SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1997
or
[ ] TRANSITION 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
FIRSTBANK CORPORATION
(Exact name of registrant as specified in its charter)
MICHIGAN 38-2633910
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
311 WOODWORTH AVENUE,
ALMA, MICHIGAN 48801
(Address of principal executive offices) (Zip Code)
(517) 463-3131
(Registrant's telephone number, including area code)
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 . . . 1,642,334 shares outstanding as of July 31, 1997.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (UNAUDITED)
Consolidated balance sheets . . . . June 30, 1997
and December 31, 1996. page 3
Consolidated statements of income . . . . three
months ended June 30, 1997, and June 30, 1996. page 4
Consolidated statements of income . . . . six
months ended June 30, 1997, and June 30, 1996. page 5
Consolidated statements of changes in shareholders'
equity page 6
Consolidated statements of cash flows . . . . six
months ended June 30, 1997, and June 30, 1996. page 7
Notes to consolidated financial statements . . . .
June 30, 1997. page 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations. page 11
PART II. OTHER INFORMATION
Item 2. Changes in Securities page 14
Item 6. Exhibits and Reports on Form 8-K page 14
SIGNATURES page 15
EXHIBITS
Exhibit 27 -- Financial Data Schedule page 16
page 2
FIRSTBANK CORPORATION
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 1997 AND DECEMBER 1, 1996
(UNAUDITED)
JUNE 30, DECEMBER 31,
1997 1996
------------ ------------
ASSETS
Cash and due from banks $ 21,148,119 $ 19,430,993
Short term investments 2,532,685 1,797,479
------------ ------------
Total cash and cash equivalents 23,680,804 21,228,472
Securities available for sale 63,872,770 57,561,141
Loans
Loans held for sale 6,615,468 6,755,863
Portfolio loans
Commercial 130,238,077 121,945,076
Real estate mortgage 121,460,052 115,849,643
Consumer 70,558,036 69,080,989
------------ ------------
Total loans 328,871,633 313,631,571
Less allowance for loan losses (6,652,000) (6,247,000)
------------ ------------
Net loans 322,219,633 307,384,571
Premises and equipment, net 8,106,091 8,218,954
Acquisition intangibles 3,408,806 3,847,832
Accrued interest receivable 2,463,265 2,236,870
Other assets 4,270,036 4,093,102
------------ ------------
TOTAL ASSETS $428,021,405 $404,570,942
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest bearing accounts $ 48,792,922 $ 47,752,360
Interest bearing accounts:
Demand 85,648,111 86,768,530
Savings 56,776,241 59,391,775
Time 173,583,450 164,756,724
------------ ------------
Total deposits 364,800,724 358,669,389
page 3
Securities sold under agreements to
repurchase and overnight borrowings 20,649,161 6,832,592
Notes payable 3,040,465 2,239,039
Accrued interest and other liabilities 4,473,681 3,741,861
------------ ------------
Total liabilities 392,964,031 371,482,881
SHAREHOLDERS' EQUITY
Preferred stock; no par value, 300,000
shares authorized, none issued
Common stock; 2,500,000 shares authorized,
1,641,048 shares issued and outstanding
(1,627,843 in December 1996) 24,686,360 24,228,132
Retained earnings 9,961,679 8,296,590
Unrealized gain (loss) on available for sale securities 409,335 563,339
------------ ------------
Total shareholders' equity 35,057,374 33,088,061
------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $428,021,405 $404,570,942
============ ============
See notes to consolidated financial statements
page 4
FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
THREE MONTHS
ENDED JUNE 30,
1997 1996
----------- -----------
Interest income:
Interest and fees on loans $ 7,664,846 $ 6,740,989
Investment securities
Taxable 576,759 512,278
Exempt from Federal Income Tax 377,253 360,922
Short term investments 30,575 26,958
----------- -----------
Total interest income 8,649,433 7,641,147
Interest expense:
Deposits 3,598,796 3,058,550
Notes payable and other 196,142 195,956
----------- -----------
Total interest expense 3,794,938 3,254,506
----------- -----------
Net interest income 4,854,495 4,386,641
Provision for loan losses 462,000 535,000
----------- -----------
Net interest income after provision for loan losses 4,392,495 3,851,641
Noninterest income:
Gain on sale of mortgage loans 158,116 164,373
Service charges on deposit accounts 274,410 261,896
Trust fees 90,657 63,727
Gain on sale of securities (440) (756)
Other 296,728 245,952
----------- -----------
Total noninterest income 819,471 735,192
Noninterest expense:
Salaries and employee benefits 1,861,822 1,667,625
Occupancy 462,294 392,561
FDIC Insurance premium 16,053 21,815
Michigan Single Business Tax 95,900 89,500
Other 1,085,771 875,983
----------- -----------
Total noninterest expense 3,521,840 3,047,484
----------- -----------
Income before federal income taxes 1,690,126 1,539,349
Federal income taxes 468,000 420,000
----------- -----------
page 5
NET INCOME $ 1,222,126 $ 1,119,349
=========== ===========
Per Share:
NET INCOME $ 0.75 $ 0.69
=========== ===========
DIVIDENDS $ 0.26 $ 0.21
=========== ===========
See notes to consolidated financial statements
page 6
FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
SIX MONTHS
ENDED JUNE 30,
1997 1996
----------- -----------
Interest income:
Interest and fees on loans $14,939,630 $13,148,508
Investment securities
Taxable 1,079,970 1,024,624
Exempt from Federal Income Tax 743,776 746,640
Short term investments 99,349 79,115
----------- -----------
Total interest income 16,862,725 14,998,887
Interest expense:
Deposits 7,081,086 6,161,866
Notes payable and other 336,568 345,130
----------- -----------
Total interest expense 7,417,654 6,506,996
----------- -----------
Net interest income 9,445,071 8,491,891
Provision for loan losses 713,000 832,000
----------- -----------
Net interest income after provision for loan losses 8,732,071 7,659,891
Noninterest income:
Gain on sale of mortgage loans 276,355 318,864
Service charges on deposit accounts 528,994 497,581
Trust fees 147,501 115,856
Gain on sale of securities (440) 132
Other 614,987 578,288
----------- -----------
Total noninterest income 1,567,397 1,510,721
Noninterest expense:
Salaries and employee benefits 3,604,524 3,279,472
Occupancy 936,474 886,824
FDIC Insurance premium 7,715 43,629
Michigan Single Business Tax 191,400 170,700
Other 2,167,217 1,820,091
----------- -----------
Total noninterest expense 6,907,330 6,200,716
----------- -----------
Income before federal income taxes 3,392,138 2,969,896
Federal income taxes 943,000 797,000
----------- -----------
page 7
NET INCOME $ 2,449,138 $ 2,172,896
=========== ===========
Per Share:
NET INCOME $ 1.50 $ 1.34
=========== ===========
DIVIDENDS $ 0.48 $ 0.38
=========== ===========
See notes to consolidated financial statements
page 8
FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)
NET UNREALIZED
APPRECIATION
(DEPRECIATION) ON
(IN THOUSANDS) COMMON RETAINED AVAILABLE FOR SALE
STOCK EARNINGS SECURITIES TOTAL
----------- ----------- ------------------ -----------
BALANCES AT DECEMBER 31, 1995 $21,355,293 $ 7,583,783 $ 913,577 $29,852,653
Cash dividends - $.80 per share (1,297,400) (1,297,400)
5% stock dividend - 77,060 shares 2,620,039 (2,633,181) (13,142)
Issuance of 2,128 shares of common stock
through exercise of stock options 46,947 46,947
Issuance of 4,870 shares of common stock
through dividend reinvestment plan 144,063 144,063
Issuance of 1,831 shares of common stock
through supplemental purchase under
dividend reinvestment plan 61,790 61,790
Net change in unrealized appreciation
(depreciation) on available for
sale securities (350,238) (350,238)
Net income for 1996 4,643,388 4,643,388
----------- ----------- --------- -----------
BALANCES AT DECEMBER 31, 1996 24,228,132 8,296,590 563,339 33,088,061
Cash dividends - $.48 per share (784,050) (784,050)
Issuance of 3,019 shares of common stock
through exercise of stock options 74,606 74,606
Issuance of 5,707 shares of common stock
through dividend reinvestment plan 211,532 211,532
Issuance of 4,479 shares of common stock
through supplemental purchase under
dividend reinvestment plan 172,090 172,090
Net change in unrealized appreciation
(depreciation) on available for
sale securities (154,004) (154,004)
Net income year to date 2,449,139 2,449,139
----------- ----------- --------- -----------
BALANCES AT JUNE 30, 1997 $24,686,360 $ 9,961,679 $ 409,335 $35,057,374
=========== =========== ========= ===========
See notes to consolidated financial statements
page 9
FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED
JUNE 30, 1997 AND 1996
(UNAUDITED)
SIX MONTHS ENDED JUNE 30,
1997 1996
------------ ------------
OPERATING ACTIVITIES
Net income $ 2,449,139 $ 2,172,896
Adjustment to reconcile net income to net cash provided
by operating activities
Provision for loan losses 713,000 832,000
Depreciation of premises and equipment 431,373 363,006
Net amortization of security premiums/discounts 65,065 183,450
Loss (gain) on sale of securities 440 (132)
Amortization of goodwill and other intangibles 442,166 134,385
Gain on sale of mortgage loans (276,355) (318,864)
Proceeds from sales of mortgage loans 18,718,268 17,898,622
Unrealized loss on loans held for sale 148,998 164,973
Loans originated for sale (18,301,518) (25,145,643)
Increase in accrued interest receivable and other assets (327,131) (281,414)
Increase in accrued interest payable and other liabilities 731,820 36,021
------------ ------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 4,795,265 (3,960,700)
INVESTING ACTIVITIES
Proceeds from sale of securities available for sale 560,467 2,035,499
Proceeds from maturities of securities available for sale 14,373,669 11,600,296
Purchases of securities available for sale (21,544,612) (9,400,664)
Net increase in portfolio loans (15,837,455) (21,745,368)
Net purchases of premises and equipment (318,510) (371,819)
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES (22,766,441) (17,882,056)
FINANCING ACTIVITIES
Net increase in deposits 6,131,335 19,012,362
Increase in securities sold under agreements
to repurchase and other short term borrowings 13,816,569 2,947,908
Increase in note payable 801,426
Cash proceeds from issuance of common stock 458,228 41,076
Cash dividends (784,050) (617,409)
------------ ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 20,423,508 21,383,937
page 10
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,452,332 (458,819)
Cash and cash equivalents at beginning of period 21,228,472 16,748,740
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 23,680,804 $ 16,289,921
============ ============
Supplemental Disclosure
Interest Paid $ 7,413,872 $ 6,562,780
Income Taxes Paid $ 800,000 $ 1,125,000
See notes to consolidated financial statements
page 11
FIRSTBANK CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1997
(UNAUDITED)
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 six month period ended June 30, 1997, are not necessarily
indicative of the results that may be expected for the year ended December
31, 1997. The balance sheet at December 31, 1996, 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, 1996. Net income per share is based on the weighted average
shares outstanding for each period, 1,634,103 in 1997 and 1,620,193 in
1996.
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. As required by
SFAS 115, 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 $52,565,844 and
$44,025,790 at June 30, 1997, and December 31, 1996, respectively.
page 12
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:
JUNE 30, DECEMBER 31,
(DOLLARS IN THOUSANDS) 1997 1996
------------------------------------ -------- ------------
Nonperforming loans:
Nonaccrual loans $ 199 $ 218
Loans 90 days or more past due 482 689
Renegotiated loans 135 150
----- ------
Total nonperforming loans $ 816 $1,057
===== ======
Property from defaulted loans $ 60 $ 130
===== ======
Nonperforming loans as a percent of:
Total loans .25% .34%
==== ====
Allowance for loan losses 12.27% 16.9%
====== =====
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
The following table summarizes changes in the allowance for loan losses
arising from loans charged off, recoveries on loans previously charged off,
and additions to the allowance which have been charged to expense.
page 13
SIX SIX TWELVE
MONTHS MONTHS MONTHS
ENDED ENDED ENDED
JUNE 30, JUNE 30, DECEMBER 31,
(DOLLARS IN THOUSANDS) 1997 1996 1996
- ----------------------------------------- -------- -------- ------------
Balance at beginning of period $ 6,247 $ 4,876 $ 4,876
Charge-offs (484) (360) (780)
Recoveries 176 120 313
-------- -------- --------
Net charge-offs (308) (240) (467)
Additions to allowance for
loan losses 713 832 1,838
-------- -------- --------
Balance at end of period $ 6,652 $ 5,468 $ 6,247
======== ======== ========
Average loans outstanding
during the period $320,238 $276,963 $289,332
======== ======== ========
Loans outstanding at end of period $328,872 $292,270 $313,632
======== ======== ========
Allowance as a percent of:
Total loans at end of period 2.02% 1.86% 1.99%
==== ==== ====
Nonperforming loans at end of period 815% 852% 591%
=== === ===
Net charge-offs as a percent of:
Average loans outstanding .09% .09% .16%
=== === ===
Average Allowance for loan losses 4.79% 4.77% 8.59%
==== ==== ====
page 14
NOTE E - RECLASSIFICATION
Certain 1996 amounts have been reclassified to conform to the 1997
presentation.
NOTE F - SUBSEQUENT EVENT
On August 8, 1997, the Corporation consummated a merger with an unrelated
bank holding company with assets of $88 million and deposits of $75
million. The Corporation will issue approximately 400,000 shares of stock
and $660,000 in cash to the shareholders of the acquired holding company.
The details of this transaction will be fully disclosed in a report on
Form 8-K filed at a later date.
NOTE G - ACCOUNTING STANDARDS
In August 1996, the FASB issued Statement of Financial Accounting
Standards No. 125, ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL
ASSETS AND EXTINGUISHMENTS OF LIABILITIES. The Statement is effective for
transfers and servicing of financial assets and extinguishments of
liabilities for some transactions in 1997 and others in 1998, and is to be
applied prospectively. Example transactions covered by SFAS No. 125
include asset securitizations, repurchase agreements, wash sales, loan
participations, transfers of loans with recourse and servicing of loans.
The standard is based on a consistent application of a financial-components
approach that focuses on control. Under this Statement, after a transfer
of financial assets, an entity recognizes the financial and servicing
assets it controls and the liabilities it has incurred, derecognizes
financial assets when control has been surrendered, and derecognizes
liabilities when extinguished. The Statement provides consistent standards
for distinguishing transfers of financial assets that are sales from
transfers that are secured borrowings. SFAS No. 125 supersedes SFAS No.
122, ACCOUNTING FOR MORTGAGE SERVICING RIGHTS, and supersedes SFAS No. 76,
EXTINGUISHMENT OF DEBT and SFAS No. 77, REPORTING BY TRANSFERORS FOR
TRANSFERS OF RECEIVABLES WITH RECOURSE. Retroactive application is not
permitted. The Corporation has adopted SFAS 125 according to the
statement's effective dates, and its adoption has had no material impact on
the Corporation's financial position or results of operations.
page 15
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, Bank of
Alma, Firstbank (Mt. Pleasant), and 1st Bank (West Branch) (collectively
the "Banks").
FINANCIAL CONDITION
Total assets of the Corporation grew $23 million or 5.8% from December 31,
1996, to June 30, 1997. The majority of this growth, 65% or over $15
million, is attributable to an increase in loans.
Investment securities were $6 million or 11% higher at June 30, 1997, than
at the end of 1996. The increase is the result of investments of excess
cash held at December 31, 1996, from branch acquisitions that occurred in
mid December. Another $2 million of the growth is from the investment of
municipal funds for which the affiliate banks were the successful bidders.
The municipal monies were invested in short term instruments. All
securities are classified as available for sale.
All categories of loans have posted increases during the first half of
1997, with commercial loans accounting for the largest share of the
increases. While mortgage activity on June 30 had not reached the levels
of the previous year, the recent decrease in mortgage rates has increased
mortgage demand in the last few weeks of the quarter.
The allowance for loan losses has increased $405,000 or 6.5% from December
31, 1996, to June 30, 1997. The allowance is 2.02% of outstanding loans at
June 30, 1997, compared to 1.99% at December 31, 1996. 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.
Deposits have shown a modest increase of 1.7% or $6 million in the first
six months of 1997. Time deposits have posted gains of nearly $9 million
during this period due in part to a certificate of deposit promotional.
Securities sold under agreement to repurchase and overnight borrowings have
experienced a $14 million increase since the end of 1996. The decrease in
savings and interest demand deposit products are a result of moving deposit
customers into the securities sold under agreement to repurchase accounts.
Total shareholders' equity reflects an increase of $1,969,000 or 6.0%
during the first six months of 1997. Net income of $2,449,000 and stock
transactions of $458,000 increased shareholders' equity while dividends of
page 16
$784,000 and a change in net unrealized gain (loss) on available for sale
securities of $154,000 reduced shareholders' equity. Book value per share
at December 31, 1996, was $20.33 compared to $21.45 at June 30, 1997.
The following table discloses compliance with current regulatory
requirements on a consolidated basis:
TIER 1 RISK-BASED
(DOLLARS IN THOUSANDS) LEVERAGE CAPITAL CAPITAL
------------------------------ -------- ------- -------
Capital balances at June 30, 1997 $31,197 $31,197 $35,194
Required Regulatory Capital 16,590 12,684 25,369
------- ------- -------
Capital in excess of regulatory minimums $14,607 $18,513 $ 9,825
======= ======= =======
Capital ratios at June 30, 1997 7.52% 9.84% 11.10%
Regulatory capital ratios -- "well capitalized"
definition 5.00% 6.00% 10.00%
Regulatory capital ratios -- minimum requirement 4.00% 4.00% 8.00%
RESULTS OF OPERATIONS
Net income for the second quarter of 1997 was $1,222,000 compared to
$1,119,000 for the same period in 1996. For the first six months of 1997,
net income was $2,449,000 compared to $2,173,000 for the same period in
1996 representing a $276,000 or 12.7% increase.
The provision for loan losses was $713,000 for the first half and $462,000
for the second quarter of 1997 compared to $832,000 and $535,000 for the
same periods in 1996. Upon analysis of the loan portfolio, management
believes that the provision maintains the allowance for loan losses at an
appropriate level.
Noninterest expense for the second quarter of 1997 was $3,522,000 compared
to $3,047,000 for the second quarter of 1996. Noninterest expense
increased $706,000 or 11.4% for the first six months of 1997 to $6,907,000
when compared to $6,201,000 posted during the same period in 1996. With
the exception of FDIC expense, all line items in noninterest expense have
increased.
Salaries and benefits have grown by 9.9% for the first six months of 1997
when compared to the same period in 1996. Salary increments account for
page 17
approximately half of this increase. In addition, the salary expense for
1997 includes expenses of operating two branches which were acquired in
December 1996.
Other noninterest expense rose in both the second quarter and first half of
1997 when compared to similar time frames of 1996. For the six months
ending June 30, 1997, other noninterest expense was $2,167,000 or 19.1%
higher than the $1,820,000 registered for the six months of June 30, 1996.
Over 20% of the increases is the result of expenses from two additional
branches acquired in December 1996. In addition, excess goodwill was
written off in two acquired business units to reflect management's
judgement of their current value.
Net income per share increased 8.7% or $.06 per share for the second
quarter of 1997 when compared to the second quarter of 1996. Year to date
net income of $1.50 per share represents a $.16 or 11.9% increase from the
first half results of 1996 of $1.34. All 1996 per share data have been
restated to reflect the 1996 5% stock dividend.
page 18
PART II. OTHER INFORMATION
ITEM 2. CHANGES IN SECURITIES
At various times in the second quarter of 1997, the Corporation
issued unregistered shares of its common stock totaling 873
shares to members of the board of directors of the Corporation
and the Corporation's subsidiary banks. The shares were issued
as retainers and/or directors fees for the directors' services on
the boards. The Corporation claims an exemption from
registration for the issuances under Section 4(2) of the
Securities Act of 1933, as amended, which exempts transactions by
an issuer not involving any public offering. The shares were
issued in accordance with the Corporation's board compensation
policy. The issuance did not involve any general solicitation.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
Exhibit 27 -- Financial Data Schedule
(b) Reports on Form 8-K
NONE
page 19
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: AUGUST 11, 1997 \S\ JOHN MCCORMACK
John McCormack
President, Chief Executive Officer and
Director (Principal Executive Officer)
Date: AUGUST 11, 1997 \S\ MARY D. DECI
Mary D. Deci
Vice President and Chief Financial
Officer (Principal Accounting Officer)
page 20