[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2002
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transaction period from ______ to _______.
Commission file number: 0-14209
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. [X] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Common stock . . . 5,155,925 shares outstanding as of April 30, 2002.
PART I. FINANCIAL INFORMATION
- ------- ---------------------
Item 1. Financial Statements (UNAUDITED) page 3
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations. page 9
Item 3. Quantitative and Qualitative Disclosures about Market Risk. page 13
PART II. OTHER INFORMATION
- -------- -----------------
Item 6. Exhibits and Reports on Form 8-K page 14
SIGNATURES page 15
- ----------
Page 2
Item 1. Financial Statements (UNAUDITED)
FIRSTBANK CORPORATION
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2002 AND DECEMBER 31, 2001
(Dollars in thousands)
March 31, December 31,
2002 2001
---- ----
ASSETS
Cash and due from banks $19,786 27,187
Short term investments 28,743 18,627
------ ------
-------------- ------------
Total cash and cash equivalents 48,529 45,814
Securities available for sale 66,460 67,345
Federal Home Loan Bank Stock 4,633 4,633
Loans
Loans held for sale 2,942 5,722
Portfolio loans
Commercial 304,364 299,412
Real estate mortgage 211,062 228,349
Consumer 71,002 72,593
------ ------
-------------- ------------
Total loans 586,428 600,354
Less allowance for loan losses (11,107) (11,038)
-------- --------
Net loans 575,321 589,316
Premises and equipment, net 17,618 17,624
Acquisition goodwill 5,105 5,161
Other intangibles 3,208 3,282
Other assets 13,583 13,093
------ ------
-------------- ------------
TOTAL ASSETS $737,399 $751,990
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest bearing accounts 79,471 86,736
Interest bearing accounts:
Demand 166,474 159,572
Savings 76,482 73,218
Time 232,036 241,613
------- -------
-------------- ------------
Total deposits 554,463 561,139
Securities sold under agreements to
repurchase and overnight borrowings 28,812 32,223
Notes payable 69,389 75,615
Accrued interest and other liabilities 10,368 10,587
------ ------
-------------- ------------
Total liabilities 663,032 679,564
SHAREHOLDERS' EQUITY
Preferred stock; no par value, 300,000 shares authorized, none issued
Common stock; 10,000,000 shares authorized, 5,141,370 shares
shares issued and outstanding (5,119,153 in December 2001) 63,536 63,100
Retained earnings 10,004 8,260
Accumulated other comprehensive income 827 1,066
--- -----
-------------- ------------
Total shareholders' equity 74,367 72,426
-------------- ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $737,399 $751,990
============== ============
See notes to consolidated financial statements.
Page 3
FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
MARCH 31, 2002 and 2001
(Dollars in thousands except per share data)
Three months
ended March 31,
2002 2001
Interest income:
Interest and fees on loans $11,631 $13,223
Securities
Taxable 607 712
Exempt from federal income tax 300 335
Short term investments 131 96
--- --
--------------- ------------
Total interest income 12,669 14,366
Interest expense:
Deposits 3,263 5,320
Notes payable and other 1,113 1,734
----- -----
Total interest expense 4,376 7,054
Net interest income 8,293 7,312
Provision for loan losses 372 203
--- ---
--------------- ------------
Net interest income after
provision for loan losses 7,921 7,109
Noninterest income:
Gain on sale of mortgage loans 1,002 335
Service charges on deposit accounts 543 424
Trust fees 71 89
Gain (loss) on sale of securities (7) 25
Mortgage servicing, net of amortization (60) 41
Other 1,030 961
----- ---
--------------- ------------
Total noninterest income 2,579 1,875
Noninterest expense:
Salaries and employee benefits 3,546 3,254
Occupancy 935 889
Amortization of Intangibles 130 200
FDIC Insurance premium 24 25
Michigan Single Business Tax 24 132
Other 1,844 2,142
----- -----
--------------- ------------
Total noninterest expense 6,503 6,642
Income before federal income taxes 3,997 2,342
Federal income taxes 1,330 730
----- ---
--------------- ------------
NET INCOME $2,667 $1,612
=============== ============
Comprehensive Income $2,428 $2,040
=============== ============
Basic earnings per share $0.52 $0.32
===== =====
=============== ============
Diluted earnings per share $0.51 $0.32
===== =====
=============== ============
Dividends per share $0.18 $0.16
===== =====
=============== ============
See notes to consolidated financial statements.
Page 4
FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED
MARCH 31, 2002 AND 2001
(Dollars in thousands)
Three months ended March 31,
2002 2001
---- ----
OPERATING ACTIVITIES
Net income $2,667 $1,612
Adjustments to reconcile net income to net cash provided
by operating activities
Provision for loan losses 372 203
Depreciation of premises and equipment 405 307
Net amortization of security premiums/discounts 74 33
Loss (gain) on sale of securities 7 (25)
Amortization of goodwill and other intangibles 130 200
Gain on sale of mortgage loans (1,002) (335)
Proceeds from sales of mortgage loans 69,109 22,710
Loans originated for sale (65,327) (22,069)
Increase in accrued interest receivable
and other assets (362) (526)
Increase (decrease) in accrued interest payable and other liabilities (219) 1,472
------------- --------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 5,854 3,582
INVESTING ACTIVITIES
Proceeds from sale of securities available for sale 993 2,163
Proceeds from maturities of securities available for sale 15,863 6,716
Purchases of securities available for sale (16,419) (3,833)
Net decrease (increase) in portfolio loans 13,623 (6,835)
Net purchases of premises and equipment (399) (439)
------------- --------------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 13,661 (2,228)
FINANCING ACTIVITIES
Net (decrease) increase in deposits (6,676) 10,547
Decrease in securities sold under agreements
to repurchase and other short term borrowings (3,411) (14,051)
(Decrease) Increase of note payable (6,226) 1,284
Cash proceeds from issuance of common stock 448 409
Purchase of common stock (12) (30)
Cash dividends (923) (811)
------------- --------------
NET CASH USED IN FINANCING ACTIVITIES (16,800) (2,652)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,715 (1,298)
Cash and cash equivalents at beginning of period 45,814 28,096
------------- --------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $48,529 $26,798
============= ==============
Supplemental Disclosure
Interest Paid $4,288 $6,894
Income Taxes Paid $1,725 $0
Non-cash transaction: purchased goodwill $254
See notes to consolidated financial statements.
Page 5
FIRSTBANK CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2002
NOTE A - FINANCIAL STATEMENTS
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2002, are not necessarily indicative of the results that may be expected for the year ending December 31, 2002. The balance sheet at December 31, 2001, has been derived from the audited financial statements at that date. For further information, refer to the consolidated financial statements and footnotes thereto included in the Corporation’s annual report on Form 10-K for the year ended December 31, 2001.
NOTE B - SECURITIES
Individual securities held in the security portfolio are classified as securities available for sale. Securities might be sold prior to maturity due to changes in interest rates, prepayment risks, yield, availability of alternate investments, liquidity needs or other factors. Securities classified as available for sale are reported at their fair value and the related unrealized holding gain or loss is reported, net of related income tax effects, as a separate component of shareholders’ equity until realized.
NOTE C - LOAN COMMITMENTS
Loan commitments (including unused lines of credit and letters of credit) are made to accommodate the financial needs of the Banks’ customers. The commitments have credit risk essentially the same as that involved in extending loans to customers, and are subject to the Banks’ normal credit policies and collateral requirements. Loan commitments, which are predominately at variable rates, were approximately $109,323,000 and $108,696,000 at March 31, 2002, and December 31, 2001, respectively.
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NOTE D - NONPERFORMING LOANS AND ALLOWANCE FOR LOAN LOSSES
Nonperforming Loans and Assets
The following table summarizes nonaccrual and past due loans at the dates indicated:
March 31, December 31,
(Dollars in thousands) 2002 2001
- ---------------------- ----------- -----------
Nonperforming loans:
Nonaccrual loans $1,058 $ 501
Loans 90 days or more past due 660 2,089
Renegotiated loans 53 53
------ ------
Total nonperforming loans $1,771 $2,643
===== =====
Property from defaulted loans $ 389 $ 516
====== ======
Nonperforming loans as a percent of total loans* .30% .44%
Nonperforming loans + ORE as a percent of total
loans* + ORE .37% .53%
Nonperforming assets as a percent of total assets .29% .42%
Analysis of the Allowance for Loan Losses
- ----------------------------------------- Three Months Ended
March 31, March 31,
(Dollars in thousands) 2002 2001
- ---------------------- ---------- ----------
Balance at beginning of period $ 11,038 $ 9,857
Charge-offs (400) (99)
Recoveries 97 83
-------- ---------
Net (charge-offs) recoveries (303) (16)
Additions from the provision for loan losses 372 203
Balance at end of period $ 11,107 $ 10,044
========= =========
Average total loans* outstanding during the period 589,433 600,222
Allowance for loan loss as a percent of total loans* 1.89% 1.66%
Allowance for loan loss as a percent of nonperforming loans 627% 421%
Net Chargeoffs^ as a percent of average loans* .21% .01%
*All loan ratios exclude loans held for sale
^Annualized
Page 7
NOTE E - RECLASSIFICATION
Certain 2001 amounts have been reclassified to conform to the 2002 presentation.
NOTE F - BASIC AND DILUTED EARNINGS PER SHARE
(Dollars in thousands except for per share data) Three months ended March 31,
2002 2001
---- ----
Earnings per share
Net Income $2,667 $1,612
Weighted average common shares outstanding 5,121 5,009
----- -----
Basic earnings per share $ 0.52 $ 0.32
====== ======
Earnings per share assuming dilution
Net Income $2,667 $1,612
Weighted average common shares outstanding 5,121 5,009
Add dilutive effect of assumed exercises of options 113 67
------ -------
Weighted average common and dilutive potential
common shares outstanding 5,234 5,076
----- -----
Diluted earnings per share $ 0.51 $ 0.32
====== ======
Stock options for 86,604 and 92,144 shares of common stock were not considered in computing diluted earnings per share for 2002 and 2001 because they were antidilutive.
NOTE G - GOODWILL AMORTIZATION
Adoption of a new accounting standard on January 1, 2002, resulted in $3,533,000 of unamortized goodwill ceasing to be amortized into expense. According to the related amortization schedules, this will result in an increase of $261,000 in 2002 income. The following table adjusts 2001 net income and earnings per share as reported to reflect these items as if the new standard had been adopted in 2001, and compares those adjusted results to actual 2002 results.
(Dollars in thousands except for per share data) Three months ended March 31,
2002 2001
---- ----
Net Income as Reported $2,667 $1,612
Adjustment for Change in Goodwill Accounting, net of tax 42
-------- -------
Adjusted net income $2,667 $1,654
===== =====
As Reported:
Basic earnings per share $0.52 $0.32
Diluted earnings per share $0.51 $0.32
As Adjusted:
Basic earnings per share $0.52 $0.33
Diluted earnings per share $0.51 $0.33
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The consolidated financial information presented is for Firstbank Corporation ("Corporation") and its wholly owned subsidiaries, Firstbank - Alma, Firstbank (Mt. Pleasant), Firstbank - West Branch (including its majority holding in C.A. Hanes Realty, Inc.), Firstbank - Lakeview, Firstbank - St. Johns (collectively the "Banks") and Gladwin Land Company.
Financial Condition
Total assets showed little change during the first three months of 2002 decreasing 1.9%, or $14.6 million, when compared to December 31, 2001. Cash and cash equivalents increased $2.7 million, or 5.9% while securities available for sale and loans held for sale declined $880,000, or 1.2%, and $2.8 million, or 48.5%, respectively.
Total loans decreased $13.9 million, or 2.3%, during the first quarter of 2002. The commercial loan portfolio grew nearly $5 million, but this growth was offset by decreases in both mortgage and consumer loans of $17.3 million and $1.6 million, respectively. The decline in mortgage loans was largely attributable to re-finance activity, where re-financed portfolio loans were sold into the secondary market (with servicing retained by Firstbank).
Net charge-offs of loans increased to $303,000 in the first quarter of 2002 compared to $16,000 in the first quarter of 2001. The ratio of net charge-offs of loans (annualized) to average loans increased to 0.21% in the first quarter of 2002 compared to 0.01% in the first quarter of 2001. The provision for loan losses in the first quarter of 2002, at $372,000, exceeded net charge-offs by $69,000, and resulted in an increase in the allowance for loan loss of $69,000, or 0.6%, during the first three months of 2002. At March 31, 2002, the allowance as a percent of outstanding loans was 1.89% compared to 1.84% at year end 2001. Management continues to maintain the allowance for loan losses at a level considered appropriate to absorb losses in the portfolio. The allowance balance is established after considering past loan loss experience, current economic conditions, volume, growth and composition of the loan portfolio, delinquencies, and other relevant factors, as detailed further below.
Total deposits declined $6.7 million, or 1.2%, from December 31, 2001 to March 31, 2002. Increases of $6.9 million, or 4.3%, in interest bearing demand deposits and of $3.2 million, or 4.5%, in savings deposits were offset by decreases of $7.2 million, or 8.4%, in non-interest bearing account balances and $9.6 million, or 3.9%, in time deposits. For the three month period ended March 31, 2002, securities sold under agreements to repurchase and overnight borrowings decreased by $3.4 million, or 10.6%. Notes payable also decreased by $6.2 million, or 8.2%, from the end of December 2001, to the end of March 2002, as it was not necessary to renew all maturing notes. The reduced deposits and other funding sources were commensurate with the weak demand for funds from lending activities.
Total shareholder’s equity increased $1.9 million, or 2.7%, during the first three months of 2002. Net income of $2,667,000 and stock issuances of $448,000 increased shareholders’ equity, while stock repurchases of $12,000, dividends of $923,000, and net unrealized depreciation on securities available for sale of $239,000 decreased shareholders’ equity. Book value was $14.48 per share at March 31, 2002, up from $14.15 at December 31, 2001.
Page 9
The following table discloses compliance with current regulatory capital requirements on a consolidated basis:
Total
Tier 1 Risk-based
(Dollars in thousands) Leverage Capital Capital
- --------------------------- -------- ------- -------
Capital balances at March 31, 2002 $71,872 $65,057 $65,057
Required Regulatory Capital $30,324 $22,299 $44,598
Capital in excess of regulatory minimums $41,548 $42,758 $20,459
Capital ratios at March 31, 2002 8.58% 11.67% 12.89%
Regulatory capital ratios -- "well capitalized" 5.00% 6.00% 10.00%
definition
Regulatory capital ratios -- minimum requirement 4.00% 4.00% 8.00%
Results of Operations
For the first quarter of 2002, net income was $2,667,000, basic earnings per share were $0.52 and diluted earnings per share were $0.51, compared to $1,612,000, $0.32, and $0.32 for the first quarter of 2001. Net income for 2001 was reduced by a $446,000 one-time charge (net of tax of $230,000) taken in the first quarter of 2001 and discussed in previous disclosures. Basic earnings per share and diluted earnings per share were each reduced by $0.09 in the 2001 first quarter due to the one-time charge.
Net income for 2002 was increased as the result of new accounting guidance issued in 2001 which changed the accounting for goodwill and intangible assets with indefinite lives. Adoption of this standard as required on January 1, 2002, resulted in $3,533,000 of unamortized goodwill ceasing to be amortized into expense and resulted in a $45,500 reduction of expense, net of tax, for the first quarter of 2002. Applying the new standard to the first quarter of 2001 would result in adjusted net income of $1,654,000 with basic earnings per share increased by $0.01 to $0.33 and diluted earnings per share increased by $0.01 to $0.33.
Average earning assets increased $23 million, or 3.4%, from the first quarter of 2001 to the same period of 2002. The yield on earning assets decreased 125 basis points to 7.40% for the quarter ended March 31, 2002 compared to 8.65% for the quarter ended March 31, 2001. The cost of funding related liabilities decreased 167 basis points when comparing the three month periods ended March 31, from 4.20% of earning assets in 2001 to 2.53% in 2002.
Since the decrease in the cost of funds relative to earning assets was greater than the decrease in yield on earning assets, the net interest margin increased 42 basis points from 4.45% in 2001 to 4.87% in 2002. Net interest income increased $981,000, or 13.4%, in the first three months of 2002 compared to the same period in 2001.
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The provision for loan losses increased $169,000 to $372,000 for the first quarter of 2002 compared to $203,000 in the first quarter of 2001. Net charge-offs of loans increased $287,000 as detailed above in the discussion under “Financial Condition.” Also, during 2001, management developed and implemented a more comprehensive quantitative and qualitative methodology for analyzing factors which impact the allowance more consistently across its five banking subsidiaries. The process applies risk factors for historical charge-off and delinquency experience, portfolio segment growth rates, and industry and regional factors and trends as they affect our banks’ portfolios. The developments in the analysis process since the first quarter of 2001, the consideration of exposures to industries potentially most affected by current risks in the economic and political environment, and the review of potential risks in certain credits that are not considered part of the non-performing loan category contributed to the establishment of the allowance levels at each bank. Maintaining these appropriate levels while experiencing greater net charge-offs required increased provision expense for the first quarter of 2002 compared to the year earlier level. (See discussion under “Financial Condition” for additional comments on the level of allowance for loan losses.)
Total non-interest income increased $704,000, or 37.5% when the first three months of 2002 are compared to the same period in 2001. Strong mortgage refinance activity continued into the first quarter of 2002 and resulted in an increase of $667,000, or 199%, in gain on sale of mortgage loans when the first quarter of 2002 is compared to the first quarter of 2001. Service fees on deposit accounts for the three month period ended March 31, 2002 posted an increase of $119,000 or 28.1%, over the March 31, 2001 figure. Improved rates of collection of fees at affiliate banks contributed to the increase. Other non-interest income increased by $69,000, or 7.2%, for the quarter ended March 31, 2002 compared to the quarter ended March 31, 2001. Certain other categories of non-interest income declined, most notably mortgage servicing income, which declined from a positive $41,000 in the first three months of 2001 to a negative $60,000 in the first three months of 2001. The decline was due to the impact of refinances and other pre-payments, which require mortgage servicing rights to be written down or written off against mortgage servicing income. Excluding these write-downs and write-offs, mortgage servicing income grew 15% to $203,000 in the first three months of 2002 compared to $176,000 in the first three months of 2001. The write-downs and write-offs of mortgage servicing rights, totaling $263,000 in the first quarter of 2002, were small in comparison to the gain on sale of mortgages which amounted to $1,002,000.
Total non-interest expense decreased by $139,000, or 2.1%, when comparing the three month periods ended March 31, 2002 and 2001. Amortization of intangibles decreased $70,000, or 35.0%, $65,000 of which was related to the accounting change discussed above. Michigan single business tax expense declined by $108,000, or 81.8%, as the company continued to benefit from the reorganization of the mortgage business of each of the five banks into the more efficient and competitive structure of a mortgage company subsidiary. Miscellaneous non-interest expense decreased by $298,000, or 13.9%. Excluding the one-time charge posted in the first quarter of 2001, miscellaneous expense increased $389,000. Of this figure, $167,000 was from the write-off of contractually obligated processing fees for the trust department of one of the banks, as those trust assets are being assumed by another, unrelated, financial institution under terms which should benefit Firstbank Corporation. Salaries and employee benefits increased by $292,000, or 9.0%, when
Page 11
the quarter ended March 31, 2002 is compared to the same period in 2001. Yearly merit raises account for $147,000 of the salary increase. The remaining increase includes increases of $91,000 in year-end employee bonus expense accruals over the 2001 first quarter figure, and $53,000 in additional costs of employee benefits, primarily heath insurance, experienced throughout the Company. Occupancy and equipment costs increased $46,000, or 5.2%, as a result of increased depreciation costs on additional premises and equipment investments made throughout 2001.
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and about the Corporation itself. Words such as “anticipate,” “believe,” “determine,” “estimate,” “expect,” “forecast,” “intend,” “is likely,” “plan,” “project,” “opinion,” variations of such terms, and similar expressions are intended to identify such forward-looking statements. The presentations and discussions of the provision and allowance for loan losses, and determinations as to the need for other allowances presented in this report are inherently forward-looking statements in that they involve judgements and statements of belief as to the outcome of future events. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Internal and external factors that may cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of pending and future litigation and contingencies; trends in customer behavior and customer ability to repay loans; software failure, errors or miscalculations; and the vicissitudes of the national economy. The Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
Page 12
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Information under the headings, “Liquidity and Interest Rate Sensitivity” on page 8 and “Quantitative and Qualitative Disclosure About Market Risk” on pages 9 through 10 in the registrant’s annual report to shareholders for the year ended December 31, 2001, is here incorporated by reference. Firstbank’s annual report is filed as Exhibit 13 to its Form 10-K annual report for its fiscal year ended December 31, 2001.
Firstbank faces market risk to the extent that both earnings and the fair values of its financial instruments are affected by changes in interest rates. The Corporation manages this risk with static GAP analysis and simulation modeling. The Corporation does not believe that there has been a material change in the nature of the Corporation’s primary market risk exposures, including the categories of market risk to which the Corporation is exposed and the particular markets that present the primary risk of loss to the Corporation. As of the date of this Form 10-Q Quarterly Report, the Corporation does not know of or expect there to be any material change in the general nature of its primary market risk exposure in the near term.
The methods by which the Corporation manages its primary market risk exposures, as described in the sections of its Form 10-K Annual Report incorporated by reference in response to this item, have not changed materially during the current year. As of the date of this Form 10-Q quarterly report, the Corporation does not expect to change those methods in the near term. However, the Corporation may change those methods in the future to adapt to changes in circumstances or to implement new techniques.
The Corporation’s market risk exposure is mainly comprised of its vulnerability to interest rate risk. Prevailing interest rates and interest rate relationships in the future will be primarily determined by market factors which are outside of Firstbank’s control. All information provided in response to this item consists of forward looking statements. Reference is made to the section captioned “Forward Looking Statements” on page 12 of this Form 10-Q quarterly report for a discussion of the limitations on Firstbank’s responsibility for such statements.
Page 13
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
| (a) | Exhibits:
None |
| | |
| (b) | Reports on Form 8-K
None |
14
SIGNATURES
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.
| | FIRSTBANK CORPORATION
(Registrant) |
| | |
| Date:May 15, 2002 | \s\Thomas R. Sullivan
Thomas R. Sullivan
President, Chief Executive Officer
(Principal Executive Officer) |
| | |
| Date:May 15, 2002 | \s\Samuel G. Stone
Samuel G. Stone
Executive Vice President, Chief Financial Officer
(Principal Accounting Officer) |
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