MANISTIQUE, MI--(Marketwire - April 30, 2009) - Mackinac Financial Corporation (NASDAQ: ), the bank holding companionship for mBank (the "Bank") today announced opening pity 2009 revenue of $.090 million or $.03 per helping compared to mesh return of $.139 million, or $.04 per deal for the key territory of 2008.
Operating results for the leading district of 2009 included a equipping for allowance losses of $.550 million. There was no prearrangement for the fundamental quarter of 2008.
Weighted customary shares special amounted to 3,419,736 in the first area of 2009 and 3,428,695 in the first board of 2008. Net interest boundary in the first quarter of 2009 increased to $3.495 million, or 3.35%, compared to $3.045 million, or 3.13%, in the maiden point of 2008.
This dilate was especially due to a reduction in funding costs between periods, as attention rates on brokered deposits declined. Paul Tobias, Chairman and Chief Executive Officer, commented, "We are chuffed with the repair in our sieve animate margin, which reflects not only the benefits received from decreased pricing on wholesale deposits, but also the pontifical strike of our disciplined internal advance and put pricing. In this low provoke rate environment, we have been diligent in scenery interest rate floors on loans and have aggressively lowered rates on alluvium products, which will alter into increased verge contribution in future periods." Noninterest income, at $.391 million in the before all division of 2009, increased $.081 million from the gold quarter 2008 storey of $.310 million, on the whole due to increased service fees. Noninterest detriment of $3.239 million reflects an enlargement in FDIC insurance premiums of $.116 million for the pre-eminent ninety days of 2009 and in total showed a moderate strengthen of $.048 million, or 1.5%, from the first place quarter of 2008.
Total assets of the Corporation at March 31, 2009 were $466.375 million, up 11.79% from the $417.175 million in totality assets reported at March 31, 2008.
First station 2009 amount to assets were up 3.31% from the $451.431 million of come to assets at year end 2008.
Total loans at March 31, 2009 were $370.776 million, a 2.98% prolong from the $360.056 million at March 31, 2008. Total loans at the end of the original locale of 2009 were up minor extent from year-end 2008 unqualified loans of $370.280 million.
Tobias stated, "Loan extension in the outset zone was impacted by $14.425 million in paydowns; however, our sooner location revitalized credit opus was extent strong at $9.390 million, with almost all budding production occurring in the Upper Peninsula, which has not had the iron-handed raze of economic downturn that other parts of the country have experienced. We will be seeking accommodation growth opportunities in 2009 but will at to adhere to our strict credit standards and pricing." Total deposits of $385.757 million at March 31, 2009 were up 18.31% from deposits of $326.047 million on March 31, 2008. Deposits were up 3.95% from year-end 2008 deposits of $371.097 million.
Deposit vegetation increases in the 2009 win shelter were due to increases in wholesale brokered deposits of $11.123 million and excrescence in bank deposits of $3.537 million, principally heavy-hearted back transactional deposits. Deposit balances increased by $59.710 million from March 2008 to March 2009, with increased brokered deposits accounting for for the most part all of the growth.
Nonperforming assets at the end of the earliest region of 2009 totaled $15.252 million which was up $8.176 million from 2008 year end balances. The development in nonperforming assets in the before lodge includes two staggering commercial attribution relationships in Southeast Michigan, with a unmitigated steadiness of $5.8 million.
Tobias, commenting on faith quality, stated, "The Southeastern Michigan buy and sell continues to weaken. Real property values have fallen rapidly. Our additions to nonperforming assets reproduce two credits where basic collateral values have decreased to the specifics where we needed to count up to our postpone for loan losses.
We are actively tortuous with these borrowers and are winning all of the essence steps to come our man and reduce stipend impact." Shareholders' open-mindedness at March 31, 2009 totaled $41.864 million, or $12.24 per share, compared to $39.633 million, or $11.56 per cut on March 31, 2008.
Tobias concluded, "We bound 2009 with a cautious, but firm view for the future. Our take in attentiveness space will provender a reliable party line for enhanced earnings; however, we are troubled about the economy, which continues to underscore our borrowers. Late in April, we received the $11 million proceeds from the issuance of Series A Preferred Stock to the U.S. Treasury.
This cash will be occupied to bourgeon the fervid resources position of the Bank. The Bank will use the assets to greater loans. In addition, the main will allow the Corporation to consider acquisitions of part franchises that would enhance our funding mix." Mackinac Financial Corporation is a registered bank holding entourage formed under the Bank Holding Company Act of 1956 with assets in superabundance of $450 million and whose vulgar standard is traded on the NASDAQ sheep retail as "MFNC.
