Mackinac Financial Corporation (Nasdaq: MFNC) (“we”, or the “Corporation”) the bank holding company for mBank (“the Bank”) today announced 2021 first quarter net income of $3.88 million, or $.37 per share, compared to 2020 first quarter net income of $3.05 million, or $.28 per share. Weighted average shares outstanding for the first quarter of 2021 were 10,522,899 compared to 10,717,967 for the same period of 2020.

Total assets of the Corporation at March 31, 2021 were $1.51 billion, compared to $1.36 billion at March 31, 2020. Shareholders’ equity at March 31, 2021 totaled $170.18 million, compared to $160.06 million at March 31, 2020. Book value per share outstanding equated to $16.13 at the end of the first quarter 2021, compared to $14.93 per share outstanding a year ago. Tangible book value at quarter-end was $146.40 million, or $13.88 per share outstanding, compared to $135.61 million, or $12.87 per share outstanding at the end of the first quarter 2020.

Additional notes:

  • mBank, the Corporation’s primary asset, recorded net income of $4.26 million for the first quarter of 2021.
  • The Bank funded approximately $53 million of Paycheck Protection Program (PPP) loans in the first quarter of 2021 with origination fees totaling approximately $2.78 million. These loans continue to support small businesses throughout our footprint with the majority of recipients residing in the Upper Peninsula and Northern Michigan.  
  • Non-interest income was very solid for the quarter including secondary market mortgage fees and gains on sale of $1.30 million and premiums on the sale of Small Business Administration (SBA) guaranteed loans of $433 thousand.
  • The residential mortgage pipeline resides at robust levels and we expect strong output from this line of business as we look to upcoming quarters.
  • Core operating margin, which is net of accretion from acquired loans and PPP fees that were subject to purchase accounting adjustments, was 4.14%.  
  • On April 12, 2021 the Board of Directors of MFNC announced the signing of a definitive agreement for Nicolet Bankshares (Green Bay, WI) to acquire the Corporation. The transaction is expected to close in the third quarter of 2021. Specific information regarding the transaction can be found at www.bankmbank.com.

Revenue & PPP Recognition

Total revenue of the Corporation for first quarter 2021 was $17.29 million, compared to $17.60 million for the first quarter of 2020. Total interest income for the first three months of 2021 was $14.89 million, compared to $15.67 million for the same period in 2020. The 2021 first quarter interest income included accretive yield of $237 thousand from combined credit mark accretion associated with acquisitions, compared to $818 thousand in the same period of 2020.  

The first quarter 2021 interest income was also positively impacted by recognition of a portion of the PPP loan origination fees that were earned during the quarter:

  • The bank originated approximately $53 million of PPP loans in the first quarter.
  • The origination efforts resulted in fees earned of $2.78 million, which are subject to FASB accounting guidance for recognition.
  • In accordance with applicable accounting guidance, the bank recognized $826 thousand in pre-tax fee revenue that offset ASC 310-20 eligible origination costs.
  • This recognition resulted in $1.95 million of fees remaining to be accreted over the expected life of the PPP loan pool, which will initially be 12-months unless acceleration occurs due to the loans being paid off or forgiven before maturity.
  • The amount accreted during the second quarter was $296 thousand.
  • The total amount of PPP fees that were recognized in the second quarter was $1.12 million, leaving $1.66 million to be accreted or accelerated upon payoff.

Loan Production and Portfolio Mix

Total balance sheet loans at March 31, 2021 were $1.06 billion, compared to March 31, 2020 balances of $1.04 billion. Total loans under management reside at $1.31 billion, which includes $244.14 million of service retained loans. Overall loan production for the first three months of 2021 was $133.56 million, which included $53.73 million of PPP loans. The remaining $79.8 million was inclusive of $35.1 million of secondary market loans, compared to total production of $66.9 million in the first quarter 2020, which was inclusive of $19.0 million of secondary market production.  

