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     571  0 Kommentare Mackinac Financial Corporation Reports Strong First Quarter 2015 Results Following Recent Acquisition

    MANISTIQUE, MI--(Marketwired - May 1, 2015) - Mackinac Financial Corporation (NASDAQ: MFNC) (the "Corporation"), the bank holding company for mBank, today announced first quarter 2015 income of $1.371 million or $.22 per share compared to net income of $.660 million, or $.12 per share for the first quarter of 2014. Total assets of the Corporation at March 31, 2015 totaled $728.844 million compared to $583.592 million at March 31, 2014.

    Shareholders' equity at March 31, 2015 totaled $75.038 million, compared to $65.730 million on March 31, 2014. The book value per share equated to $11.99 on March 31, 2015 compared to $11.89 per share a year ago. Weighted average shares outstanding totaled 6,256,475 shares in the 2015 first quarter compared to 5,527,690 for the same period in 2014.

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    The acquisition of Peninsula Financial Corporation the holding company for Peninsula Bank, ("PFC"), in December 2014 added approximately $125 million in assets, $70 million in loan balances and $100 million in deposits to our organization. In connection with this acquisition we increased shareholders equity by $7.804 million, issued 695,361 shares of our common stock and added approximately 350 new shareholders.

    Some highlights for the first quarter include:

    • mBank, the Corporation's primary asset, recorded net income of $1.627 million in the first quarter of 2015, a 47.9% increase compared to $1.100 million for the first quarter of 2014.

    • A seamless operational and cultural integration of PFC, with a full systems conversion completed in March 2015.

    • Strong net interest margin improving to 4.53% compared to 4.25% in the 2014 first quarter.

    • Increased contribution from secondary mortgage market activity.

    • The Corporation recorded "pre-tax, pre-provision" income of $2.388 million for the first quarter of 2015, compared to $1.177 million for the same period in 2014.

    • Dividend on common stock of $.075 per share compared to $.05 per share one year ago.

    Loans and Non-performing Assets

    Total loans at March 31, 2015 were $597.731 million, an increase of $111.869 million, $70.0 million from the PFC acquisition noted above, and down slightly from year end balances of $600.935 million. Our organic balance sheet loan growth in the past twelve months was approximately $42 million, or 8.7%. New loan production was solid in the 2015 first quarter at $31.4 million, although some larger loan payoffs and normal loan principal amortization resulted in a slight decrease in outstanding loan balances. Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank stated, "We were generally pleased with our overall loan production for the quarter with almost $15 million in new commercial originations and over $16 million in consumer, primarily mortgage, where we have seen a nice uptick in the secondary market. We expect that trend to continue as we move into our more seasonal lending origination months. The slight decrease in loan balances from various commercial loan pay downs for existing clients reflects borrowers' actions to reduce debt with excess cash reserves, and a few commercial real estate relationships exiting the bank where available terms and rates were outside of our acceptable parameters. Our current loan pipeline remains good for both traditional commercial and SBA loans as we also move to a more offensive position within our newly acquired PFC markets after the successful operational and cultural merger of the company over the first quarter into the mBank operating environment." 

    Nonperforming loans totaled $11.850 million, 1.98% of total loans at March 31, 2015 compared to $1.491 million, or .31% of total loans at March 31, 2014 and up from the $3.939 million from December 31, 2014. Total loan delinquencies greater than 30 days resided at a nominal .95%, or $5.612 million. Mr. George, commenting on credit quality, stated, "Our credit quality risk metrics and overall loan portfolio payment performance remains strong with no systemic issues within any segments of the portfolio. The increase in nonperforming assets in the 2015 first quarter totaling $7.911 million is due almost entirely to one large credit, an approximate $7.5 million local loan relationship, which the bank entered into in 2011 as a chapter 11 bankruptcy reorganization. This relationship was established in conjunction with several other state and federal government lending parties who provided various loan guarantees, in order to preserve a long standing paper mill in our headquarters market and save over 150 jobs. The private equity owners of the mill shut the facility unexpectedly in late March of this year given ongoing projected capital needs they were unwilling to fund. We are proceeding with a cautiously optimistic posture that a new owner can be procured in the near-term as the mill has been open since 1914. We have taken prudent steps working with all lending parties to gradually wind down the mill and protect and control the disposition of our collateral should the mill fail to reopen. We have been very pleased with the resolution of several of the acquired PFC problem assets, and expect further positive progress there as we work through their remaining nonperforming assets the first half of this year. We believe our purchase accounting marks for the loans acquired are appropriate."

    Margin Analysis

    Net interest income in the first quarter of 2014 increased to $7.520 million, 4.53%, compared to $5.593 million, or 4.25%, in the first quarter of 2014. The increase in net interest income was largely due to the PFC acquisition as we increased earning assets by approximately $90 million. We also had increased net interest contribution due to the accretive attributes associated with the purchase accounting adjustments related to PFC loan marks under GAAP. Mr. George stated, "We have been successful in maintaining our strong net interest margin within this historically low interest rate cycle though the use of continued targeted funding strategies and disciplined loan pricing in efforts to mitigate longer term interest rate risk where we maintain a favorable balance sheet position in a rising interest rate environment. We continue to look for any investment opportunities that fit our balance sheet structure but will not take unnecessary risk or extend duration in order to enhance short term yields. We will remain committed to our core banking philosophy which emphasizes loan growth as the best asset to invest in to benefit and help grow the economic bases in our local communities, which in turn also provides the best overall returns to our shareholders."

    Deposits

    Total deposits of $597.913 million at March 31, 2015 increased by $122.203 million ($100 million from the PFC acquisition noted above), from deposits of $475.710 million on March 31, 2014 and were down slightly from year end deposits of $606.973 million. Mr. George, commenting on core deposits and overall liquidity needs, stated "The Corporation maintains a strong liquidity position to fund operations and loan growth. We proactively review our short and long term funding needs and review our pricing levels within the different segments of our deposit products in order to best manage our net interest margin to capture as many dollars as we can. We will also utilize alternative funding sources such as internet CDs and small levels of wholesale deposits when deemed necessary to structure different liabilities to match asset growth durations, and cover any potential short term funding gaps that could arise to protect our balance sheet in various interest rate change stress tests."

    Noninterest Income/Expense

    Noninterest income, at $.624 million in the first quarter of 2015, decreased $.067 million from the first quarter 2014 level of $.691 million. The primary reason for the decrease was a reduced level of gains on the sale of SBA/USDA loan balances which totaled $.118 million in the 2015 first quarter down from $.382 million in the first quarter of 2014. Secondary market fees increased to $.167 million in the first quarter of 2015 compared to $.103 million in the first quarter of 2014. Noninterest expense, at $5.756 million in the first quarter of 2015, increased $.649 million, or 12.71% from the first quarter of 2014. The increase from the first quarter of 2014 was largely attributable to the PFC acquisition in December 2014 in terms of salaries and benefits, and some data processing costs which are expected to diminish now that the conversion process is complete.

    Assets and Capital

    Total assets of the Corporation at March 31, 2015 were $728.844 million, up $145.252 million from the $583.592 million reported at March 31, 2014 and down $14.941 million from the $743.785 million of total assets at year-end 2014. The decrease in assets during the first quarter was primarily due to the reduction in deposits as we paid down some of our brokered deposits in connection with reductions in loan funding needs. Common shareholders' equity at March 31, 2015 totaled $75.038 million, or $11.99 per share, compared to $65.730 million, or $11.89 per share on March 31, 2014. The Corporation and the Bank are both "well-capitalized" with Tier 1 Capital at the Corporation of 8.75% and 9.41% at the Bank.

    Paul D. Tobias, Chairman and Chief Executive Officer of Mackinac concluded, "With the recent acquisition of PFC, the combination of our organizations has resulted in significant accretive earnings in our first quarter of combined results and we expect this contribution to continue in future periods. The expansion of our footprint from this business combination provided us with increased growth opportunities in the western U.P. markets and our increased asset size resulted in the anticipated operational efficiencies, which contributed to earnings accretion as anticipated. We believe that we will have additional accretive opportunities in the near term as the regulatory and operating costs for smaller banks dictate a larger asset base. We remain committed to our shareholders in all of our endeavors to increase value by building a safe and sound company with strong asset growth, increasing core earnings and growing returns on equity." 

    Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $725 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 17 branch locations; thirteen 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  
       
        As of and For the     As of and For the     As of and For the  
        Quarter Ending     Year Ending     Quarter Ending  
        March 31,     December 31,     March 31,  
    (Dollars in thousands, except per share data)   2015     2014     2014  
        (Unaudited)     (Unaudited)     (Unaudited)  
    Selected Financial Condition Data (at end of period):                        
    Assets   $ 728,844     $ 743,785     $ 583,592  
    Loans     597,731       600,935       485,862  
    Investment securities     63,313       65,832       47,411  
    Deposits     597,913       606,973       475,710  
    Borrowings     49,839       49,846       38,852  
    Shareholders' equity     75,038       73,996       65,730  
                             
                             
    Selected Statements of Income Data:                        
    Net interest income   $ 7,520     $ 23,527     $ 5,593  
    Income before taxes     2,083       2,829       994  
    Net income     1,371       1,700       660  
    Income per common share - Basic     .22       .30       .12  
    Income per common share - Diluted     .22       .30       .12  
    Weighted average shares outstanding     6,256,475       5,592,738       5,530,908  
    Weighted average shares outstanding - Diluted     6,268,742       5,653,811       5,549,730  
                             
    Selected Financial Ratios and Other Data:                        
    Performance Ratios:                        
    Net interest margin     4.53 %     4.19 %     4.25 %
    Efficiency ratio     74.27       74.43       80.57  
    Return on average assets     .75       .28       .46  
    Return on average equity     7.54       2.57       4.09  
                             
    Average total assets   $ 737,496     $ 605,612     $ 580,717  
    Average total shareholders' equity     73,776       66,249       65,462  
    Average loans to average deposits ratio     99.78 %     103.98 %     102.62 %
                             
                             
    Common Share Data at end of period:                        
    Market price per common share   $ 11.39     $ 11.85     $ 12.54  
    Book value per common share     11.99       11.81       11.89  
    Dividends paid per share, annualized     .30       .225       .20  
    Common shares outstanding     6,257,450       6,266,756       5,527,690  
                             
    Other Data at end of period:                        
    Allowance for loan losses   $ 5,527     $ 5,140     $ 4,883  
    Non-performing assets   $ 14,482     $ 6,949     $ 3,657  
    Allowance for loan losses to total loans     .92 %     .86 %     1.01 %
    Non-performing assets to total assets     1.99 %     .63 %     .63 %
    Texas ratio     19.16 %     9.37 %     5.18 %
                             
    Number of:                        
      Branch locations     17       17       11  
      FTE Employees     168       160       133  
                             
                             
                             
    MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
    CONSOLIDATED BALANCE SHEETS  
       
      March 31,     December 31,     March 31,  
      2015     2014     2014  
      (Unaudited)           (Unaudited)  
    ASSETS                      
                           
    Cash and due from banks $ 24,242     $ 21,947     $ 24,748  
    Federal funds sold   4       -       3  
      Cash and cash equivalents   24,246       21,947       24,751  
                           
    Interest-bearing deposits in other financial institutions   5,832       5,797       10  
    Securities available for sale   63,313       65,832       47,411  
    Federal Home Loan Bank stock   2,973       2,973       3,060  
                           
    Loans:                      
      Commercial   428,439       433,566       361,299  
      Mortgage   152,016       148,984       110,759  
      Consumer   17,276       18,385       13,804  
        Total Loans   597,731       600,935       485,862  
          Allowance for loan losses   (5,527 )     (5,140 )     (4,883 )
      Net loans   592,204       595,795       480,979  
                           
    Premises and equipment   12,614       12,658       9,800  
    Other real estate held for sale   2,632       3,010       2,166  
    Deferred tax asset   10,332       11,498       9,533  
    Deposit based intangibles   1,167       1,196       -  
    Goodwill   3,805       3,805       -  
    Other assets   9,726       19,274       5,882  
                           
    TOTAL ASSETS $ 728,844     $ 743,785     $ 583,592  
                           
    LIABILITIES AND SHAREHOLDERS' EQUITY                      
                           
    LIABILITIES:                      
    Deposits:                      
      Noninterest bearing deposits $ 104,689     $ 95,498     $ 68,027  
      NOW, money market, interest checking   206,824       212,565       148,023  
      Savings   29,470       28,015       14,425  
      CDs < $100,000   127,639       134,951       154,371  
      CDs > $100,000   29,434       30,316       23,317  
      Brokered   99,857       105,628       67,547  
        Total deposits   597,913       606,973       475,710  
                           
      Borrowings   49,839       49,846       38,852  
      Other liabilities   6,054       12,970       3,300  
        Total liabilities   653,806       669,789       517,862  
                           
    SHAREHOLDERS' EQUITY:                      
      Preferred stock - No par value:                      
        Authorized 500,000 shares, Issued and outstanding - 11,000 shares   -       -       -  
      Common stock and additional paid in capital - No par value                      
        Authorized - 18,000,000 shares                      
        Issued and outstanding - 6,257,450; 6,266,756; and 5,527,690 shares respectively   61,558       61,679       53,590  
        Retained earnings   12,706       11,804       11,796  
        Accumulated other comprehensive income   774       513       344  
                           
          Total shareholders' equity   75,038       73,996       65,730  
                           
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 728,844     $ 743,785     $ 583,592  
                           
                           
                           
    MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
     
      Three Months Ended
      March 31,
      2015   2014
      (Unaudited)
    INTEREST INCOME:          
      Interest and fees on loans:          
        Taxable $ 8,225   $ 6,281
        Tax-exempt   3     23
      Interest on securities:          
        Taxable   302     237
        Tax-exempt   41     13
      Other interest income   62     48
        Total interest income   8,633     6,602
               
    INTEREST EXPENSE:          
      Deposits   823     822
      Borrowings   290     187
        Total interest expense   1,113     1,009
               
    Net interest income   7,520     5,593
    Provision for loan losses   305     183
    Net interest income after provision for loan losses   7,215     5,410
               
    OTHER INCOME:          
      Deposit service fees   184     157
      Income from loans sold on the secondary market   167     103
      SBA/USDA loan sale gains   118     382
      Mortgage servicing income   31     13
      Net security gains   10     -
      Other   114     36
        Total other income   624     691
               
    OTHER EXPENSE:          
      Salaries and employee benefits   3,047     2,541
      Occupancy   576     538
      Furniture and equipment   399     319
      Data processing   355     286
      Advertising   126     107
      Professional service fees   301     331
      Loan and deposit   138     79
      Writedowns and losses on other real estate held for sale   17     -
      FDIC insurance assessment   108     85
      Telephone   132     82
      Other   557     739
        Total other expenses   5,756     5,107
               
    Income before provision for income taxes   2,083     994
    Provision for income taxes   712     334
               
    NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 1,371   $ 660
               
    INCOME PER COMMON SHARE:          
      Basic $ .22   $ .12
      Diluted $ .22   $ .12
                 
                 
                 
    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,
        2015   2013   2014
        (Unaudited)   (Unaudited)   (Unaudited)
      Commercial Loans:                  
      Real estate - operators of nonresidential buildings   $ 106,286   $ 106,644   $ 97,153
      Hospitality and tourism     45,995     46,211     44,243
      Lessors of residential buildings     21,545     19,776     13,649
      Commercial construction     18,019     16,284     10,685
      Gasoline stations and convenience stores     13,965     13,841     11,980
      Real estate agents and managers     9,717     9,454     10,115
      Other     212,912     221,356     184,159
        Total Commercial Loans     428,439     433,566     371,984
                       
      1-4 family residential real estate     142,283     139,553     104,376
      Consumer     17,276     18,385     13,804
      Consumer construction     9,733     9,431     6,383
                       
        Total Loans   $ 597,731   $ 600,935   $ 496,547
                           

    Credit Quality (at end of period):

                       
        March 31,     December 31,     March 31,  
        2015     2014     2014  
        (Unaudited)     (Unaudited)     (Unaudited)  
      Nonperforming Assets:                        
      Nonaccrual loans   $ 11,801     $ 3,939     $ 983  
      Loans past due 90 days or more     49       -       -  
      Restructured loans     -       -       508  
        Total nonperforming loans     11,850       3,939       1,491  
      Other real estate owned     2,632       3,010       2,166  
        Total nonperforming assets   $ 14,482     $ 6,949     $ 3,657  
      Nonperforming loans as a % of loans     1.98 %     .66 %     .31 %
      Nonperforming assets as a % of assets     1.99 %     .93 %     .63 %
      Reserve for Loan Losses:                        
      At period end   $ 5,527     $ 5,140     $ 4,883  
      As a % of average loans     .92 %     1.01 %     1.00 %
      As a % of nonperforming loans     46.64 %     130.49 %     327.50 %
      As a % of nonaccrual loans     46.84 %     130.49 %     496.74 %
      Texas Ratio     19.16 %     9.37 %     5.18 %
                             
      Charge-off Information (year to date):                        
        Average loans   $ 600,052     $ 509,749     $ 486,354  
        Net charge-offs (recoveries)   $ (83 )   $ 721     $ (40 )
        Charge-offs as a % of average loans, annualized     N/M %     .14 %     N/M %
     
     
     
    MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
    QUARTERLY FINANCIAL HIGHLIGHTS
           
