First M&F Corporation
Financial Highlights
	QTD Ended	QTD Ended	QTD Ended	QTD Ended
	June 30	March 31	December 31	September 30
	2007	2007	2006	2006
Condensed Income Statements: (in thousands)
Interest income	25,125	24,332	24,434	23,754
Interest expense	11,603	11,325	11,112	10,416
Net interest income	13,522	13,007	13,322	13,338
Provision for loan losses	630	630	121	954
Noninterest revenues	4,861	5,557	5,238	5,412
Noninterest expenses	12,509	12,682	12,904	12,394
Net income before taxes	5,244	5,252	5,535	5,402
Income taxes	1,702	1,691	1,796	1,734
Noncontrolling interest	7	7	-	3
Net income	3,535	3,554	3,739	3,665
Tax-equivalent net interest income	13,831	13,323	13,641	13,662
Selected Average Balances: (in thousands)
Assets	1,546,058	1,540,916	1,522,204	1,506,955
Loans held for investment	1,122,129	1,101,879	1,083,648	1,083,451
Earning assets	1,386,464	1,372,001	1,357,687	1,341,569
Deposits	1,187,020	1,194,302	1,176,121	1,178,793
Equity	132,636	128,975	126,694	123,017
Selected Ratios:
Return on average assets (annualized)	0.92%	0.94%	0.97%	0.96%
Return on average equity (annualized)	10.69%	11.18%	11.71%	11.82%
Average equity to average assets	8.58%	8.37%	8.32%	8.16%
Net interest margin (annualized, tax-equivalent)	4.00%	3.94%	3.99%	4.04%
Efficiency ratio	66.92%	67.17%	68.25%	65.09%
Net charge-offs to average loans (annualized)	0.30%	0.11%	0.46%	0.33%
Nonaccrual and 90 day accruing loans to total loans	0.55%	0.38%	0.36%	0.33%
Price to book (x)	1.27	1.27	1.38	1.32
Price to earnings (x)	11.94	11.79	11.95	11.42
First M&F Corporation
Financial Highlights
Historical Earnings Trends:		EPS
	(in thousands)	(diluted)
2Q 2007	3,535	0.39
1Q 2007	3,554	0.39
4Q 2006	3,739	0.41
3Q 2006	3,665	0.40
2Q 2006	3,251	0.36
1Q 2006	3,270	0.36
4Q 2005	3,065	0.34
3Q 2005	3,284	0.37
2Q 2005	3,045	0.34
1Q 2005	3,198	0.35
4Q 2004	2,640	0.29
Revenue Statistics:		Non-interest	Non-interest
	Revenues	Revenues to	Revenues to	Contribution
	Per FTE	Ttl. Revenues	Avg. Assets	Margin
	(thousands)	(percent)	(percent)	(percent)
2Q 2007	33.3	26.01%	1.26%	60.93%
1Q 2007	33.4	29.43%	1.44%	61.60%
4Q 2006	33.4	27.86%	1.37%	62.39%
3Q 2006	33.9	28.26%	1.42%	62.79%
2Q 2006	33.2	26.39%	1.29%	61.39%
1Q 2006	33.4	25.40%	1.25%	63.27%
4Q 2005	33.3	24.29%	1.22%	62.09%
3Q 2005	33.5	28.33%	1.47%	62.48%
2Q 2005	33.0	26.50%	1.36%	63.82%
1Q 2005	32.7	27.32%	1.43%	65.43%
4Q 2004	32.2	25.09%	1.28%	63.01%
Expense Statistics:	Non-interest
	Expense to	Efficiency
	Avg. Assets	Ratio
	(percent)	(percent)
2Q 2007	3.25%	66.92%
1Q 2007	3.29%	67.17%
4Q 2006	3.36%	68.25%
3Q 2006	3.26%	65.09%
2Q 2006	3.28%	67.02%
1Q 2006	3.17%	64.26%
4Q 2005	3.29%	65.20%
3Q 2005	3.24%	62.46%
2Q 2005	3.23%	63.12%
1Q 2005	3.18%	60.94%
4Q 2004	3.36%	65.80%
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)