Overall Quarterly Loan Production is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f450277-ef09-4a10-8450-2f908fce2b32 

Credit Quality

Nonperforming loans totaled $5.02 million, or .47% of total loans (.53% when excluding PPP loans) at March 31, 2021, compared to $6.42 million, or .61% of total loans at March 31, 2020. Total loan delinquencies greater than 30 days resided at .43% (.48% when excluding PPP loans), compared to 1.23% in 2020. The nonperforming assets to total assets ratio resided at .45% (.48 when excluding PPP loans) for the first quarter of 2021, compared to .64% for the first quarter of 2020. The Corporation currently has no commercial loans in full payment deferral and a nominal $5.3 million that remain in the interest- only portion of their COVID-19 loan modification period. These loans are expected to return to normal principal and interest payments over the next quarter. There are $300 thousand of consumer loans that remain in full payment deferral. Total loans in some type of COVID-19 payment modification are a minimal .59% of total loans. There remains no sign of any adverse systemic issues or deterioration in the loan portfolio and we expect good payment performance as we look to our stronger commerce months ahead.  

Margin Analysis, Funding and Liquidity

Net interest income for first quarter 2021 was $13.78 million, resulting in a Net Interest Margin (NIM) of 4.52%, compared to $13.40 million in the first quarter 2020 and a NIM of 4.60%. Core operating margin, which is net of accretion from acquired loans that were subject to purchase accounting adjustments (as well as PPP impact for the 2021 period), was 4.14% for the first quarter of 2021, compared to 4.32% for the same period of 2020.

Margin Analysis Per Quarter is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6792bddd-857d-40a7-affe-d09627009945 

Total bank deposits (excluding brokered deposits) have increased by approximately $261 million year-over-year from $999.09 million at March 31, 2020 to $1.26 billion at first quarter-end 2021. Total brokered deposits have decreased significantly and were $13.35 million at March 31, 2021, compared to $96.29 million at March 31, 2020, a decrease of 86%. FHLB (Federal Home Loan Bank) borrowings have also decreased from $64.12 million at March 31, 2020 to $53.46 million at March 31, 2021. The company plans to retire an additional $25 million of FHLB borrowings in June 2021. Overall access to short-term functional liquidity remains very strong through multiple sources, if needed.

Noninterest Income / Expense

First quarter 2021 Noninterest Income was $2.40 million, compared to $1.94 million for the same period of 2020. The significant year-over-year improvement is mainly due to the increase of secondary market mortgage sales. Noninterest Expense for the first quarter of 2021 was $11.85 million, compared to $11.37 million for the same period of 2020. The expense variance was largely a result of PPP related expenses.

Assets and Capital

Total assets of the Corporation at March 31, 2021 were $1.51 billion, compared to $1.36 billion at March 31, 2020. Shareholders’ equity at March 31, 2021 totaled $170.18 million, compared to $160.06 million at March 31, 2020. Book value per share outstanding equated to $16.13 at the end of the first quarter 2021, compared to $14.93 per share outstanding a year ago. Tangible book value at quarter-end was $146.40 million, or $13.88 per share outstanding, compared to $135.61 million, or $12.87 per share outstanding at the end of the first quarter 2020.

Both the Corporation and the Bank are “well-capitalized” with total risk-based capital to risk-weighted assets of 15.34% and 14.62% and tier 1 capital to total tier 1 average assets at the Corporation of 9.63% and at the bank of 9.16%. The leverage ratio is calculated inclusive of PPP loan balances.

Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation and Chairman of mBank concluded, “As we move toward closing of the Nicolet transaction, the company continues to work on behalf of all constituencies to make the transition as smooth as possible while maintaining best-in-class service to our valued clients. We know that with our experience on the buy-side and Nicolet being an active acquirer, we have two dedicated teams that will complete this process in the best manner possible.”

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $1.5 billion and whose common stock is traded on the NASDAQ stock market as “MFNC.” The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 28 branch locations: ten in the Upper Peninsula, ten in the Northern Lower Peninsula, one in Oakland County, Michigan, and seven in Northern Wisconsin. The Corporation’s banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.

Forward-Looking Statements

This release contains certain forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “should,” “will,” and variations of such words and similar expressions are intended to identify forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: risks that the Company’s proposed merger with Nicolet Bankshares, Inc. (“Nicolet”) will not be consummated due to inability to obtain shareholder or regulatory approval or to satisfy certain closing conditions, or if consummated, the possibility that any of the anticipated benefits of the proposed merger will not be realized; changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

Important Information and Where to Find It

Certain communications in this release relate to the proposed merger transaction involving Nicolet and Mackinac. In connection with the proposed merger, Nicolet and Mackinac will file a joint proxy statement/‌prospectus on Form S-4 and other relevant documents concerning the merger with the Securities and Exchange Commission (the “SEC”). BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/‌PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/‌PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT NICOLET, MACKINAC AND THE PROPOSED MERGER. When available, the joint proxy statement/prospectus will be delivered to shareholders of Nicolet and Mackinac. Investors may obtain copies of the joint proxy statement/prospectus and other relevant documents (as they become available) free of charge at the SEC’s website (www.sec.gov). Copies of the documents filed with the SEC by Nicolet will be available free of charge on Nicolet’s website at www.nicoletbank.com. Copies of the documents filed with the SEC by Mackinac will be available free of charge on Mackinac’s website at www.bankmbank.com.

Nicolet, Mackinac and certain of their directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Nicolet and the shareholders of Mackinac in connection with the proposed merger. Information about the directors and executive officers of Nicolet and Mackinac will be included in the joint proxy statement/prospectus for the proposed transaction filed with the SEC. Information about the directors and executive officers of Nicolet is also included in the proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on March 2, 2021. Information about the directors and executive officers of Mackinac is also included in the proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 22, 2021. Additional information regarding the interests of such participants and other persons who may be deemed participants in the transaction will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS

            As of and For the   As of and For the   As of and For the  
            Period Ending   Year Ending   Period Ending  
            March 31,   December 31,   March 31,  
(Dollars in thousands, except per share data)   2021   2020   2020  
            (Unaudited)       (Unaudited)  
Selected Financial Condition Data (at end of period):            
Assets           $ 1,508,248   $ 1,501,730   $ 1,356,381  
Loans             1,063,756     1,077,592     1,044,177  
Investment securities         109,414     111,836     114,734  
Deposits             1,273,279     1,258,776     1,095,381  
Borrowings           53,459     63,479     67,120  
Shareholders’ equity         170,176     167,864     160,060  
                       
Selected Statements of Income Data (three months and year ended)          
Net interest income         $ 13,778   $ 54,806   $ 13,397  
Income before taxes         4,278     17,056     3,862  
Net income           3,880     13,473     3,051  
Income per common share - Basic       0.37     1.27     0.28  
Income per common share - Diluted       0.37     1.27     0.28  
Weighted average shares outstanding - Basic     10,522,899     10,580,044     10,717,967  
Weighted average shares outstanding- Diluted     10,522,899     10,580,044     10,817,470  
                       
Selected Financial Ratios and Other Data:              
Performance Ratios:                  
Net interest margin           4.52 %   4.37 %   4.60 %
Efficiency ratio           73.19     71.84     73.78  
Return on average assets         1.04     0.92     0.93  
Return on average equity         9.31     8.19     7.54  
                       
Average total assets         $ 1,512,496   $ 1,464,674   $ 1,321,134  
Average total shareholders’ equity       169,023     164,505     162,661  
Average loans to average deposits ratio       84.26 %   93.34 %   97.30 %
                       
Common Share Data at end of period:                
Market price per common share     $ 14.02   $ 12.76   $ 10.45  
Book value per common share       16.13     15.99     15.20  
Tangible book value per share       13.88     13.71     12.87  
Dividends paid per share, annualized       0.56     0.56     0.56  
Common shares outstanding         10,550,393     10,500,758     10,533,589  
                       
Other Data at end of period:                  
Allowance for loan losses       $ 5,842   $ 5,816   $ 5,292  
Non-performing assets         6,716     7,210     8,644  
Allowance for loan losses to total loans       0.55 %   0.54 %   0.51 %
Non-performing assets to total assets       0.45 %   0.48 %   0.64 %
Texas ratio           4.41 %   4.82 %   6.13 %
                       
Number of:                    
Branch locations           28     28     29  
FTE Employees           310     315     316  

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS

    March 31,   December 31,   March 31,
    2021   2020   2020
    (Unaudited)         (Unaudited)
ASSETS                  
                   
Cash and due from banks   $ 239,831     $ 218,901     $ 97,041  
Federal funds sold     3,661       76       31  
Cash and cash equivalents     243,492       218,977       97,072  
                   
Interest-bearing deposits in other financial institutions     2,427       2,917       8,825  
Securities available for sale     109,414       111,836       114,734  
Federal Home Loan Bank stock     4,924       4,924       4,924  
                   
Loans:                  
Commercial     818,584       819,907       760,357  
Mortgage     226,780       238,705       263,445  
Consumer     18,392       18,980       20,375  
Total Loans     1,063,756       1,077,592       1,044,177  
Allowance for loan losses     (5,842 )     (5,816 )     (5,292 )
Net loans     1,057,914       1,071,776       1,038,885  
                   
Premises and equipment     25,010       25,518       24,522  
Other real estate held for sale     1,692       1,752       2,228  
Deferred tax asset     2,492       3,303       3,154  
Deposit based intangibles     4,200       4,368       4,874  
Goodwill     19,574       19,574       19,574  
Other assets     37,109       36,785       37,589  
                   
TOTAL ASSETS   $ 1,508,248     $ 1,501,730     $ 1,356,381  
                   
LIABILITIES AND SHAREHOLDERS’ EQUITY                  
                   
LIABILITIES:                  
Deposits:                  
Noninterest bearing deposits   $ 443,956     $ 414,804     $ 278,191  
NOW, money market, interest checking     478,181       450,556       369,003  
Savings     137,134       130,755       109,818  
CDs<$250,000     190,320       202,266       227,924  
CDs>$250,000     10,337       15,224       14,152  
Brokered     13,351       45,171       96,293  
Total deposits     1,273,279       1,258,776       1,095,381  
                   
Federal funds purchased                 22,790  
Borrowings     53,459       63,479       67,120  
Other liabilities     11,334       11,611       11,030  
Total liabilities     1,338,072       1,333,866       1,196,321  
                   
SHAREHOLDERS’ EQUITY:                  
Common stock and additional paid in capital - No par value Authorized - 18,000,000 shares Issued and outstanding - 10,550,393; 10,500,758 and 10,533,589 respectively     127,397       127,164       127,003  
Retained earnings     41,721       39,318       33,316  
Accumulated other comprehensive income (loss)                  
Unrealized (losses) gains on available for sale securities     1,641       1,965       151  
Minimum pension liability     (583 )     (583 )     (410 )
Total shareholders’ equity     170,176       167,864       160,060  
                   
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,508,248     $ 1,501,730     $ 1,356,381  

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS

    For the Three Months Ended  
    March 31,  
      2021       2020  
                 
    (Unaudited)  
INTEREST INCOME:          
Interest and fees on loans:          
Taxable   $ 14,122     $ 14,613  
Tax-exempt     20       74  
Interest on securities:          
Taxable     524       621  
Tax-exempt     142       87  
Other interest income     84       270  
Total interest income     14,892       15,665  
           
INTEREST EXPENSE:          
Deposits     889       1,927  
Borrowings     225       341  
Total interest expense     1,114       2,268  
           
Net interest income     13,778       13,397  
Provision for loan losses     50       100  
Net interest income after provision for loan losses     13,728       13,297  
           
OTHER INCOME:          
Deposit service fees     257       403  
Income from loans sold on the secondary market     1,302       538  
SBA/USDA loan sale gains     433       710  
Mortgage servicing amortization     241       189  
Net security gains     36       -  
Other     129       97  
Total other income     2,398       1,937  
           
OTHER EXPENSE:          
Salaries and employee benefits     6,824       6,051  
Occupancy     1,183       1,124  
Furniture and equipment     842       802  
Data processing     770       825  
Advertising     113       212  
Professional service fees     498       498  
Loan origination expenses and deposit and card related fees     450       381  
Writedowns and losses on other real estate held for sale     (52 )     3  
FDIC insurance assessment     140       150  
Communications expense     241       213  
Other     839       1,113  
Total other expenses     11,848       11,372  
           
Income before provision for income taxes     4,278       3,862  
Provision for income taxes     398       811  
           
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS   $ 3,880     $ 3,051  
           
INCOME PER COMMON SHARE:          
Basic   $ 0.37     $ 0.28  
Diluted   $ 0.37     $ 0.28  

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIESLOAN PORTFOLIO AND CREDIT QUALITY

(Dollars in thousands)

Loan Portfolio Balances (at end of period):

  March 31,   December 31,   March 31,  
  2021   2020   2020  
  (Unaudited)   (Audited)   (Unaudited)  
Commercial Loans:            
Real estate - operators of nonresidential buildings $ 137,356   $ 138,992   $ 136,477  
Hospitality and tourism   105,077     100,237     94,734  
Lessors of residential buildings   51,288     52,035     48,529  
Gasoline stations and convenience stores   27,562     29,046     26,495  
Logging   16,756     18,651     21,380  
Commercial construction   49,240     47,698     29,971  
Other   431,305     433,248     402,771  
Total Commercial Loans   818,584     819,907     760,357  
             
1-4 family residential real estate   214,034     227,044     244,059  
Consumer   18,392     18,980     20,375  
Consumer construction   12,746     11,661     19,386  
             
Total Loans $ 1,063,756   $ 1,077,592   $ 1,044,177  
             

Credit Quality (at end of period):

  March 31,   December 31,   March 31,  
  2021   2020   2020  
  (Unaudited)   (Audited)   (Unaudited)  
Nonperforming Assets :            
Nonaccrual loans $ 5,024   $ 5,458   $ 6,416  
Loans past due 90 days or more   -     -     -  
Restructured loans   -     -     -  
Total nonperforming loans   5,024     5,458     6,416  
Other real estate owned   1,692     1,752     2,228  
Total nonperforming assets $ 6,716   $ 7,210   $ 8,644  
Nonperforming loans as a % of loans   0.47 %   0.51 %   0.61 %
Nonperforming assets as a % of assets   0.45 %   0.48 %   0.64 %
Reserve for Loan Losses:            
At period end $ 5,842   $ 5,816   $ 5,292  
As a % of outstanding loans   0.55 %   0.54 %   0.51 %
As a % of nonperforming loans   116.28 %   106.56 %   82.48 %
As a % of nonaccrual loans   116.28 %   106.56 %   82.48 %
Texas Ratio   4.41 %   4.82 %   6.13 %
             
Charge-off Information (year to date):          
Average loans $ 1,078,022   $ 1,117,132   $ 1,047,144  
Net charge-offs (recoveries) $ 24   $ 492   $ 116  
Charge-offs as a % of average            
loans, annualized   0.01 %   0.04 %   0.04 %

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES QUARTERLY FINANCIAL HIGHLIGHTS

                   
  QUARTER ENDED
  (Unaudited)
  March 31,   December 31,   September 30,   June, 30   March 31,
    2021       2020       2020       2020       2020  
BALANCE SHEET (Dollars in thousands)                  
                   
Total loans $ 1,063,756     $ 1,077,592     $ 1,144,325     $ 1,153,790     $ 1,044,177  
Allowance for loan losses   (5,842 )     (5,816 )     (5,832 )     (5,355 )     (5,292 )
Total loans, net   1,057,914       1,071,776       1,138,493       1,148,435       1,038,885  
Total assets   1,508,248       1,501,730       1,522,917       1,518,473       1,356,381  
Core deposits   1,249,591       1,198,381       1,195,062       1,122,582       984,936  
Noncore deposits   23,688       60,395       85,825       104,970       110,445  
Total deposits   1,273,279       1,258,776       1,280,887       1,227,552       1,095,381  
Total borrowings   53,459       63,479       63,505       114,466       67,120  
Total shareholders' equity   170,176       167,864       166,168       164,157       160,060  
Total tangible equity   146,402       143,922       142,057       139,877       135,612  
Total shares outstanding   10,550,393       10,500,758       10,533,589       10,533,589       10,533,589  
Weighted average shares outstanding   10,522,899       10,536,023       10,533,589       10,533,589       10,717,967  
                   
AVERAGE BALANCES (Dollars in thousands)                
                   
Assets $ 1,512,496     $ 1,505,869     $ 1,536,128     $ 1,501,423     $ 1,321,134  
Earning assets   1,235,235       1,252,038       1,303,102       1,290,012       1,171,551  
Loans   1,078,022       1,118,665       1,154,670       1,147,620       1,047,144  
Noninterest bearing deposits   426,890       422,081       422,134       346,180       284,677  
Deposits   1,279,362       1,255,669       1,269,658       1,211,694       1,076,206  
Equity   169,023       167,459       165,450       161,811       162,661  
                   
INCOME STATEMENT (Dollars in thousands)                
                   
Net interest income $ 13,778     $ 13,898     $ 13,052     $ 14,458     $ 13,397  
Provision for loan losses   50       400       400       100       100  
Net interest income after provision   13,728       13,498       12,652       14,358       13,297  
Total noninterest income   2,398       2,779       3,116       2,367       1,937  
Total noninterest expense   11,848       11,663       11,561       12,352       11,372  
Income before taxes   4,278       4,614       4,207       4,373       3,862  
Provision for income taxes   398       970       883       919       811  
Net income available to common shareholders $ 3,880     $ 3,644     $ 3,324     $ 3,454     $ 3,051  
Income pre-tax, pre-provision $ 4,328     $ 5,014     $ 4,607     $ 4,473     $ 3,962  
                   
PER SHARE DATA                  
                   
Earnings per common share $ 0.37     $ 0.35     $ 0.32     $ 0.33     $ 0.28  
Book value per common share   16.13       15.99       15.78       15.58       15.20  
Tangible book value per share   13.88       13.71       13.49       13.28       12.87  
Market value, closing price   14.02       12.76       9.65       10.37       10.45  
Dividends per share   0.14       0.14       0.14       0.14       0.14  
                   
ASSET QUALITY RATIOS                  
                   
Nonperforming loans/total loans   0.47 %     0.51 %     0.47 %     0.53 %     0.61 %
Nonperforming assets/total assets   0.45       0.48       0.48       0.55       0.64  
Allowance for loan losses/total loans   0.55       0.54       0.51       0.46       0.51  
Allowance for loan losses/nonperforming loans   116.28       106.56       107.72       87.44       82.48  
Texas ratio   4.41       4.82       4.91       4.22       6.13  
                   
PROFITABILITY RATIOS                  
                   
Return on average assets   1.04 %     0.96 %     0.86 %     0.93 %     0.93 %
Return on average equity   9.31       8.66       7.99       8.58       7.54  
Net interest margin   4.52       4.42       3.98       4.51       4.60  
Average loans/average deposits   84.26       89.09       90.94       94.71       97.30  
                   
CAPITAL ADEQUACY RATIOS                  
                   
Tier 1 leverage ratio   9.63 %     9.63 %     9.20 %     9.45 %     10.20 %
Tier 1 capital to risk weighted assets   14.74       14.48       13.91       13.27       12.89  
Total capital to risk weighted assets   15.34       15.07       14.49       13.79       13.41  
Average equity/average assets (for the quarter)   11.18       11.12       10.77       10.78       12.31  

Contact:        Jesse A. Deering, EVP & Chief Financial Officer (248) 290-5906 /jdeering@bankmbank.comWebsite:        www.bankmbank.com

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