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 Fourth Quarter And Full Year 2010 Results

Highlights Include:
  • Net income available to common shareholders of $431,000 in the fourth quarter of 2010 increased $945,000 compared to a negative $514,000 in the fourth quarter of 2009, as net income increased to $843,000 from a loss of $101,000
  • Earnings per share equaled $0.05 for the fourth quarter of 2010, up from a loss of $0.07 per share in the fourth quarter of 2009
  • Provision expense of $4.7 million in the fourth quarter of 2010 decreased from $5.0 million in the fourth quarter of 2009, and net charge-offs, although increasing over these periods, were more than covered by provision in both periods
  • Ratio of the allowance for loan losses to loans strengthened to 2.08% at December 31, 2010, compared to 1.70% at December 31, 2009
  • Gain on sale of mortgages increased again in the fourth quarter to $2,757,000, 34% above the third quarter level and 186% 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., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI), announced net income of $843,000 for the fourth quarter of 2010, compared to a loss of $101,000 for the Fourth quarter of 2009, with net income available to common shareholders of $431,000 in the fourth quarter of 2010 compared to a negative $514,000 in the fourth quarter of 2009. Earnings per share were $0.05 in the fourth quarter of 2010 compared to negative $0.07 in the fourth quarter of 2009. Returns on average assets and average equity for the fourth quarter of 2010 were 0.21% and 2.1%, respectively, compared to -0.04% and -4.2% respectively in the fourth quarter of 2009.

1 of 6

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs