Alpena Bancshares, Inc. Announces First Quarter Earnings

Apr 19, 2001, 01:00 ET from Alpena Bancshares, Inc.

    ALPENA, Mich., April 19 /PRNewswire/ -- Alpena Bancshares, Inc.
 (OTC Bulletin Board:   ALPN) the holding company of First Federal of Northern
 Michigan, formerly First Federal Savings & Loan Association of Alpena,
 announced first quarter earnings of $335,000 or $0.20 per share for the three
 months ended March 31, 2001, compared to $381,000 or $0.23 per share for the
 first quarter of 2000.  After excluding one-time gains in the earlier year
 period, core earnings increased approximately 26% for the three months ended
 March 31, 2001.  In 2000, the Company recognized gains in the liquidation of
 certain available-for-sale securities to enhance both liquidity and future
 earnings.  These gains totaled approximately $116,000, net of taxes, for the
 three months ended March 31, 2000.  Jerry A. Christensen, President and Chief
 Executive Officer, said, "We are pleased that we are seeing the positive
 effects of adjustments made in 1999 and 2000.  The strong mortgage demand
 coupled with the bank's secondary market activities has had a positive effect
 on earnings."
     First Federal is a community-based financial institution headquartered in
 Alpena, Michigan.  It has branches in Ossineke, Mio, Cheboygan, Oscoda, Indian
 River and Lewiston, and recently announced plans to open a full service branch
 in Gaylord.  All of these branches are located in the northern lower peninsula
 of Michigan.  The Company's web site is www.first-federal.com , and its stock
 trades on the OTC Bulletin Board under the symbol ALPN.
 
 
     Alpena Bancshares, Inc. and Subsidiaries
     Financial Highlights  (Unaudited)
                                                    At               At
                                                 March 31,      December 31,
     Balance Sheet Data                            2001             2000
 
     Cash and cash equivalents                  $9,471,572      $16,827,502
     Investment securities available-for-sale   17,091,630       15,425,198
     Loans, net of allowance for loan
       losses of $625,000 in 2001 and
       $649,000 in 2000                        212,569,676      219,806,656
     Other assets                               15,069,403       14,950,093
     Total assets                             $254,202,281     $267,009,449
 
     Deposits                                 $168,319,316     $162,771,407
     Borrowings                                 63,434,600       82,434,600
     Other liabilities                           2,596,199        2,332,053
     Stockholders' equity                       19,852,166       19,471,389
     Total liabilities and stockholders'
       equity                                 $254,202,281     $267,009,449
 
 
                                                 For the Three Months Ended
                                                          March 31,
     Operating Results                             2001             2000
 
     Net interest income                        $1,546,840       $1,511,351
     Provision for loan losses                      45,000           45,000
     Net interest income after provision
       for loan losses                           1,501,840        1,466,351
     Total other income                            426,793          370,394
     Total other expense                         1,409,356        1,258,054
     Income before income tax expense              519,277          578,691
     Income tax expense                            184,350          197,717
     Net income                                   $334,927         $380,974
     Basic and diluted earnings per share            $0.20            $0.23
     Dividends per common share                     $0.125            $0.15
 
 
     Stock Price Information
 
     High price during the past 52 weeks             $9.06
     Low price during the past 52 weeks               6.50
     Closing price at March 31, 2001                  9.06
     Price/earnings ratio at March 31, 2001           6.92
 
 

SOURCE Alpena Bancshares, Inc.
    ALPENA, Mich., April 19 /PRNewswire/ -- Alpena Bancshares, Inc.
 (OTC Bulletin Board:   ALPN) the holding company of First Federal of Northern
 Michigan, formerly First Federal Savings & Loan Association of Alpena,
 announced first quarter earnings of $335,000 or $0.20 per share for the three
 months ended March 31, 2001, compared to $381,000 or $0.23 per share for the
 first quarter of 2000.  After excluding one-time gains in the earlier year
 period, core earnings increased approximately 26% for the three months ended
 March 31, 2001.  In 2000, the Company recognized gains in the liquidation of
 certain available-for-sale securities to enhance both liquidity and future
 earnings.  These gains totaled approximately $116,000, net of taxes, for the
 three months ended March 31, 2000.  Jerry A. Christensen, President and Chief
 Executive Officer, said, "We are pleased that we are seeing the positive
 effects of adjustments made in 1999 and 2000.  The strong mortgage demand
 coupled with the bank's secondary market activities has had a positive effect
 on earnings."
     First Federal is a community-based financial institution headquartered in
 Alpena, Michigan.  It has branches in Ossineke, Mio, Cheboygan, Oscoda, Indian
 River and Lewiston, and recently announced plans to open a full service branch
 in Gaylord.  All of these branches are located in the northern lower peninsula
 of Michigan.  The Company's web site is www.first-federal.com , and its stock
 trades on the OTC Bulletin Board under the symbol ALPN.
 
 
     Alpena Bancshares, Inc. and Subsidiaries
     Financial Highlights  (Unaudited)
                                                    At               At
                                                 March 31,      December 31,
     Balance Sheet Data                            2001             2000
 
     Cash and cash equivalents                  $9,471,572      $16,827,502
     Investment securities available-for-sale   17,091,630       15,425,198
     Loans, net of allowance for loan
       losses of $625,000 in 2001 and
       $649,000 in 2000                        212,569,676      219,806,656
     Other assets                               15,069,403       14,950,093
     Total assets                             $254,202,281     $267,009,449
 
     Deposits                                 $168,319,316     $162,771,407
     Borrowings                                 63,434,600       82,434,600
     Other liabilities                           2,596,199        2,332,053
     Stockholders' equity                       19,852,166       19,471,389
     Total liabilities and stockholders'
       equity                                 $254,202,281     $267,009,449
 
 
                                                 For the Three Months Ended
                                                          March 31,
     Operating Results                             2001             2000
 
     Net interest income                        $1,546,840       $1,511,351
     Provision for loan losses                      45,000           45,000
     Net interest income after provision
       for loan losses                           1,501,840        1,466,351
     Total other income                            426,793          370,394
     Total other expense                         1,409,356        1,258,054
     Income before income tax expense              519,277          578,691
     Income tax expense                            184,350          197,717
     Net income                                   $334,927         $380,974
     Basic and diluted earnings per share            $0.20            $0.23
     Dividends per common share                     $0.125            $0.15
 
 
     Stock Price Information
 
     High price during the past 52 weeks             $9.06
     Low price during the past 52 weeks               6.50
     Closing price at March 31, 2001                  9.06
     Price/earnings ratio at March 31, 2001           6.92
 
 SOURCE  Alpena Bancshares, Inc.