First Federal of Northern Michigan Bancorp, Inc. Third Quarter 2005 Earnings.

Publication: PR Newswire

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COPYRIGHT 2005 PR Newswire Association LLC

ALPENA, Mich., Oct. 31 /PRNewswire-FirstCall/ -- First Federal of Northern Michigan Bancorp, Inc. (the "Company") reported consolidated net earnings of $363,000, or $.12 per share, for the quarter ended September 30, 2005, compared to net earnings of $244,000, or $.08 per share, for the quarter ended September 30, 2004. Earnings-per-share was calculated based on weighted average outstanding shares of 3,100,511 and 3,065,667 for the periods ended September 30, 2005 and 2004, respectively. The number of shares outstanding for the period ended September 30, 2004 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 $3.9 million for the three months ended September 30, 2005 from $3.4 million for the same period ended September 30, 2004. The increase in interest income was due primarily to an increase in average balances of non-mortgage loans of $15.4 million from September 30, 2004 to September...

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