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First M&F Q1 earnings down

First M&F, a provider of financial services, has reported earnings of $3.14 million for the first quarter of 2008, compared to $3.55 million for the same period of 2007.

For Q1 2008, the annualized return on assets was 0.76%, while return on equity was 8.87%. Comparatively, the return on assets for Q1 2007 was 0.94%, with a return on equity of 11.18%.

Net interest income was up by 0.9%, compared to Q1 2007, with the net interest margin decreasing to 3.66% on a tax equivalent basis in the first quarter of 2008, as compared to 3.94% in the first quarter of 2007.

Non-interest income, excluding securities transactions, for the first quarter of 2008 was down 0.95%, compared to the first quarter of 2007, with deposit-related income up by 11.76% and mortgage income down by 5.53%.

Hugh Potts, chairman and CEO of First M&F, said: First quarter results are below last year’s results and early expectations. The primary influence was the effect on the net interest margin brought about by the actions of the Federal Reserve in January and March to lower short-term rates.