Note 25 - Firstbank Corporation (Parent Company Only)

12 Months Ended

Dec. 31, 2012

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)	2012		2011
ASSETS
Cash and cash equivalents	$	11,167	$	16,870
Investment in and advances to banking subsidiaries		168,883		170,981
Securities		1,090		1,086
Other assets		4,327		4,104
Total Assets	$	185,467	$	193,041
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	2,325	$	1,580
Subordinated Debentures		36,084		36,084
Shareholders’ equity		147,058		155,377
Total Liabilities and Shareholders’ Equity	$	185,467	$	193,041

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Year Ended December 31,
	2012			2011			2010
Dividends and returns of capital from banking subsidiaries (net of capital infusions)	$	16,150		$	3,680		$	4,000
Other income		5,821			5,921			5,656
Other expense		(10,043	)		(8,440	)		(8,418	)
Income before income tax and undistributed subsidiary income		11,928			1,161			1,238
Income tax benefit		1,416			844			532
Equity in undistributed subsidiary income		(2,810	)		3,618			1,993
Net income		10,534			5,623			3,763
Change in unrealized gain (loss) on securities, net of tax and classification effects		712			2,750			(452	)
Comprehensive income	$	11,246		$	8,373		$	3,311

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2012			2011			2010
Cash flows from operating activities
Net income	$	10,534		$	5,623		$	3,763
Adjustments:
Unrealized (gain)/loss on trading account securities		(4	)		11			(3	)
Equity in undistributed subsidiary income		(5,190	)		(3,618	)		(1,993	)
Stock option and restricted stock grant compensation expense		96			118			115
Change in other assets		(223	)		3,797			6,734
Change in other liabilities		745			138			(1,410	)
Net cash from operating activities		5,958			6,069			7,206
Cash flows from investing activities
Sale of securities available for sale		0			0			2,818
Net decrease in commercial loans		0			1,000			(786	)
Return from/(payments for) investments in subsidiaries		8,000			(4,220	)		(1,950	)
Net cash from/(used in) investing activities		8,000			(3,220	)		82
Cash flows from financing activities
Redemption of preferred stock		(15,056	)		0			0
Redemption of common stock warrants		(1,947	)		0			0
Proceeds from issuance of common stock		903			421			393
Dividends on preferred stock		(1,247	)		(1,650	)		(1,650	)
Dividends on common stock		(2,314	)		(313	)		(620	)
Net cash used for financing activities		(19,661	)		(1,542	)		(1,877	)
Net change in cash and cash equivalents		(5,703	)		1,307			5,411
Beginning cash and cash equivalents		16,870			15,563			10,152
Ending cash and cash equivalents	$	11,167		$	16,870		$	15,563