Highlights
Include:
- For the first half of
2012, earnings per share of $0.50 were 285% over the $0.13 for the
first half of 2011, as earnings per share of $0.25 in the second
quarter of 2012 matched the first quarter of
2012
- Successful exit from the TARP/CPP program
accompanied by increases in book value per share and tangible book
value per share
- Private investors purchased $17 million
FBMI Preferred Stock
- Provision expense of $2.5
million in the second quarter of 2012 was the same as in the first
quarter of 2012 and decreased $1.8 million from year ago second
quarter
- Second quarter 2012 net charge-offs declined to $2.2
million compared to $4.3 million in second quarter
2011
- Ratio of allowance for
loan losses to loans strengthened to 2.18% at June 30,
2012, compared to 2.12% a year ago, as provision exceeded
net charge-offs in both the first and second quarters of
2012
- Other real estate owned declined to $3.7 million at
June 30, 2012, compared to $8.5 million at June 30,
2011
- Strong gain on sale of mortgages, reduced OREO costs,
and maintenance of net interest margin contributed to the improved
earnings
- Equity ratios remained strong with all affiliate banks
continuing to exceed regulatory well-capitalized requirements,
while goal of retiring half of preferred shares was
accomplished
Thomas R. Sullivan, President and Chief Executive Officer of
Firstbank Corporation (Nasdaq:FBMI), announced net income of
$2,404,000 for the second quarter of 2012, increasing from $628,000
for the second quarter of 2011, with net income available to common
shareholders of $1,984,000 in the second quarter of 2012 increasing
from $208,000 in the second quarter of 2011. Earnings per share
were $0.25 in the second quarter of 2012 compared to $0.03 in the
second quarter of 2011. Returns on average assets and average
equity for the second quarter of 2012 were 0.65% and 6.3%,
respectively, compared to 0.18% and 1.8% respectively in the second
quarter of 2011.
In the first half of 2012, net income of $4,821,000 increased
162% over the $1,843,000 earned in the first half of 2011. Net
income available to common shareholders of $3,981,000 increased
297%, and earnings per share of $0.50 increased 285% over the $0.13
in the first half of 2011.
Several developments occurred in the second quarter of 2012.
Firstbank Corporation is now entirely free of the TARP/CPP (Capital
Purchase Program) and has repurchased and will retire 48% of its
outstanding Preferred Series A Stock that had originally been
issued to the U.S. Treasury. Treasury determined to include
Firstbank Corporation's stock in its third round of auctions of
such securities. As a result of the auction bidding process, each
successful purchaser of Firstbank Corporation's preferred stock,
including Firstbank Corporation, paid a price that was a discount
of 5.9%. For Firstbank Corporation, the auction provided three
major benefits: (1) the discount on shares repurchased resulted in
an $850,000 increase in common equity; (2) we achieved our goal of
retiring nearly half of the preferred stock before the dividend
increases from 5% to 9% earlier than we anticipated; and (3) the
$17 million of Series A Preferred Stock that remains outstanding
was placed into private ownership hands. Firstbank views the Series
A Preferred Stock, with its Tier 1 Capital treatment, perpetual
nature, and callable feature at Firstbank's option, as an
attractive security to have in our mix of outstanding capital
securities.
Following the auction, on July 18th, Firstbank Corporation
repurchased its outstanding warrant (warrant for the purchase of
578,947 shares of common stock at a price of $8.55 per share) from
Treasury, which had also been issued as part of the program. In
total, between the sale of the preferred shares and the sale of the
warrants, private investors and Firstbank Corporation paid $33
million, the same as the amount of Treasury's original investment
in our company. The warrant repurchase reduced Firstbank
Corporation's common equity by $1,947,000.
The combined impact of repurchase of the preferred stock, second
quarter earnings, dividends, and other factors impacting capital
increased the book value per share at June 30, 2012, compared to
March 31, 2012. On a pro forma basis assuming that the repurchase
of the warrant had occurred in the second quarter, book value per
share and tangible book value per share would still have increased
as summarized in the following table:
|
|
|
|
Book Value Per Share |
Tangible Book Value Per Share |
Balance March 31, 2012 |
$15.76 |
$11.10 |
Impact of Retained Earnings and
Other |
0.27 |
0.31 |
Impact of Repurchase of Preferred
Series A Stock at Discount |
0.11 |
0.11 |
Balance June 30, 2012 |
$16.14 |
$11.52 |
Impact of Repurchase of Warrants |
-0.24 |
-0.24 |
Balance June 30, 2012, Pro Forma to
Include Repurchase of Warrant |
$15.90 |
$11.28 |
Pro forma book value per share and pro forma tangible book value
per share have been included to show the net effect of the
repurchase of both the preferred stock (a second quarter event) and
the related repurchase of the warrant (a third quarter event). The
company believes that providing the pro forma information provides
investors with a measure that shows the net effect of both
repurchases, two related transactions that both impacted book value
per share.
The quarterly amount of preferred dividends paid by Firstbank
Corporation on $33 million of preferred stock outstanding has been
$412,500. During the period that the annual dividend rate remains
at 5%, the quarterly amount of preferred dividends to be paid by
Firstbank Corporation on the $17 million of preferred stock that
remains outstanding will be $212,500. When the annual dividend rate
increases to 9% in February of 2014, if the amount of preferred
stock outstanding remains at $17 million, the quarterly amount of
preferred dividends will be $382,500. However, the company will
continue to monitor the capital markets for opportunities that may
be beneficial to common shareholders, with the potential of further
reducing the amount of Preferred Series A stock outstanding.
In the second quarter of 2012, four items not normally part of
recurring operations affected earnings. Non-tax-deductible expenses
totaling $170,000 related to the auction and repurchase of
securities were recorded and were offset by a non-taxable income
item of $178,000 related to a director benefit plan of an affiliate
bank. Also in the second quarter, $250,000 was expensed to
establish a reserve for potential losses on required repurchase of
mortgage loans that have been sold in the secondary market, and one
of the affiliate banks closed a small grocery store branch in
Belding, Michigan, incurring a loss on disposition of fixed assets
and expenses related to lease cancellation totaling $154,000. These
four items had a combined impact on earnings per share in the
second quarter of negative $0.03, and without them earnings per
share in the second quarter of 2012 would have been $0.28.
The provision for loan losses, at $2,494,000 in the second
quarter of 2012, was the same as the amount required in the first
quarter of 2012, and was 41% less than the amount in the year-ago
second quarter. The level of provision expense and other expenses
related to management and collection of the loan portfolio continue
to be the major impediments to higher levels of profitability. The
provision expense of $2,494,000 in the second quarter of 2012
exceeded net charge-offs in the quarter of $2,192,000.
Net interest income, at $13,839,000 in the second quarter of
2012 increased 0.7% over the second quarter of 2011. Net interest
income increased as growth in earning assets more than offset a
three basis point decline in net interest margin compared to the
year-ago second quarter.
Firstbank's net interest margin was 4.05% in the second quarter
of 2012, an increase from the 4.03% in the first quarter of 2012
but lower than the 4.08% in the second quarter of 2011. Core
deposits declined by $42 million, or 3.4%, in the second quarter of
2012 as Firstbank's banks emphasized containment of funding costs
in light of excess liquidity and weak loan demand in their markets.
The cost of funds to average earning assets declined by six basis
points, from 0.69% in the first quarter of 2012 to 0.63% in the
second quarter of 2012, while the yield on average earning assets
declined by a similar six basis points, from 4.73% in the first
quarter of 2012 to 4.67% in the second quarter of 2012.
Total non-interest income, at $3,029,000 in the second quarter
of 2012, was 50.6% higher than in the second quarter of 2011. Gain
on sale of mortgages, at $1,460,000 in the second quarter of 2012,
decreased 13.9% compared to the first quarter of 2012 but was 254%
above the year-ago level. Mortgage refinance activity, although
less in the second quarter of 2012 than in the first quarter of
2012, remains at a very strong level. The category of "other"
non-interest income, at $462,000 in the second quarter of 2012, was
14.6% less than the amount in the first quarter of 2012 and 35.9%
more than in the second quarter of 2011. The major factor causing
the changes in this category of income was a high level, $219,000,
of gain on sale of other real estate owned in the first quarter of
2012. In the second quarter of 2012, a net loss of $13,000 on sale
of other real estate owned and a loss of $59,000 on disposition of
fixed assets related to the closing of a small grocery store branch
were recognized. The other income category in the second quarter of
2012 also included $178,000 insurance proceeds related to a
director benefit plan of an affiliate bank.
Total non-interest expense, at $11,032,000 in the second quarter
of 2012, was 0.1% lower than the level in the first quarter of 2012
and was 2.1% higher than the level in the second quarter of 2011.
Expense control efforts continued. Salaries and employee benefits
increased 5.8% compared to the year-ago quarter, but were 3.6%
lower than in the first quarter of 2012, with the changes from
period to period being driven by the timing of certain accrued
salary, wage, and benefits expenses. For the second quarter of 2012
compared to the prior quarter, the salary and wage component
increased 0.4%, and benefits decreased 16.0% partly due to the
inclusion of 7 pay periods in the first quarter of 2012 versus 6
pay periods in the second quarter of 2012. Occupancy and equipment
costs were the same as in last year's second quarter. FDIC
insurance premium expense, at $325,000 in the second quarter of
2012, was 34.9% below the level in the second quarter of 2011 due
to the FDIC's new methodology for assessing premiums based on total
assets rather than total deposits. The category of "other"
non-interest expense, totaling $3,829,000 in the second quarter of
2012, increased 9.5% compared to the first quarter of 2012 and
increased 4.3% compared to the second quarter of 2011. In the
second quarter of 2012, three expense items are noted. First, a
$170,000 expense was recorded related to the secondary offering of
our Preferred Series A Stock which was sold in the secondary
offering by the U.S. Treasury. This expense was not tax deductible.
Secondly, $250,000 was expensed to establish a reserve for
potential losses on required repurchase of mortgage loans that have
been sold in the past to Freddie Mac, Fannie Mae, or other
secondary mortgage market participants and are subsequently put
back to us by those organizations. The reserve was established
based on recent trends and new policies and practices of these
institutions. Thirdly, expenses of $95,000 were recorded related to
the closing of a small grocery store branch. Write-downs of
valuations of other real estate owned (OREO) and expenses related
to OREO also vary quarter to quarter and impact the other expense
category. Write-downs of valuations of other real estate owned were
$257,000 in the second quarter of 2012, reduced from $326,000 in
the first quarter of 2012 and $642,000 in the second quarter of
2011.
Mr. Sullivan stated, "The second quarter marks positive
achievements for our company. While profitability is still not
where we want it to be, strong mortgage business and our ability to
maintain a good net interest margin in a difficult interest rate
environment allowed for some significant one-time costs to be
absorbed almost without notice. Earnings per share in the second
quarter remained equal with a relatively strong first quarter.
"Our complete exit of TARP/CPP was accomplished with an increase
in both book value per share and tangible book value per share, and
also transferred the remaining $17 million of preferred stock to
the hands of private investors. We accomplished this exit without
raising additional capital or incurring dilution for our
shareholders. This program, although subject to much undeserved
criticism, has proven very beneficial. Treasury proclaims making a
profit on the banking industry portion of the program, and with
regard to our company, the amounts paid by ourselves for repurchase
of preferred shares and warrants, and the amounts paid by private
investors for preferred shares, match the $33 million initial
investment by Treasury in our company. All the while, we have met
every payment of the 5% dividend in a timely fashion. During this
period of economic stress, uncertainty, and unusually high loan
losses, having the additional capital in our company helped
maintain strong capital ratios in our banks, insured our ability to
absorb even worse conditions if they had occurred, and provided an
expanded capacity for lending to our customers.
