First Federal of Northern Michigan

Headquarters

100 South Second Avenue
Alpena, MI 49707
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 1.05% →
1-Year CD N.A. 0.95% →
2-Year CD N.A. 1.05% →
5-Year CD N.A. 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

First Federal of Northern Michigan is an FDIC insured institution located in Alpena, MI. It was founded in 1957 and has approximately $0.31 billion in assets. Customers can open an account at one of its 8 branches.

FDIC Insured Yes
FDIC Certificate # 30985
Date Established 1957
Assets $ 309.57 million
Loans $ 188.62 million
Deposits $ 263.76 million
Capital $ 29.74 million
 

For a more detailed analysis of First Federal of Northern Michigan's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - September 28, 2020

Your Current Location: Virginia, VA 20146


Loan Rates - September 28, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for First Federal of Northern Michigan

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.815% 2.750% 0.88 $2,102 $1,021 Learn More
Rocket Mortgage
NMLS ID: 3030
3.998% 3.875% 1.00 $3,750 $1,176 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.990 %
$0 Learn More
More Info

Note to First Federal of Northern Michigan
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

First Federal of Northern Michigan branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


First Federal of Northern Michigan Locations


Financial Details

First Federal of Northern Michigan Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of First Federal of Northern Michigan. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
First Federal of Northern Michigan U.S. Bank Average
6.69% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, First Federal of Northern Michigan had $2,062,000 in non-current loans and $44,000 in owned real estate. To cover these potential losses it had $29,742,000 in equity and $1,734,000 in loans loss reserves. That gives it a Texas Ratio of 6.69%.

Return on Equity
First Federal of Northern Michigan U.S. Bank Average
5.5% 7.80%

First Federal of Northern Michigan has a Return on Equity of 5.5% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
First Federal of Northern Michigan U.S. Bank Average
9.61% 12.68%

First Federal of Northern Michigan has a Capitalization of 9.61% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

First Federal of Northern Michigan Balance Sheet Analysis

As of March 31, 2018, First Federal of Northern Michigan had assets of $309,566,000, loans of $188,622,000, and deposits of $263,760,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 8.90 million
Interest-bearing balances $ 7.93 million
Total securities $ 95.79 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 188.62 million
Loan loss allowance $ 1.73 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.04 million
Goodwill and other intangibles $ 0.99 million
All other assets $ 9.97 million
     Total Assets $ 279.82 million
LIABILITIES
Total deposits $ 263.76 million
      Interest-bearing deposits $ 205.53 million
      Deposits held in domestic offices $ 263.76 million
      % insured (estimated) 87.10%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 15.10 million
Subordinated debt N.A.
All other liabilities $ 0.97 million
      Total Liabilities $ 279.82 million
      Shareholders’ Equity $ 29.74 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 2.83 million
Total Interest Expense $ 0.29 million
Net interest income $ 2.54 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.55 million
Total non interest expense $ 2.66 million
Pre-tax Net Operating Income $ 0.52 million

Bank Loan Profile?

The top three loan types in First Federal of Northern Michigan’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks, First Federal of Northern Michigan’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 44.82
Multifamily
Mortgages
0.59
Credit Card Loans 0.04
Consumer Auto Loans 0.28
Small Business Loans 0.00
Construction and Development Loans 6.54
Commercial Real Estate 37.26
Commercial and Industrial Loans 9.87
Farm Loans 0.06

Frequently Asked Questions About First Federal Of Northern Michigan

Branches and Savings

Is First Federal Of Northern Michigan FDIC insured?

Yes. It is covered under FDIC Certificate #30985.

Why does First Federal Of Northern Michigan pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are First Federal Of Northern Michigan CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is First Federal Of Northern Michigan a commercial bank?

Yes

Where are First Federal Of Northern Michigan locations?

See branch locations nearby.

Is First Federal Of Northern Michigan open on Saturdays?

Is First Federal Of Northern Michigan open on Sundays?

What time does First Federal Of Northern Michigan open?

What time does First Federal Of Northern Michigan close?

Are First Federal Of Northern Michigan ATMs Open 24/7?

Do First Federal Of Northern Michigan ATMs accept cash deposits?

Can First Federal Of Northern Michigan customers use other ATMs?

Do First Federal Of Northern Michigan branches have notaries?

Will First Federal Of Northern Michigan notarize my document?

What address for First Federal Of Northern Michigan should I put for incoming ACH transfers?

Will the First Federal Of Northern Michigan branch print checks?

Do First Federal Of Northern Michigan checks expire?

Does First Federal Of Northern Michigan require US citizenship to open account?

Can First Federal Of Northern Michigan close my account?

Does First Federal Of Northern Michigan Report to credit bureaus?

Does First Federal Of Northern Michigan Use Equifax?

What is First Federal Of Northern Michigan's ACH Routing Number?

What is First Federal Of Northern Michigan's SWIFT code?

Products

Does First Federal Of Northern Michigan offer mortgages?

Compare mortgage rates here.

Does First Federal Of Northern Michigan offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does First Federal Of Northern Michigan offer personal loans?

Compare personal loan rates here.

Does First Federal Of Northern Michigan offer student loans?

Will First Federal Of Northern Michigan cash a check?

Will First Federal Of Northern Michigan redeem a savings bond?

Does First Federal Of Northern Michigan cash savings bonds?

Will First Federal Of Northern Michigan cash money orders?

Can First Federal Of Northern Michigan issue a money order?

Does First Federal Of Northern Michigan do currency exchange?

Background on The Bank

Who owns First Federal Of Northern Michigan?

How long has First Federal Of Northern Michigan been around?

Can First Federal Of Northern Michigan transfer to other banks?

Does First Federal Of Northern Michigan have quick pay?

Does First Federal Of Northern Michigan accept rolled coins?

Will First Federal Of Northern Michigan accept loose change?

Where is First Federal Of Northern Michigan headquarters?

Customer Reviews for First Federal of Northern Michigan

There are currently no comments for First Federal of Northern Michigan. Be the first to share your experience. Please provide comments that will help others.

Add Your Review

Rate it here →