SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 12, 1999
NORTH COUNTRY FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
Michigan 0-20167 38-2062816
(State or other Jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
130 South Cedar Street, Manistique, Michigan 49854
(Address of Principal Executive Offices) (Zip Code)
(906) 341-8401
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
The following table presents certain unaudited financial data, per share data,
and ratios, which information supplements financial information previously
disclosed by North Country Financial Corporation.
At or For the Three Months
Ended March 31,
1999 1998
Results of Operations:
Interest income $9,732 $9,183
Interest expense 4,622 4,253
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Net interest income 5,110 4,930
Provision for loan losses 213 250
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Net interest income after
provision for loan losses 4,897 4,680
Other operating income 615 542
Other operating expense 3,436 3,658
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Income before taxes 2,076 1,564
Income tax expense 535 414
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Net income $1,541 $1,150
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Ending Balance Sheet Data:
Assets $485,410 $434,043
Securities 8,303 9,351
Loans, net 416,386 377,354
Allowance for loan losses 6,211 5,572
Deposits 415,928 372,162
Long term liabilities 25,482 18,840
Shareholders' equity 38,214 37,471
Per Share Data and Other
Selected Ratios: (1)
Net income per common share:
Basic $ 0.22 $ 0.16
Diluted $ 0.21 $ 0.16
Dividends paid 0.05 0.04
Book value per share 5.44% 5.25%
Dividend Payout Ratio 20.83% 26.96%
Efficiency Ratio (2) 60.02% 66.85%
Return on average assets 1.29% 1.08%
Return on average equity 15.83% 12.42%
Average equity to average assets 8.14% 8.66%
Net interest margin (3) 5.14% 5.46%
Ratio of Earnings to Fixed Charges:
Including interest on deposits (4) 1.45x 1.37x
Excluding interest on deposits (5) 6.30x 6.67x
Capital Ratios:
Shareholders' equity to assets
at period end 7.87% 8.63%
Tangible shareholders' equity
to tangible assets at period end 6.77% 7.26%
Leverage ratio 7.0% 7.0%
Tier 1 capital to risk-weighted
assets 9.2% 9.2%
Total risk-based capital to risk-
weighted assets 10.4% 9.6%
Allowance/Problem Loan Ratios:
Allowance to total loans at
period end 1.47% 1.46%
Ratio of net charge-offs during
period to average loans
outstanding 0.03% 0.07%
(1) Per share amounts adjusted for a 3 for 1 stock split on August 25, 1998.
(2) Calculated as total noninterest expense divided by net interest income and
total noninterest income.
(3) Fully taxable-equivalent basis.
(4) Earnings consist of income before income taxes plus interest expense on
borrowings, amortization of debt issuance costs, interest on deposits, and
the interest component of rental expenses, if any. Fixed charges consist of
interest expense on borrowings, amortization of debt issuance costs,
interest on deposits, and the interest component of rental expenses, if
any.
(5) Earnings consist of income before income taxes plus interest expense on
borrowings, amortization of debt issuance costs, and the interest component
of rental expenses, if any. Fixed charges consist of interest expense on
borrowings, amortization of debt issuance costs, and the interest component
of rental expenses, if any.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORTH COUNTRY FINANCIAL CORPORATION
By /s/ Ronald G. Ford
Ronald G. Ford
Chief Executive Officer
Date: April 27, 1999