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First Federal Of Northern Michigan Bancorp, Inc. (FFNM) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

First Federal Of Northern Michigan Banco

CIK: 1128227 Ticker: FFNM

First Federal of Northern Michigan Bancorp, Inc. Announces Adjustment to Earnings Due to Subsequent Events

ALPENA, Mich., March 21, 2011 /PRNewswire/ -- First Federal of Northern Michigan Bancorp, Inc. (Nasdaq: FFNM) (the "Company") adjusted its previously reported net income downward by $435,000 to a net loss of $355,000, or $0.12 per basic and diluted share, and to net income of $238,000, or $0.08 per basic and diluted share, for the quarter and year ended December 31, 2010, respectively, due to events which occurred subsequent to year-end.

The downward adjustment was due primarily to the entry into a contract to sell the Company's largest piece of commercial REO property at a price $265,000 below the previously established book value at December 31, 2010. The Company expects that the sale of this property will close during the second quarter of 2011. Additionally, the adjustment to earnings reflected the following: information obtained in February 2011 pertaining to a property in non-accrual on December 31, 2010 resulted in a $75,000 addition to the provision for loan losses; a receivable recorded at December 31, 2010 was deemed to be uncollectible which required a charge to income of $45,000; and attorney fees were determined to be under-accrued by $50,000 as of December 31, 2010.

Michael W. Mahler, President and Chief Executive Officer of the Company, commented, "We are, of course, pleased to have a purchase agreement in place on our largest piece of commercial REO property. Charging down this property and the non-accrual loan to their revised net realizable values at December 31, 2010 improves our Texas ratio from the previously reported 40.17% to 39.66%. The sale of this property in 2011 will further reduce our Texas Ratio to approximately 35.30%, all else remaining equal."

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.



CONTACT: Amy E. Essex, Chief Financial Officer, Treasurer & Corporate Secretary, First Federal of Northern Michigan Bancorp, Inc., +1-989-356-9041


The following information was filed by First Federal Of Northern Michigan Bancorp, Inc. (FFNM) on Monday, March 21, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: FFNM
CIK: 1128227
Form Type: 10-K Annual Report
Accession Number: 0001144204-11-017550
Submitted to the SEC: Mon Mar 28 2011 3:15:38 PM EST
Accepted by the SEC: Mon Mar 28 2011
Period: Friday, December 31, 2010
Industry: National Commercial Banks

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