Answer by taking a quote from the following article:

Future Islands is an American synthpop band based in Baltimore, Maryland, and signed to 4AD, currently comprising Gerrit Welmers (keyboards and programming), William Cashion (bass, acoustic and electric guitars), and Samuel T. Herring (lyrics and vocals). The band was formed in January 2006 by Welmers, Cashion and Herring--the remaining members of the performance art college band Art Lord & the Self-Portraits--and drummer Erick Murillo. Murillo left in November 2007, after which the band relocated to Baltimore, MD, and released the debut album Wave Like Home through British label

When Art Lord & the Self Portraits disbanded in late 2005, its members forgot they had discussed with alt-country band The Texas Governor the possibility of touring together. Future Islands was formed in early 2006 to keep that commitment, with an original line-up consisting of Cashion, Herring, Welmers and Erick Murillo--bassist for The Kickass --who played an electronic drum kit.  Already as Art Lord & the Self-Portraits, the band wanted to change their image and took this opportunity to do so. William Cashion stated: "Me and Gerrit had been talking for a while about how we wanted to get rid of the gimmick. We wanted to be taken seriously. Our songs had outgrown the gimmick that the band was made on. The songs were starting to deal with bigger, personal, universal themes. We wanted to be taken seriously."  The band played their first show on February 12, 2006 at an anti-Valentine's Day party in a venue called the Turducken house, opening for about a dozen bands. After writing 6-7 songs in only one week, they had to come up with a new name quickly, narrowing it down to two choices--Future Shoes and Already Islands--and combining them into one. Future Islands self-released the EP Little Advances on April 28, 2006 which they recorded in March 2006.  A couple of months later, Herring dropped out college and left Greenville to deal with a substance abuse problem he had acquired: In June, I left town and didn't come back. It was just drug problems, man. I got sucked into the darkness of partying and shit college kids do. I came clean to my parents and said, 'Look, I have a problem and need your help.' I stayed at my parent's for about a month and then moved across the state to Asheville, North Carolina. It took about a year for me to get my act together.  The band still continued and on January 6, 2007 they self-released a split CD with Welmers' solo project Moss of Aura, recorded in December 2006.

What were other names for new album besides Little Advances?
they had to come up with a new name quickly, narrowing it down to two choices--Future Shoes and Already Islands--