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.

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