"The second quarter also showed significant progress in our
asset quality measures. Net charge-offs remain higher than we like,
but were at the lowest level since the first quarter of 2010.
Non-accrual loans are down more than 20% year to date, and we have
reduced other real estate owned to under $4 million compared to
over $5 million at the beginning of the year and $8.5 million a
year ago.
"All of our dedicated employees deserve much credit for their
hard work and service to our customers and shareholders, and we
thank them for their efforts and success."
Total assets of Firstbank Corporation at June 30, 2012, were
$1.486 billion, an increase of 0.3% from the year-ago period. Total
portfolio loans of $988 million were 1.8% below the year-ago level,
but increased 0.6% from March 31, 2012, and 0.4% from December 31,
2011. Commercial and commercial real estate loans decreased 0.5%
over the twelve month period, but increased 0.8% in the first half
of 2012, and real estate construction loans decreased 22.5% over
the year-ago level. Residential mortgage loans decreased 1.5% over
the twelve month period, but increased 0.9% in the second quarter
of 2012. Consumer loans increased 10.5% from year ago, including a
4.0% increase in the second quarter of 2012, responding well to our
retail promotional and marketing activities. While Firstbank has
ample capital and funding resources to increase loans on its
balance sheet, demand for funds for new ventures by quality
borrowers remains weak. Also, the strong mortgage refinance
activity has resulted in many mortgage loans being financed in the
secondary market rather than on the balance sheet of the company.
Total deposits as of June 30, 2012, were $1.212 billion, compared
to $1.218 billion at June 30, 2011, a decrease of 0.5%. Core
deposits decreased $42 million in the second quarter of 2012,
mostly in interest bearing deposits, as the low level of loan
demand and high level of liquidity allowed our banks to emphasize
reducing funding costs rather than growing deposit balances. Core
deposits at June 30, 2012, were 0.6% below the year-ago level.
Net charge-offs were $2,192,000 in the second quarter of 2012,
reduced from $2,293,000 in the first quarter of 2012 and $4,277,000
in the second quarter of 2011. In the second quarter of 2012, net
charge-offs annualized represented 0.89% of average loans, reduced
from 0.94% in the first quarter of 2012 and 1.69% in the second
quarter of 2011. For the first half of 2012, net charge-offs
annualized represented 0.91% of average loans, down from 1.45% in
the first half of 2011.
At the end of the second quarter of 2012 the ratio of the
allowance for loan losses to loans was 2.18%, strengthened from
2.16% at March 31, 2012, and 2.12% at June 30, 2011.
Performing adjusted loans (troubled debt restructurings, or TDRs)
were $19,274,000 at June 30, 2012, compared to $18,115,000 at March
31, 2012, and $18,929,000 at December 31, 2011. Loans past due over
90 days were $558,000 at June 30, 2012, down from $1,185,000 at
March 31, 2012, and $1,787,000 at June 30, 2011. Non-accrual loans
were $17,875,000 at June 30, 2012, a decrease of 17.9% from the
level at March 31, 2012, and a decrease of 11.5% from the level at
June 30, 2011.
Other real estate owned was reduced to $3,741,000 at June 30,
2012, down 7.0% from the $4,022,000 level at March 31, 2012, and
down 56% from the $8,469,000 level at June 30, 2011.
Preferred equity declined $15,899,000 at the end of the second
quarter of 2012, reflecting Firstbank Corporation's successful bid
to repurchase 48% of the outstanding shares from the U.S. Treasury
during the Treasury's auction sale of all of Firstbank
Corporation's preferred stock to the private sector. The Dutch
auction bidding process run by Treasury resulted in a 5.9% discount
for all purchasers. For Firstbank Corporation, the repurchase at
this discount along with earnings retained during the quarter and
other factors provided a $3,586,000 increase in common
shareholder's equity. Book value per share increased to $16.14 and
tangible book value per share increased to $11.52. All of Firstbank
Corporation's affiliate banks continue to meet regulatory
well-capitalized requirements.
Firstbank Corporation, headquartered in Alma, Michigan, is a
bank holding company using a community bank local decision-making,
multi-bank-charter, format with assets of $1.5 billion and 51
banking offices serving Michigan's Lower Peninsula. Bank
subsidiaries include: Firstbank – Alma; Firstbank (Mt. Pleasant);
Firstbank – West Branch; Keystone Community Bank; and Firstbank –
West Michigan.
This press release contains certain forward-looking statements
that involve risks and uncertainties. When used in this press
release the words "anticipate," "believe," "expect," "hopeful,"
"potential," "should," and similar expressions identify
forward-looking statements. Forward-looking statements include, but
are not limited to, statements concerning future business growth,
changes in interest rates, loan charge-off rates, demand for new
loans, the performance of loans with provisions, the resolution of
problem loans, and the timing and amount of any redemption of
preferred stock. Such statements are subject to certain risks and
uncertainties which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements,
including, but not limited to, economic, competitive, governmental,
regulatory and technological factors affecting the Company's
operations, markets, products, services, interest rates and fees
for services. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release.
FIRSTBANK CORPORATION |
CONSOLIDATED STATEMENTS OF
INCOME |
(Dollars in thousands except
per share data) |
UNAUDITED |
|
|
|
|
|
|
|
Three Months Ended: |
Six Months Ended: |
|
Jun 30 2012 |
Mar 31 2012 |
Jun 30 2011 |
Jun 30 2012 |
Jun 30 2011 |
Interest income: |
|
|
|
|
|
Interest and fees on loans |
$14,493 |
$14,568 |
$15,571 |
$29,061 |
$31,217 |
Investment securities |
|
|
|
|
|
Taxable |
1,183 |
1,221 |
1,319 |
2,404 |
2,330 |
Exempt from federal income tax |
290 |
283 |
280 |
573 |
573 |
Short term investments |
54 |
54 |
45 |
108 |
84 |
Total interest income |
16,020 |
16,126 |
17,215 |
32,146 |
34,204 |
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
Deposits |
1,718 |
1,892 |
2,945 |
3,610 |
5,994 |
Notes payable and other borrowing |
463 |
467 |
529 |
930 |
1,177 |
Total interest expense |
2,181 |
2,359 |
3,474 |
4,540 |
7,171 |
|
|
|
|
|
|
Net interest income |
13,839 |
13,767 |
13,741 |
27,606 |
27,033 |
Provision for loan losses |
2,494 |
2,494 |
4,256 |
4,988 |
7,267 |
Net interest income after provision for loan
losses |
11,345 |
11,273 |
9,485 |
22,618 |
19,766 |
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
Gain on sale of mortgage loans |
1,460 |
1,695 |
413 |
3,155 |
981 |
Service charges on deposit accounts |
1,060 |
1,058 |
1,182 |
2,118 |
2,274 |
Gain (loss) on trading account
securities |
5 |
1 |
2 |
6 |
8 |
Gain (loss) on sale of AFS
securities |
27 |
13 |
(2) |
40 |
(10) |
Mortgage servicing |
15 |
(94) |
76 |
(79) |
104 |
Other |
462 |
541 |
340 |
1,003 |
699 |
Total noninterest income |
3,029 |
3,214 |
2,011 |
6,243 |
4,056 |
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
