<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 1997
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from _____________to ________________
Commission file number 0-3658
A. Full title of the Plan and the address of the Plan, if different from
that of the issuer named below:
The First American Financial Corporation
401(k) Savings Plan
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
The First American Financial Corporation
114 East Fifth Street
Santa Ana, California 92701
<PAGE>
<TABLE>
<CAPTION>
INDEX PAGE
- ----- ----
<S> <C>
Consent of Independent Accountants 3
Signatures 4
Financial Statements of The First American Financial Corporation
401(k) Savings Plan
Report of Independent Accountants 6
Statement of Net Assets Available for Plan Benefits, with Fund
Information as of December 31, 1997 7
Statement of Net Assets Available for Plan Benefits, with Fund
Information as of December 31, 1996 8
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information for the year ended December 31, 1997 9
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information for the year ended December 31, 1996 10
Notes to Financial Statements 11
Supplemental Schedules *:
Item 27a - Assets held for Investment Purposes as of December 31,
1997 15
Item 27d - Schedule of Reportable Transactions for the year ended
December 31, 1997 16
</TABLE>
* Other schedules have been omitted because they are either not applicable or
exempt from reporting requirements of the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974 (ERISA).
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 333-32871) of The First American Financial
Corporation of our report dated June 25, 1998 appearing on page 6 of this Form
11-K.
PRICE WATERHOUSE LLP
Costa Mesa, California
June 25, 1998
Page 3 of 17
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Committee administering the Plan has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
The First American Financial Corporation
401(k) Savings Plan
Date: June 25, 1998 By: /s/ Thomas A. Klemens
--------------------------------------
Page 4 of 17
<PAGE>
THE FIRST AMERICAN
FINANCIAL CORPORATION
401(K) SAVINGS PLAN
REPORT AND FINANCIAL STATEMENTS
WITH ADDITIONAL INFORMATION
DECEMBER 31, 1997 AND 1996
Page 5 of 17
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and
Administrative Committee of
The First American Financial Corporation
401(k) Savings Plan
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statements of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of The First American Financial Corporation 401(k) Savings Plan
(the "Plan") at December 31, 1997 and 1996, and the changes in the net assets
available for plan benefits for the years then ended, in conformity with
generally accepted accounting principles. These financial statements are the
responsibility of the Plan's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statement of net assets
available for plan benefits and the statement of changes in net assets available
for plan benefits is presented for purposes of additional analysis rather than
to present the net assets available for plan benefits and the changes in net
assets available for plan benefits of each fund. The supplemental schedules and
Fund Information have been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial statements taken as
a whole.
PRICE WATERHOUSE LLP
Costa Mesa, California
June 25, 1998
Page 6 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DECEMBER 31, 1997
---------------------------------------------------------------------------------------
FUND INFORMATION
---------------------------------------------------------------------------------------
COMPANY INTERNATIONAL SMALL CAP LARGE CAP
STOCK STOCK STOCK STOCK BOND
FUND FUND FUND FUND FUND
---------------- ---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 16,031 $ 863 $ 1,801 $ 1,712 $ 565
Investments, at fair value 17,351,686 8,660,459 9,376,883 15,674,251 4,216,550
Receivables:
Participant contributions 85,685 78,842 79,256 121,296 45,133
Employer contributions 965,413 622,497 760,620 1,069,149 349,259
---------------- ---------------- ---------------- ---------------- ---------------
Total assets 18,418,815 9,362,661 10,218,560 16,866,408 4,611,507
---------------- ---------------- ---------------- ---------------- ---------------
LIABILITIES
Fees payable 18,538 8,620 10,075 15,593 5,909
---------------- ---------------- ---------------- ---------------- ---------------
Total liabilities 18,538 8,620 10,075 15,593 5,909
---------------- ---------------- ---------------- ---------------- ---------------
Net assets available for
plan benefits $18,400,277 $ 9,354,041 $10,208,485 $16,850,815 $ 4,605,598
================ ================ ================ ================ ===============
<CAPTION>
-------------------------------------
-------------------------------------
MONEY
MARKET
FUND TOTAL
---------------- ------------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 6,435,598 $ 6,456,570
Investments, at fair value - 55,279,829
Receivables:
