SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: October 16, 2003

FIRSTBANK CORPORATION
(Exact name of registrant as
specified in its charter)

Michigan (State or other jurisdiction of incorporation)	000-14209 (Commission File Number)	38-2633910 (IRS Employer Identification no.)
311 Woodworth Avenue Alma, Michigan (Address of principal executive office)		48801 (Zip Code)
	Registrant's telephone number, including area code: (989) 463-3131

Item 7.   Financial Statements and Exhibits.

                   Exhibit

                   99.1   Press release dated July 29, 2003.

Item 12.   Results of Operations and Financial Condition.

On October 16, 2003, Firstbank Corporation issued a press release announcing results for the third quarter and year-to-date 2003 results. A copy of the press release is attached as Exhibit 99.1.

The information in this Form 8-K and the attached Exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated:   October 16, 2003	FIRSTBANK CORPORATION (Registrant)
	By:	/s/ Samuel G. Stone Samuel G. Stone Executive Vice President and CFO

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EXHIBIT INDEX

99.1      Press Release Dated October 16, 2003.

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EXHIBIT 99.1

FOR IMMEDIATE RELEASE		NEWS RELEASE
Date Submitted: NASDAQ Symbol:	October 16, 2003 FBMI	Contact:	Samuel G. Stone Executive Vice President and Chief Financial Officer (989) 466-7325

FIRSTBANK CORPORATION ANNOUNCES
THIRD QUARTER AND YEAR-TO-DATE 2003 RESULTS

Highlights for the Quarter and Year-to-Date Include:
•	Record earnings of $9.5 million for the first nine months, up 11%, with earnings per share (diluted) also up 11%
•	Quarterly earnings impacted by the sharp decline in mortgage activity
•	Continuing strong asset quality and capital ratios
•	Net interest margin continuing to be affected by low interest rates and high level of liquidity

Alma, Michigan (FBMI) ---- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation announced net income of $2,875,000 for the quarter ended September 30, 2003, compared to $3,109,000 for 2002, a decrease of 7.5%. Results for the quarter were impacted by the sharp drop in mortgage re-finance activity that occurred nationwide in the latter part of the quarter. Earnings per share were $0.52 down 7.1% from $0.56 for the same quarter of 2002. Returns on average assets and average equity for the third quarter were 1.47% and 13.4%, respectively, compared with 1.64% and 15.9%, respectively, in the quarter ended September 30, 2002. All per share amounts are fully diluted amounts and have been adjusted to reflect the 5% stock dividend paid in December 2002.

Although the results for the quarter were impacted by the decline in mortgage activity, the year-to-date 2003 period still showed improvements over the prior year. For the year-to-date period ended September 30, 2003, net income was $9,543,000, compared to $8,593,000 for 2002, an increase of 11.1%. Earnings per share were $1.72, up 11.0% from $1.55 for the same period of 2002. Returns on average assets and average equity for the first nine months of 2003 were 1.67% and 15.4%, respectively, compared with 1.53% and 15.1%, respectively, in the first nine months of 2002.

Total assets and total loans at September 30, 2003, remained essentially unchanged from June 30, 2003, and December 31, 2002 levels. Non-interest bearing deposits, the lowest cost funds, grew 5.7% in the third quarter of 2003 and at September 30, 2003, were 11.7% ahead of the year-ago level. Total deposits as of September 30, 2003, have declined slightly in 2003, but are 0.2% ahead of the year-ago level. Firstbank Corporation repurchased 16,300 shares of its common stock during the first quarter, 60,100 shares during the second quarter, and 18,800 shares during the third quarter of 2003 under the share repurchase program announced July 23, 2002. Shareholders’ equity increased 2.1% in the third quarter, as retained earnings and share issuance related primarily to dividend reinvestment and stock option exercises exceeded the impact of share repurchases. The ratio of average equity to average assets increased slightly to 11.0% in the third quarter of 2003, compared to 10.9% in the second quarter of 2003 and 10.3% in last year’s third quarter.

