First M&F Corporation
Financial Highlights
	QTD Ended	QTD Ended	QTD Ended	QTD Ended
	June 30	March 31	December 31	September 30
	2006	2006	2005	2005
Per Common Share (diluted):
Net income	0.36	0.36	0.34	0.37
Cash dividends paid	0.13	0.13	0.13	0.13
Book value	13.36	13.21	13.06	12.93
Closing stock price	19.76	17.40	16.86	17.63
Loan Portfolio Composition: (in thousands)
Commercial, financial and agricultural	175,333	161,216	151,599	164,646
Non-residential real estate	592,264	578,474	509,986	483,341
Residential real estate	217,602	220,115	201,086	205,235
Home equity loans	40,812	40,966	26,080	27,181
Consumer loans	47,629	49,036	40,665	41,365
Other loans	6,506	5,891	3,664	3,515
Total loans	1,080,146	1,055,698	933,080	925,283
Deposit Composition: (in thousands)
Noninterest-bearing deposits	197,328	192,517	164,189	147,952
NOW deposits	228,238	235,018	192,792	204,732
MMDA deposits	127,221	134,685	115,509	126,144
Savings deposits	96,702	98,422	82,512	82,341
Certificates of deposit under $100,000	291,968	266,194	224,461	218,247
Certificates of deposit $100,000 and over	228,232	209,256	173,374	159,706
Brokered certificates of deposit	35,029	30,903	20,834	11,027
Total deposits	1,204,718	1,166,995	973,671	950,149
Nonperforming Assets: (in thousands)
Nonaccrual loans	2,388	3,187	1,403	1,355
Accruing loans past due 90 days or more	921	1,030	510	685
Total nonperforming loans	3,309	4,217	1,913	2,040
Other real estate	4,932	3,951	3,042	3,228
Total nonperforming assets	8,241	8,168	4,955	5,268
Total nonperforming assets to assets ratio	0.54%	0.55%	0.39%	0.42%
Allowance For Loan Loss Activity: (in thousands)
Beginning balance	15,182	12,449	12,410	12,274
Acquisitions	204	2,030	-	-
Provision for loan loss	1,004	953	690	767
Charge-offs	(623)	(424)	(866)	(815)
Recoveries	280	174	215	184
Ending balance	16,047	15,182	12,449	12,410
First M&F Corporation
Financial Highlights
	QTD Ended	QTD Ended	QTD Ended	QTD Ended
	June 30	March 31	December 31	September 30
	2006	2006	2005	2005
Condensed Income Statements: (in thousands)
Interest income	22,972	20,467	18,486	17,231
Interest expense	9,672	7,956	6,711	6,130
Net interest income	13,300	12,511	11,775	11,101
Provision for loan losses	1,004	953	690	767
Noninterest revenues	4,798	4,283	3,815	4,466
Noninterest expenses	12,340	10,993	10,370	9,924
Net income before taxes	4,754	4,848	4,530	4,876
Income taxes	1,502	1,572	1,465	1,588
Noncontrolling interest	1	6	-	4
Net income	3,251	3,270	3,065	3,284
Tax-equivalent net interest income	13,613	12,823	12,089	11,421
Selected Average Balances: (in thousands)
Assets	1,510,849	1,386,278	1,251,128	1,214,792
Loans held for investment	1,064,858	994,364	934,368	897,511
Earning assets	1,342,905	1,247,151	1,135,701	1,100,461
Deposits	1,378,937	1,072,518	958,390	949,445
Equity	120,923	118,419	117,292	116,444
Selected Ratios:
Return on average assets (annualized)	0.87%	0.94%	0.98%	1.08%
Return on average equity (annualized)	10.82%	11.05%	10.45%	11.28%
Average equity to average assets	8.00%	8.54%	9.37%	9.59%
Net interest margin (annualized, tax-equivalent)	4.05%	4.11%	4.26%	4.15%
Efficiency ratio	66.97%	64.26%	65.20%	62.46%
Net charge-offs to average loans (annualized)	0.13%	0.10%	0.28%	0.28%
Nonaccrual and 90 day accruing loans to total loans	0.30%	0.40%	0.20%	0.22%
Price to book (x)	1.48	1.32	1.29	1.36
Price to earnings (x)	13.72	11.92	12.39	12.07
First M&F Corporation
Financial Highlights
Historical Earnings Trends:		EPS
	(in thousands)	(diluted)
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
3Q 2004	2,781	0.31
2Q 2004	2,753	0.30
1Q 2004	2,601	0.28
4Q 2003	2,809	0.31
Revenue Statistics:		Non-interest	Non-interest
	Revenues	Revenues to	Revenues to	Contribution
	Per FTE	Ttl. Revenues	Avg. Assets	Margin
	(thousands)	(percent)	(percent)	(percent)
2Q 2006	33.2	26.14%	1.28%	61.43%
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%
Expense Statistics:	Non-interest
	Expense to	Efficiency
	Avg. Assets	Ratio
	(percent)	(percent)
2Q 2006	3.27%	66.95%
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%
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)