Exhibit 99
PRESS RELEASE
For Release: | April 30, 2010 | |
Nasdaq: | MFNC | |
Contact: | Investor Relations at (888) 343-8147 | |
Website: | www.bankmbank.com |
MACKINAC FINANCIAL CORPORATION
REPORTS FIRST QUARTER 2010 RESULTS
REPORTS FIRST QUARTER 2010 RESULTS
(Manistique, Michigan) — Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”) today announced first quarter 2010 income of $3.526 million or $1.03 per share compared to net income of $.090 million, or $.03 per share for the first quarter of 2009. Operating results for the first quarter of 2010 included the recognition of a $3.500 million deferred tax benefit related to NOL carry-forwards. This deferred tax benefit was recognized in accordance with GAAP accounting which requires the benefit to be recognized when “it is more likely than not” that the NOL will be utilized within the carry-forward period.
In the first quarter of 2010 a provision for loan losses of $.900 million was booked in comparison to a provision of $.550 million in the first quarter of 2009. The 2010 first quarter also includes the preferred dividend expense of $.185 million. Weighted average shares outstanding amounted to 3,419,736 in both periods.
Net interest margin in the first quarter of 2010 increased to $4.022 million, 3.51%, compared to $3.495 million, or 3.35%, in the first quarter of 2009. The interest margin declined from 3.74% in the fourth quarter of 2009 largely due to the sale of approximately $40 million of investment securities late in 2009, the proceeds of which will be used to pay off brokered deposit maturities but is currently in overnight funds yielding .25%. Kelly W. George, President and Chief Executive Officer of mBank, stated, “ During 2009, we experienced margin improvement from decreased rates on wholesale funding and also benefitted from our disciplined loan pricing which included establishing interest rate floors on new and renewing loans. The temporary decline in our net interest margin is due to our decision, late in the 2009 fourth quarter, to deleverage our balance sheet in anticipation of narrowing interest rate spreads. We expect our margin to improve as we progress through the year reducing our current excess liquidity through the funding of new loans and payment of maturing brokered deposits.”
Noninterest income, at $.807 million in the first quarter of 2010, increased $.416 million from the first quarter 2009 level of $.391 million. The most significant reason for the increase between periods was the increased activity in the sale of loans, which totaled $.316 million in 2010 versus $.058 million in the same period in 2009. Noninterest income in the first quarter of 2010 also includes $.215 million of security gains.
Noninterest expense totaled $3.629 million in the first quarter of 2010, an increase of $.390 million, or $12.04%. Increased expenses in the first quarter reflect the added cost of aggressive nonperforming asset remediation, along with an increase in FDIC insurance premiums of $.097 million. The expenses related to nonperforming assets include increased legal costs and expenses associated with OREO, which contributed to the overall increase in this expense category from $.136 million in the first quarter of 2009 to $.395 million in the 2010 first quarter.
Total assets of the Corporation at March 31, 2010 were $502.427 million, up 7.73% from the $466.375 million reported at March 31, 2009. First quarter 2010 total assets were down 2.51% from the $515.377 million of total assets at year-end 2009.
Total loans at March 31, 2010 were $377.311 million, a 1.76% increase from the $370.776 million at March 31, 2009. Total loans at the end of the first quarter of 2010 were down $6.999 million from year-end 2009 total loans of $384.310 million. George stated, “Loan growth in the first quarter was impacted by $22.8 million in normal principal reduction and pay-downs.
The $22.8 million in reductions included $3.2 million in SBA loan sales, and the move of $2.1 million of nonperforming loans to OREO and a reduction of $4.5 million on another nonperforming loan relationship that was sold. Our first quarter new loan production was relatively strong at $15.0 million, with new production occurring in all regions, but strongest in the Upper Peninsula with $8.2 million. We are still seeing good loan growth opportunities and expect to continue our recent successes in SBA lending.”
Total deposits of $405.212 million at March 31, 2010 were up 5.04% percent from deposits of $385.757 million on March 31, 2009. First quarter 2010 deposits were down $16.177 million from year-end 2009 deposits of $421.389 million. The overall reduction in deposits for the first quarter of 2010 is comprised of a decrease in noncore deposits of $42.576 million which was partially offset with increased core deposits of $26.399 million. George, commenting on the increased core deposits, stated, “In 2009, one of our primary objectives and accomplishments was core deposit growth. In the first quarter of 2010, we continued to grow core deposits and will remain focused on this growth to reduce our overall dependency on wholesale deposits. We developed an aggressive 2010 plan for increasing deposits by actively promoting extremely attractive transactional deposit products along with competitive core deposit pricing on our CD products. We have been quite successful thus far in 2010 and expect continued deposit growth for the remainder of the year.”
