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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 28, 1996
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First M & F Corporation
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(Exact mane of registrant as specified in its charter)
Mississippi 0-9424 64-0636653
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
221 East Washington St., Kosciusko, MS 39090
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (601) 289-5121
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No Change
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(Former name or former address, if changed since last report.)
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FIRST M & F CORPORATION
Form 8-K
CONTENTS
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Page
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<S> <C>
Item 1 - Changes in Control of Registrant 3
Item 2 - Acquisition or Disposition of Assets 3
Item 3 - Bankruptcy or Receivership 3
Item 4 - Change in Registrant's Certifying Accountant 3
Item 5 - Other Events 4
Item 6 - Resignations of Registrant's Directors 5
Item 7 - Financial Statements and Exhibits 5
Item 8 - Change in Fiscal Year 5
Signatures 6
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FIRST M & F CORPORATION
Item 1 - Change in Control of Registrant
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Not applicable
Item 2 - Acquisition or Disposition of Assets
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Not applicable
Item 3 - Bankruptcy or Receivership
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Not applicable
Item 4 - Change in Registrant's Certifying Accountant
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Not applicable
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FIRST M & F CORPORATION
Item 5 - Other Events
On October 28, 1996, the Finance company subsidiary of the Registrant's banking
subsidiary, corrected an error in its computer loan master file that resulted
in the write off of $398,638 in loan balances of the finance company. The
error occurred due to incorrect coding procedures (on approximately 600
consumer loans that had been charged off during 1990- 1993) that allowed the
unearned income associated with these loans to continue to amortize and be
recognized as income through the period 1990-1996.
The gross effect, as a result of this error, on 1996 income was $20,560 and on
income for years prior to 1996 was $378,078. The net effect, after taxes, on
income for years prior to 1996 was $249,531. Although the effect of this error
is deemed to be immaterial on any individual year, and the cumulative effect of
this error is deemed to be immaterial on stockholders' equity at January 1,
1996, the effect of the correction of this error could potentially be material
if recognized in its entirety in 1996. As a result, management, with the
approval of the Board of Directors, has elected to correct this error as a
prior period adjustment.
The correction of the error and its effect by year is as follows (in thousands,
except share data):
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<CAPTION>
1995 1994 1993 1992 1991
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<S> <C> <C> <C> <C> <C>
Net income:
As previously reported $ 6,275 $ 4,878 $ 4,346 $ 5,486 $ 2,892
Total error (38) (53) (73) (92) (86)
Tax effect 13 18 25 31 29
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Net error (25) (35) (48) (61) (57)
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As corrected $ 6,250 $ 4,843 $ 4,298 $ 5,425 $ 2,835
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Earnings per share:
As previously reported $ 1.90 $ 1.56 $ 1.39 $ 1.76 $ 0.93
As corrected 1.90 1.55 1.38 1.74 0.90
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Total equity:
As previously reported $ 44,769 $ 34,709 $ 32,973 $ 30,117 $ 25,950
Prior year effect (225) (190) (142) (82) (35)
Current year effect (25) (35) (48) (60) (57)
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Net error (250) (225) (190) (142) (82)
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As corrected $ 44,519 $ 34,484 $ 32,783 $ 29,975 $ 25,868
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Book value per share:
As previously reported $ 13.20 $ 11.12 $ 10.57 $ 9.66 $ 8.32
As corrected 13.13 11.05 10.50 9.61 8.30
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FIRST M & F CORPORATION
Item 6 - Resignation of Registrant's Directors
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Not applicable
Item 7 - Financial Statements and Exhibits
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Not applicable
Item 8 - Change in Fiscal year
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Not applicable
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FIRST M & F CORPORATION
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST M & F CORPORATION (Registrant)
Date November 1, 1996 /s/ Hugh S. Potts, Jr.
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Hugh S. Potts, Jr.
Chairman and Chief Executive Officer
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