FBMI Firstbank Corporation featured news, full reports, and detailed charts
Firstbank Corporation (FBMI) Wrap Up:
Firstbank Corporation (the “Corporation”) is a financial holding company. We own all of the outstanding stock of Firstbank – Alma, Firstbank (Mt. Pleasant), Firstbank – West Branch, Firstbank – Lakeview, Firstbank – St. Johns, Keystone Community Bank, Firstbank – West Michigan, and FBMI Risk Management Services, Inc. (a captive insurance company). Our business is concentrated in a single industry segment – commercial banking. Each subsidiary bank is a full-service community bank. Our subsidiary banks offer all customary banking services, including the acceptance of checking, savings, and time deposits and the making of commercial, mortgage (principally single family), home improvement, automobile, and other consumer loans. Trust services are offered to customers through Citizens Bank Wealth Management in the Firstbank – Alma main office. ... More..."http://secfilings.nasdaq.com/edgar_conv_html%2f2008%2f02%2f29%2f0000926044-08-000177.html#FIS_BUSINESS"www.firstbankmi.com
468 Employees
Founded in 1894
Firstbank Corporation (FBMI:NASDAQ)
LAST $8.05 USD
CHANGE TODAY +1.15 16.67%
VOLUME 48.8K
As of 3:59 PM 11/20/09 All times are local (Market data by Reuters is delayed by at least 15 minutes).
Snapshot of Firstbank Corporation (FBMI)
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OPEN
$7.06
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PREVIOUS CLOSE
$6.90
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DAY HIGH
$8.45
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DAY LOW
$7.06
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52 WEEK HIGH
12/19/08 - $9.25
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52 WEEK LOW
03/11/09 - $4.38
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MARKET CAP
62.0M
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AVERAGE VOLUME 3 mo
8.7K
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DILUTED EPS TTM
$-0.10
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SHARES OUTSTANDING
7.7M
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EX-DATE
11/24/09
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P/E TTM
NM
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DIVIDEND
$0.40
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DIVIDEND YIELD
4.97%
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| K = Thousands M = Millions B = Billions | ||
FBMI Top Compensated Officers
Mr. Thomas R. Sullivan
Chief Executive Officer and President
Age: 58
Total Annual Compensation: $278.9K
Mr. Samuel J. Stone
Chief Financial Officer, Principal Accounting...
Age: 56
Total Annual Compensation: $190.0K
Mr. James E. Wheeler II
Vice President, Chief Executive Officer of Fi...
Age: 49
Total Annual Compensation: $158.0K
Mr. Thomas O. Schlueter
Vice President, Chief Executive Officer of Ke...
Age: 51
Total Annual Compensation: $157.0K
Mr. Dale A. Peters
Vice President, Chief Executive Officer of Fi...
Age: 66
Total Annual Compensation: $154.0K
Executives, Board Directors
Compensation as of Fiscal Year 2008.
Key developments for Firstbank Corporation (FBMI)
Firstbank Corporation Announces Cash Dividend, Payable on December 17, 2009
10/27/2009
Firstbank Corporation announced that a $0.10 per share cash dividend will be paid on December 17, 2009, to common stock shareholders of record as of November 27, 2009. The $0.10 per share cash dividend remains unchanged from the prior quarter.
Firstbank Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2009
10/27/2009
Firstbank Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income available to common shareholders was $804,000 or $0.10 diluted earnings per share on net interest income of $12,596,000 compared to net income available to common shareholders of $737,000 or $0.10 diluted earnings per share on net interest income of $11,895,000 for the same period a year ago. Return on average assets was 0.33% and return on average equity was 3.2% compared to return on average assets of 0.21% and return on average equity of 2.5% for the same period a year ago. Earnings continued to be impacted by elevated provisions for loan loss, and expense for FDIC insurance, greatly exceeding year-ago levels. For nine months, the company reported net income available to common shareholders was $1,691,000 or $0.22 diluted earnings per share on net interest income of $36,053,000 compared to net income available to common shareholders of $3,179,000 or $0.43 diluted earnings per share on net interest income of $34,876,000 for the same period a year ago. Return on average assets was 0.27% and return on average equity was 2.7% compared to return on average assets of 0.32% and return on average equity of 3.7% for the same period a year ago. Book value per share was $15.11 compared to%15.61 for the same period a year ago.
Firstbank Corporation expected to Report Fiscal Year 2009 Results on February 8, 2010. This event was calculated by Capital IQ (Created on October 27, 2009).
10/27/2009
Firstbank Corporation expected to Report Fiscal Year 2009 Results on February 8, 2010. This event was calculated by Capital IQ (Created on October 27, 2009).
FBMI Competitors
| Company | Last | Change |
| First Citizens Banc Corp | $4.75 USD | -0.25 |
| HF Financial Corp | $9.00 USD | -0.75 |
| MutualFirst Fincl Inc | $7.14 USD | +0.3399 |
| Princeton National Bancorp Inc | $11.60 USD | -0.20 |
| Pulaski FInancial Corp | $6.98 USD | 0.00 |
| Market data is delayed at least 20 minutes. | ||
Industry Analysis
| Valuation | FBMI | Industry Range |
| Price/Earnings | NM | Not Meaningful |
| Price/Sales | 1.4x |
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| Price/Book | 0.5x |
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| Price/Cash Flow | 186.8x |
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| TEV/Sales | NM | Not Meaningful |
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FBMI |
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FBMI transactions
| Type Date |
Target | |
| No transactions in the last 6 months. | ||
More Recent News About Firstbank Corporation
More news for FBMI
FIRSTBANK CORP Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhibits
Show all filings for FIRSTBANK CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for FIRSTBANK CORP 28-Jul-2009Results of Operations and Financial Condition, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as...Click here to read the whole Article (external link)
Firstbank Corporation Announces Second Quarter and Year-to-Date 2009 Results
Highlights Include: * Second quarter 2009 net income positive in spite of unusually large loan loss provision and FDIC special assessment * Earnings per share of $0.12 for the first half of 2009 compared to $0.33 in the first half of 2008 * Ratio of the allowance for loan losses to loans increased to 1.48% at June 30, 2009, compared to 1.26% at December 31, 2008, and 1.07% at June 30, 2008 * Balance sheet and loan growth remain muted by economic conditions and loan sales into the secondary market * Equity ratio remains strong and all affiliate banks continue to meet regulatory well-capitalized requirements ALMA, Mich., July 28, 2009 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI - News), announced earnings per share of $0.12 for the first half of 2009 compared to $0.33 in the first half of 2008. Net income was $1,575,000 for the six months ended June 30, 2009, compared to $2,442,000 for the first half of 2008. Returns on average assets and average equity for the first half of 2009 were 0.24% and 2.5%, respectively. All per share amounts are fully diluted. Significant amounts of expenses were booked in the second quarter of 2009 that are not expected to recur at the same level. The FDIC assessed a special charge in the second quarter to all banks to help with the costs of resolving bank failures across the country. The total amount of the assessment to Firstbank was $642,000, increasing the total quarterly FDIC insurance e...Click here to read the whole Article (external link)
Firstbank Corporation Announces Third Quarter and Year-to-Date 2009 Results
Highlights Include: * Net income of $1,217,000, and net income available to common shareholders of $804,000, in third quarter 2009 compared to $737,000 for both measures in third quarter 2008 * Earnings per share equaled $0.10 for the third quarter of 2009, the same as $0.10 in the third quarter of 2008 * Year to date net income of $2,792,000, and 2009 YTD net income available to common shareholders of $1,691,000, compared to $3,179,000 in 2008 for both measures * Net interest margin improved to 3.95% in the third quarter of 2009, up from 3.77% in the second quarter of 2009, and 3.82% in third quarter 2008 * Ratio of the allowance for loan losses to loans increased to 1.49% at September 30, 2009, compared to 1.26% at December 31, 2008, and 1.11% at September 30, 2008 * Balance sheet and loan growth remain muted by economic conditions and loan sales into the secondary market * Equity ratio remains strong and all affiliate banks continue to meet regulatory well-capitalized requirements ALMA, Mich., Oct. 27, 2009 (GLOBE NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMI - News), announced earnings per share of $0.10 for the third quarter of 2009, the same as the $0.10 earned in the third quarter of 2008. Net income available to common shareholders was $804,000 compared to $737,000 in the year-ago third quarter, and net income increased to $1,217,000 compared to $737,000. Net income was $2,792...Click here to read the whole Article (external link)
FIRSTBANK CORP Files SEC form 10-Q, Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The consolidated financial information presented is for Firstbank Corporation ("Corporation") and its wholly owned subsidiaries; Firstbank - Alma, Firstbank (Mt. Pleasant), Firstbank - West Branch (including its wholly owned subsidiaries: 1st Armored, Inc., 1st Title, Inc. and its majority holding in 1ST Investors Title, LLC), Firstbank - St. Johns, Keystone Community Bank, Firstbank - West Michigan (collectively the "Banks"), FBMI Risk Management Services, Inc., and Austin Mortgage Company. Events Occurring in the Second Quarter 2009 In the second quarter of 2009, the FDIC assessed a special charge to all banks to help with the costs of resolving bank failures across the country. The total amount of the special assessment to Firstbank was $642,000, increasing the total FDIC insurance premium to $1.2 million for the quarter. Also, as a result of our continued concern about economic conditions in Michigan, we booked a loan loss provision of $5.3 million in the quarter. This replenished the