Nonperforming assets at the end of the first quarter of 2010 totaled $17.619 million, a reduction of $3.422 million from 2009 year end balances. Nonperforming loans were reduced $5.341 million. This decrease in nonperforming assets in the first quarter is the result of an aggressive nonperforming asset remediation program. George, commenting on credit quality, stated, “We are working diligently to reduce nonperforming assets. Our first quarter reductions are a result of aggressive remediation tactics that we deployed to mitigate longer term carrying costs associated with nonperforming assets. In addition to current period reductions, we also entered into a forward contract for the sale of a $3.2 million commercial property that should occur in the third quarter further reducing nonperforming assets.”
Common Shareholders’ equity at March 31, 2010 totaled $48.160 million, or $14.08 per share, compared to $41.864 million, or $12.24 per share on March 31, 2009.
Paul D. Tobias, Chairman and Chief Executive Officer concluded, “We look for 2010 to be another year in which we position MFNC for continued profitability improvement and core deposit growth which will continue to enhance shareholder value. In the 2010 first quarter we again made progress through the recognition of the $3.5 million in deferred tax benefit, a reduction in our balances of nonperforming assets through aggressive remediation, and by increasing core deposits.”
Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $500 million 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 10 branch locations; six in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Company’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: 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, branch closings 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.
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
For The Period Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2010 | 2009 | 2009 | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
Selected Financial Condition Data (at end of period): | ||||||||||||
Assets | $ | 502,427 | $ | 515,377 | $ | 466,375 | ||||||
Loans | 377,311 | 384,310 | 370,776 | |||||||||
Investment securities | 36,841 | 46,513 | 51,071 | |||||||||
Deposits | 405,212 | 421,389 | 385,757 | |||||||||
Borrowings | 36,140 | 36,140 | 36,210 | |||||||||
Shareholders’ Equity | 58,722 | 55,299 | 41,864 | |||||||||
Selected Statements of Income Data: | ||||||||||||
Net interest income | $ | 4,022 | $ | 16,287 | $ | 3,495 | ||||||
Income before taxes and preferred dividend | 300 | 3,536 | 97 | |||||||||
Net income | 3,526 | 1,907 | 90 | |||||||||
Income per common share — Basic | 1.03 | .56 | .03 | |||||||||
Income per common share — Diluted | 1.03 | .56 | .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 | 3.51 | % | 3.59 | % | 3.35 | % | ||||||
Efficiency ratio | 78.12 | 73.37 | 82.36 | |||||||||
Return on average assets | 2.81 | .39 | .08 | |||||||||
Return on average equity | 25.95 | 3.77 | .87 | |||||||||
Average total assets | $ | 508,495 | $ | 493,652 | $ | 454,741 | ||||||
Average total shareholders’ equity | 55,109 | 50,531 | 41,813 | |||||||||
Average loans to average deposits ratio | 92.93 | % | 92.99 | % | 99.54 | % | ||||||
Common Share Data (at end of period): | ||||||||||||
Market price per common share | $ | 4.72 | $ | 4.64 | $ | 4.00 | ||||||
Book value per common share | $ | 14.08 | $ | 13.10 | $ | 12.24 | ||||||
Common shares outstanding | 3,419,736 | 3,419,736 | 3,419,736 | |||||||||
Other Data (at end of period): | ||||||||||||
Allowance for loan losses | $ | 4,737 | $ | 5,225 | $ | 4,793 | ||||||
Non-performing assets | $ | 17,619 | $ | 21,041 | $ | 15,252 | ||||||
