This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Firstbank Corporation Announces Second Quarter And Year-to-Date 2013 Results

Highlights Include:

  • For the second quarter of 2013, earnings per share of $0.38 were 52% over the $0.25 for the second quarter of 2012
  • Provision expense down 57% from the first quarter of 2013 and down 78% from the year-ago second quarter
  • Non-accrual loans down 8% in the quarter and down 34% from year-ago; other real estate owned down 29% from the prior quarter and 33% less than year-ago
  • Redemption of all preferred stock completed
  • Back room conversions related to the consolidation of Firstbank charters completed on schedule with little or no disruption of customer service
  • Equity ratios remained strong with affiliate banks continuing to exceed regulatory well-capitalized requirements

ALMA, Mich., July 22, 2013 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI), announced net income of $3,343,000 for the second quarter of 2013, increasing 39.1% from $2,404,000 for the second quarter of 2012, with net income available to common shareholders of $3,077,000 in the second quarter of 2013 increasing 55.1% from $1,984,000 in the second quarter of 2012. Earnings per share were $0.38 in the second quarter of 2013 compared to $0.25 in the second quarter of 2012. Returns on average assets and average equity for the second quarter of 2013 were 0.90% and 9.1%, respectively, compared to 0.65% and 6.3% respectively in the second quarter of 2012.

For the first half of 2013, net income of $6,206,000 increased 28.7% from $4,821,000 for the first half of 2012, with net income available to common shareholders of $5,725,000 in the first half of 2013 increasing 43.8% from $3,981,000 in the first half of 2012. Earnings per share were $0.71 in the first half of 2013 compared to $0.50 in the first half of 2012. Returns on average assets and average equity for the first half of 2013 were 0.83% and 8.5%, respectively, compared to 0.65% and 6.3% respectively in the first half of 2012.

1 of 3

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs