UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 4, 2006
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CADENCE FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Mississippi 1-15773 64-0694755
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
301 East Main Street, Starkville, Mississippi 39759
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (662) 343-1341
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n/a
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-KA filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
In a review of the Form 10-Q for the Quarter ended June 30, 2006 prior to filing
with the Securities and Exchange Commission, the Company reclassified a gain on
the early extinguishment of debt to conform with APB 26, Early Extinguishment of
Debt. The reclassification did not affect net income or earnings per share for
the quarter.
The gain of approximately $407,000 was included as a credit to "Interest Expense
on Borrowed Funds" in the Company's second quarter press release dated July 20,
2006. As a result of the reclassification, "Interest on Borrowed Funds" was
increased by $407,000 and other non-interest income was increased by the
$407,000 to conform with APB 26 reporting requirements on the early
extinguishment of debt. The reclassification also resulted in new totals
reported on the Consolidated Statement of Income for "Total Interest Expense",
"Net Interest Income" and "Net Interest Income After Provision for Loan Losses".
This reclassification also changed certain metrics shown on the Analysis of Net
Interest Earnings that accompanied the press release. The cost of borrowed funds
increased to 5.11%, the total cost of funds increased to 3.48% and the net
margin declined 8 basis points to 3.61%.
A copy of the Company's second quarter press release that was dated on July 20,
2006 has been updated to reflect the reclassification of the $407,000 in the
text of the release and in the Consolidated Statements of Income and Analysis of
Net Interest Earnings that accompanied the release. The updated press release is
attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description of Exhibit
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99.1 Press release issued July 20, 2006 (Updated on
August 4, 2006 to reflect reclassification of
$407,000 related to early extinguishment of debt).
SIGNATURES
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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.
CADENCE FINANCIAL CORPORATION
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(Registrant)
Date: August 4, 2006
By: /s/ Richard T. Haston
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Richard T. Haston
Executive Vice President,
Chief Financial Officer
EXHIBIT INDEX
Exhibit Description
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99.1 Press Release dated July 20, 2006 (Updated on August 4, 2006
to reflect reclassification of $407,000 related to early
extinguishment of debt).