220,101	1.48%	197,779	1.23%
MMDA	124,673	1.54%	123,182	0.93%
Savings	90,198	2.01%	86,344	1.56%
Certificates of Deposit	460,119	3.57%	387,500	2.59%
Short-term borrowings	9,198	5.03%	16,092	3.87%
Other borrowings	176,658	4.51%	106,252	3.74%
Total interest bearing liabilities	1,080,947	2.94%	917,149	2.13%
Non-interest bearing deposits	177,427		136,200
Non-interest bearing liabilities	9,485		6,439
Capital	118,419		114,247
Total average liabilities and equity	1,386,278		1,174,035
Net interest spread		3.72%		3.84%
Effect of non-interest bearing deposits		0.41%		0.28%
Effect of leverage		-0.02%		0.01%
Net interest margin, tax-equivalent		4.11%		4.13%
Less tax equivalent adjustment:
Investments		0.09%		0.11%
Loans		0.01%		0.01%
Reported book net interest margin		4.01%		4.01%