Note 25 - Firstbank Corporation (Parent Company Only)

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 25 – FIRSTBANK CORPORATION (PARENT COMPANY ONLY)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS
	Year Ended December 31,
(In Thousands of Dollars)	2011		2010
ASSETS
Cash and cash equivalents	$	16,870	$	15,563
Commercial loans		0		1,000
Investment in and advances to banking subsidiaries		170,981		164,611
Securities		1,086		1,097
Other assets		4,104		3,683
Total Assets	$	193,041	$	185,954
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	1,580	$	1,442
Subordinated Debentures		36,084		36,084
Shareholders’ equity		155,377		148,428
Total Liabilities and Shareholders’ Equity	$	193,041	$	185,954

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Years Ended December 31	2011			2010			2009
Dividends from banking subsidiaries (net of capital infusions)	$	3,680		$	4,000		$	7,246
Other income		5,921			5,656			5,542
Other expense		(8,440	)		(8,418	)		(8,800	)
Income before income tax and undistributed subsidiary income		1,161			1,238			3,988
Income tax benefit		844			532			1,022
Equity in undistributed subsidiary income		3,618			1,993			(2,319	)
Net income		5,623			3,763			2,691
Change in unrealized gain (loss) on securities, net of tax and classification effects		2,750			(452	)		(288	)
Comprehensive income	$	8,373		$	3,311		$	2,403

CONDENSED STATEMENTS OF CASH FLOWS
	Year Ended December 31,
		2011			2010			2009
Cash flows from operating activities
Net income	$	5,623		$	3,763		$	2,691
Adjustments:
Unrealized loss on trading account securities		11			(3	)		213
Equity in undistributed subsidiary income		(3,618	)		(1,993	)		2,319
Stock Option and Restricted Stock Grant Compensation Expense		118			115			158
Change in other assets		3,797			6,734			1,207
Change in other liabilities		138			(1,410	)		(1,619	)
Net cash from operating activities		6,069			7,206			4,969
Cash flows from investing activities
Sale/(Purchase) of Securities AFS		0			2,818			(2,819	)
Net decrease in commercial loans		1,000			(786	)		28
Payments for Investments in Subsidiaries		(4,220	)		(1,950	)		(16,360	)
Net cash from investing activities		(3,220	)		82			(19,151	)
Cash flows from financing activities
Payments of long-term debt		0			0			(5,600	)
Proceeds from issuance of preferred stock and common stock warrants		0			0			33,000
Proceeds from issuance of common stock		421			393			909
Dividends on preferred stock		(1,650	)		(1,650	)		(1,513	)
Dividends on common stock		(313	)		(620	)		(3,062	)
Net cash from financing activities		(1,542	)		(1,877	)		23,734
Net change in cash and cash equivalents		1,307			5,411			9,552
Beginning cash and cash equivalents		15,563			10,152			600
Ending cash and cash equivalents	$	16,870		$	15,563		$	10,152