Firstbank Corporation Announces Fourth Quarter And Full Year 2013 Results

Highlights Include:
  • For the full year 2013, diluted earnings per share were $1.45, increasing 25% from $1.16 in 2012
  • For the fourth quarter of 2013, diluted earnings per share were $0.39, increasing from $0.35 for the fourth quarter of 2012
  • Merger related expenses reduced full year 2013 eps by $0.08 per share
  • Provision expense in fourth quarter of 2013 continued at zero due to continued improvement in asset quality metrics and strong level of reserves
  • Non-accrual loans reduced 10% in the quarter and 36% less than year-ago; other real estate owned reduced 15% from the prior quarter and 37% less than year-ago
  • Merger with Mercantile Bank Corporation approved by shareholders of both companies and awaiting regulatory approval
  • Equity ratios remained strong with affiliate banks continuing to exceed regulatory well-capitalized requirements

ALMA, Mich., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI), announced net income of $3,159,000 for the fourth quarter of 2013, increasing 5.4% from $2,998,000 for the fourth quarter of 2012, with net income available to common shareholders of $3,159,000 in the fourth quarter of 2013 increasing 13.5% from $2,783,000 in the fourth quarter of 2012. Diluted earnings per share were $0.39 in the fourth quarter of 2013 compared to $0.35 in the fourth quarter of 2012. Returns on average assets and average equity for the fourth quarter of 2013 were 0.85% and 9.2%, respectively, compared to 0.79% and 8.1% respectively in the fourth quarter of 2012.

For full year 2013, net income of $12,234,000 increased 16.1% from $10,534,000 for 2012, with net income available to common shareholders of $11,753,000 in 2013 increasing 26.9% from $9,259,000 in 2012. Diluted earnings per share were $1.45 in 2013 compared to $1.16 in 2012. Returns on average assets and average equity for full year 2013 were 0.82% and 8.7%, respectively, compared to 0.70% and 7.0% respectively in 2012.

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