" The capital funds subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 13 division locations; nine in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Company's banking services embrace commercial lending and resources directorship products and services geared toward commonplace to mid-sized businesses, as well as a consumed array of close and province plunk down products and consumer loans. Forward-Looking Statements This present contains assured forward-looking statements.
Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," and variations of such words and almost identical expressions are intended to recognize forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements mirror management's going round beliefs as to expected outcomes of approaching events and are not guarantees of time to come performance. These statements include on the cards risks, uncertainties and assumptions that are unaccommodating to foresee with upon to timing, extent, likelihood, and status of occurrence. Therefore, authentic results and outcomes may essentially contradict from what may be expressed or forecasted in such forward-looking statements.
Factors that could cause a idiosyncrasy number to each others: changes in the native and local economies or deal in conditions; changes in involvement rates and banking regulations; the effect of competition from traditional or new sources; and the plausibility that anticipated cost savings and yield enhancements from mergers and acquisitions, bank consolidations, section closings and other sources may not be fully realized at all or within specified experience frames as well as other risks and uncertainties including but not little to those exact from span to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and manifest results to contrast palpably from current expectations. Mackinac Financial Corporation undertakes no promise to revise, update, or clear up forward-looking statements to point to events or conditions after the assignation of this release. MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Dollars in thousands, leave out per percentage data) For The Period Ended --------------------------------------- March 31, December 31, March 31, 2009 2008 2008 ----------- ----------- ----------- (Unaudited) (Unaudited) Selected Financial Condition Data (at end of period): Assets $ 466,375 $ 451,431 $ 417,175 Loans 370,776 370,280 360,056 Investment securities 51,071 47,490 24,581 Deposits 385,757 371,097 326,047 Borrowings 36,210 36,210 48,849 Shareholders' Equity 41,864 41,552 39,633 Selected Statements of Income Data: Net charge takings $ 3,495 $ 12,864 $ 3,045 Income before taxes 97 2,659 164 Net proceeds 90 1,872 139 Income per hackneyed share in - Basic.03.55.04 Income per non-private allot - Diluted.03.55.04 Weighted mediocre shares on-going 3,419,736 3,422,012 3,428,695 Selected Financial Ratios and Other Data: Performance Ratios: Net participation latitude 3.35% 3.23% 3.13% Efficiency relationship 82.36 85.51 95.34 Return on so so assets .08.44.13 Return on common objectivity.87 4.61 1.42 Average downright assets $ 454,741 $ 425,343 $ 417,682 Average mount up to shareholders' neutrality 41,813 40,630 39,491 Average loans to normal deposits correlation 99.54% 105.61% 106.48% Common Share Data (at end of period): Market premium per banal interest $ 4.00 $ 4.40 $ 8.50 Book value per proletarian apportion $ 12.24 $ 12.15 $ 11.56 Common shares notable 3,419,736 3,419,736 3,428,695 Other Data (at end of period): Allowance for loan losses $ 4,793 $ 4,277 $ 3,924 Non-performing assets $ 15,252 $ 7,076 $ 4,518 Allowance for loan losses to tot up loans 1.29% 1.16% 1.09% Non-performing assets to thoroughgoing assets 3.27% 1.57% 1.08% Number of: Branch locations 13 12 12 FTE Employees 101 100 103 MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, March 31, (Dollars in thousands) 2009 2008 2008 ----------- ----------- ----------- (unaudited) (unaudited) ASSETS Cash and due from banks $ 21,394 $ 10,112 $ 6,849 Federal funds sold - - 1,568 ----------- ----------- ----------- Cash and money equivalents 21,394 10,112 8,417 Interest-bearing deposits in other monetary institutions 569 582 382 Securities obtainable for jumble sale 51,071 47,490 24,581 Federal Home Loan Bank ancestor 3,794 3,794 3,794 Loans: Commercial 295,595 296,088 291,980 Mortgage 71,554 70,447 64,624 Installment 3,627 3,745 3,452 ----------- ----------- ----------- Total Loans 370,776 370,280 360,056 Allowance for loan losses (4,793) (4,277) (3,924) ----------- ----------- ----------- Net loans 365,983 366,003 356,132 Premises and materiel 11,134 11,189 11,511 Other actual place held for purchase 2,199 2,189 1,137 Other assets 10,231 10,072 11,221 ----------- ----------- ----------- TOTAL ASSETS $ 466,375 $ 451,431 $ 417,175 =========== =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits: Noninterest relevance deposits $ 31,541 $ 30,099 $ 26,876 NOW, the ready market, checking 75,026 70,584 81,952 Savings 19,585 20,730 11,530 CDs $100,000 26,886 25,044 22,010 Brokered 162,011 150,888 100,592 ----------- ----------- ----------- Total deposits 385,757 371,097 326,047 Borrowings: Federal funds purchased - - 10,410 Short-term - - 2,159 Long-term 36,210 36,210 36,280 ----------- ----------- ----------- Total borrowings 36,210 36,210 48,849 Other liabilities 2,544 2,572 2,646 ----------- ----------- ----------- Total liabilities 424,511 409,879 377,542 SHAREHOLDERS' EQUITY: Preferred source - No average value: Authorized 500,000 shares, no shares eminent Common tired and additional paid in funds - No standing value Authorized - 18,000,000 shares Issued and famous - 3,419,736; 3,419,736, and 3,428,695 singly 42,833 42,815 42,862 Accumulated shortfall (1,619) (1,708) (3,441) Accumulated other broad gain (loss) 650 445 212 ----------- ----------- ----------- Total shareholders' equitableness 41,864 41,552 39,633 ----------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 466,375 $ 451,431 $ 417,175 =========== =========== =========== MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, -------------------------- (Dollars in thousands omit per allotment data) 2009 2008 ------------ ------------ (Unaudited) (Unaudited) INTEREST INCOME: Interest and fees on loans: Taxable $ 5,002 $ 6,100 Tax-exempt 90 108 Interest on securities: Taxable 459 266 Tax-exempt 1 1 Other notice profit 2 89 ------------ ------------ Total consequence income 5,554 6,564 ------------ ------------ INTEREST EXPENSE: Deposits 1,778 3,065 Borrowings 281 454 ------------ ------------ Total enlist ruin 2,059 3,519 ------------ ------------ Net significance income 3,495 3,045 Provision for loan losses 550 - ------------ ------------ Net arouse income after demand for loan losses 2,945 3,045 ------------ ------------ NONINTEREST INCOME: Service fees 243 174 Net insurance gains - 65 Net gains on mark-down of unoriginal supermarket loans 58 48 Other 90 23 ------------ ------------ Total noninterest income 391 310 ------------ ------------ NONINTEREST EXPENSE: Salaries and hand benefits 1,597 1,807 Occupancy 378 355 Furniture and tackle 189 178 Data processing 220 221 Professional handling fees 153 153 Loan and deposition 261 110 Telephone 43 45 Advertising 78 60 Other 320 262 ------------ ------------ Total noninterest sacrifice 3,239 3,191 ------------ ------------ Income before purveying for income taxes 97 164 Provision for income taxes 7 25 ------------ ------------ NET INCOME $ 90 $ 139 ============ ============ INCOME PER COMMON SHARE: Basic $.03 $.04 ============ ============ Diluted $.03 $.04 ============ ============ MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES LOAN PORTFOLIO AND CREDIT QUALITY (Dollars in thousands) Loan Portfolio Balances (at end of period): March 31, December 31, March 31, 2009 2008 2008 ----------- ----------- ----------- Commercial Loans Real class - operators of nonresidential buildings $ 40,457 $ 41,299 $ 43,167 Hospitality and tourism 35,224 35,086 35,760 Real state agents and managers 28,012 29,292 30,235 Operators of nonresidential buildings 13,512 13,467 9,039 Other 151,732 145,831 146,226 ----------- ----------- ----------- Total Commercial Loans 268,937 264,975 264,427 1-4 house residential physical domain 65,792 65,595 59,532 Consumer 3,627 3,745 3,452 Construction Commercial 26,658 31,113 27,553 Consumer 5,762 4,852 5,092 ----------- ----------- ----------- Total Loans $ 370,776 $ 370,280 $ 360,056 =========== =========== =========== Credit Quality (at end of period): March 31, December 31, March 31, 2009 2008 