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Firstbank Corporation Announces Fourth Quarter And Full Year 2012 Results

Highlights Include:
  • For 2012, diluted earnings per share of $1.16 were 132% over the $0.50 for 2011, as earnings per share of $0.35 in the fourth quarter of 2012 exceeded the $0.22 of the fourth quarter of 2011 and were the highest level since 2007
  • Increases in book value per share, tangible book value per share, and dividends
  • Provision expense of $1.3 million in the fourth quarter of 2012 decreased by $1.3 million from year ago fourth quarter
  • Fourth quarter 2012 net charge-offs declined to $1.3 million compared to $3.0 million in fourth quarter 2011
  • Ratio of allowance for loan losses to loans increased to 2.21% at December 31, 2012, compared to 2.14% a year ago, as provision exceeded net charge-offs in 2012
  • Other real estate owned declined to $2.9 million at December 31, 2012, compared to $5.3 million at December 31, 2011
  • Implementing 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., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI), announced net income of $2,998,000 for the fourth quarter of 2012, increasing 39% from $2,150,000 for the fourth quarter of 2011, with net income available to common shareholders of $2,783,000 in the fourth quarter of 2012 increasing 61% from $1,731,000 in the fourth quarter of 2011. Earnings per share were $0.35 in the fourth quarter of 2012 compared to $0.22 in the fourth quarter of 2011. Returns on average assets and average equity for the fourth quarter of 2012 were 0.79% and 8.1%, respectively, compared to 0.55% and 5.5% respectively in the fourth quarter of 2011.

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