Participant contributions 62,408 472,620
Employer contributions 567,406 4,334,344
---------------- ------------------
Total assets 7,065,412 66,543,363
---------------- ------------------
LIABILITIES
Fees payable 10,875 69,610
---------------- ------------------
Total liabilities 10,875 69,610
---------------- ------------------
Net assets available for
plan benefits $ 7,054,537 $ 66,473,753
================ ==================
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements
Page 7 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DECEMBER 31, 1996
------------------------------------------------------------------------------------------------------
FUND INFORMATION
------------------------------------------------------------------------------------------------------
COMPANY INTERNATIONAL SMALL CAP LARGE CAP MONEY
STOCK STOCK STOCK STOCK BOND MARKET
FUND FUND FUND FUND FUND FUND TOTAL
------------- -------------- ------------ ----------- ----------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 94,290 $ 99,266 $ 101,762 $ 145,892 $ 53,734 $ 4,013,362 $ 4,508,306
Investments, at fair value 6,123,513 5,140,392 4,575,169 7,746,802 2,662,794 - 26,248,670
Receivables:
Participant contributions 86,447 88,705 90,218 136,009 49,150 69,172 519,701
Employers contributions 2,526 1,623 1,952 2,545 1,167 2,569 12,382
----------- ----------- ----------- ----------- ----------- ------------ ------------
Total assets 6,306,776 5,329,986 4,769,101 8,031,248 2,766,845 4,085,103 31,289,059
----------- ----------- ----------- ----------- ----------- ------------ ------------
LIABILITIES
Fees payable 9,008 7,764 6,493 11,076 4,873 9,080 48,294
----------- ----------- ----------- ----------- ----------- ------------ ------------
Total liabilities 9,008 7,764 6,493 11,076 4,873 9,080 48,294
----------- ----------- ----------- ----------- ----------- ------------ ------------
Net assets available for
plan benefits $ 6,297,768 $ 5,322,222 $ 4,762,608 $ 8,020,172 $ 2,761,972 $ 4,076,023 $ 31,240,765
=========== =========== =========== =========== =========== ============ ============
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements
Page 8 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE OF PLAN BENEFITS, WITH FUND
INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DECEMBER 31, 1997
------------------------------------------------------------------------------------------
FUND INFORMATION
------------------------------------------------------------------------------------------
COMPANY INTERNATIONAL SMALL CAP LARGE CAP
STOCK STOCK STOCK STOCK BOND
FUND FUND FUND FUND FUND
---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Additions (deductions) in net
assets available for plan
benefits:
Interest and dividends $ 142,434 $ 886,603 $ 223,814 $ 222,895 $ 193,989
Net appreciation
(depreciation) in fair
value of investments 7,289,783 (575,905) 560,659 2,912,615 82,021
Contributions by
participants 4,079,046 3,354,980 3,952,482 5,264,756 1,695,627
Contributions by
employer 1,388,981 921,401 1,121,989 1,550,514 542,686
Benefit payments to
participants (865,651) (552,758) (591,252) (991,805) (359,893)
Fees and expenses (71,065) (32,223) (31,853) (51,680) (18,479)
Interfund transfers 138,981 29,721 210,038 (76,652) (292,325)
---------------- ---------------- ---------------- ---------------- ----------------
Net increase in net assets
available for plan benefits 12,102,509 4,031,819 5,445,877 8,830,643 1,843,626
Net assets available for plan
benefits, beginning of year 6,297,768 5,322,222 4,762,608 8,020,172 2,761,972
---------------- ---------------- ---------------- ---------------- ----------------
Net assets available for plan
benefits, end of year $ 18,400,277 $ 9,354,041 $ 10,208,485 $ 16,850,815 $ 4,605,598
================ ================ ================ ================ ================
<CAPTION>
------------------------------------
------------------------------------
MONEY
MARKET
FUND TOTAL
--------------- -----------------
<S> <C> <C>
Additions (deductions) in net
assets available for plan
benefits:
Interest and dividends $ 256,363 $ 1,926,098
Net appreciation
(depreciation) in fair
value of investments - 10,269,173
Contributions by
participants 2,407,107 20,753,998
Contributions by
employer 911,895 6,437,466
Benefit payments to
participants (555,683) (3,917,042)
Fees and expenses (31,405) (236,705)
Interfund transfers (9,763) -
--------------- --------------
Net increase in net assets
available for plan benefits 2,978,514 35,232,988
Net assets available for plan
benefits, beginning of year 4,076,023 31,240,765
-------------- --------------
Net assets available for plan
benefits, end of year $ 7,054,537 $ 66,473,753
============== ==============
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements
Page 9 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
- -------------------------------------------------------------------------
INFORMATION
- -----------
<TABLE>
<CAPTION>
DECEMBER 31, 1996
----------------------------------------------------------------------
FUND INFORMATION
----------------------------------------------------------------------
COMPANY INTERNATIONAL SMALL CAP LARGE CAP
STOCK STOCK STOCK STOCK
FUND FUND FUND FUND
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Additions (deductions) in net
assets available for plan
benefits:
Interest and dividends $ 70,542 $ 244,150 $ 441,136 $ 401,952
Net appreciation
(depreciation) in fair
value of investments 1,854,774 428,526 (203,251) 587,171
Contributions by
participants 2,163,303 2,335,560 2,289,976 3,742,408
Contributions by
employer 230,564 253,747 222,697 369,195
Benefit payments to
participants (268,531) (257,934) (216,741) (397,929)
Fees and expenses (22,712) (22,698) (19,555) (33,412)
Interfund transfers 264,575 (113,239) 282,787 82,746
---------------- ---------------- ---------------- ----------------
Net increase in net assets
available for plan benefits 4,292,515 2,868,112 2,797,049 4,752,131
Net assets available for plan
benefits, beginning of year 2,005,253 2,454,110 1,965,559 3,268,041
---------------- ---------------- ---------------- ----------------
Net assets available for plan
benefits, end of year $ 6,297,768 $ 5,322,222 $ 4,762,608 $ 8,020,172
================ ================ ================ ================
<CAPTION>
--------------------------------------------
--------------------------------------------
MONEY
BOND MARKET
FUND FUND TOTAL
------------- -------------- --------------
<S> <C> <C> <C>
Additions (deductions) in net
assets available for plan
benefits:
Interest and dividends $ 126,193 $ 149,442 $ 1,433,415
Net appreciation
(depreciation) in fair
value of investments (98,091) - 2,569,129
Contributions by
participants 1,423,590 2,019,294 13,974,131
Contributions by
employer 176,150 308,950 1,561,303
Benefit payments to
participants (158,503) (248,649) (1,548,287)
Fees and expenses (15,465) (27,728) (141,570)
Interfund transfers (208,677) (308,192) -
------------- -------------- --------------
Net increase in net assets
available for plan benefits 1,245,197 1,893,117 17,848,121
Net assets available for plan
benefits, beginning of year 1,516,775 2,182,906 13,392,644
------------- -------------- --------------
Net assets available for plan
benefits, end of year $ 2,761,972 $ 4,076,023 $ 31,240,765
============= ============== ==============
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements
Page 10 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
GENERAL
The First American Financial Corporation 401(k) Savings Plan (the "Plan")
is a defined contribution profit sharing plan covering all U.S. employees
of The First American Financial Corporation or an eligible subsidiary that
has adopted the Plan (the "Company"). An employee is eligible to
participate in the Plan if the employee is at least 21 years of age and has
been employed by the Company for at least 90 days. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974
(?ERISA?). The Plan is administered by an administrative committee
appointed by the Board of Directors of the Company. First American Trust
Company, a related party, is the Trustee and custodian of the Plan.
CONTRIBUTIONS
Employee contributions to the Plan are based upon a percentage of gross pay
as designated by each participant. Participants may contribute up to 12%
of their annual wages but not more than the applicable limit imposed by the
Internal Revenue Service. Contributions are invested based on each
participant's election in one or more of the following funds: Company
Stock Fund, International Stock Fund, Small Cap Stock Fund, Large Cap Stock
Fund, Bond Fund, and Money Market Fund.
The Company makes basic matching contributions of 50% of the first $500 of
a participant's contributions each year, and the Company may make
additional discretionary matching contributions and/or profit sharing
contributions which are determined by the committee appointed by the
Company's Board of Directors.
PARTICIPANTS' ACCOUNTS
Each participant's account is credited with the participant's
contributions, Company matching contributions, any profit sharing
contributions and any Plan earnings.
VESTING
All participant and Company contributions are fully vested at all times.
BENEFIT PAYMENTS
Participants or beneficiaries may elect to withdraw benefits upon
termination of employment, retirement, permanent disability, or death.
Other withdrawals from the Plan can be made under certain circumstances.
Benefit payments are recorded when paid.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements have been prepared on the accrual
basis of accounting in accordance with generally accepted accounting
principles.
Page 11 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
VALUATION OF INVESTMENTS
Investments in collective investment funds and common stock are stated at
market value determined by quoted market prices in an active market.
INVESTMENT INCOME
Dividend and interest income are recorded as earned. The net appreciation
(depreciation) in the fair value of investments consists of the realized
gains or losses and the unrealized appreciation (depreciation) of
investments.
