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Firstbank Corporation Announces First Quarter 2013 Results

Stocks in this article: FBMI

Highlights Include:

  • For the first quarter of 2013, diluted earnings per share of $0.33 were 32% over the $0.25 for the first quarter of 2012
  • Increases in book value per share and tangible book value per share
  • Planned consolidation of Firstbank charters completed on schedule with little or no disruption of customer service
  • Provision expense down 4.5% from the fourth quarter of 2012 and down 49% from the year-ago first quarter
  • Non-accrual loans down 18% in the quarter and down 41% from year-ago with performing adjusted loans (TDRs) flat with prior quarter; other real estate owned 12% less than year-ago
  • Ratio of allowance for loan losses to loans at 2.17%, compared to 2.16% a year ago
  • Equity ratios remained strong with all affiliate banks continuing to exceed regulatory well-capitalized requirements

ALMA, Mich., April 22, 2013 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI), announced net income of $2,863,000 for the first quarter of 2013, increasing 18.5% from $2,417,000 for the first quarter of 2012, with net income available to common shareholders of $2,648,000 in the first quarter of 2013 increasing 32.6% from $1,997,000 in the first quarter of 2012. Earnings per share were $0.33 in the first quarter of 2013 compared to $0.25 in the first quarter of 2012. Returns on average assets and average equity for the first quarter of 2013 were 0.77% and 7.9%, respectively, compared to 0.66% and 6.3% respectively in the first quarter of 2012.

Firstbank effected the consolidation of its four Firstbank charters into one bank charter on February 1, 2013, in accordance with previously announced plans, with Keystone Community Bank continuing as a separate charter.

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