Muncie bank to restate 2006 cash flow

February 19, 2008
Mutual First Financial Inc. in Muncie said yesterday it would restate its cash flow for 2006 because officials misunderstood where to allocate loan sale activities.

The sales were allocated to operating activities rather than the proper category of investing activities, the bank said in a Securities and Exchange Commission filing today.

In an interview, Assistant Vice President Chris Cook said bank officials didn't catch the mistake and neither did the bank's auditor, BKD LLP, prior to filing its 2006 financial statement. The adjustment will be made in the 2007 statement.

Cook emphasized that the mistake had no impact on the bank's financial condition, income or stockholder equity.

The thinly traded stock dipped soon after the filing became public early this afternoon, then staged a near-complete recovery.

The shares fell to $13 from $13.29 before bouncing back to $13.23.

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