First M&F Corporation
Financial Highlights
	QTD Ended	QTD Ended	QTD Ended	QTD Ended
	March 31	December 31	September 30	June 30
	2006	2005	2005	2005
Per Common Share (diluted):
Net income	0.73	0.68	0.73	0.67
Cash dividends paid	0.26	0.26	0.26	0.26
Book value	26.42	26.11	25.86	25.60
Closing stock price	34.80	33.71	35.25	34.23
Loan Portfolio Composition: (in thousands)
Commercial, financial and agricultural	161,216	151,599	164,646	150,280
Non-residential real estate	578,474	509,986	483,341	446,433
Residential real estate	220,115	201,086	205,235	208,730
Home equity loans	40,966	26,080	27,181	25,627
Consumer loans	50,048	41,457	42,090	41,919
Other loans	4,879	2,872	2,790	2,897
Total loans	1,055,698	933,080	925,283	875,886
Deposit Composition: (in thousands)
Noninterest-bearing deposits	192,517	164,189	147,952	135,974
NOW deposits	235,018	192,792	204,732	210,411
MMDA deposits	134,685	115,509	126,144	133,236
Savings deposits	98,422	82,512	82,341	84,278
Certificates of deposit under $100,000	266,194	224,461	218,247	213,479
Certificates of deposit $100,000 and over	209,256	173,374	159,706	165,975
Brokered certificates of deposit	30,903	20,834	11,027	10,994
Total deposits	1,166,995	973,671	950,149	954,347
Nonperforming Assets: (in thousands)
Nonaccrual loans	3,187	1,403	1,355	1,996
Accruing loans past due 90 days or more	1,030	510	685	583
Total nonperforming loans	4,217	1,913	2,040	2,579
Other real estate	3,951	3,042	3,228	3,141
Total nonperforming assets	8,168	4,955	5,268	5,720
Total nonperforming assets to assets ratio	0.55%	0.39%	0.42%	0.47%
Allowance For Loan Loss Activity: (in thousands)
Beginning balance	12,449	12,410	12,274	11,776
Acquisitions	2,030	-	-	-
Provision for loan loss	953	690	767	818
Charge-offs	(424)	(866)	(815)	(537)
Recoveries	174	215	184	217
Ending balance	15,182	12,449	12,410	12,274
First M&F Corporation
Financial Highlights
	QTD Ended	QTD Ended	QTD Ended	QTD Ended
	March 31	December 31	September 30	June 30
	2006	2005	2005	2005
Condensed Income Statements: (in thousands)
Interest income	20,467	18,486	17,231	16,390
Interest expense	7,956	6,711	6,130	5,455
Net interest income	12,511	11,775	11,101	10,935
Provision for loan losses	953	690	767	818
Noninterest revenues	4,283	3,815	4,466	4,015
Noninterest expenses	10,993	10,370	9,924	9,638
Net income before taxes	4,848	4,530	4,876	4,494
Income taxes	1,572	1,465	1,588	1,446
Noncontrolling interest	6	-	4	3
Net income	3,270	3,065	3,284	3,045
Tax-equivalent net interest income	12,823	12,089	11,421	11,254
Selected Average Balances: (in thousands)
Assets	1,386,278	1,251,128	1,214,792	1,195,352
Loans held for investment	994,364	934,368	897,511	860,900
Earning assets	1,247,151	1,135,701	1,100,461	1,080,740
Deposits	1,072,518	958,390	949,445	957,768
Equity	118,419	117,292	116,444	114,868
Selected Ratios:
Return on average assets (annualized)	0.94%	0.98%	1.08%	1.02%
Return on average equity (annualized)	11.05%	10.45%	11.28%	10.60%
Average equity to average assets	8.54%	9.37%	9.59%	9.61%
Net interest margin (annualized, tax-equivalent)	4.11%	4.26%	4.15%	4.17%
Efficiency ratio	64.26%	65.20%	62.46%	63.12%
Net charge-offs to average loans (annualized)	0.10%	0.28%	0.28%	0.15%
Nonaccrual and 90 day accruing loans to total loans	0.40%	0.20%	0.22%	0.29%
Price to book (x)	1.32	1.29	1.36	1.34
Price to earnings (x)	11.92	12.39	12.07	12.77
First M&F Corporation
Financial Highlights
Historical Earnings Trends:		EPS
	(in thousands)	(diluted)
1Q 2006	3,270	0.73
4Q 2005	3,065	0.68
3Q 2005	3,284	0.73
2Q 2005	3,045	0.67
1Q 2005	3,198	0.71
4Q 2004	2,640	0.58
3Q 2004	2,781	0.61
2Q 2004	2,753	0.60
1Q 2004	2,601	0.57
4Q 2003	2,809	0.61
3Q 2003	2,791	0.60
Revenue Statistics:		Non-interest	Non-interest
	Revenues	Revenues to	Revenues to	Contribution
	Per FTE	Ttl. Revenues	Avg. Assets	Margin
	(thousands)	(percent)	(percent)	(percent)
1Q 2006	33.4	25.04%	1.24%	63.27%
4Q 2005	33.3	23.99%	1.22%	62.09%
3Q 2005	33.5	28.11%	1.47%	62.48%
2Q 2005	33.0	26.30%	1.34%	63.82%
1Q 2005	32.7	27.17%	1.40%	65.43%
4Q 2004	32.2	24.90%	1.28%	63.01%
3Q 2004	31.5	26.49%	1.39%	63.04%
2Q 2004	31.3	26.22%	1.35%	64.70%
1Q 2004	33.2	27.23%	1.44%	66.13%
4Q 2003	33.1	24.50%	1.31%	68.06%
3Q 2003	34.0	25.96%	1.42%	65.88%
Expense Statistics:	Non-interest
	Expense to	Efficiency
	Avg. Assets	Ratio
	(percent)	(percent)
1Q 2006	3.17%	64.26%
4Q 2005	3.32%	65.20%
3Q 2005	3.27%	62.46%
2Q 2005	3.23%	63.12%
1Q 2005	3.14%	60.94%
4Q 2004	3.39%	65.80%
3Q 2004	3.43%	65.41%
2Q 2004	3.26%	63.25%
1Q 2004	3.25%	61.47%
4Q 2003	3.30%	61.69%
3Q 2003	3.44%	62.88%
Contribution Margin:
(Tax-equivalent net interest income + noninterest revenues - salaries and benefits)
divided by
(Tax-equivalent net interest income + noninterest revenues)
Efficiency Ratio:
Noninterest expense
divided by
(Tax-equivalent net interest income + noninterest revenues)