Allowance for loan losses to total loans | 1.26 | % | 1.36 | % | 1.29 | % | ||||||
Non-performing assets to total assets | 3.51 | % | 4.08 | % | 3.27 | % | ||||||
Number of: | ||||||||||||
Branch locations | 10 | 10 | 13 | |||||||||
FTE Employees | 103 | 100 | 101 |
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
March 31, | December 31, | March 31, | ||||||||||
(Dollars in thousands) | 2010 | 2009 | 2009 | |||||||||
(unaudited) | (unaudited) | |||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 19,359 | $ | 18,433 | $ | 21,394 | ||||||
Federal funds sold | 36,000 | 27,000 | — | |||||||||
Cash and cash equivalents | 55,359 | 45,433 | 21,394 | |||||||||
Interest-bearing deposits in other financial institutions | 700 | 678 | 569 | |||||||||
Securities available for sale | 36,841 | 46,513 | 51,071 | |||||||||
Federal Home Loan Bank stock | 3,794 | 3,794 | 3,794 | |||||||||
Loans: | ||||||||||||
Commercial | 296,271 | 305,670 | 295,595 | |||||||||
Mortgage | 76,996 | 74,350 | 71,554 | |||||||||
Installment | 4,044 | 4,290 | 3,627 | |||||||||
Total Loans | 377,311 | 384,310 | 370,776 | |||||||||
Allowance for loan losses | (4,737 | ) | (5,225 | ) | (4,793 | ) | ||||||
Net loans | 372,574 | 379,085 | 365,983 | |||||||||
Premises and equipment | 10,060 | 10,165 | 11,134 | |||||||||
Other real estate held for sale | 7,723 | 5,804 | 2,199 | |||||||||
Other assets | 15,376 | 23,905 | 10,231 | |||||||||
TOTAL ASSETS | $ | 502,427 | $ | 515,377 | $ | 466,375 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
LIABILITIES: | ||||||||||||
Deposits: | ||||||||||||
Noninterest bearing deposits | $ | 30,356 | $ | 35,878 | $ | 31,541 | ||||||
NOW, money market, checking | 109,374 | 95,790 | 75,026 | |||||||||
Savings | 20,675 | 18,207 | 19,585 | |||||||||
CDs<$100,000 | 75,822 | 59,953 | 70,708 | |||||||||
CDs>$100,000 | 30,173 | 36,385 | 26,886 | |||||||||
Brokered | 138,812 | 175,176 | 162,011 | |||||||||
Total deposits | 405,212 | 421,389 | 385,757 | |||||||||
Borrowings: | ||||||||||||
Federal Home Loan Bank | 35,000 | 35,000 | — | |||||||||
Other | 1,140 | 1,140 | 36,210 | |||||||||
Total borrowings | 36,140 | 36,140 | 36,210 | |||||||||
Other liabilities | 2,353 | 2,549 | 2,544 | |||||||||
Total liabilities | 443,705 | 460,078 | 424,511 | |||||||||
Shareholders’ equity: | ||||||||||||
Preferred stock — No par value: | ||||||||||||
Authorized 500,000 shares, 11,000 shares issued and outstanding | 10,562 | 10,514 | — | |||||||||
Common stock and additional paid in capital — No par value | ||||||||||||
Authorized — 18,000,000 shares | ||||||||||||
Issued and outstanding —3,419,736 shares | 43,502 | 43,493 | 42,833 | |||||||||
Accumulated earnings (deficit) | 3,724 | 199 | (1,618 | ) | ||||||||
Accumulated other comprehensive income | 934 | 1,093 | 649 | |||||||||
Total shareholders’ equity | 58,722 | 55,299 | 41,864 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 502,427 | $ | 515,377 | $ | 466,375 | ||||||
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(Dollars in thousands except per share data) | (Unaudited) | (Unaudited) | ||||||
INTEREST INCOME: | ||||||||
Interest and fees on loans: | ||||||||
Taxable | $ | 5,191 | $ | 5,002 | ||||
Tax-exempt | 52 | 90 | ||||||
Interest on securities: | ||||||||
Taxable | 397 | 459 | ||||||
Tax-exempt | 7 | 1 | ||||||
Other interest income | 40 | 2 | ||||||
Total interest income | 5,687 | 5,554 | ||||||
INTEREST EXPENSE: | ||||||||
Deposits | 1,457 | 1,778 | ||||||
Borrowings | 208 | 281 | ||||||
Total interest expense | 1,665 | 2,059 | ||||||
Net interest income | 4,022 | 3,495 | ||||||
Provision for loan losses | 900 | 550 | ||||||
Net interest income after provision for loan losses | 3,122 | 2,945 | ||||||
OTHER INCOME: | ||||||||
Service fees | 223 | 243 | ||||||
Net security gains | 215 | — | ||||||
Net gains on sale of secondary market loans | 316 | 58 | ||||||
Other | 53 | 90 | ||||||
Total noninterest income | 807 | 391 | ||||||
OTHER EXPENSE: | ||||||||
Salaries and employee benefits | 1,720 | 1,597 | ||||||
Occupancy | 345 | 378 | ||||||
Furniture and equipment | 194 | 189 | ||||||
Data processing | 189 | 220 | ||||||
Professional service fees | 173 | 153 | ||||||
Loan and deposit | 395 | 136 | ||||||
FDIC insurance assessment | 222 | 125 | ||||||
Telephone | 47 | 43 | ||||||
Advertising | 72 | 78 | ||||||
Other | 272 | 320 | ||||||
Total noninterest expense | 3,629 | 3,239 | ||||||
Income before provision for income taxes | 300 | 97 | ||||||
Provision for income taxes | (3,411 | ) | 7 | |||||
NET INCOME | 3,711 | 90 | ||||||
Preferred dividend and accretion of discount | 185 | — | ||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 3,526 | 90 | ||||||
INCOME PER COMMON SHARE: | ||||||||
Basic | $ | 1.03 | $ | .03 | ||||
Diluted | $ | 1.03 | $ | .03 | ||||
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY
LOAN PORTFOLIO AND CREDIT QUALITY
(Dollars in thousands)
Loan Portfolio Balances (at end of period):
March 31, | December 31, | March 31, | ||||||||||
2010 | 2009 | 2009 | ||||||||||
Commercial Loans | ||||||||||||
Real estate — operators of nonresidential buildings | $ | 49,753 | $ | 48,689 | $ | 40,457 | ||||||
Hospitality and tourism | 44,820 | 45,315 | 35,224 | |||||||||
Real estate agents and managers | 21,529 | 24,242 | 28,012 | |||||||||
Operators of nonresidential buildings | 13,170 | 12,619 | 13,512 | |||||||||
Other | 138,964 | 150,214 | 151,732 | |||||||||
Total Commercial Loans | 268,236 | 281,079 | 268,937 | |||||||||
1-4 family residential real estate | 70,087 | 67,232 | 65,792 | |||||||||
Consumer | 4,044 | 4,290 | 3,627 | |||||||||
Construction | ||||||||||||
Commercial | 28,035 | 24,591 | 26,658 | |||||||||
Consumer | 6,909 | 7,118 | 5,762 | |||||||||
Total Loans | $ | 377,311 | $ | 384,310 | $ | 370,776 | ||||||
Credit Quality (at end of period):
March 31, | December 31, | March 31, | ||||||||||
2010 | 2009 | 2009 | ||||||||||
Nonperforming Assets : | ||||||||||||
Nonaccrual loans | $ | 9,027 | $ | 14,368 | $ | 12,461 | ||||||
Loans past due 90 days or more | — | — | — | |||||||||
Restructured loans | 869 | 869 | 592 | |||||||||
Total nonperforming loans | 9,896 | 15,237 | 13,053 | |||||||||
Other real estate owned | 7,723 | 5,804 | 2,199 | |||||||||
Total nonperforming assets | $ | 17,619 | $ | 21,041 | $ | 15,252 | ||||||
Nonperforming loans as a % of loans | 2.62 | % | 3.96 | % | 3.52 | % | ||||||
Nonperforming assets as a % of assets | 3.51 | % | 4.08 | % | 3.27 | % | ||||||
Reserve for Loan Losses: | ||||||||||||
At period end | $ | 4,737 | $ | 5,225 | $ | 4,793 | ||||||
As a % of loans | 1.26 | % | 1.39 | % | 1.29 | % | ||||||
As a % of nonperforming loans | 47.87 | % | 34.29 | % | 36.72 | % | ||||||
As a % of nonaccrual loans | 52.48 | % | 36.37 | % | 38.46 | % | ||||||
Charge-off Information (year to date): | ||||||||||||
Average loans | 384,640 | 374,796 | 370,943 | |||||||||
Net charge-offs | 1,389 | 2,752 | 34 | |||||||||
Charge-offs as a % of average loans | .36 | % | .73 | % | .01 | % | ||||||
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS
QUARTERLY FINANCIAL HIGHLIGHTS
QUARTER ENDED | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2010 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
BALANCE SHEET(Dollars in thousands) | ||||||||||||||||||||
Total loans | $ | 377,311 | $ | 384,310 | $ | 384,100 | $ | 372,004 | $ | 370,776 | ||||||||||
Allowance for loan losses | (4,737 | ) | (5,225 | ) | (4,081 | ) | (4,119 | ) | (4,793 | ) | ||||||||||
Total loans, net | 372,574 | 379,085 | 380,019 | 367,885 | 365,983 | |||||||||||||||