Salaries and employee benefits |
5,468 |
5,670 |
5,170 |
11,138 |
10,440 |
Occupancy and equipment |
1,284 |
1,361 |
1,284 |
2,645 |
2,708 |
Amortization of intangibles |
126 |
145 |
185 |
271 |
370 |
FDIC insurance premium |
325 |
374 |
499 |
699 |
1,042 |
Other |
3,829 |
3,497 |
3,672 |
7,326 |
7,012 |
Total noninterest expense |
11,032 |
11,047 |
10,810 |
22,079 |
21,572 |
|
|
|
|
|
|
Income before federal income taxes |
3,342 |
3,440 |
686 |
6,782 |
2,250 |
Federal income taxes |
938 |
1,023 |
58 |
1,961 |
407 |
Net Income |
2,404 |
2,417 |
628 |
4,821 |
1,843 |
Preferred Stock Dividends |
420 |
420 |
420 |
840 |
840 |
Net Income available to Common
Shareholders |
$1,984 |
$1,997 |
$208 |
$3,981 |
$1,003 |
|
|
|
|
|
|
Fully Tax Equivalent Net Interest Income |
$14,023 |
$13,896 |
$13,915 |
$27,919 |
$27,379 |
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
Basic Earnings |
$0.25 |
$0.25 |
$0.03 |
$0.50 |
$0.13 |
Diluted Earnings |
$0.25 |
$0.25 |
$0.03 |
$0.50 |
$0.13 |
Dividends Paid |
$0.01 |
$0.06 |
$0.01 |
$0.07 |
$0.02 |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Return on Average Assets (a) |
0.65% |
0.66% |
0.18% |
0.65% |
0.27% |
Return on Average Equity (a) |
6.3% |
6.3% |
1.8% |
6.3% |
2.7% |
Net Interest Margin (FTE) (a) |
4.05% |
4.03% |
4.08% |
4.04% |
4.07% |
Book Value Per Share (b) |
$16.14 |
$15.76 |
$15.14 |
$16.14 |
$15.14 |
Tangible Book Value per Share (b) |
$11.52 |
$11.10 |
$10.39 |
$11.52 |
$10.39 |
Average Equity/Average Assets |
10.4% |
10.3% |
10.0% |
10.4% |
10.1% |
Net Charge-offs |
$2,192 |
$2,293 |
$4,277 |
$4,485 |
7,372 |
Net Charge-offs as a % of Average Loans
(c)(a) |
0.89% |
0.94% |
1.69% |
0.91% |
1.45% |
|
|
|
|
|
|
(a) Annualized |
|
|
|
|
|
(b) Period End |
|
|
|
` |
|
(c) Total loans less loans held for
sale |
|
|
|
|
|
|
|
FIRSTBANK CORPORATION |
CONSOLIDATED BALANCE
SHEETS |
(Dollars in thousands) |
UNAUDITED |
|
|
|
|
|
|
Jun 30 2012 |
Mar 31 2012 |
Dec 31 2011 |
Jun 30 2011 |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
Cash and due from banks |
$29,340 |
$26,452 |
$40,151 |
$28,124 |
Short term investments |
64,759 |
85,863 |
35,665 |
68,594 |
Total cash and cash equivalents |
94,099 |
112,315 |
75,816 |
96,718 |
|
|
|
|
|
Securities available for sale |
326,680 |
357,970 |
346,618 |
296,003 |
Federal Home Loan Bank stock |
7,266 |
7,266 |
7,266 |
7,266 |
Loans: |
|
|
|
|
Loans held for sale |
3,857 |
5,417 |
349 |
434 |
Portfolio loans: |
|
|
|
|
Commercial |
160,106 |
156,294 |
156,551 |
162,685 |
Commercial real estate |
365,801 |
367,972 |
365,029 |
365,803 |
Residential mortgage |
339,663 |
336,658 |
340,060 |
344,853 |
Real estate construction |
56,599 |
58,062 |
60,280 |
73,019 |
Consumer |
65,861 |
63,326 |
61,989 |
59,601 |
Total portfolio loans |
988,030 |
982,312 |
983,909 |
1,005,961 |
Less allowance for loan losses |
(21,522) |
(21,220) |
(21,019) |
(21,327) |
Net portfolio loans |
966,508 |
961,092 |
962,890 |
984,634 |
|
|
|
|
|
Premises and equipment, net |
24,978 |
24,845 |
