| Cash Flow for First M & F Corp. (FMFC) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 14,458 | 13,925 | 12,592 | 10,775 | 10,892 | | Provision for Loan Loss | 2,520 | 3,032 | 3,146 | 5,351 | 3,802 | | Depreciation & Amortization | 3,550 | 2,560 | 1,995 | 2,755 | 2,909 | | Deferred Income Taxes | 2,192 | 29 | (241) | (23) | (330) | | Change in Assets (Receivables) | (1,410) | (3,174) | 2,911 | (746) | (737) | | Change in Liabilities (Payables) | (1,227) | 893 | 2,529 | (877) | (541) | | Investment Securities Gain | 37 | 4 | 24 | (46) | (7) | | Net Policy Acquisition Cost | - | - | - | - | - | | Realized Investment Gains | (76) | (308) | (231) | - | - | | Net Premiums Receivables | - | - | - | - | - | | Change in Income Taxes | - | - | - | - | 278 | | Other Non-Cash Items | (62) | 230 | 1,131 | (636) | (137) | | Net Cash from Operating Activities | 19,982 | 17,191 | 23,856 | 16,553 | 16,129 | | | | Proceeds from Sale/Mat. Inv. | 73,325 | 50,058 | 68,414 | 45,918 | 78,252 | | Purchase of Investment Securities | (46,356) | (73,880) | (82,317) | (38,134) | (33,980) | | Net Increase Fed. Funds Sold | (3,288) | 16,764 | (150) | (3,075) | 4,104 | | Purchase of Property & Equipment | (7,098) | (5,957) | (4,773) | (4,095) | (4,492) | | Acquisitions | (46) | (30,851) | - | - | - | | Other Investment Changes, Net | (138,427) | (40,368) | (101,229) | (74,468) | (95,215) | | Net Cash from Investing Activities | (121,890) | (84,234) | (120,055) | (73,854) | (51,331) | | | Net Change in Deposits | 76,405 | 46,760 | 96,362 | 56,501 | (3,798) | | Cash Dividends paid | (4,772) | (4,751) | (4,648) | (4,535) | (4,604) | | Repayment of Long Term Debt | (567,325) | (128,026) | (53,144) | (39,160) | (25,836) | | Change in Short Term Debt | (9,936) | 1,550 | 1,254 | 1,603 | (8,394) | | Issuance of Long term Debt | 601,800 | 153,740 | 72,800 | 45,750 | 76,100 | | Issuance of Preferred Stock | - | - | - | - | - | | Issuance of Common Stock | 305 | 789 | 169 | 1,081 | 3,990 | | Purchase of Treasury Stock | (174) | - | (690) | (3,412) | (5,736) | | Other Financing Activities | 52 | 376 | 118 | - | - | | Cash from Financing Activities | 96,355 | 70,438 | 112,221 | 57,828 | 31,722 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash & Equivalents | (5,553) | 3,395 | 16,022 | 527 | (3,480) | | | Cash at Beginning of Period | 59,793 | 56,398 | 40,376 | 39,849 | 43,329 | | Cash at End of Period | 54,240 | 59,793 | 56,398 | 40,376 | 39,849 | | | |
