This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Firstbank Corporation Announces Third Quarter And Year-to-Date 2010 Results

  • Net income available to common shareholders of $911,000 in the third quarter of 2010 increased 13.4% compared to $804,000 in the third quarter of 2009, as net income increased to $1,324,000 from $1,217,000
  • Earnings per share equaled $0.12 for the third quarter of 2010, up from $0.07 per share in the second quarter of 2010 and $0.10 in the third quarter of 2009
  • Provision expense of $3.1 million and net charge-offs of $2.9 million in the third quarter of 2010 increased from $2.8 million and $2.7 million respectively in the third quarter of 2009
  • Ratio of the allowance for loan losses to loans strengthened to 1.97% at September 30, 2010, compared to 1.70% at December 31, 2009, and 1.49% at September 30, 2009
  • Gain on sale of mortgages surged in the third quarter to $2,054,000, 86% above the year-ago level
  • Loan portfolio continued to shrink due to economic conditions and lack of demand
  • Equity ratios remained strong and all affiliate banks continue to exceed all regulatory well-capitalized requirements

ALMA, Mich., Oct. 27, 2010 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq: FBMI), announced net income of $1,324,000 for the third quarter of 2010, compared to $1,217,000 for the third quarter of 2009, with net income available to common shareholders of $911,000 in the third quarter of 2010 increasing 13.4% compared to $804,000 in the third quarter of 2009. Earnings per share were $0.12 in the third quarter of 2010 compared to $0.10 in the third quarter of 2009. Returns on average assets and average equity for the third quarter of 2010 were 0.34% and 3.4%, respectively, compared to 0.33% and 3.2% respectively in the third quarter of 2009.

Earnings per share were $0.22 in both the first nine months of 2010 and the first nine months of 2009. For the nine months of 2010, net income of $2,920,000 was 4.6% higher than in the first nine months of 2009, although net income available to common was virtually flat at $1,682,000 in the first nine months of 2010 versus $1,691,000 for the same period in 2009. Provision expense of $8,623,000 in the first nine months of 2010 exceeded net charge-offs of $7,011,000, and the provision expense was 11% lower than in the first nine months of 2009.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs