Index First American Profile Financial Highlights Letter to Stockholders First American's Strength in Numbers Title Information and Services Real Estate Information and Services Consumer Information and Services Management's Discussion and Analysis Selected Financial Data Common Stock Prices and Dividends Quarterly Financial Data Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Stockholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent Accountants Officers Board of Directors Primary Companies Stockholder Information Back Cover

notes to consolidated financial statements

 NOTE 5

Demand Deposits:

    Passbook and investment certificate accounts are summarized as follows:

	December 31
(in thousands, except percentages)	2001			2000
Passbook accounts	$  15,292	$  11,243
Certificate accounts:
Less than one year	51,351	54,381
One to five years	24,642	15,665
	75,993	70,046
	$  91,285	$  81,289
Annualized interest rates:
Passbook accounts	3%–6%	5%–6%
Certificate accounts	3%–8%	5%–8%

    The carrying value of the passbook accounts approximates fair value due to the short-term nature of this liability. The fair value of investment certificate accounts was $77.0 million and $69.9 million at December 31, 2001 and 2000, respectively, and was estimated based on the discounted value of future cash flows using a discount rate approximating current market for similar liabilities.