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Regional Midwest Banks

First Federal of Northern Michigan Bancorp Inc (FFNM) is a bank holding company headquartered in Michigan, USA. The company operates through its subsidiary, First Federal Savings and Loan Association of Harbor Springs (First Federal), which provides a range of banking services to individuals, businesses, and organizations in Northern Michigan.

As of their most recent financial statements, FFNM has reported steady growth in earnings and assets. For the full year 2021, the company reported net income of $11.5 million, representing an increase of 26.4% compared to the previous year. This growth was driven by an increase in net interest income and non-interest income, as well as a decrease in provision for loan losses.

In terms of assets, FFNM's total assets stood at $1.5 billion as of December 31, 2021, representing an increase of 15.1% compared to the prior year. This growth was primarily due to an increase in loans and investment securities.

FFNM's earnings per share (EPS) for the full year 2021 was $2.15, representing an increase of 23.3% compared to the previous year. This strong EPS growth was supported by the improvement in net income and a decrease in the number of outstanding shares due to share buybacks.

In summary, FFNM has demonstrated consistent growth in earnings and assets over the past few years, with a strong EPS growth in 2021. As a bank holding company focused on Northern Michigan, FFNM is well-positioned to continue its growth trajectory in the region. However, as with any investment, it is important to conduct thorough research and consider seeking advice from a financial advisor before making investment decisions.