After suffering nearly $60 million in losses in 2009, First M&F Corp. posted a small profit in the first quarter of 2010.
For the quarter, which ended March 31, the bank reported a profit of $853,000, or $0.05 per diluted share, compared to a loss of $27.2 million, or $2.99 per share, in the same quarter of 2009.
Bank CEO Hugh S. Potts called the earnings modest, but said it was gratifying to report a return to positive earnings. He believes 2010 will be a much improved year.
First M&F was one of several Mississippi-based banks that accepted federal bailout money earlier this year.
The Kosciusko, Miss.-based bank holding company has locations throughout central and north Mississippi; Shelby County, Ala.; southwest Tennessee; and in Okaloosa County, Fla.