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Firstbank Corporation’s net interest margin was 4.42% in the third quarter of 2003 compared to 4.51% in the prior quarter, and 4.85% in the third quarter of 2002. Although total loans have increased in each quarter of 2003, they remain below year-ago levels. In spite of a more favorable funding mix due to the growth of non-interest bearing deposits, the shift in asset mix to more liquidity and more short-term investments, along with the reduction in prime rate earlier in 2003, have reduced asset yields and caused a reduction in the net interest margin.

Mr. Sullivan stated, “The economic slowdown of the past two years created a difficult set of circumstances for banking organizations. The financing needs of most companies and individuals declined with the overall economy – making it difficult for banks to achieve balance sheet growth, and interest rates were reduced in an effort to spur economic activity – squeezing margins. To offset the effects of the slowing economy and reduction of net interest margin, we aggressively pursued residential mortgage lending. This strategy allowed us to achieve record earnings each quarter from the generation and sale of mortgage loans into the secondary market, even in the face of limited loan growth and shrinking margins.”   Sullivan continued, “Now, at the end of the third quarter, we are experiencing what we knew would be a difficult set of conditions for earnings comparisons for ourselves and many other banking companies. The dramatic increase in long term interest rates during the third quarter resulted in a substantial decline in mortgage volume and the related gains. The increase in loan demand, and widening of net interest margins, that should occur with an economic recovery have not materialized.”   In conclusion, Mr. Sullivan added, “Firstbank continues to maintain positive sensitivity to increasing rates and high liquidity to fund new loan demand. We are not sacrificing our high standards for loan quality as we wait for the economy and loan demand to pick up. At this point it is unknown how long this unfavorable set of economic and interest rate conditions will last, but we believe that we have positioned the company for improved performance when more favorable conditions prevail.”

A sharp drop in mortgage activity occurred nationwide in the latter part of the third quarter of 2003. For Firstbank Corporation, gain on sale of mortgage loans of $2,561,000 in the third quarter of 2003 decreased 17.8% from the second quarter of 2003, but was still 83% over the amount in the third quarter of 2002. For the first nine months of 2003, gain on sale of mortgages was nearly two and one-half times the level in the first nine months on 2002. Throughout the heavy re-finance activity, Firstbank Corporation’s servicing portfolio has continued to grow. The principal balance of loans serviced for others increased to $463.1 million as of September 30, 2003, an increase of 7.3% from $431.5 million at June 30, 2003, and an increase of 31.9% from $351.1 million at September 30, 2002.

The required accounting for mortgage servicing income is complex. Mortgage servicing income is shown separately from gain on sale of mortgage loans on the income statement, but includes certain negative components that are related to mortgage refinances and the level of gain on sale. These related negative components are: accelerated servicing rights amortization; and servicing rights impairment. Although these negative components were at their highest levels in the third quarter of 2003, they should decrease in future periods as mortgage refinances and gains on sale of mortgage loans decline. The following detail for the first three quarters of 2003 is provided to aid in the analysis of these trends.

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	Three Months Ended:
($000s)	Mar 31	Jun 30	Sep 30
	2003	2003	2003
Servicing fees	$ 256	289	297
Normal servicing rights amortization	(183)	(204)	(216)
Accelerated servicing rights amortization	(338)	(488)	(507)
Servicing rights impairment	0	(26)	(44)
Mortgage servicing income	(265)	(429)	(470)

Salaries and employee benefits expense showed an increase of 6.5%, or $264,000, in the third quarter of 2003 compared to the second quarter of 2003. Although the gain on sale of mortgage loans declined in the third quarter, approximately $180,000, or 68% of the increase in salaries and employee benefits was attributable to temporary help, overtime, and incentive payments and bonuses related to the high mortgage volumes during the year. Other factors that contributed to the remaining increase included the number of working days in the quarter and daily accrual adjustments.

Firstbank’s asset quality measures remained strong as the ratio of non-performing loans to loans declined to 0.16% as of September 30, 2003, compared to 0.32% at June 30, 2003 and 0.63% at December 31, 2002. Net charge-offs of loans in the third quarter of 2003 totaled $193,000, or 0.13% annualized as a percentage of average loans, compared to $99,000, or 0.07% annualized as a percentage of average loans in the second quarter of 2003 and $21,000, or 0.01% annualized in the third quarter of 2002. These measures of asset quality continue to be at levels considered in the industry to be favorable. In conjunction with the strong asset quality measures the provision for loan losses was trimmed to $115,000 in the third quarter of 2003, compared to $120,000 in the second quarter of 2003 and $222,000 in the third quarter of 2002. For the first nine months of 2003 the provision totaled $445,000, down from $817,000 in the first nine months of 2002.

Firstbank Corporation, headquartered in Alma, Michigan is currently a five bank financial services company with assets of $765 million and 35 banking offices located in central and northeast Michigan. Bank subsidiaries include: Firstbank — Alma; Firstbank (Mt. Pleasant); Firstbank — West Branch; Firstbank — Lakeview; and Firstbank — St. Johns. Other corporate affiliates include 1^st Armored, Inc.; 1^st Title; Gladwin Land Company, Inc.; and C. A. Hanes Realty, Inc. Investment services are available through affiliations with CB Wealth Management N.A., MML Investors Services, Inc., Raymond James Financial Services Inc., and SunAmerica Securities Inc.

This press release contains certain forward-looking statements that involve risks and uncertainties. When used in this press release the words “believe,” “expect,” “potential,” and similar expressions identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning future asset quality and growth in assets and profitability and expected fiscal 2003 year-end results. 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 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.

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FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands except per share data)
UNAUDITED

	Three months Ended:										Nine months Ended:
	Sep 30 2003			Jun 30 2003			Sep 30 2002			Sep 30 2003			Sep 30 2002
Interest income:
Interest and fees on loans	$	10,071		$	10,309		$	11,426		$	30,942		$	34,161
Investment securities
Taxable		439			483			578			1,419			1,771
Exempt from federal income tax		255			262			282			781			873
Short term investments		113			108			89			343			298
Total interest income		10,878			11,162			12,375			33,485			37,103
Interest expense:
Deposits		2,000			2,252			2,950			6,721			9,242
Notes payable and other		1,020			1,025			1,060			3,065			3,192
Total interest expense		3,020			3,277			4,010			9,786			12,434
Net interest income		7,858			7,885			8,365			23,699			24,669
Provision for loan losses		115			120			222			445			817
Net interest income after provision for loan losses		7,743			7,765			8,143			23,254			23,852
Noninterest income:
Gain on sale of mortgage loans		2,561			3,114			1,399			8,045			3,250
Service charges on deposit accounts		653			646			653			1,904			1,781
Gain on sale of securities		0			2			0			9			9
Mortgage servicing		(470	)		(429	)		(224	)		(1,164	)		(386	)
Other		1,575			1,464			1,268			4,411			3,361
Total noninterest income		4,319			4,797			3,096			13,205			8,015
Noninterest expense:
Salaries and employee benefits		4,344			4,080			3,640			12,186			10,465
Occupancy and equipment		950			914			903			2,813			2,687
Amortization of intangibles		75			73			90			260			271
FDIC insurance premium		23			23			23			69			72
Michigan single business tax		57			74			45			192			106
Other		2,307			2,334			1,878			6,614			5,437
Total noninterest expense		7,756			7,498			6,579			22,134			19,038
Income before federal income taxes		4,306			5,064			4,660			14,325			12,829
Federal income taxes		1,431			1,691			1,551			4,782			4,236
Net Income	$	2,875		$	3,373		$	3,109		$	9,543		$	8,593
Per Share Data:
Basic Earnings	$	0.53		$	0.62		$	0.57		$	1.77		$	1.59
Diluted Earnings	$	0.52		$	0.60		$	0.56		$	1.72		$	1.55
Dividends Paid	$	0.20		$	0.20		$	0.18		$	0.59		$	0.53
Performance Ratios:
Return on Average Assets*		1.47	%		1.78	%		1.64	%		1.67	%		1.53	%
Return on Average Equity*		13.4	%		16.3	%		15.9	%		15.4	%		15.1	%
Net Interest Margin (FTE) *		4.42	%		4.51	%		4.85	%		4.50	%		4.84	%
Book Value Per Share+	$	15.96		$	15.68		$	14.60		$	15.96		$	14.60
Average Equity/Average Assets		11.0	%		10.9	%		10.3	%		10.8	%		10.2	%
Net Charge-offs		193			99			21			347			375
Net Charge-offs as a % of Average Loans^*		0.13	%		0.07	%		0.01	%		0.08	%		0.08	%

