MICHIGAN | 0-20167 | 38-2062816 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
130 SOUTH CEDAR STREET, MANISTIQUE, MICHIGAN | 49854 | |
(Address of principal executive offices) | (Zip Code) |
EXHIBIT | ||||
NUMBER | EXHIBIT DESCRIPTION | |||
99 | Press Release of Mackinac Financial Corporation dated May 4, 2011 |
Date: May 4, 2011 |
MACKINAC FINANCIAL CORPORATION | |||
By: | /s/ Ernie R. Krueger | |||
Ernie R. Krueger | ||||
EVP/CFO |
EXHIBIT | ||||
NUMBER | EXHIBIT DESCRIPTION | |||
99 | Press Release dated May 4, 2011 |
For Release:
|
May 4, 2011 | |
Nasdaq:
|
MFNC | |
Contact:
|
Investor Relations at (888) 343-8147 | |
Website:
|
www.bankmbank.com |
| Nonperforming assets at the end of the first quarter of 2011 totaled $15.045 million, a reduction of $1.080 million from 2010 year end balances. |
| In the first quarter of 2011, the corporation did not record a provision for loan losses as compared to the $.900 million provision recorded in the first quarter of 2010. |
| ORE write-downs/gains and losses of $.467 million |
| Core deposit growth of $25.024 million primarily in transactional accounts, accounting for $17.743 million of this growth. |
| A stable and improving net interest margin of 3.92% for the quarter. |
| SBA/USDA loan sale premium income of $.236 million with a solid pipeline of new loans for sale entering into the second quarter which should enable the company to exceed first quarter totals. We still see premium pricing in the 108% to 110% range on these transactions. |
For The Period Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Selected Financial Condition Data (at end of period): |
||||||||||||
Assets |
$ | 492,790 | $ | 478,696 | $ | 502,427 | ||||||
Loans |
374,609 | 383,086 | 377,311 | |||||||||
Investment securities |
37,543 | 33,860 | 36,841 | |||||||||
Deposits |
400,783 | 386,779 | 405,212 | |||||||||
Borrowings |
36,069 | 36,069 | 36,140 | |||||||||
Common shareholders equity |
43,340 | 43,176 | 48,160 | |||||||||
Total shareholders equity |
54,097 | 53,882 | 58,722 | |||||||||
Selected Statements of Income Data: |
||||||||||||
Net interest income |
$ | 4,141 | $ | 16,385 | $ | 4,022 | ||||||
Income (Loss) before taxes and preferred dividend |
659 | (3,918 | ) | 300 | ||||||||
Net income (Loss) |
256 | (1,160 | ) | 3,526 | ||||||||
Income (Loss) per common share Basic |
.07 | (0.34 | ) | 1.03 | ||||||||
Income (Loss) per common share Diluted |
.07 | (0.34 | ) | 1.03 | ||||||||
Weighted average shares outstanding |
3,419,736 | 3,419,736 | 3,419,736 | |||||||||
Selected Financial Ratios and Other Data: |
||||||||||||
Performance Ratios: |
||||||||||||
Net interest margin |
3.92 | % | 3.66 | % | 3.51 | % | ||||||
Efficiency ratio |
75.73 | 72.57 | 78.12 | |||||||||
Return on average assets |
.22 | (0.23 | ) | 2.81 | ||||||||
Return on average common equity |
2.40 | (2.54 | ) | 32.08 | ||||||||
Return on average total equity |
1.92 | (2.06 | ) | 25.95 | ||||||||
Average total assets |
$ | 478,861 | $ | 502,993 | $ | 508,495 | ||||||
