Firstbank Corporation Announces Third Quarter And Year-To-Date 2013 Results

Highlights Include:
  • For the first nine months of 2013, diluted earnings per share were $1.06, increasing 29% from $0.82 for the first nine months of 2012
  • For the third quarter of 2013, diluted earnings per share were $0.35, increasing from $0.31 for the third quarter of 2012
  • Merger related expenses recorded in the third quarter of 2013 reduced diluted earnings per share for the quarter and nine-months by $0.07 per share
  • Provision expense in third quarter of 2013 reduced to zero due to continued improvement in asset quality metrics and strong level of reserves
  • Non-accrual loans reduced 5% in the quarter and 30% less than year-ago; other real estate owned reduced 14% from the prior quarter and 28% less than year-ago
  • Merger with Mercantile Bank Corporation proceeding and expected to complete and be effective January 1, 2014
  • Equity ratios remained strong with affiliate banks continuing to exceed regulatory well-capitalized requirements

ALMA, Mich., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI), announced net income of $2,869,000 for the third quarter of 2013, increasing 5.7% from $2,715,000 for the third quarter of 2012, with net income available to common shareholders of $2,869,000 in the third quarter of 2013 increasing 15.0% from $2,495,000 in the third quarter of 2012. Diluted earnings per share were $0.35 in the third quarter of 2013 compared to $0.31 in the third quarter of 2012. Returns on average assets and average equity for the third quarter of 2013 were 0. 78% and 8.6%, respectively, compared to 0.72% and 7.4% respectively in the third quarter of 2012.

For the first nine months of 2013, net income of $9,075,000 increased 20.4% from $7,536,000 for the first nine months of 2012, with net income available to common shareholders of $8,594,000 in the first nine months of 2013 increasing 32.7% from $6,476,000 in the first nine months of 2012. Diluted earnings per share were $1.06 in the first nine months of 2013 compared to $0.82 in the first nine months of 2012. Returns on average assets and average equity for the first nine months of 2013 were 0.81% and 8.5%, respectively, compared to 0.68% and 6.7% respectively in the first nine months of 2012.

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