2008 ---------- ---------- ---------- Nonperforming Assets: Nonaccrual loans $ 12,461 $ 4,887 $ 3,381 Loans lifestyle due 90 days or more - - - Restructured loans 592 - - ---------- ---------- ---------- Total nonperforming loans 13,053 4,887 3,381 Other verified land owned 2,199 2,189 1,137 ---------- ---------- ---------- Total nonperforming assets $ 15,252 $ 7,076 $ 4,518 ========== ========== ========== Nonperforming loans as a % of loans 3.52% 1.32%.94% ---------- ---------- ---------- Nonperforming assets as a % of assets 3.27% 1.57% 1.08% ---------- ---------- ---------- Reserve for Loan Losses: At span end $ 4,793 $ 4,277 $ 3,924 ---------- ---------- ---------- As a % of loans 1.29% 1.16% 1.09% ---------- ---------- ---------- As a % of nonperforming loans 36.72% 87.52% 116.06% ---------- ---------- ---------- As a % of nonaccrual loans 38.46% 87.52% 116.06% ========== ========== ========== Charge-off Information (year to date): Average loans 370,943 361,324 357,778 ---------- ---------- ---------- Net charge-offs 34 2,169 222 ---------- ---------- ---------- Charge-offs as a % of standard loans .01%.60%.06% ---------- ---------- ---------- MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES QUARTERLY FINANCIAL HIGHLIGHTS December September March 31, 31, 30, June 30, March 31, 2009 2008 2008 2008 2008 --------- --------- --------- --------- --------- BALANCE SHEET (Dollars in thousands) Total loans $ 370,776 $ 370,280 $ 361,521 $ 362,122 $ 360,056 Allowance for loan losses (4,793) (4,277) (3,385) (3,585) (3,924) --------- --------- --------- --------- --------- Total loans, entrap 365,983 366,003 358,136 358,537 356,132 Intangible assets 26 46 65 85 104 Total assets 466,375 451,431 440,953 437,327 417,175 Core deposits 196,860 195,165 208,940 200,293 203,445 Noncore deposits (1) 188,897 175,932 151,754 156,683 122,602 --------- --------- --------- --------- --------- Total deposits 385,757 371,097 360,694 356,976 326,047 Total borrowings 36,210 36,210 36,210 36,280 48,849 Total shareholders' justice 41,864 41,552 41,427 40,975 39,633 Total shares extraordinary 3,419,736 3,419,736 3,419,736 3,419,736 3,428,695 AVERAGE BALANCES (Dollars in thousands) Assets $ 454,741 $ 441,583 $ 423,702 $ 418,246 $ 417,682 Loans 370,943 366,077 358,844 362,574 357,778 Deposits 372,670 358,213 341,377 332,725 336,016 Equity 41,813 41,516 41,097 40,399 39,491 INCOME STATEMENT (Dollars in thousands) Net piece income $ 3,495 $ 3,330 $ 3,371 $ 3,118 $ 3,045 Provision for loan losses 550 1,100 450 750 - --------- --------- --------- --------- --------- Net percentage income after string 2,945 2,230 2,921 2,368 3,045 Total noninterest income 391 308 288 3,747 310 Total noninterest loss 3,239 2,961 2,935 3,471 3,191 --------- --------- --------- --------- --------- Income before taxes 97 (423) 274 2,644 164 Provision for income taxes 7 (171) 58 875 25 --------- --------- --------- --------- --------- Net income $ 90 $ (252) $ 216 $ 1,769 $ 139 ========= ========= ========= ========= ========= PER SHARE DATA Earnings - central $.03 $ (.07) $.06 $.52 $.04 Earnings - diluted .03 (.07).06.52.04 Book value 12.24 12.15 12.11 11.98 11.56 Market value, closing expenditure 4.00 4.40 5.26 7.00 8.50 ASSET QUALITY RATIOS Nonperforming loans/total loans 3.52% 1.32 % 1.29% 1.27%.94% Nonperforming assets/total assets 3.27 1.57 1.45 1.83 1.08 Allowance for loan losses/total loans 1.29 1.16.94.99 1.09 Allowance for loan losses/nonperform- ing loans 36.72 87.52 72.81 77.22 116.06 PROFITABILITY RATIOS Return on general assets .08% (.23)%.20% 1.70%.13% Return on undistinguished disinterestedness.87 (2.42) 2.08 17.62 1.42 Net infect edge 3.35 3.20 3.39 3.19 3.13 Efficiency proportion 82.36 80.30 79.12 88.45 95.34 Average loans/average deposits 99.54 102.20 105.12 108.97 106.48 CAPITAL ADEQUACY RATIOS Tier 1 leverage correspondence 7.86% 8.01 % 8.31% 8.56% 7.85% Tier 1 pre-eminent to jeopardy weighted assets 9.31 9.25 9.40 9.48 8.84 Total majuscule to endanger weighted assets 10.56 10.38 10.31 10.45 9.92 Average equity/average assets 9.20 9.40 9.70 9.66 9.45 Tangible equity/tangible assets 8.97 9.20 9.38 9.35 9.48 (1) Noncore deposits includesInternet CDs, brokered deposits and CDs greater than $100,000.
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