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Firstbank Corporation Announces Third Quarter And Year-to-Date 2012 Results

Highlights Include:
  • For the first nine months of 2012, earnings per share of $0.82 were 193% over the $0.28 for the first nine months of 2011, as earnings per share of $0.31 in the third quarter of 2012 exceeded the $0.15 of the third quarter of 2011 and were the highest level since 2007
  • Completed successful exit from U. S. Treasury TARP/CPP program with increases to both book value per share and tangible book value per share in the third quarter of 2012
  • Provision expense of $1.4 million in the third quarter of 2012 was 45% less than in the second quarter of 2012 and decreased $2.1 million from year ago third quarter
  • Third quarter 2012 net charge-offs declined to $1.6 million compared to $3.4 million in third quarter 2011
  • Ratio of allowance for loan losses to loans remained at 2.18% at September 30, 2012, compared to 2.16% a year ago, as provision exceeded net charge-offs in the first nine months of 2012
  • Other real estate owned declined to $3.0 million at September 30, 2012, compared to $7.4 million at September 30, 2011
  • Developing plans to streamline the legal structure of the company
  • Equity ratios remained strong with all affiliate banks continuing to exceed regulatory well-capitalized requirements

ALMA, Mich., Oct. 23, 2012 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI), announced net income of $2,715,000 for the third quarter of 2012, increasing 67% from $1,630,000 for the third quarter of 2011, with net income available to common shareholders of $2,495,000 in the third quarter of 2012 increasing 106% from $1,210,000 in the third quarter of 2011. Earnings per share were $0.31 in the third quarter of 2012 compared to $0.15 in the third quarter of 2011. Earnings per share in the third quarter of 2012 were the highest level since the third quarter of 2007. Returns on average assets and average equity for the third quarter of 2012 were 0.72% and 7.4%, respectively, compared to 0.41% and 4.1% respectively in the third quarter of 2011.

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