USE OF ESTIMATES
Certain amounts and disclosures included in the financial statements of the
Plan require management to make estimates which could differ from actual
results.
3. INVESTMENT OPTIONS
Plan participants may choose among six investment options:
. Money Market Fund - This fund invests in cash equivalents and money
-----------------
market investments through the First Choice Cash Reserve. The fund's
objective is to obtain current income while preserving capital and
maintaining liquidity.
. Bond Fund - This fund invests in intermediate-term maturity government
---------
bonds through the T. Rowe Price U.S. Treasury Intermediate Bond Fund.
The fund's objective is to preserve initial principal and accrued
interest, and obtain current income.
. Large Cap Stock Fund - This fund invests in stocks of large U.S.
--------------------
companies through the Performance Equity Fund. The fund's objective is
to seek returns from capital growth and dividends of stocks of larger
U.S. companies.
. Small Cap Stock Fund - This fund invests in stocks of small U.S.
--------------------
companies through the T. Rowe Price New Horizons Fund. The fund's
objective is to seek maximum long-term return from a combination of
capital growth and dividend income.
. International Stock Fund - This fund invests in stocks of non-U.S.
------------------------
companies through the Templeton Foreign Fund. The fund's objective is
to seek long-term growth opportunities in non-U.S. stocks.
. Company Stock Fund - This fund invests in shares of The First American
------------------
Financial Corporation common stock ("Company Stock") and such other
assets, awaiting investment in Company Stock, as the plan trustee
considers advisable. The plan trustee may purchase shares of Company
Stock for the fund from the Company or on the open market. If
purchased from the Company, Company Stock is valued at its closing
price on the day the stock was purchased or, if no sales of Company
Stock occurred on the open market that day, on the next preceding day
when the Company Stock was traded.
Page 12 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
4. TAX STATUS
The Company has obtained a favorable tax determination letter, dated
February 11, 1997, from the United States Treasury Department qualifying
the Plan for tax-exempt status under Section 401(a) of the Internal Revenue
Code and for exemption from federal income taxes under the provisions of
Section 501(a).
5. ADMINISTRATIVE EXPENSES
Expenses incurred by the Plan for accounting and administration are borne
partially by the Plan's sponsor and partially by the Plan and its
participants. For the years ended December 31, 1997 and 1996, fees paid by
the Plan amounted to $236,705 and $141,570, respectively, and fees paid by
the Plan's sponsor totaled $195,970 and $153,892, respectively. A portion
of these fees are paid to the Plan's Trustee.
Page 13 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
SUPPLEMENTAL SCHEDULES
Page 14 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
SCHEDULE I - ITEM 27A ASSETS HELD FOR INVESTMENT PURPOSES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENTS, INCLUDING CURRENT VALUE AT
IDENTITY OF ISSUER, BORROWER, MATURITY DATE, RATE OF INTEREST, DECEMBER 31,
LESSOR, OR SIMILAR PARTY COLLATERAL, PAR OR MATURITY VALUE COST 1997
- -------------------------------------------------------------------------------------------------- ------------ -----------------
<S> <C> <C> <C>
Investment
- ---------------
Templeton Foreign Fund 870,398 shares $ 8,930,660 $ 8,660,459
T. Rowe Price New Horizons Fund 402,441 shares 9,233,316 9,376,883
Performance Equity Fund 713,114 shares 13,234,380 15,674,251
T. Rowe Price U.S. Treasury Intermediate Bond Fund 798,589 shares 4,126,890 4,216,550
------------ ------------
Total investment companies $ 35,525,246 $ 37,928,143
============ ============
U.S. Corporation Common Stock
- ----------------------------------------
The First American Financial Corporation * 352,319 shares, common stock** $ 8,522,634 $ 17,351,686
Cash and Cash Equivalents
- ---------------------------------
First Choice Cash Reserve 6,408,312 units, par value $ 6,408,312 $ 6,408,312
48,258 currency $ 48,258 48,258
</TABLE>
* Party-in-interest
** After adjustment for 3-for-2 stock split effected January 15, 1998.
Page 15 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
STATEMENT II - ITEM 27D SCHEDULE OF REPORTABLE TRANSACTIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EXPENSE
INCURRED
IDENTITY OF PURCHASE SELLING WITH
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE TRANSACTION
<S> <C> <C> <C> <C>
T. Rowe Price T. Rowe Price Intermediate -
Term U.S. Treasury Portfolio $ 2,142,148
T. Rowe Price T. Rowe Price Intermediate -
Term U.S. Treasury Portfolio $ 564,933
Templeton Templeton Foreign Fund $ 4,314,299
Templeton Templeton Foreign Fund $ 1,105,374
Fidelity Management and Fidelity Adv Growth
Research Company Opportunity Fund $ 1,473,801
Fidelity Management and Fidelity Adv Growth
Research Company Opportunity Fund $ 9,545,922
Trustmark National Bank Performance Equity Fund $ 14,245,128
Trustmark National Bank Performance Equity Fund $ 1,381,449
Trustmark National Bank Performance Equity Fund $ 9,095,324
Fidelity Management and Fidelity Adv Growth
Research Company Opportunity Fund $ 9,095,324
Fidelity Management and Fidelity U.S. Treasury
Research Company Income Portfolio $ 103,595
Fidelity Management and Fidelity U.S. Treasury
Research Company Income Portfolio $ 4,022,687
<CAPTION>
CURRENT VALUE
OF ASSET ON NET
IDENTITY OF COST OF TRANSACTION REALIZED GAIN
PARTY INVOLVED ASSET DATE (LOSS)
<S> <C> <C> <C>
T. Rowe Price
$ 2,142,148 $ 2,142,148
T. Rowe Price
$ 864,479 $ 864,933 $ 454
Templeton $ 4,314,299 $ 4,314,299
Templeton $ 1,008,410 $ 1,105,374 $ 96,964
Fidelity Management and
Research Company $ 1,473,801 $ 1,473,801
Fidelity Management and
Research Company $ 8,376,308 $ 9,545,992 $ 1,169,684
Trustmark National Bank $ 14,245,128 $ 14,245,128
Trustmark National Bank $ 1,233,642 $ 1,381,449 $ 147,807
Trustmark National Bank $ 9,095,324 $ 9,095,324
Fidelity Management and
Research Company $ 7,988,246 $ 9,095,324 $ 1,107,078
Fidelity Management and
Research Company $ 103,595 $ 103,595
Fidelity Management and
Research Company $ 4,022,687 $ 4,022,687
</TABLE>
Note: Under ERISA, a reportable transaction is a transaction or series of
transactions during the period that involves more than 5% of the fair
value of plan assets at the beginning of the period.
Page 16 of 17
<PAGE>
THE FIRST AMERICAN FINANCIAL CORPORATION
401(K) SAVINGS PLAN
STATEMENT II - ITEM 27D SCHEDULE OF REPORTABLE TRANSACTIONS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EXPENSE
INCURRED
IDENTITY OF PURCHASE SELLING WITH COST OF
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE TRANSACTION ASSET
<S> <C> <C> <C> <C> <C>
First American Capital
Management First Choice Cash Reserve Fund $ 7,805,203 $ 7,805,203
First American Capital
Management First Choice Cash Reserve Fund $ 1,396,890 $ 1,396,890
First American Capital
Management First Choice Cash Reserve Fund $ 4,015,501 $ 4,015,501
Fidelity Management and Fidelity U.S. Treasury
Research Company Income Portfolio $ 4,015,501 $ 4,015,501
First American Capital
Management First Choice Cash Reserve Fund $ 3,131,808 $ 3,131,808
First American Capital
Management First Choice Cash Reserve Fund $ 3,131,808 $ 3,131,808
T. Rowe Price T. Rowe Price New Horizons $ 5,216,311 $ 5,216,311
T. Rowe Price T. Rowe Price New Horizons $ 1,199,071 $ 1,226,952
The First American
Financial Corporation Common Stock $ 5,630,604 $ 11,332 $ 5,619,272
The First American
Financial Corporation Common Stock $ 1,564,704 $ 3,947 $ 1,022,349
<CAPTION>
CURRENT VALUE
OF ASSET ON NET
IDENTITY OF TRANSACTION REALIZED GAIN
PARTY INVOLVED DATE (LOSS)
<S> <C> <C>
First American Capital
Management $ 7,805,203
First American Capital
Management $ 1,396,890
First American Capital
Management $ 4,015,501
Fidelity Management and
Research Company $ 4,015,501
First American Capital
Management $ 3,131,808
First American Capital
Management $ 3,131,808
T. Rowe Price $ 5,216,311
T. Rowe Price $ 1,199,071 $ (27,881)
The First American
Financial Corporation $ 5,619,272
The First American
Financial Corporation $ 1,564,704 $ 542,355
</TABLE>
Note: Under ERISA, a reportable transaction is a transaction or series of
transactions during the period that involves more than 5% of the fair
value of plan assets at the beginning of the period.
Page 17 of 17