reserve for current quarter net charge-offs of $2.7 million and built the reserve by an additional $2.5 million. Although there is a possibility that the FDIC may charge an additional special assessment in the future, loan charge-offs are not expected to recur at the same level. Financial Condition The Michigan and national economies continued to struggle during the second quarter. Michigan continues to have the highest unemployment rate in the nation, 15.2% as of June, with rising foreclosures and slowing demand for manufactured products. Despite these negative trends, we have maintained respectable core profitability and favorable asset quality measures compared with peer banks. Non performing assets continued to increase during the quarter with additional loans moving to non accrual status and other real estate owned. We believe nonperforming...Click here to read the whole Article (external link)
FIRSTBANK CORP Files SEC form 8-K, Other Events, Financial Statements and Exhibits
Show all filings for FIRSTBANK CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for FIRSTBANK CORP 30-Jul-2009Other Events, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes o...Click here to read the whole Article (external link)
Firstbank Corporation Announces Cash Dividend On Common Stock
Copyright © 2009 Yahoo! All rights reserved. Privacy Policy - Terms of Service - Copyright Policy - Report Problems Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quote data delayed 15 minutes for Nasdaq, NYSE and Amex. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Yahoo! is not an investment adviser and does not provide, endorse or review any information or data contained herein....Click here to read the whole Article (external link)
FIRSTBANK CORP Files SEC form 10-Q, Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The consolidated financial information presented is for Firstbank Corporation ("Corporation") and its wholly owned subsidiaries; Firstbank - Alma, Firstbank (Mt. Pleasant), Firstbank - West Branch (including its wholly owned subsidiaries: 1st Armored, Inc., 1st Title, Inc. and its majority holding in 1ST Investors Title, LLC), Firstbank - St. Johns, Keystone Community Bank, Firstbank - West Michigan (collectively the "Banks"), FBMI Risk Management Services, Inc., and Austin Mortgage Company. Events Occurring in the Third Quarter 2009 During the third quarter, Firstbank Corporation retained Austin Associates, LLC ("Austin") to perform a goodwill impairment analysis pursuant to SFAS No. 142. The valuation date was July 31, 2009. The steps that Austin utilized in the Step 1 valuation were determining the reporting unit and the appropriate standard and level of value, the calculation of fair value and the comparison of fair value to carrying value. Austin determined that Firstbank Corporation was the relevant reporting unit to be valued. The standard of value used in the valuation was fair value as defined by FASB 157. Austin's interpretation of this definition is that it is the value of ownership of the specific business with consideration of synergies, efficiencies and other value enhancing factors. The appropriate level of value used was controlling interest level. This is consistent with allowing for synergies and other factors as described previously and also considers premiums where appropriate. The appraisal methodology utilized by Austin includes the following valuation approaches: A. Income Approach: Under this approach, a discounted cash flow value is calculated based on earnings capacity. B. Asset Approach: This approach is based on the difference between the estimated market value of assets and liabilities. C. ...Click here to read the whole Article (external link)
FIRSTBANK CORP Files SEC form 8-K, Other Events, Financial Statements and Exhibits
Show all filings for FIRSTBANK CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for FIRSTBANK CORP 27-Oct-2009Other Events, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes on...Click here to read the whole Article (external link)
Firstbank Corporation Announces Cash Dividend on Common Stock
Copyright © 2009 Yahoo! All rights reserved. Privacy Policy - Terms of Service - Copyright Policy - Report Problems Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quote data delayed 15 minutes for Nasdaq, NYSE and Amex. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Yahoo! is not an investment adviser and does not provide, endorse or review any information or data contained herein....Click here to read the whole Article (external link)
FIRSTBANK CORP Financials
PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue21,082 23,742 22,467 22,153 Cost of Revenue4,454 4,819 5,168 5,784 Gross Profit - 18,923 17,299 16,369 Operating ExpensesResearch Development - - - - Selling General and Administrative11,002 11,695 10,982 11,027 Non Recurring - - - - Others2,393 5,639 2,371 7,124 Total Operating Expenses - - - - Operating Income or Loss - 1,589 3,946 (1,782)Income from Continuing OperationsTotal Other Income/Expenses Net - - - - Earnings Before Interest And Taxes3,233 1,589 3,946 (1,782)Interest Expense1,713 1,821 1,963 2,294 Income Before Tax1,520 (232)1,983 (4,076)Income Tax Expense303 (294)470 (1,616)Minority Interest - - - - Net Income From Continuing Ops1,217 62 1,513 (2,460)Non-recurring EventsDiscontinued Operations - - - - Extraordinary Items - - - - Effect Of Accounting...Click here to read the whole Article (external link)
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