Intangible assets | — | — | — | 6 | 26 | |||||||||||||||
Total assets | 502,427 | 515,377 | 513,180 | 506,304 | 466,375 | |||||||||||||||
Core deposits | 236,227 | 209,828 | 200,541 | 202,892 | 196,860 | |||||||||||||||
Noncore deposits(1) | 168,985 | 211,561 | 218,040 | 210,260 | 188,897 | |||||||||||||||
Total deposits | 405,212 | 421,389 | 418,581 | 413,152 | 385,757 | |||||||||||||||
Total borrowings | 36,140 | 36,140 | 36,140 | 36,210 | 36,210 | |||||||||||||||
Total shareholders’ equity | 58,722 | 55,299 | 55,766 | 53,939 | 41,864 | |||||||||||||||
Total shares outstanding | 3,419,736 | 3,419,736 | 3,419,736 | 3,419,736 | 3,419,736 | |||||||||||||||
AVERAGE BALANCES(Dollars in thousands) | ||||||||||||||||||||
Assets | $ | 508,495 | $ | 514,102 | $ | 513,687 | $ | 491,205 | $ | 454,740 | ||||||||||
Loans | 384,640 | 386,203 | 370,310 | 371,609 | 370,943 | |||||||||||||||
Deposits | 413,897 | 418,280 | 419,102 | 401,510 | 372,669 | |||||||||||||||
Equity | 55,109 | 55,665 | 54,594 | 49,855 | 41,813 | |||||||||||||||
INCOME STATEMENT(Dollars in thousands) | ||||||||||||||||||||
Net interest income | $ | 4,022 | $ | 4,431 | $ | 4,310 | $ | 4,051 | $ | 3,495 | ||||||||||
Provision for loan losses | 900 | 2,300 | 700 | 150 | 550 | |||||||||||||||
Net interest income after provision | 3,122 | 2,131 | 3,610 | 3,901 | 2,945 | |||||||||||||||
Total noninterest income | 807 | 1,503 | 2,418 | 439 | 391 | |||||||||||||||
Total noninterest expense | 3,629 | 3,650 | 3,443 | 3,470 | 3,239 | |||||||||||||||
Income before taxes | 300 | (16 | ) | 2,585 | 870 | 97 | ||||||||||||||
Provision for income taxes | (3,411 | ) | (22 | ) | 864 | 271 | 7 | |||||||||||||
Net income | 3,711 | 6 | 1,721 | 599 | 90 | |||||||||||||||
Preferred dividend expense | 185 | 186 | 185 | 138 | — | |||||||||||||||
Net income available to common shareholders | $ | 3,526 | $ | (180 | ) | $ | 1,536 | $ | 461 | $ | 90 | |||||||||
PER SHARE DATA | ||||||||||||||||||||
Earnings | $ | 1.03 | $ | (.05 | ) | $ | .45 | $ | .13 | $ | .03 | |||||||||
Book value per common share | 14.08 | 13.10 | 13.25 | 12.73 | 12.24 | |||||||||||||||
Market value, closing price | 4.72 | 4.64 | 4.10 | 4.50 | 4.00 | |||||||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||
Nonperforming loans/total loans | 2.62 | % | 3.96 | % | 3.00 | % | 2.66 | % | 3.52 | % | ||||||||||
Nonperforming assets/total assets | 3.51 | 4.08 | 3.38 | 2.93 | 3.27 | |||||||||||||||
Allowance for loan losses/total loans | 1.26 | 1.36 | 1.06 | 1.11 | 1.29 | |||||||||||||||
Allowance for loan losses/nonperforming loans | 47.87 | 34.29 | 35.40 | 41.71 | 36.72 | |||||||||||||||
PROFITABILITY RATIOS | ||||||||||||||||||||
Return on average assets | 2.81 | % | (.14 | )% | 1.19 | % | .38 | % | .08 | % | ||||||||||
Return on average equity | 25.95 | (1.28 | ) | 11.16 | 3.71 | .87 | ||||||||||||||
Net interest margin | 3.51 | 3.74 | 3.66 | 3.58 | 3.35 | |||||||||||||||
Efficiency ratio | 78.12 | 71.03 | 70.09 | 76.55 | 82.36 | |||||||||||||||
Average loans/average deposits | 92.93 | 92.33 | 88.36 | 92.55 | 99.54 | |||||||||||||||
CAPITAL ADEQUACY RATIOS | ||||||||||||||||||||
Tier 1 leverage ratio | 9.85 | % | 9.75 | % | 9.74 | % | 9.65 | % | 7.86 | % | ||||||||||
Tier 1 capital to risk weighted assets | 12.48 | 11.92 | 12.18 | 11.94 | 9.31 | |||||||||||||||
Total capital to risk weighted assets | 13.69 | 13.17 | 13.19 | 13.00 | 10.56 | |||||||||||||||
Average equity/average assets | 10.84 | 10.83 | 10.63 | 10.15 | 9.19 | |||||||||||||||
Tangible equity/tangible assets | 10.84 | 10.83 | 10.87 | 10.65 | 8.97 |
(1) | Noncore deposits includesInternet CDs, brokered deposits and CDs greater than $100,000 |
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS
QUARTERLY FINANCIAL HIGHLIGHTS