Note 25 - Firstbank Corporation (Parent Company Only) Condensed Financial Information

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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)	2013		2012
ASSETS
Cash and cash equivalents	$	12,556	$	11,167
Investment in and advances to banking subsidiaries		159,008		168,883
Securities		1,102		1,090
Other assets		2,372		4,327
Total Assets	$	175,038	$	185,467
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	1,328	$	2,325
Subordinated Debentures		36,084		36,084
Shareholders’ equity		137,626		147,058
Total Liabilities and Shareholders’ Equity	$	175,038	$	185,467

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 

	Year Ended December 31,
	2013			2012			2011
Dividends and returns of capital from subsidiaries (net of capital infusions)	$	15,308		$	8,150		$	3,680
Net Interest Expense		(678	)		(992	)		(1,110	)
Other income		211			6,813			7,031
Other expense		(3,244	)		(10,043	)		(8,440	)
Income before income tax and undistributed subsidiary income		11,597			3,928			1,161
Income tax benefit		1,152			1,416			844
Equity in undistributed subsidiary income/(loss)		(515	)		5,190			3,618
Net income		12,234			10,534			5,623
Change in unrealized gain (loss) on securities, net of tax and classification effects		(3,361	)		712			2,750
Comprehensive income	$	8,873		$	11,246		$	8,373

CONDENSED STATEMENTS OF CASH FLOWS             

	Year Ended December 31,
	2013			2012			2011
Cash flows from operating actsivities
Net income	$	12,234		$	10,534		$	5,623
Adjustments:
Unrealized (gain)/loss on trading account securities		(12	)		(4	)		11
Equity in undistributed subsidiary income		515			(5,190	)		(3,618	)
Stock option and restricted stock grant compensation expense		161			96			118
Change in other assets		1,954			(223	)		3,797
Change in other liabilities		(997	)		745			138
Net cash from operating activities		13,855			5,958			6,069
Cash flows from investing activities
Net decrease in commercial loans		0			0			1,000
Return from/(payments for) investments in subsidiaries		6,000			8,000			(4,220	)
Net cash from/(used in) investing activities		6,000			8,000			(3,220	)
Cash flows from financing activities
Borrowing on line of credit		8,000			0			0
Repayment of borrowing on line of credit		(8,000	)		0			0
Redemption of preferred stock		(17,000	)		(15,056	)		0
Redemption of common stock warrants		0			(1,947	)		0
Proceeds from issuance of common stock		858			903			421
Dividends on preferred stock, net of accretion		(389	)		(1,247	)		(1,650	)
Dividends on common stock		(1,935	)		(2,314	)		(313	)
Net cash used for financing activities		(18,466	)		(19,661	)		(1,542	)
Net change in cash and cash equivalents		1,389			(5,703	)		1,307
Beginning cash and cash equivalents		11,167			16,870			15,563
Ending cash and cash equivalents	$	12,556		$	11,167		$	16,870