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Business Description

Industry: Banks » Banks - Regional - US    NAICS: 522110    SIC: 6021
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First Federal of Northern Michigan Bancorp Inc is a bank holding company for First Federal of Northern Michigan (a savings bank). The Bank provides financial services to individuals, families and businesses.

First Federal of Northern Michigan Bancorp, Inc., a Maryland corporation was incorporated in 1957. The Company is a holding company for First Federal of Northern Michigan which is a full-service, community-oriented savings bank. The Bank provides financial services to individuals, families and businesses from eight full-service facilities located in Alpena, Antrim, Cheboygan, Emmett, Iosco, Otsego, Montmorency and Oscoda Counties, Michigan. First Federal of Northern Michigan's business consists mainly of accepting deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in one -to-four-family residential mortgage loans, commercial real estate loans, commercial business loans, consumer loans and in investment securities and mortgage-backed securities. First Federal of Northern Michigan conducts operations through its main office in Alpena, Michigan, which is located in the northeastern lower peninsula of Michigan, and through its seven other branch offices in Michigan. The largest part of the company's loan portfolio is mortgage loans secured by one- to four-family residential real estate. Bancorp also originate commercial loans, commercial real estate loans and consumer loans. The company originates a variety of consumer and other loans, including loans secured by savings accounts, new and used automobiles, mobile homes, boats, recreational vehicles, and other personal property. It originates construction loans to local home builders in its market area, generally with whom the company has an established relationship, and to individuals engaged in the construction of its residence. First Federal of Northern Michigan Bancorp, Inc.'s only direct subsidiary is First Federal of Northern Michigan. First Federal of Northern Michigan has two wholly owned subsidiaries. One subsidiary, Financial Services & Mortgage Corporation, leases, sells, develops and maintains real estate properties. The Company encounters strong competition both in attracting deposits and in originating real estate and other loans. Its direct competition for deposits has historically come from commercial banks, other savings institutions, and credit unions in its market area. Competition for loans comes from such financial institutions. It competes for savings deposits by offering depositors a high level of personal service and a range of competitively priced financial products. It competes for real estate loans primarily on the basis of the interest rates and fees it charges and through advertising. Interest and other charges collected or contracted for by First Federal of Northern Michigan are subject to state usury laws and federal laws concerning interest rates. First Federal of Northern Michigan's operations are also subject to federal laws applicable to credit transactions.

Ratios

vs
industry
vs
history
P/E(ttm) 20.24
FFNM's P/E(ttm) is ranked lower than
70% of the 1585 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.23 vs. FFNM: 20.24 )
Ranked among companies with meaningful P/E(ttm) only.
FFNM' s P/E(ttm) Range Over the Past 10 Years
Min: 6.45  Med: 19.29 Max: 548
Current: 20.24
6.45
548
PE(NRI) 20.24
FFNM's PE(NRI) is ranked lower than
69% of the 1517 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.53 vs. FFNM: 20.24 )
Ranked among companies with meaningful PE(NRI) only.
FFNM' s PE(NRI) Range Over the Past 10 Years
Min: 6.45  Med: 19.29 Max: 548
Current: 20.24
6.45
548
Price/Owner Earnings (ttm) 46.20
FFNM's Price/Owner Earnings (ttm) is ranked lower than
92% of the 868 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.84 vs. FFNM: 46.20 )
Ranked among companies with meaningful Price/Owner Earnings (ttm) only.
FFNM' s Price/Owner Earnings (ttm) Range Over the Past 10 Years
Min: 5.85  Med: 17.49 Max: 206.59
Current: 46.2
5.85
206.59
P/B 0.91
FFNM's P/B is ranked higher than
69% of the 1683 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.19 vs. FFNM: 0.91 )
Ranked among companies with meaningful P/B only.
FFNM' s P/B Range Over the Past 10 Years
Min: 0.07  Med: 0.59 Max: 0.91
Current: 0.91
0.07
0.91
P/S 2.85
FFNM's P/S is ranked higher than
63% of the 1674 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 3.44 vs. FFNM: 2.85 )
Ranked among companies with meaningful P/S only.
FFNM' s P/S Range Over the Past 10 Years
Min: 0.25  Med: 1.51 Max: 2.85
Current: 2.85
0.25
2.85
EV-to-EBIT 25.42
FFNM's EV-to-EBIT is ranked lower than
79% of the 1281 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 12.38 vs. FFNM: 25.42 )
Ranked among companies with meaningful EV-to-EBIT only.
FFNM' s EV-to-EBIT Range Over the Past 10 Years
Min: -356.8  Med: 19.7 Max: 701
Current: 25.42
-356.8
701
EV-to-EBITDA 20.80
FFNM's EV-to-EBITDA is ranked lower than
76% of the 1295 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 11.35 vs. FFNM: 20.80 )
Ranked among companies with meaningful EV-to-EBITDA only.
FFNM' s EV-to-EBITDA Range Over the Past 10 Years
Min: -79.5  Med: 15.7 Max: 102.8
Current: 20.8
-79.5
102.8
PEG 1.34
FFNM's PEG is ranked higher than
53% of the 793 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.44 vs. FFNM: 1.34 )
Ranked among companies with meaningful PEG only.
FFNM' s PEG Range Over the Past 10 Years
Min: 0.8  Med: 1.28 Max: 4.48
Current: 1.34
0.8
4.48

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.89
FFNM's Dividend Yield is ranked lower than
65% of the 2302 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 2.67 vs. FFNM: 1.89 )
Ranked among companies with meaningful Dividend Yield only.
FFNM' s Dividend Yield Range Over the Past 10 Years
Min: 0.36  Med: 2.09 Max: 19.48
Current: 1.89
0.36
19.48
Dividend Payout 0.35
FFNM's Dividend Payout is ranked lower than
53% of the 1292 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.33 vs. FFNM: 0.35 )
Ranked among companies with meaningful Dividend Payout only.
FFNM' s Dividend Payout Range Over the Past 10 Years
Min: 0.11  Med: 0.57 Max: 1.33
Current: 0.35
0.11
1.33
Forward Dividend Yield 2.03
FFNM's Forward Dividend Yield is ranked lower than
69% of the 2243 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 2.84 vs. FFNM: 2.03 )
Ranked among companies with meaningful Forward Dividend Yield only.
N/A
Yield on cost (5-Year) 1.89
FFNM's Yield on cost (5-Year) is ranked lower than
72% of the 2646 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 3.34 vs. FFNM: 1.89 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
FFNM' s Yield on cost (5-Year) Range Over the Past 10 Years
Min: 0.36  Med: 2.09 Max: 19.48
Current: 1.89
0.36
19.48
3-Year Average Share Buyback Ratio -9.00
FFNM's 3-Year Average Share Buyback Ratio is ranked lower than
74% of the 1063 Companies
in the Global Banks - Regional - US industry.

( Industry Median: -2.10 vs. FFNM: -9.00 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
FFNM' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -23.7  Med: 0 Max: 0
Current: -9
-23.7
0

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 0.96
FFNM's Price/Tangible Book is ranked higher than
69% of the 1680 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.23 vs. FFNM: 0.96 )
Ranked among companies with meaningful Price/Tangible Book only.
FFNM' s Price/Tangible Book Range Over the Past 10 Years
Min: 0.09  Med: 0.75 Max: 2.19
Current: 0.96
0.09
2.19
Price/Projected FCF 0.76
FFNM's Price/Projected FCF is ranked higher than
61% of the 911 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.84 vs. FFNM: 0.76 )
Ranked among companies with meaningful Price/Projected FCF only.
FFNM' s Price/Projected FCF Range Over the Past 10 Years
Min: 0.07  Med: 0.49 Max: 5.13
Current: 0.76
0.07
5.13
Price/Median PS Value 1.88
FFNM's Price/Median PS Value is ranked lower than
89% of the 1545 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.16 vs. FFNM: 1.88 )
Ranked among companies with meaningful Price/Median PS Value only.
FFNM' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.2  Med: 1.17 Max: 4.98
Current: 1.88
0.2
4.98
Price/Graham Number 0.93
FFNM's Price/Graham Number is ranked higher than
55% of the 1465 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.95 vs. FFNM: 0.93 )
Ranked among companies with meaningful Price/Graham Number only.
FFNM' s Price/Graham Number Range Over the Past 10 Years
Min: 0.42  Med: 1.18 Max: 4.06
Current: 0.93
0.42
4.06
Earnings Yield (Greenblatt) (%) 3.95
FFNM's Earnings Yield (Greenblatt) (%) is ranked lower than
60% of the 1696 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 5.70 vs. FFNM: 3.95 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
FFNM' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 0.1  Med: 3.05 Max: 18.4
Current: 3.95
0.1
18.4
Forward Rate of Return (Yacktman) (%) 9.98
FFNM's Forward Rate of Return (Yacktman) (%) is ranked lower than
53% of the 893 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 11.05 vs. FFNM: 9.98 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
FFNM' s Forward Rate of Return (Yacktman) (%) Range Over the Past 10 Years
Min: -51.1  Med: 7.3 Max: 160.8
Current: 9.98
-51.1
160.8

More Statistics

Revenue (TTM) (Mil) $11.27
EPS (TTM) $ 0.42
Beta0.48
Short Percentage of Float0.17%
52-Week Range $5.96 - 8.25
Shares Outstanding (Mil)3.73
» More Articles for FFNM

Headlines

Articles On GuruFocus.com
First Federal of Northern Michigan Banco Reports Operating Results (10-Q) Nov 15 2010 
First Federal of Northern Michigan Banco Reports Operating Results (10-Q) Aug 16 2010 
First Federal of Northern Michigan Banco Reports Operating Results (10-Q) May 17 2010 
First Federal of Northern Michigan Banco Reports Operating Results (10-Q) Nov 16 2009 
First Federal of Northern Michigan Banco Reports Operating Results (10-Q) Aug 14 2009 
First Federal of Northern Michigan Banco Reports Operating Results (10-Q) May 15 2009 

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