First M&F Corporation
Average Balance Sheets/Yields and Costs (tax-equivalent)
(In thousands with yields and costs annualized)	QTD June 2007		QTD June 2006
	Average		Average
	Balance	Yield/Cost	Balance	Yield/Cost
Interest bearing bank balances	4,726	4.61%	7,577	3.55%
Federal funds sold	6,247	3.59%	16,007	4.80%
Taxable investments (amortized cost)	197,922	4.80%	193,769	4.59%
Tax-exempt investments (amortized cost)	45,654	6.26%	50,140	6.15%
Loans held for sale	9,786	5.59%	8,646	6.06%
Loans held for investment	1,122,129	7.90%	1,064,858	7.48%
Total earning assets	1,386,464	7.36%	1,340,997	6.95%
Non-earning assets	159,594		169,852
Total average assets	1,546,058		1,510,849
NOW	190,049	1.35%	231,908	1.66%
MMDA	136,525	2.52%	129,239	1.77%
Savings	99,997	2.75%	97,403	2.09%
Certificates of Deposit	578,631	4.62%	534,911	3.96%
Short-term borrowings	12,069	4.98%	5,323	4.06%
Other borrowings	204,199	5.12%	188,941	4.88%
Total interest bearing liabilities	1,221,470	3.81%	1,187,725	3.27%
Non-interest bearing deposits	181,819		191,212
Non-interest bearing liabilities	10,133		10,989
Capital	132,636		120,923
Total average liabilities and equity	1,546,058		1,510,849
Net interest spread		3.55%		3.68%
Effect of non-interest bearing deposits		0.49%		0.45%
Effect of leverage		-0.04%		-0.08%
Net interest margin, tax-equivalent		4.00%		4.05%
Less tax equivalent adjustment:
Investments		0.08%		0.08%
Loans		0.01%		0.01%
Reported book net interest margin		3.91%		3.96%
First M&F Corporation
Average Balance Sheets/Yields and Costs (tax-equivalent)
(In thousands with yields and costs annualized)	YTD June 2007		YTD June 2006
	Average		Average
	Balance	Yield/Cost	Balance	Yield/Cost
Interest bearing bank balances	4,213	4.64%	7,618	3.32%
Federal funds sold	3,576	3.83%	20,293	4.28%
Taxable investments (amortized cost)	203,571	4.81%	177,333	4.56%
Tax-exempt investments (amortized cost)	46,599	6.27%	49,792	6.24%
Loans held for sale	9,254	5.41%	8,529	4.74%
Loans held for investment	1,112,060	7.86%	1,029,806	7.37%
Total earning assets	1,379,273	7.32%	1,293,371	6.85%
Non-earning assets	164,228		155,536
Total average assets	1,543,501		1,448,907
NOW	197,780	1.37%	226,037	1.58%
MMDA	131,938	2.42%	126,969	1.67%
Savings	98,478	2.69%	93,820	2.06%
Certificates of Deposit	582,546	4.60%	497,722	3.80%
Short-term borrowings	13,302	5.12%	7,250	4.71%
Other borrowings	199,183	5.13%	182,833	4.73%
Total interest bearing liabilities	1,223,227	3.78%	1,134,631	3.13%
Non-interest bearing deposits	179,900		184,358
Non-interest bearing liabilities	9,558		10,240
Capital	130,816		119,678
Total average liabilities and equity	1,543,501		1,448,907
Net interest spread		3.54%		3.72%
Effect of non-interest bearing deposits		0.48%		0.44%
Effect of leverage		-0.05%		-0.06%
Net interest margin, tax-equivalent		3.97%		4.10%
Less tax equivalent adjustment:
Investments		0.08%		0.08%
Loans		0.01%		0.01%
Reported book net interest margin		3.88%		4.01%