-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DDNPjuOYft/3lyFlb6xG31R5U47m2jvl7/OGSN3FVmSsvV/ssPtvR0PZzPkPkJNu 8bhTNMzPHtwDoYw64Us6yQ== 0000943374-06-000570.txt : 20060427 0000943374-06-000570.hdr.sgml : 20060427 20060427164828 ACCESSION NUMBER: 0000943374-06-000570 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060427 DATE AS OF CHANGE: 20060427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First Federal of Northern Michigan Bancorp, Inc. CENTRAL INDEX KEY: 0001128227 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 383567362 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31957 FILM NUMBER: 06785866 BUSINESS ADDRESS: STREET 1: 100 SOUTH SECOND AVENUE CITY: ALPNEA STATE: MI ZIP: 49707 BUSINESS PHONE: (989) 356-9041 MAIL ADDRESS: STREET 1: 100 SOUTH SECOND AVENUE CITY: ALPENA STATE: MI ZIP: 49707 FORMER COMPANY: FORMER CONFORMED NAME: ALPENA BANCSHARES INC DATE OF NAME CHANGE: 20001114 8-K 1 form8k_earnings-042706.txt _A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 26, 2006 First Federal of Northern Michigan Bancorp, Inc. (Exact name of registrant as specified in its charter) Maryland 0-31957 32-0135202 - ---------------------------- -------------------- -------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 100 S. Second Ave., Alpena, Michigan 49707 - --------------------------------------- ------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (989) 356-9041 Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. On April 26, 2006, First Federal of Northern Michigan Bancorp, Inc. reported earnings for the quarter ended March 31, 2006. A press release dated April 26, 2006, giving details associated with the company's earnings is attached as Exhibit 99.1 to this report. The information included in Exhibit 99.1 is considered to be "furnished" under the Securities Exchange Act of 1934. Item 9.01. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Shell Company Transactions. Not Applicable. (d) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press release dated April 26, 2006 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, hereunto duly authorized. FIRST FEDERAL OF NORTHERN MICHIGAN BANCORP, INC. DATE: April 27, 2006 By: /s/ Amy E. Essex ------------------------------- Amy E. Essex Chief Financial Officer EX-99.1 2 form8k_exb991-042706.txt PRESS RELEASE EXHIBIT 99.1 FOR IMMEDIATE RELEASE April 26, 2006 Contact: Martin A. Thomson Chief Executive Officer FIRST FEDERAL OF NORTHERN MICHIGAN BANCORP, INC. ANNOUNCES FIRST QUARTER 2006 EARNINGS Alpena, Michigan - (April 26, 2006) First Federal of Northern Michigan Bancorp, Inc. (Nasdaq: FFNM) (the "Company") reported consolidated net earnings of $212,000, or $.07 per share, for the quarter ended March 31, 2006, compared to net earnings of $142,000, or $.05 per share, for the quarter ended March 31, 2005. Earnings-per-share was calculated based on weighted average outstanding shares of 3,116,745 and 3,066,221 for the periods ended March 31, 2006 and 2005, respectively. The number of shares outstanding for the period ended March 31, 2005 for purposes of calculating per share earnings has been adjusted to give retroactive recognition to the exchange ratio applied in the Company's stock offering and related second-step conversion, which closed on April 1, 2005. Interest income increased to $4.0 million for the three months ended March 31, 2006 from $3.5 million for the same period ended March 31, 2005. The increase in interest income was due primarily to an increase in average balances of non-mortgage loans of $11.0 million from March 31, 2005 to March 31, 2006, reflecting the Company's continued emphasis on commercial lending, and an increase in yield on adjustable rate loans over the same period, reflecting higher market interest rates. Also contributing to higher interest income was the increase in the average balance of available-for-sale securities of $13.8 million from March 31, 2005 to March 31, 2006, while the yield on those securities increased 49 basis points period over period. Interest expense increased to $1.9 million for the three months ended March 31, 2006 from $1.6 million for the three months ended March 31, 2005. This increase was due primarily to an increase in average interest-bearing deposits of $8.4 million from March 31, 2005 to March 31, 2006, as well as an increase of 49 basis points in the costs of those funds, reflecting continued increasing upward market pressure on deposit rates. Stockholders' equity was $36.6 million at March 31, 2006, an increase of $38,000 from December 31, 2005. Net earnings for the quarter of $212,000 were offset by a dividend declaration of $156,000 and loss in value of available-for-sale securities of $40,000. The loss in value of these securities was due to changes in interest rates and was not considered by management to be other than temporary. Total assets of the Company at March 31, 2006 were $287.4 million, an increase of $4.6 million, or 1.6%, over assets of $282.8 million at December 31, 2005. The asset quality of the Company remained strong, with reserves allocated in an amount the Company believes to be adequate to absorb probable losses. The ratio of total nonperforming assets to total assets was 1.11% at March 31, 2006 compared to 1.57% at December 31, 2005. Safe Harbor Statement This news release and other releases and reports issued by the Company, including reports to the Securities and Exchange Commission, may contain "forward-looking statements." The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company is including this statement for purposes of taking advantage of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. First Federal of Northern Michigan Bancorp, Inc. and Subsidiaries Consolidated Balance Sheet
March 31, 2006 December 31, 2005 (Unaudited) ASSETS Cash and cash equivalents: Cash on hand and due from banks......... $4,748,052 $4,497,629 Overnight deposits with FHLB............ 122,156 281,565 ------------ ------------ Total cash and cash equivalents......... 4,870,208 4,779,194 Securities AFS.......................... 54,685,486 53,411,609 Securities HTM.......................... 1,775,000 1,775,000 Loans held for sale..................... 334,172 - Loans receivable, net of allowance for loan losses of $1,430,618 and $1,415,764 as of March 31, 2006 and December 31, 2005, respectively....... 204,502,872 201,183,076 Foreclosed real estate and other repossessed assets.................... 525,269 434,823 Real estate held for investment......... 135,543 352,136 Federal Home Loan Bank stock, at cost... 4,765,000 4,765,000 Premises and equipment.................. 7,568,813 7,392,207 Accrued interest receivable............. 1,469,560 1,601,691 Intangible assets....................... 2,964,105 3,088,986 Goodwill................................ 1,349,854 1,349,854 Other assets............................ 2,418,454 2,641,195 ------------ ------------ Total assets............................ $287,364,336 $282,774,771 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits................................ $185,621,906 $188,734,743 Advances from borrowers for taxes and insurance......................... 234,889 27,709 Federal Home Loan Bank advances & Note Payable.......................... 61,833,622 54,403,622 Accrued expenses and other liabilities.. 2,986,380 2,959,111 ----------- ----------- Total liabilities....................... 250,676,797 246,125,185 ----------- ----------- Commitments and contingencies........... - - Stockholders' equity: Common stock ($0.01 par value 20,000,000 shares authorized 3,120,342 and 3,115,510 shares issued and outstanding, respectively)......................... 31,203 31,155 Additional paid-in capital.............. 23,558,106 23,560,462 Retained earnings, restricted........... - - Retained earnings....................... 14,759,320 14,703,130 Unallocated ESOP........................ (1,163,083) (1,186,940) Accumulated other comprehensive loss.... (498,007) (458,221) ------------ ------------- Total stockholders' equity.............. 36,687,539 36,649,586 ------------ ------------- Total liabilities and stockholders' equity................................ $287,364,336 $282,774,771 ============ ============
First Federal of Northern Michigan Bancorp, Inc. and Subsidiaries Consolidated Statement of Income
For the Three Months Ended March 31, 2006 2005 (Unaudited) Interest income: Interest and fees on loans.............. $3,416,613 3,096,727 Interest and dividends on investments... 561,811 341,644 Interest on mortgage-backed securities.. 54,975 66,717 ----------- ---------- Total interest income................... 4,033,399 3,505,088 ----------- ---------- Interest expense: Interest on deposits.................... 1,239,910 980,938 Interest on borrowings.................. 669,347 617,976 ---------- ---------- Total interest expense.................. 1,909,257 1,598,914 ---------- ---------- Net interest income..................... 2,124,141 1,906,174 Provision for loan losses............... 69,500 79,258 ---------- ---------- Net interest income after provision for loan losses........................ 2,054,641 1,826,916 ---------- ---------- Non Interest income: Service charges and other fees.......... 237,146 231,421 Mortgage banking activities............. 72,803 118,688 Gain on sale of available-for-sale investments............................ - - Net gain on sale of premises and equipment, real estate owned and other repossessed assets..................... 2,256 (4,907) Other................................... 45,220 22,067 Insurance & Brokerage Commissions....... 768,654 732,054 ---------- ---------- Total other income...................... 1,126,079 1,099,323 ---------- ---------- Non interest expenses: Compensation and employee benefits...... 1,544,900 1,564,284 SAIF Insurance Premiums................. 6,408 6,489 Advertising............................. 51,089 39,857 Occupancy............................... 369,281 315,000 Amortization of intangible assets....... 124,881 70,581 Service Bureau Charges.................. 86,281 89,963 Insurance & Brokerage Commission Expense 268,107 280,499 Professional Services................... 85,335 58,656 Donation to First Federal Community Foundation............................. - - Other................................... 324,860 286,853 ---------- ---------- Other expenses.......................... 2,861,142 2,712,182 ---------- ---------- Income before income tax expense........ 319,578 214,057 Income tax expense...................... 107,370 72,046 ---------- ---------- Net income.............................. $212,208 $142,011 ========== ========== Per share data: Basic earnings per share................ $0.07 $0.05 Weighted average number of shares outstanding............................ 3,116,745 3,066,221 Diluted earnings per share.............. $0.07 $0.04 Weighted average number of shares outstanding, including dilutive stock options................................ 3,120,904 3,090,031 Dividends per common share.............. $0.050 $0.054
-----END PRIVACY-ENHANCED MESSAGE-----