        QUARTER ENDED  
        (Unaudited)  
        March 31,   December 31,   September 30,   June 30,   March 31,  
        2015   2014   2014   2014   2014  
    BALANCE SHEET (Dollars in thousands)                                
                                     
    Total loans   $ 597,731   $ 600,935   $ 518,373   $ 502,940   $ 485,862  
    Allowance for loan losses     (5,527 )   (5,140 )   (5,279 )   (5,097 )   (4,883 )
      Total loans, net     592,204     595,795     513,094     497,843     480,979  
    Total assets     728,844     743,785     613,943     595,869     583,592  
    Core deposits     468,622     471,029     403,950     380,772     384,846  
    Noncore deposits     129,291     135,944     87,256     103,244     90,864  
      Total deposits     597,913     606,973     491,206     484,016     475,710  
    Total borrowings     49,839     49,846     52,409     42,087     38,852  
    Total shareholders' equity     75,038     73,996     67,132     66,477     65,730  
    Total tangible equity     70,066     68,995     67,132     66,477     65,730  
    Total shares outstanding     6,257,450     6,266,756     5,564,815     5,527,690     5,527,690  
    Weighted average shares outstanding     6,256,475     5,770,104     5,540,200     5,527,690     5,530,908  
                                     
    AVERAGE BALANCES (Dollars in thousands)                                
                                     
    Assets   $ 737,496   $ 651,935   $ 607,840   $ 581,150   $ 580,717  
    Loans     600,052     549,411     509,618     492,923     486,354  
    Deposits     601,834     522,155     494,599     469,720     473,951  
    Equity     73,776     67,397     66,558     65,553     65,462  
                                     
    INCOME STATEMENT (Dollars in thousands)                                
                                     
    Net interest income   $ 7,520   $ 6,389   $ 5,886   $ 5,659   $ 5,593  
    Provision for loan losses     305     639     187     191     183  
      Net interest income after provision     7,215     5,750     5,699     5,468     5,410  
    Total noninterest income     624     1,003     768     650     691  
    Total noninterest expense     5,756     7,479     5,126     4,898     5,107  
    Income before taxes     2,083     (726 )   1,341     1,220     994  
    Provision for income taxes     712     (74 )   455     414     334  
    Net income available to common shareholders   $ 1,371   $ (652 ) $ 886   $ 806   $ 660  
    Income pre-tax, pre-provision   $ 2,388   $ (87 ) $ 1,528   $ 1,411   $ 1,177  
                                     
    PER SHARE DATA                                
                                     
    Earnings   $ .22   $ (.13 ) $ .16   $ .15   $ .12  
    Book value per common share     11.99     11.81     12.06     12.03     11.89  
    Market value, closing price     11.39     11.85     11.30     12.90     12.54  
    Dividends per share     .075     .075     .05     .05     .05  
                                     
    ASSET QUALITY RATIOS                                
                                     
    Nonperforming loans/total loans     1.98 %   .66 %   .52 %   .53 %   .31 %
    Nonperforming assets/total assets     1.99     .93     .74     .77     .63  
    Allowance for loan losses/total loans     .92     .86     1.02     1.01     1.01  
    Allowance for loan losses/nonperforming loans     46.64     130.49     195.88     192.19     327.50  
    Texas ratio (1)     19.16     9.37     6.27     6.43     5.18  
                                     
    PROFITABILITY RATIOS                                
                                     
    Return on average assets     .75 %   (.40 )%   .58 %   .56 %   .46 %
    Return on average equity     7.54     (3.84 )   5.28     4.93     4.09  
    Net interest margin     4.53     4.19     4.20     4.18     4.25  
    Efficiency ratio     74.27     70.27     73.83     77.55     80.57  
    Average loans/average deposits     99.78     105.22     103.03     104.94     102.62  
                                     
    CAPITAL ADEQUACY RATIOS                                
                                     
    Tier 1 leverage ratio     8.75 %   8.57 %   10.23 %   10.50 %   10.25 %
    Tier 1 capital to risk weighted assets     10.33     10.23     11.68     11.86     11.79  
    Total capital to risk weighted assets     11.22     11.07     12.68     12.87     12.79  
    Average equity/average assets (for the quarter)     10.00     10.34     10.95     11.28     11.27  
    Tangible equity/tangible assets (at quarter end)     9.68     9.25     10.93     11.16     11.26  
     
    (1) Texas ratio equals nonperforming assets divided by tangible shareholders' equity plus allowance for loan losses
     

    Contact:
    Ernie R. Krueger
    (906)341-7158
    Website: www.bankmbank.com




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