* Annualized
+ Period End
^ Total loans less loans held for sale

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FIRSTBANK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
UNAUDITED

	Sept 30 2003			Jun 30 2003			Dec 31 2002			Sept 30 2002
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	24,325		$	24,816		$	29,945		$	24,249
Short term investments		34,954			33,999			30,602			23,268
Total cash and cash equivalents		59,279			58,815			60,547			47,517
Securities available for sale		69,889			72,136			63,451			73,199
Federal Home Loan Bank stock		4,857			4,809			4,746			4,746
Loans:
Loans held for sale		3,296			7,890			9,663			7,787
Portfolio loans:
Commercial		98,458			100,796			97,951			89,241
Commercial real estate		201,436			198,706			194,194			188,602
Residential mortgage		192,348			192,051			198,730			218,268
Real estate construction		49,346			43,436			47,103			42,121
Consumer		57,459			58,364			60,685			64,645
Credit card		2,583			2,444			2,732			2,657
Total loans		604,926			603,687			611,058			613,321
Less allowance for loan losses		(11,634	)		(11,712	)		(11,536	)		(11,480	)
Net loans		593,292			591,975			599,522			601,841
Premises and equipment, net		17,470			17,222			17,514			17,445
Goodwill		4,880			4,880			4,880			4,880
Other intangibles		2,773			2,848			3,158			3,295
Other assets		12,198			13,858			13,702			13,660
TOTAL ASSETS	$	764,638		$	766,543		$	767,520		$	766,583
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest bearing accounts		102,272			96,723			98,148			91,569
Interest bearing accounts:
Demand		181,532			182,249			177,018			181,276
Savings		96,732			90,938			83,020			80,443
Time		193,269			204,236			218,723			219,526
Total deposits		573,805			574,146			576,909			572,814
Securities sold under agreements to
repurchase and overnight borrowings		29,357			28,069			30,358			34,083
FHLB Advances and notes payable		66,286			69,298			68,584			69,608
Accrued interest and other liabilities		8,936			10,525			11,488			11,237
Total liabilities		678,384			682,038			687,339			687,742
SHAREHOLDERS' EQUITY
Preferred stock; no par value, 300,000
shares authorized, none issued
Common stock; 10,000,000 shares authorized *		68,704			68,538			68,934			63,226
Retained earnings		16,118			14,321			9,755			13,970
Accumulated other comprehensive income		1,432			1,646			1,492			1,645
Total shareholders' equity		86,254			84,505			80,181			78,841
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	764,638		$	766,543		$	767,520		$	766,583
* Common stock shares issued and outstanding		5,402,472			5,388,221			5,368,100			5,398,552
Asset Quality Ratios:
Non-Performing Loans / Loans^		0.16	%		0.32	%		0.63	%		0.62	%
Non-Perf. Loans + OREO / Loans^ + OREO		0.25	%		0.45	%		0.73	%		0.73	%
Non-Performing Assets / Total Assets		0.20	%		0.35	%		0.57	%		0.57	%
Allowance for Loan Loss as a % of Loans^		1.93	%		1.97	%		1.92	%		1.90	%
Allowance / Non-Performing Loans		1204	%		608	%		303	%		304	%
Quarterly Average Balances:
Total Loans^	$	594,667		$	591,952		$	603,978		$	603,244
Total Earning Assets	$	721,778		$	714,344		$	716,749		$	701,206
Total Shareholders' Equity	$	84,778		$	83,038		$	78,560		$	77,416
Total Assets		769,584			762,072			766,871			750,756
Diluted Shares Outstanding		5,577,907			5,581,094			5,512,901			5,562,402

^ Total Loans less loans held for sale

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