SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-6835
IRWIN FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
INDIANA 35-1286807
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
500 Washington Street, Columbus, IN 47201
(Address of principal executive offices)
(Zip Code)
812/376-1020
__________________________________________
Registrant's telephone number, including area code)
(Former name, former address and former fiscal year
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13, or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes No
As of April 30, 1997, there were outstanding 11,308,953 common
shares, no par value, of the Registrant.
XXX PAGE 1 XXX
IRWIN FINANCIAL CORPORATION AMENDS ITS 10Q FILED FOR THE QUARTER
ENDING MARCH 31, 1997. THE FOLLOWING CONSOLIDATED STATEMENT OF
CASH FLOWS WAS INADVERTANTLY OMITTED FROM ITS 10Q FILED ON MAY
14, 1997.
<TABLE>
<CAPTION>
IRWIN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
March 31, 1997 1996
- ------------ ----- -----
<S> <C> <C>
Net income $5,196,276 $4,988,236
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization 4,401,392 3,618,080
Provision for loan and lease losses 856,235 944,000
Amortization of premiums, less
accretion of discounts: 233,916 459,076
Mortgage loan originations (1,098,549,221) (1,247,564,138)
Sales of mortgage loans 1,200,985,581 1,180,356,083
Gain on sale of mortgage servicing (6,818,812) (1,187,849)
Other, net (12,898,360) (13,396,815)
--------------- ---------------
Net cash used by operating
activities 93,407,007 (71,783,327)
--------------- ---------------
LENDING AND INVESTING ACTIVITIES:
Proceeds from maturities/calls of
investment securities:
Held-to-Maturity 95,000 610,000
Available-for-Sale 1,842,195 25,777,857
Purchase of investment securities:
Held-to-Maturity 0 (4,445,078)
Available-for-Sale (8,873,307) (23,275,685)
Net increase in interest-bearing
deposits with financial institutions (799,930) (2,620,964)
Net increase in loans, excluding
sales (64,912,371) (38,511,869)
Sale of loans 68,730,444 0
Net additions to premises and
equipment (1,768,644) (1,478,754)
Additions to mortgage servicing
assets (12,431,709) (23,636,067)
Proceeds from sale of mortgage
servicing assets 18,722,373 19,852,435
------------- -------------
Net cash used by lending and
investing activities 604,051 (47,728,125)
------------- -------------
FINANCING ACTIVITIES:
Net increase in deposits 6,596,434 61,120,997
Net increase (decrease) in
short-term borrowings (152,985,065) 49,331,730
Repayment of long-term debt (6,033,259) (2,105,797)
Sale of company-obligated
manditorily redeemable preferred
securities of subsidiary trust 47,966,682 0
Purchase of treasury stock (2,784,189) 0
Proceeds from sale of stock for
employee benefit plans 505,904 273,985
Dividends paid (792,478) (680,470)
------------- -------------
Net cash provided by financing
activities (107,525,971) 107,940,445
------------- -------------
Net increase in cash and cash
equivalents (13,514,913) (11,571,007)
Cash and cash equivalents at
beginning of year 71,365,788 64,256,953
------------- -------------
Cash and cash equivalents at end
of year $57,850,875 $52,685,946
============= =============
</TABLE>
<TABLE>
<CAPTION>
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period:
<S> <C> <C>
Interest $10,016,414 $8,653,823
============= =============
Income taxes $160,025 0
============= =============
</TABLE>
The accompanying notes are an integral part of the consolidated
financial statements.
XXX PAGE 4 XXX
SIGNATURES
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 thereunto duly authorized.
IRWIN FINANCIAL CORPORATION
By: /s/ Thomas D. Washburn
--------------------------
Thomas D. Washburn
Chief Financial Officer
By: /s/ Marie C. Strack
---------------------------
Marie C. Strack
Corporate Controller
(Chief Accounting Officer)
XXX PAGE 19 XXX