Average common shareholders equity |
43,147 | 45,568 | 44,577 | |||||||||
Average total shareholders equity |
53,870 | 56,171 | 55,109 | |||||||||
Average loans to average deposits ratio |
98.27 | % | 94.36 | % | 92.93 | % | ||||||
Common Share Data (at end of period): |
||||||||||||
Market price per common share |
$ | 6.02 | $ | 4.58 | $ | 4.72 | ||||||
Book value per common share |
$ | 12.67 | $ | 12.63 | $ | 14.08 | ||||||
Common shares outstanding |
3,419,736 | 3,419,736 | 3,419,736 | |||||||||
Other Data (at end of period): |
||||||||||||
Allowance for loan losses |
$ | 6,184 | $ | 6,613 | $ | 4,737 | ||||||
Non-performing assets |
$ | 15,045 | $ | 16,125 | $ | 17,619 | ||||||
Allowance for loan losses to total loans |
1.65 | % | 1.73 | % | 1.26 | % | ||||||
Non-performing assets to total assets |
3.05 | % | 3.37 | % | 3.51 | % | ||||||
Texas Ratio |
24.96 | % | 26.66 | % | 27.75 | % | ||||||
Number of: |
||||||||||||
Branch locations |
11 | 11 | 10 | |||||||||
FTE Employees |
108 | 110 | 103 |
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
(Dollars in thousands) | (Unaudited) | (Unaudited) | ||||||||||
ASSETS |
||||||||||||
Cash and due from banks |
$ | 41,715 | $ | 22,719 | $ | 19,359 | ||||||
Federal funds sold |
12,000 | 12,000 | 36,000 | |||||||||
Cash and cash equivalents |
53,715 | 34,719 | 55,359 | |||||||||
Interest-bearing deposits in other financial institutions |
734 | 713 | 700 | |||||||||
Securities available for sale |
37,543 | 33,860 | 36,841 | |||||||||
Federal Home Loan Bank stock |
3,423 | 3,423 | 3,794 | |||||||||
Loans: |
||||||||||||
Commercial |
287,760 | 297,047 | 296,271 | |||||||||
Mortgage |
81,404 | 80,756 | 76,996 | |||||||||
Installment |
5,445 | 5,283 | 4,044 | |||||||||
Total Loans |
374,609 | 383,086 | 377,311 | |||||||||
Allowance for loan losses |
(6,184 | ) | (6,613 | ) | (4,737 | ) | ||||||
Net loans |
368,425 | 376,473 | 372,574 | |||||||||
Premises and equipment |
9,715 | 9,660 | 10,060 | |||||||||
Other real estate held for sale |
5,081 | 5,562 | 7,723 | |||||||||
Other assets |
14,154 | 14,286 | 15,376 | |||||||||
TOTAL ASSETS |
$ | 492,790 | $ | 478,696 | $ | 502,427 | ||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||
LIABILITIES: |
||||||||||||
Deposits: |
||||||||||||
Noninterest bearing deposits |
$ | 39,269 | $ | 41,264 | $ | 30,356 | ||||||
NOW, money market, checking |
154,420 | 134,703 | 109,374 | |||||||||
Savings |
17,691 | 17,670 | 20,675 | |||||||||
CDs< $100,000 |
104,258 | 96,977 | 75,822 | |||||||||
CDs> $100,000 |
21,803 | 22,698 | 30,173 | |||||||||
Brokered |
63,342 | 73,467 | 138,812 | |||||||||
Total deposits |
400,783 | 386,779 | 405,212 | |||||||||
Borrowings: |
||||||||||||
Federal Home Loan Bank |
35,000 | 35,000 | 35,000 | |||||||||
Other |
1,069 | 1,069 | 1,140 | |||||||||
Total borrowings |
36,069 | 36,069 | 36,140 | |||||||||
Other liabilities |
1,841 | 1,966 | 2,353 | |||||||||
Total liabilities |
438,693 | 424,814 | 443,705 | |||||||||
Shareholders equity: |
||||||||||||
Preferred stock No par value: |
||||||||||||
Authorized 500,000 shares, 11,000 shares issued and outstanding |
10,757 | 10,706 | 10,562 | |||||||||
Common stock and additional paid in capital No par value |
||||||||||||
Authorized 18,000,000 shares |
||||||||||||
Issued and outstanding 3,419,736 shares |
43,525 | 43,525 | 43,502 | |||||||||
Accumulated earnings (deficit) |
(705 | ) | (961 | ) | 3,724 | |||||||
Accumulated other comprehensive income |
520 | 612 | 934 | |||||||||
Total shareholders equity |
54,097 | 53,882 | 58,722 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 492,790 | $ | 478,696 | $ | 502,427 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(Dollars in thousands except per share data) | (Unaudited) | (Unaudited) | ||||||
INTEREST INCOME: |
||||||||
Interest and fees on loans: |
||||||||
Taxable |
$ | 5,136 | $ | 5,191 | ||||
Tax-exempt |
42 | 52 | ||||||
Interest on securities: |
||||||||
Taxable |
282 | 397 | ||||||
Tax-exempt |
7 | 7 | ||||||
Other interest income |
33 | 40 | ||||||
Total interest income |
5,500 | 5,687 | ||||||
INTEREST EXPENSE: |
||||||||
Deposits |
1,219 | 1,457 | ||||||
Borrowings |
140 | 208 | ||||||
Total interest expense |
1,359 | 1,665 | ||||||
Net interest income |
4,141 | 4,022 | ||||||
Provision for loan losses |
| 900 | ||||||
Net interest income after provision for loan losses |
4,141 | 3,122 | ||||||
OTHER INCOME: |
||||||||
Service fees |
217 | 223 | ||||||
Net security gains |
| 215 | ||||||
Income from loans sold |
314 | 316 | ||||||
Other |
46 | 53 | ||||||
Total other income |
577 | 807 | ||||||
OTHER EXPENSE: |
||||||||
Salaries and employee benefits |
1,824 | 1,720 | ||||||
Occupancy |
365 | 345 | ||||||
Furniture and equipment |
194 | 194 | ||||||
Data processing |
176 | 189 | ||||||
Professional service fees |
153 | 173 | ||||||
Loan and deposit |
179 | 268 | ||||||
ORE writedowns and (gains) losses on sale |
467 | 147 | ||||||
FDIC insurance assessment |
285 | 222 | ||||||
Telephone |
51 | 47 | ||||||
Advertising |
88 | 72 | ||||||
Other |
277 | 252 | ||||||
Total other expense |
4,059 | 3,629 | ||||||
Income before provision for income taxes |
659 | 300 | ||||||
Provision for (benefit of) income taxes |
214 | (3,411 | ) | |||||
NET INCOME |
$ | 445 | $ | 3,711 | ||||
Preferred dividend and accretion of discount |
189 | 185 | ||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ | 256 | $ | 3,526 | ||||
INCOME PER COMMON SHARE: |
||||||||
Basic |
$ | .07 | $ | 1.03 | ||||
Diluted |
$ | .07 | $ | 1.03 | ||||
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Commercial Loans |
||||||||||||
Real estate operators of nonresidential buildings |
$ | 58,132 | $ | 58,114 | $ | 49,753 | ||||||
Hospitality and tourism |
35,016 | 37,737 | 44,820 | |||||||||
Operators of nonresidential buildings |
17,091 | 16,598 | 13,170 | |||||||||
Real estate operators of nonresidential buildings |
15,518 | 15,857 | 21,529 | |||||||||
Other |
138,565 | 135,411 | 138,964 | |||||||||
Total Commercial Loans |
264,322 | 263,717 | 268,236 | |||||||||
1-4 family residential real estate |
75,663 | 75,074 | 70,087 | |||||||||
Consumer |
5,445 | 5,283 | 4,044 | |||||||||
Construction |
||||||||||||
Commercial |
23,438 | 33,330 | 28,035 | |||||||||
Consumer |
5,741 | 5,682 | 6,909 | |||||||||
Total Loans |
$ | 374,609 | $ | 383,086 | $ | 377,311 | ||||||
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Nonperforming Assets : |
||||||||||||
Nonaccrual loans |
$ | 9,859 | $ | 5,921 | $ | 9,027 | ||||||
Loans past due 90 days or more |
| | | |||||||||
Restructured loans |
105 | 4,642 | 869 | |||||||||
Total nonperforming loans |
9,964 | 10,563 | 9,896 | |||||||||
Other real estate owned |
5,081 | 5,562 | 7,723 | |||||||||
Total nonperforming assets |
$ | 15,045 | $ | 16,125 | $ | 17,619 | ||||||
Nonperforming loans as a % of loans |
2.66 | % | 2.76 | % | 2.62 | % | ||||||
Nonperforming assets as a % of assets |
3.05 | % | 3.37 | % | 3.51 | % | ||||||
Reserve for Loan Losses: |
||||||||||||
At period end |
$ | 6,184 | $ | 6,613 | $ | 4,737 | ||||||
As a % of loans |
1.65 | % | 1.73 | % | 1.26 | % | ||||||
As a % of nonperforming loans |
62.06 | % | 62.61 | % | 47.87 | % | ||||||
As a % of nonaccrual loans |
62.72 | % | 111.69 | % | 52.48 | % | ||||||
Texas ratio |
24.96 | % | 26.66 | % | 27.75 | % | ||||||
Charge-off Information (year to
date): |
||||||||||||
Average loans |
$ | 380,066 | $ | 384,347 | $ | 84,640 | ||||||
Net charge-offs |
429 | 5,112 | 1,389 | |||||||||
Charge-offs as a % of average loans |
.11 | % | 1.33 | % | .36 | % | ||||||
QUARTER ENDED | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
BALANCE SHEET (Dollars in thousands) |
||||||||||||||||||||
Total loans |
$ | 374,609 | $ | 383,086 | $ | 382,727 | $ | 384,839 | $ | 377,311 | ||||||||||
Allowance for loan losses |
(6,184 | ) | (6,613 | ) | (5,437 | ) | (6,371 | ) | (4,737 | ) | ||||||||||
Total loans, net |
368,425 | 376,473 | 377,290 | 378,468 | 372,574 | |||||||||||||||
Intangible assets |
| | | | | |||||||||||||||
Total assets |
492,790 | 478,696 | 499,006 | 500,774 | 502,427 | |||||||||||||||
Core deposits |
315,638 | 290,614 | 287,055 | 271,026 | 236,227 | |||||||||||||||
Noncore deposits (1) |
85,145 | 96,165 | 117,469 | 134,758 | 168,985 | |||||||||||||||
Total deposits |
400,783 | 386,779 | 404,524 | 405,784 | 405,212 | |||||||||||||||
Total borrowings |
36,069 | 36,069 | 36,069 | 36,140 | 36,140 | |||||||||||||||
Common shareholders equity |
43,340 | 43,176 | 45,329 | 45,621 | 48,160 | |||||||||||||||
Total shareholders equity |
54,097 | 53,882 | 55,987 | 56,231 | 58,722 | |||||||||||||||
Total shares outstanding |
3,419,736 | 3,419,736 | 3,419,736 | 3,419,736 | 3,419,736 | |||||||||||||||
AVERAGE BALANCES (Dollars in thousands) |
||||||||||||||||||||
Assets |
$ | 478,861 | $ | 488,320 | $ | 512,335 | $ | 502,942 | $ | 508,495 | ||||||||||
Loans |
380,066 | 385,296 | 385,268 | 382,169 | 384,640 | |||||||||||||||
Deposits |
386,743 | 393,266 | 416,847 | 405,449 | 413,897 | |||||||||||||||
Common equity |
43,147 | 44,339 | 46,041 | 47,542 | 44,577 | |||||||||||||||
Equity |
53,870 | 55,015 | 56,668 | 57,889 | 55,109 | |||||||||||||||
INCOME STATEMENT (Dollars in thousands) |
||||||||||||||||||||
Net interest income |
$ | 4,141 | $ | 4,276 | $ | 4,064 | $ | 4,023 | $ | 4,022 | ||||||||||
Provision for loan losses |
| 1,800 | 1,000 | 2,800 | 900 | |||||||||||||||
Net interest income after provision |
4,141 | 2,476 | 3,064 | 1,223 | 3,122 | |||||||||||||||
Total other income |
577 | 747 | 648 | 593 | 807 | |||||||||||||||
Total other expense |
4,059 | 4,037 | 3,601 | 5,330 | 3,629 | |||||||||||||||
Income before taxes |
659 | (814 | ) | 111 | (3,514 | ) | 300 | |||||||||||||
Provision for (benefit of) income taxes |
214 | 1,093 | 30 | (1,212 | ) | (3,411 | ) | |||||||||||||
Net income |
445 | (1,907 | ) | 81 | (2,302 | ) | 3,711 | |||||||||||||
Preferred dividend expense |
189 | 185 | 185 | 186 | 185 | |||||||||||||||
Net income (loss) available to common
shareholders |
$ | 256 | $ | (2,092 | ) | $ | (104 | ) | $ | (2,488 | ) | $ | 3,526 | |||||||
PER SHARE DATA |
||||||||||||||||||||
Earnings |
$ | .07 | $ | (.61 | ) | $ | (.03 | ) | $ | (.73 | ) | $ | 1.03 | |||||||
Book value per common share |
12.67 | 12.63 | 13.26 | 13.34 | 14.08 | |||||||||||||||
Market value, closing price |
6.02 | 4.58 | 5.10 | 6.50 | 4.72 | |||||||||||||||
ASSET QUALITY RATIOS |
||||||||||||||||||||
Nonperforming loans/total loans |
2.66 | % | 2.76 | % | 2.94 | % | 2.87 | % | 2.62 | % | ||||||||||
Nonperforming assets/total assets |
3.05 | 3.37 | 3.41 | 3.34 | 3.51 | |||||||||||||||
Allowance for loan losses/total loans |
1.65 | 1.73 | 1.42 | 1.66 | 1.26 | |||||||||||||||
Allowance for loan losses/nonperforming loans |
62.06 | 62.61 | 48.34 | 57.69 | 47.87 | |||||||||||||||
Texas ratio (2) |
24.96 | 26.66 | 27.68 | 26.71 | 27.76 | |||||||||||||||
PROFITABILITY RATIOS |
||||||||||||||||||||
Return on average assets |
.22 | % | (1.70 | )% | (.08 | )% | (1.98 | )% | 2.81 | % | ||||||||||
Return on average common equity |
2.40 | (18.72 | ) | (.90 | ) | (20.99 | ) | 32.08 | ||||||||||||
Return on average equity |
1.92 | (15.09 | ) | (.73 | ) | (17.24 | ) | 25.95 | ||||||||||||
Net interest margin |
3.92 | 3.88 | 3.69 | 3.56 | 3.51 | |||||||||||||||
Efficiency ratio |
75.73 | 65.05 | 75.98 | 76.04 | 78.12 | |||||||||||||||
Average loans/average deposits |
98.27 | 97.97 | 92.42 | 94.26 | 92.93 | |||||||||||||||
CAPITAL ADEQUACY RATIOS |
||||||||||||||||||||
Tier 1 leverage ratio |
9.70 | % | 9.25 | % | 9.22 | % | 9.38 | % | 9.85 | % | ||||||||||
Tier 1 capital to risk weighted assets |
11.61 | 11.36 | 11.73 | 11.65 | 12.48 | |||||||||||||||
Total capital to risk weighted assets |
12.86 | 12.62 | 12.98 | 12.91 | 13.69 | |||||||||||||||
Average equity/average assets |
11.25 | 11.27 | 11.06 | 11.51 | 10.84 | |||||||||||||||
Tangible equity/tangible assets |
11.25 | 11.27 | 11.06 | 11.51 | 10.84 |
(1) | Noncore deposits includes Internet CDs, brokered deposits 100,000 and CDs greater than $100,000 |
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