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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.

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