25,087 |
25,557 |
Goodwill |
35,513 |
35,513 |
35,513 |
35,513 |
Other intangibles |
1,177 |
1,302 |
1,448 |
1,775 |
Other assets |
25,660 |
27,831 |
30,312 |
33,493 |
TOTAL ASSETS |
$1,485,738 |
$1,533,551 |
$1,485,299 |
$1,481,393 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
Noninterest bearing accounts |
$217,824 |
$220,653 |
$214,904 |
$194,795 |
Interest bearing accounts: |
|
|
|
|
Demand |
330,582 |
354,889 |
340,942 |
310,250 |
Savings |
258,607 |
262,734 |
241,603 |
237,008 |
Time |
386,762 |
397,463 |
405,385 |
459,489 |
Wholesale CD's |
18,071 |
17,563 |
17,708 |
16,778 |
Total deposits |
1,211,846 |
1,253,302 |
1,220,542 |
1,218,320 |
|
|
|
|
|
Securities sold under agreements to
repurchase and overnight borrowings |
45,746 |
55,047 |
46,784 |
46,304 |
FHLB Advances and notes payable |
24,334 |
24,426 |
19,457 |
21,543 |
Subordinated Debt |
36,084 |
36,084 |
36,084 |
36,084 |
Accrued interest and other liabilities |
22,585 |
7,236 |
7,055 |
7,480 |
Total liabilities |
1,340,595 |
1,376,095 |
1,329,922 |
1,329,731 |
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
Preferred stock; no par value, 300,000 shares
authorized, 33,000 outstanding |
16,901 |
32,800 |
32,792 |
32,778 |
Common stock; 20,000,000 shares
authorized |
117,087 |
115,888 |
115,734 |
115,571 |
Retained earnings |
7,397 |
5,485 |
3,955 |
1,157 |
Accumulated other comprehensive
income/(loss) |
3,758 |
3,283 |
2,896 |
2,156 |
Total shareholders' equity |
145,143 |
157,456 |
155,377 |
151,662 |
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$1,485,738 |
$1,533,551 |
$1,485,299 |
$1,481,393 |
|
|
|
|
|
Common stock shares issued and
outstanding |
7,945,647 |
7,911,209 |
7,892,486 |
7,853,295 |
Principal Balance of Loans Serviced for
Others ($mil) |
$595.3 |
$593.2 |
$599.3 |
$604.4 |
|
|
|
|
|
Asset Quality Information: |
|
|
|
|
Performing Adjusted Loans (TDRs) (b) |
19,274 |
18,115 |
18,929 |
17,989 |
Loans Past Due over 90 Days |
558 |
1,185 |
419 |
1,787 |
Non-Accrual Loans |
17,875 |
21,782 |
22,707 |
20,205 |
Other Real Estate Owned |
3,741 |
4,022 |
5,251 |
8,469 |
Allowance for Loan Loss as a % of Loans
(a) |
2.18% |
2.16% |
2.14% |
2.12% |
|
|
|
|
|
Quarterly Average Balances: |
|
|
|
|
Total Portfolio Loans (a) |
$984,898 |
$980,115 |
$983,875 |
$1,009,646 |
Total Earning Assets |
1,392,597 |
1,384,056 |
1,369,931 |
1,367,013 |
Total Shareholders' Equity |
157,080 |
156,218 |
151,442 |
149,599 |
Total Assets |
1,508,406 |
1,509,777 |
1,492,870 |
1,490,020 |
Diluted Shares Outstanding |
7,995,343 |
7,902,624 |
7,875,613 |
7,835,123 |
|
|
|
|
|
(a) Total Loans less loans held for sale |
|
|
|
|
(b) Troubled Debt Restructurings in Call
Reports |
|
|
|
|
CONTACT: Samuel G. Stone
Executive Vice President and Chief Financial Officer
(989) 466-7325
Firstbank Corp. (MM) (NASDAQ:FBMI)
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From Jun 2024 to Jul 2024
Firstbank Corp. (MM) (NASDAQ:FBMI)
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From Jul 2023 to Jul 2024