8-K

UNITED STATES

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:  April 26, 2010

FIRSTBANK CORPORATION

(Exact Name of Registrant as Specified in Charter)

Michigan	000-14209	38-2633910
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

311 Woodworth Avenue Alma, Michigan	48801
(Address of principal executive office)	(Zip Code)

Registrant's telephone number, including area code: (989) 463-3131

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

£         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

£         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

£         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).

£         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Item 7.01.       Regulation FD Disclosure

On April 26, 2010, Firstbank Corporation held its annual shareholders' meeting at which the Shareholder Presentation attached as Exhibit 99.1 was used.  The information in this Item 7.01,  Exhibit 99.1 and Exhibit 99.2 is being furnished and 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.

Item 9.01.       Financial Statements and Exhibits

(d)       Exhibits

            99.1     Shareholder Presentation

            99.2     Letter to Shareholders

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:  April 27, 2010	FIRSTBANK CORPORATION
	(Registrant)
	By:	/s/ Samuel G. Stone
		Samuel G. Stone
		Executive Vice President and CFO

EX-99

Exhibit 99.1

 

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Forward-Looking Statement

Certain matters in this presentation are “forward-looking statements” intended to qualify for the safe harbors from liability as established by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include words and phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends to,” or similar expressions. Similarly, statements that describe Firstbank’s future plans, objectives or goals are also forward-looking statements. Firstbank wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date of this presentation, and to advise the audience that various factors could affect Firstbank’s financial performance and could cause actual results for future periods to differ materially from those anticipated or projected. Such factors include, but are not limited to: (i) general market interest rates, (ii) general economic conditions, (iii) legislative/regulatory changes, (iv) monetary and fiscal policies of the U.S. Treasury and Federal Reserve, (v) changes in the quality of composition of Firstbank’s loan and investment portfolios, (vi) demand for loan products (vii) deposit flow, (viii) competition, (ix) demand for financial services in Firstbank’s markets, and (x) changes in accounting principles, policies or guidelines.

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Topics

n Where are We Now?

– Asset, Loan, and Deposit Growth

– Net Income

– Mortgage Lending & Core Deposit Generation

n FDIC Insurance Cost

n Asset Quality

n New Standards for Regulatory Capital

– Impact on Repayment of TARP/CPP,Dividends, and Shareholders

n Share Valuation and Dividend

n 1^st Quarter 2010 Results

n Future of Community Banking in Michigan

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Top Ten MI Banks (Asset Size)

		Total Assets
Company Name	City	($000)
		12/31/2008
Flagstar Bancorp, Inc.	Troy	14,203,657
Citizens Republic Bancorp, Inc.	Flint	13,086,016
Capitol Bancorp Ltd.	Lansing	5,654,836
Chemical Financial Corporation	Midland	3,874,313
Independent Bank Corporation	Ionia	2,956,245
Mercantile Bank Corporation	Grand Rapids	2,208,010
Macatawa Bank Corporation	Holland	2,149,372
Citizens First Bancorp, Inc.	Port Huron	1,960,528
MBT Financial Corp.	Monroe	1,562,401
Firstbank Corporation	Alma	1,425,340

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Top Ten MI Banks (Asset Size)

	Total Assets	Total Assets
Company Name	($000)	($000)
	12/31/2009	12/31/2008
Flagstar Bancorp, Inc.	14,013,331	14,203,657
Citizens Republic Bancorp, Inc.	11,931,631	13,086,016
Capitol Bancorp Ltd.	5,131,940	5,654,836
Chemical Financial Corporation	4,250,712	3,874,313
Independent Bank Corporation	2,965,364	2,956,245
Mercantile Bank Corporation	1,906,208	2,208,010
Macatawa Bank Corporation	1,830,172	2,149,372
Citizens First Bancorp, Inc.	1,716,332	1,960,528
Firstbank Corporation	1,482,356	1,425,340
MBT Financial Corp.	1,383,369	1,562,401

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Top Twenty MI Banks (Asset Size)

		Total Assets
Company Name	City	($000)
		12/31/2009
Flagstar Bancorp, Inc.	Troy	14,013,331
Citizens Republic Bancorp, Inc.	Flint	11,931,631
Capitol Bancorp Ltd.	Lansing	5,131,940
Chemical Financial Corporation	Midland	4,250,712
Independent Bank Corporation	Ionia	2,965,364
Mercantile Bank Corporation	Grand Rapids	1,906,208
Macatawa Bank Corporation	Holland	1,830,172
Citizens First Bancorp, Inc.	Port Huron	1,716,332
Firstbank Corporation	Alma	1,482,356
MBT Financial Corp.	Monroe	1,383,369
IBT Bancorp, Inc.	Mount Pleasant	1,143,944
Dearborn Bancorp, Inc.	Dearborn	986,486
Lake Michigan Financial Corporation	Holland	928,826
Northwestern Bank	Traverse City	915,104
United Bancorp, Inc.	Tecumseh	909,328
O.A.K. Financial Corporation	Byron Center	821,773
Sterling Bank and Trust, FSB	Southfield	749,311
First State Financial Corporation	Saint Clair Shores	608,364
First National Bancshares, Incorporated	East Lansing	568,546
Community Central Bank Corporation	Mount Clemens	543,846

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Top Ten MI Banks (Asset Size)

	Total Assets	Total Assets
Company Name	($000)	($000)
	12/31/2009	12/31/2008	% Change
Chemical Financial Corporation	4,250,712	3,874,313	9.7	%
Firstbank Corporation	1,482,356	1,425,340	4.0	%
Independent Bank Corporation	2,965,364	2,956,245	0.3	%
Flagstar Bancorp, Inc.	14,013,331	14,203,657	-1.3	%
Citizens Republic Bancorp, Inc.	11,931,631	13,086,016	-8.8	%
Capitol Bancorp Ltd.	5,131,940	5,654,836	-9.2	%
MBT Financial Corp.	1,383,369	1,562,401	-11.5	%
Citizens First Bancorp, Inc.	1,716,332	1,960,528	-12.5	%
Mercantile Bank Corporation	1,906,208	2,208,010	-13.7	%
Macatawa Bank Corporation	1,830,172	2,149,372	-14.9	%

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Top Twenty MI Banks (Asset Size)

	Total Assets	Total Assets
Company Name	($000)	($000)
	12/31/2009	12/31/2008	% Change
Northwestern Bank	915,104	810,452	12.9	%
Sterling Bank and Trust, FSB	749,311	677,227	10.6	%
First National Bancshares, Incorporated	568,546	516,861	10.0	%
Chemical Financial Corporation	4,250,712	3,874,313	9.7	%
United Bancorp, Inc.	909,328	832,393	9.2	%
Firstbank Corporation	1,482,356	1,425,340	4.0	%
IBT Bancorp, Inc.	1,143,944	1,139,263	0.4	%
Independent Bank Corporation	2,965,364	2,956,245	0.3	%
Flagstar Bancorp, Inc.	14,013,331	14,203,657	-1.3	%
Lake Michigan Financial Corporation	928,826	943,930	-1.6	%
O.A.K. Financial Corporation	821,773	840,311	-2.2	%
Community Central Bank Corporation	543,846	556,950	-2.4	%
First State Financial Corporation	608,364	664,252	-8.4	%
Citizens Republic Bancorp, Inc.	11,931,631	13,086,016	-8.8	%
Capitol Bancorp Ltd.	5,131,940	5,654,836	-9.2	%
MBT Financial Corp.	1,383,369	1,562,401	-11.5	%
Dearborn Bancorp, Inc.	986,486	1,121,918	-12.1	%
Citizens First Bancorp, Inc.	1,716,332	1,960,528	-12.5	%
Mercantile Bank Corporation	1,906,208	2,208,010	-13.7	%
Macatawa Bank Corporation	1,830,172	2,149,372	-14.9	%

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Top Ten MI Banks (Asset Size)

Deposits

	Total Deposits	Total Deposits
Company Name	($000)	($000)
	12/31/2009	12/31/2008	% Change
Independent Bank Corporation	2,565,768	2,066,479	24.2	%
Chemical Financial Corporation	3,418,125	2,978,792	14.7	%
Flagstar Bancorp, Inc.	8,778,469	7,841,005	12.0	%
Citizens First Bancorp, Inc.	1,437,353	1,294,503	11.0	%
Firstbank Corporation	1,149,063	1,046,914	9. 8	%
Citizens Republic Bancorp, Inc.	8,909,340	9,052,406	-1.6	%
Capitol Bancorp Ltd.	4,410,633	4,497,612	-1.9	%
MBT Financial Corp.	1,031,791	1,136,078	-9.2	%
Mercantile Bank Corporation	1,401,627	1,599,575	-12. 4	%
Macatawa Bank Corporation	1,416,337	1,665,761	-15. 0	%

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Top Twenty MI Banks (Asset Size)

Deposits

	Total Deposits	Total Deposits
Company Name	($000)	($000)
	12/31/2009	12/31/2008	% Change
First National Bancshares, Incorporated	318,807	231,542	37.7	%
Sterling Bank and Trust, FSB	597,189	460,112	29.8	%
Independent Bank Corporation	2,565,768	2,066,479	24.2	%
Northwestern Bank	809,845	683,821	18.4	%
Chemical Financial Corporation	3,418,125	2,978,792	14.7	%
Community Central Bank Corporation	401,131	357,376	12.2	%
Flagstar Bancorp, Inc.	8,778,469	7,841,005	12.0	%
Citizens First Bancorp, Inc.	1,437,353	1,294,503	11.0	%
United Bancorp, Inc.	782,801	709,549	10.3	%
Firstbank Corporation	1,149,063	1,046,914	9.8	%
IBT Bancorp, Inc.	802,652	775,630	3.5	%
O.A.K. Financial Corporation	690,120	677,269	1.9	%
Lake Michigan Financial Corporation	705,416	716,004	-1.5	%
Citizens Republic Bancorp, Inc.	8,909,340	9,052,406	-1.6	%
Capitol Bancorp Ltd.	4,410,633	4,497,612	-1.9	%
First State Financial Corporation	508,068	538,077	-5.6	%
Dearborn Bancorp, Inc.	867,955	938,395	-7.5	%
MBT Financial Corp.	1,031,791	1,136,078	-9.2	%
Mercantile Bank Corporation	1,401,627	1,599,575	-12.4	%
Macatawa Bank Corporation	1,416,337	1,665,761	-15.0	%

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Top Ten MI Banks (Asset Size)

Loans

	Total Gross	Total Gross
Company Name	Loans ($000)	Loans ($000)
	12/31/2009	12/31/2008	% Change
Chemical Financial Corporation	3,001,522	2,990,140	0.4	%
Firstbank Corporation	1,122,185	1,159,632	-3.2	%
Independent Bank Corporation	2,333,606	2,487,132	-6.2	%
Flagstar Bancorp, Inc.	9,684,412	10,566,801	-8.4	%
MBT Financial Corp.	849,910	941,732	-9.8	%
Citizens First Bancorp, Inc.	1,267,289	1,434,103	-11.6	%
Citizens Republic Bancorp, Inc.	7,986,318	9,193,960	-13.1	%
Capitol Bancorp Ltd.	4,063,233	4,745,703	-14.4	%
Macatawa Bank Corporation	1,511,465	1,776,324	-14.9	%
Mercantile Bank Corporation	1,539,818	1,856,915	-17.1	%

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Top Twenty MI Banks (Asset Size)

Loans

	Total Gross	Total Gross
Company Name	Loans ($000)	Loans ($000)
	12/31/2009	12/31/2008	% Change
O.A.K. Financial Corporation	698,144	689,694	1.2	%
Lake Michigan Financial Corporation	747,261	740,058	1.0	%
Chemical Financial Corporation	3,001,522	2,990,140	0.4	%
Community Central Bank Corporation	406,664	410,419	-0.9	%
IBT Bancorp, Inc.	725,597	736,283	-1.5	%
Northwestern Bank	729,426	742,612	-1.8	%
Sterling Bank and Trust, FSB	572,681	583,890	-1.9	%
First National Bancshares, Incorporated	391,891	401,874	-2.5	%
Firstbank Corporation	1,122,185	1,159,632	-3.2	%
Independent Bank Corporation	2,333,606	2,487,132	-6.2	%
United Bancorp, Inc.	658,032	702,007	-6.3	%
Flagstar Bancorp, Inc.	9,684,412	10,566,801	-8.4	%
MBT Financial Corp.	849,910	941,732	-9.8	%
Dearborn Bancorp, Inc.	834,265	935,103	-10.8	%
Citizens First Bancorp, Inc.	1,267,289	1,434,103	-11.6	%
Citizens Republic Bancorp, Inc.	7,986,318	9,193,960	-13.1	%
Capitol Bancorp Ltd.	4,063,233	4,745,703	-14.4	%
Macatawa Bank Corporation	1,511,465	1,776,324	-14.9	%
Mercantile Bank Corporation	1,539,818	1,856,915	-17.1	%
First State Financial Corporation	300,763	363,342	-17.2	%

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Top Ten MI Banks (Asset Size)

Net Income

	Net Income		Net Income
Company Name	($000)		($000)
	2009		2008
Chemical Financial Corporation	10,003		19,842
Firstbank Corporation	2,691		719
MBT Financial Corp.	(34,177	)	1,692
Mercantile Bank Corporation	(52,087	)	(4,959	)
Macatawa Bank Corporation	(63,641	)	(38,854	)
Independent Bank Corporation	(90,227	)	(91,664	)
Citizens First Bancorp, Inc.	(124,024	)	(58,428	)
Capitol Bancorp Ltd.	(264,540	)	(52,451	)
Flagstar Bancorp, Inc.	(496,678	)	(275,407	)
Citizens Republic Bancorp, Inc.	(514,213	)	(393,052	)

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Top Ten MI Banks (Asset Size)

Net Income Available to Common

	Net Income		Net Income
	Avail to		Avail to
	Common		Common
Company Name	($000)		($000)
	2009		2008
Chemical Financial Corporation	10,003		19,842
Firstbank Corporation	1,151		719
MBT Financial Corp.	(34,177	)	1,692
Mercantile Bank Corporation	(52,889	)	(4,959	)
Macatawa Bank Corporation	(66,511	)	(39,671	)
Independent Bank Corporation	(94,528	)	(91,879	)
Citizens First Bancorp, Inc .	(124,024	)	(58,428	)
Capitol Bancorp Ltd.	(195,169	)	(28,607	)
Flagstar Bancorp, Inc.	(513,802	)	(275,407	)
Citizens Republic Bancorp, Inc.	(533,990	)	(405,016	)

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Top Twenty MI Banks (Asset Size)

Net Income
 

	Net Income		Net Income
Company Name	($000)		($000)
	2009		2008
Chemical Financial Corporation	10,003		19,842
IBT Bancorp, Inc.	7,800		4,101
Northwestern Bank	4,588		3,062
Lake Michigan Financial Corporation	4,307		3,718
Firstbank Corporation	2,691		719
Sterling Bank and Trust, FSB	684		(7,276	)
O.A.K. Financial Corporation	540		1,536
First National Bancshares, Incorporated	(994	)	789
First State Financial Corporation	(5,000	)	(5,480	)
United Bancorp, Inc.	(8,833	)	(36	)
Community Central Bank Corporation	(14,638	)	(1,962	)
MBT Financial Corp.	(34,177	)	1,692
Mercantile Bank Corporation	(52,087	)	(4,959	)
Dearborn Bancorp, Inc.	(61,175	)	(31,925	)
Macatawa Bank Corporation	(63,641	)	(38,854	)
Independent Bank Corporation	(90,227	)	(91,664	)
Citizens First Bancorp, Inc.	(124,024	)	(58,428	)
Capitol Bancorp Ltd.	(264,540	)	(52,451	)
Flagstar Bancorp, Inc.	(496,678	)	(275,407	)
Citizens Republic Bancorp, Inc.	(514,213	)	(393,052	)

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Mortgage Gains by Bank

('$000s)
	2009	2008	Change
Alma	1,390	476	192	%
Mt. Pl.	2,684	885	203	%
W. Br.	1,483	510	191	%
St. J.	666	321	107	%
Keystone	813	73	1016	%
W. MI	515	197	161	%
Austin Mtg	0	50	-100	%
Total	7,552	2,512	201	%

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FDIC Insurance Cost

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Asset Quality

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Non-Performing Assets

($000s, yr. end)
				2007 -	2008 -
	2007	2008	2009	2008	2009
Alma	1,950	5,477	8,203	181%	50%
Mt. Pl .	5,233	5,509	10,402	5%	89%
W. Br.	2,867	3,806	7,499	33%	97%
St.J	1,364	1,178	2,062	-14%	75%
Keystone	1,401	3,732	10,155	166%	172%
W. MI	4,406	10,611	9,577	141%	-10%
Austin Mtg	105	158	317	50%	101%
Parent	0	0	214
Total	17,326	30,471	48,429	76%	59%

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Ten Largest Banks in Michigan

Ranked By Non-Performing Asset Ratio

		Non-Performing Asset
Company Name	City	Ratio (%)
		12/31/2009
Firstbank Corporation	Alma	3.27
Chemical Financial Corporation	Midland	3.61
Citizens Republic Bancorp, Inc.	Flint	4.99
Mercantile Bank Corporation	Grand Rapids	5.74
Independent Bank Corporation	Ionia	7.20
MBT Financial Corp.	Monroe	7.99
Macatawa Bank Corporation	Holland	8.70
Capitol Bancorp Ltd.	Lansing	8.89
Citizens First Bancorp, Inc.	Port Huron	NA
Flagstar Bancorp, Inc.	Troy	NA

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Twenty Largest Banks in Michigan

Ranked By Non-Performing Asset Ratio

		Non-Performing Asset
Company Name	City	Ratio (%)
		12/31/2009
IBT Bancorp, Inc.	Mount Pleasant	1.35
O.A.K. Financial Corporation	Byron Center	1.68
Lake Michigan Financial Corporation	Holland	1.83
Northwestern Bank	Traverse City	2.73
Firstbank Corporation	Alma	3.27
Chemical Financial Corporation	Midland	3.61
United Bancorp, Inc.	Tecumseh	3.90
Citizens Republic Bancorp, Inc.	Flint	4.99
Mercantile Bank Corporation	Grand Rapids	5.74
Independent Bank Corporation	Ionia	7.20
MBT Financial Corp.	Monroe	7.99
Macatawa Bank Corporation	Holland	8.70
Capitol Bancorp Ltd.	Lansing	8.89
First State Financial Corporation	Saint Clair Shores	9.21
Community Central Bank Corporation	Mount Clemens	9.76
First National Bancshares, Incorporated	East Lansing	11.05
Dearborn Bancorp, Inc.	Dearborn	13.40
Citizens First Bancorp, Inc.	Port Huron	NA
Flagstar Bancorp, Inc.	Troy	NA
Sterling Bank and Trust, FSB	Southfield	NA

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Ten Largest Banks in Michigan

Ranked By Texas Ratio

Company Name	City	Texas Ratio (%)
		12/31/2009
Firstbank Corporation	Alma	29.52
Chemical Financial Corporation	Midland	30.67
Citizens Republic Bancorp, Inc.	Flint	42.15
Mercantile Bank Corporation	Grand Rapids	49.88
Independent Bank Corporation	Ionia	87.29
MBT Financial Corp.	Monroe	92.84
Macatawa Bank Corporation	Holland	97.23
Capitol Bancorp Ltd.	Lansing	115.99
Flagstar Bancorp, Inc.	Troy	164.29
Citizens First Bancorp, Inc.	Port Huron	326.51

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Twenty Largest Banks in Michigan

Ranked By Texas Ratio

Company Name	City	Texas Ratio (%)
		12/31/2009
IBT Bancorp, Inc.	Mount Pleasant	13.51
O.A.K. Financial Corporation	Byron Center	17.05
Lake Michigan Financial Corporation	Holland	19.06
Firstbank Corporation	Alma	29.52
Chemical Financial Corporation	Midland	30.67
Northwestern Bank	Traverse City	31.01
United Bancorp, Inc.	Tecumseh	36.38
Citizens Republic Bancorp, Inc.	Flint	42.15
Sterling Bank and Trust, FSB	Southfield	48.77
Mercantile Bank Corporation	Grand Rapids	49.88
First National Bancshares, Incorporated	East Lansing	59.84
Independent Bank Corporation	Ionia	87.29
First State Financial Corporation	Saint Clair Shores	91.05
MBT Financial Corp.	Monroe	92.84
Macatawa Bank Corporation	Holland	97.23
Capitol Bancorp Ltd.	Lansing	115.99
Community Central Bank Corporation	Mount Clemens	134.45
Dearborn Bancorp, Inc.	Dearborn	149.08
Flagstar Bancorp, Inc.	Troy	164.29
Citizens First Bancorp, Inc.	Port Huron	326.51

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Capital
 

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Evolving Capital Standards

n Tier 1 (Core) Capital to Average Assets

– Adequately Capitalized: 4.00%

– Well Capitalized: 5.00% “New” Well Capitalized: 8.00%

n Total Capital to Risk Weighted Assets

– Adequately Capitalized: 8.00%

– Well Capitalized: 10.00%

– “New” Well Capitalized: 12.00%

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Capital Ratios

	Tier I (Core) Capital to Average Assets		Total Capital to Risk Weighted Assets
Regulatory Standard for Adequately Capitalized	4.00	%	8.00	%
Regulatory Standard for Well Capitalized	5.00	%	10.00	%
"New" Regulatory Standard for Well Capitalized	8.00	%	12.00	%
Firstbank Corporation	10.05	%	14.21	%
Firstbank - Alma	7.27	%	12.66	%
Firstbank - Mt. Pleasant	9.07	%	12.01	%
Firstbank - West Branch	8.15	%	11.75	%
Firstbank - St. Johns	8.64	%	12.22	%
Keystone Community Bank	9.97	%	11.89	%
Firstbank - West Michigan	8.05	%	13.22	%

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Sources of Capital

n Earnings

n Debt / Trust Preferred Securities

n Equity Offering

– Preferred Stock

  § Private Sector

  § Capital Purchase Program (CPP)

– Common Stock

n  Continuously Monitor Cost, Availability, and Dilution of Private Sector Capital

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     Dividend

&

Shareholder Valuation

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Principles of Dividend Payment

n  We will pay dividends to shareholders representing their respective portion of company earnings

n  Dividends, in order to be paid, must be earned

n  Appropriate capital levels are essential to support stability and growth, and to cushion against losses and unexpected events

n  Dividend level should be stable and sustainable, unless the operating environment is unpredictable

n  Over the long term, the goal is for earnings, dividends, and shareholder value to increase

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Net Income Available To Common

And Common Dividends

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1^st Quarter 2010 Results

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First Quarter 2010 Results

n  Net Income of $659,000

n  Earnings per share of $0.03

n  Mortgage Activity Decreased Sharply

n  Strong Core Deposit Growth of 1.3% in quarter and 11.4% from year-ago

n  Loan Outstandings down 2% in the quarter due to slow economy and lack of good quality lending opportunities

n  Sale of 1^st Armored

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     First Quarter 2010 Loan and Deposit Growth

($000s)	Q1 2009	Q4 2009	Q1 2010	Q1/Q1	Q1/Q4
Loans	1,135,439	1,121,607	1,098,643	-3.2%	-2.0	%
Core Deposits	1,023,547	1,126,231	1,140,524	11.4%	1.3	%

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Deposits / Funding

($000s)	Dec 31 2009	Dec 31 2008	$Change		%Change
Core deposits	1,126,231	1,015,801	110,430		10.9	%
Wholesale CD's	22,832	31,113	(8,281	)	-26.6	%
FHLB Advances	100,263	155,921	(55,658	)	-35.7	%
Total	1,249,326	1,202,835	46,491		3.9	%

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Maturing FHLB Advances

	Principal	Weighted Avg Rate
Maturing in 2010	63,468,102	4.95%
Maturing in 2011	22,000,000	2.69%

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Core Deposit Growth

('$000s)
	2009	2008	Change
Alma	209,756	193,597	8	%
Mt. Pl .	312,866	264,217	18	%
W. Br.	189,758	178,109	7	%
St. J.	78,649	62,350	26	%
Keystone	189,665	178,064	7	%
W. MI	153,575	144,984	6	%
Total	1,134,268	1,021,320	11	%
Consol	1,126,231	1,015,801	11	%

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Success Stories: Deposit Growth

· Top 10 Deposit Growth Branches in 2009*

· Hastings (adj. total in-market)	–	121	%
· Paw Paw	–	65	%
· DeWitt	–	60	%
· Mission	–	50	%
· Cadillac	–	49	%
· Gull Road	–	37	%
· Remus	–	26	%
· Clare	–	23	%
· St. J/Main Office	–	22	%
· Mt. P/Downtown	–	22	%

*12/31/09 Branch Profitability Reports

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Michigan Community Banking

n  Dynamic changes occurring as large banks withdraw from this market, and FDIC resolves failed banks

n  Renewed interest in FDIC insured products

n  Growing Understanding of the differences between Community Banks and others

n  More Appreciation for the commitment of Community Banks and their staff members to support local communities

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     Firstbank Corporation A Community Banking Company

n Positioned for Future Success when things return to normal because:

- Capitalize on the renewed interest in Community Banks

- Multi-charter structure with local decision -making very responsive and attractive

- Strong technology and human resources

- Size and capital base allows us to service larger customers than stand-alone banks

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2010 Priorities

n  Relentless Focus on Asset Quality and Improving Shareholder Value

n  Capture High Quality Loan Relationships abandoned by Nat’l and Regional banks

n  Reduce cost wherever possible, while selectively re-investing in long term growth opportunities

n  Continue Sales & Service Focus to increase Core Deposits in all 51 offices

n  Support our 530 staff members who are the key components of our success

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44

 

     Thank You

to our

Shareholders, Customers,

Communities

and

Staff Members

04/26/2010

45

 

04/26/2010

46

EX-99

Exhibit 99.2

1st. Quarter 2010

Important News for our Shareholders…

It was a pleasure having over 180 of our shareholders in attendance at our Annual Meeting on April 26, 2010.  In addition to re-electing the two nominated directors, we reviewed both the 2009 and first quarter 2010 financial results, and announced the declaration of the second quarter cash dividend.  I would encourage you to view the PowerPoint presentation used during the shareholders meeting which may be accessed through the Investor Relations link at our website www.firstbankmi.com. 

2009 was another year of challenges for our company, and during the meeting I stressed that none of us – not the board of directors, not the management, and not the staff – were satisfied with our results, and that we were working hard to restore the company to a more normal level of earnings.  We discussed the two principal items impacting earnings – FDIC assessments levied due to the rising number of bank failures across the country; and expenses for loan loss provisioning as the poor economic conditions and high unemployment levels in Michigan continue to cause exceptionally high levels of loan losses. My presentation attempted to put our earnings, growth, and loan problems into perspective versus our Michigan banking peers, as our results compare favorably to many other publicly traded Michigan banking companies.  I stressed the need to maintain the strength a nd stability of our company, and explained how we are preparing the company for improved performance and profitability when the Michigan economy improves.

We reviewed the capital levels of the company and the banks, and discussed the regulators’ evolving view of capital, which is requiring higher levels of capital to be maintained.  In conjunction with that information, we reviewed the principles upon which we base dividend declarations.  Our primary standard for paying cash dividends is that the dividend is paid out of earnings. Earnings must exceed the dividend, if not in each and every quarter, at least over a reasonable period of time.  During 2008, 2009, and the first quarter of 2010 cash dividends were paid in excess of the company’s earnings because there were some non-recurring events that reduced earnings in those periods, and because we had not anticipated that this recession would be so severe. We had projected that earnings would have rebounded by now, but unfortunately, our present view is that earnings will continue to be under significant pressure until the economy improves, unemployment declines, real estate values stabilize, and perhaps most importantly, Michigan’s residents and business owners have a more positive outlook on the future.

Given that it does not appear that 2010 will provide substantial earnings growth, and that the earnings level has not exceeded dividends paid, I announced at the meeting that the board of directors had taken the difficult step of reducing the dividend to $0.01 per share to be paid in the second quarter. I want to assure all of our shareholders that when earnings have returned to more normal levels, when we are confident of the direction of the national and Michigan economies, and when the credit issues facing both ourselves and our customers are resolved, the directors will consider a higher level of cash dividend.  In the meantime, it is prudent, and in the judgment of the board of directors in the best interests of the shareholders, for us to retain capital within the company during these uncertain and dif ficult times.

Attached you will find the News Releases announcing earnings for the first quarter of 2010 and the second quarter cash dividend.  The release regarding first quarter earnings includes a narrative discussion of our results along with detailed financial information. 

Highlights include:

• Net income of $659,000, and net income available to common shareholders of $246,000, in the first quarter of 2010 compared to $1,513,000 and $1,238,000 respectively for these measures in the first quarter of 2009
• Earnings per share equaled $0.03 for the first quarter of 2010, compared to $0.16 per share in the first quarter of 2009
• Ratio of the allowance for loan losses to loans strengthened to 1.83% at March 31,2010, compared to 1.70% at December 31, 2009, and 1.24% at March 31,2009
• Loan portfolio shrank due to economic conditions and lack of demand
• Equity ratios remain strong and all affiliate banks continue to exceed all regulatory well-capitalized requirements

As you will read in the release, both mortgage activity and loan outstandings declined, primarily due to the poor economic environment, the uncertain employment situation, and the simple fact that there are very few new projects occurring, so we are working hard to attract existing business from the banks we compete with locally.

However, we have seen strong growth of core deposits which is very important, enabling us to reduce our reliance on higher cost wholesale funding.  We have been pleased that our sales and service initiatives are generating good results at all of the banks, and a number of branches have posted exceptionally strong deposit growth.

We are prepared for another very tough year in 2010, and many prognosticators are now predicting that it may be 2012 before employment and the economy return to more normal levels.  Even so, we continue to be long term optimists about our future, our state, and the future of community banks in Michigan.  Whatever may come, we will meet the challenge – and it is the support of our shareholders, customers, communities, and employees that gives us confidence that we will be successful.

Your investment in Firstbank Corporation is sincerely appreciated, and your comments and suggestions are always welcome.

Sincerely,

/s/ Thomas R. Sullivan

Thomas R. Sullivan

President & Chief Executive Officer