Last $11.60 USD
Change Today +0.02 / 0.17%
Volume 2.0K
As of 8:10 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

mackinac financial corp (MFNC) Snapshot

Open
$11.70
Previous Close
$11.58
Day High
$11.70
Day Low
$11.60
52 Week High
03/27/14 - $15.06
52 Week Low
11/7/14 - $9.95
Market Cap
64.6M
Average Volume 10 Days
1.6K
EPS TTM
$0.62
Shares Outstanding
5.6M
EX-Date
12/26/14
P/E TM
18.7x
Dividend
$0.30
Dividend Yield
1.94%
Current Stock Chart for MACKINAC FINANCIAL CORP (MFNC)

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mackinac financial corp (MFNC) Details

Mackinac Financial Corporation operates as the holding company for mBank that provides commercial and retail banking products and services. The company offers interest bearing and non-interest bearing deposit products, including commercial and retail checking accounts, negotiable order of withdrawal accounts, money market accounts, individual retirement accounts, regular interest-bearing statement savings accounts, and certificates of deposit. It also provides consumer loan products, such as installment, mortgages, and home equity loans, as well as residential mortgage loans, and commercial and governmental lease financing. In addition, the company offers title insurance services. It operates approximately 7 branch offices in the Upper Peninsula of Michigan and 4 branch offices in Michigan’s Lower Peninsula; and 13 automated teller machines. The company was formerly known as North Country Financial Corporation and changed its name to Mackinac Financial Corporation in December 2004. Mackinac Financial Corporation was incorporated in 1974 and is headquartered in Manistique, Michigan.

160 Employees
Last Reported Date: 02/4/15
Founded in 1974

mackinac financial corp (MFNC) Top Compensated Officers

Chairman, Chief Executive Officer and Chairma...
Total Annual Compensation: $325.0K
President, Director, Chief Executive Officer ...
Total Annual Compensation: $320.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $230.0K
Compensation as of Fiscal Year 2013.

mackinac financial corp (MFNC) Key Developments

Mackinac Financial Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2014

Mackinac Financial Corporation reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2014. For the quarter, net interest income was $6,389,000 against $5,626,000 for the same period of last year. Loss before taxes was $726,000 against income of $1,057,000 for the same period of last year. Net income available to common shareholders was $652,000 against $2,910,000 for the same period of last year. Net income per diluted share was $0.13 against $0.52 for the same period of last year. For the year, total interest income was $27,669,000 against $25,523,000 for the same period of last year. Net interest income was $23,527,000 against $21,399,000 for the same period of last year. Income before income taxes was $2,829,000 against $5,534,000 for the same period of last year. Net income available to common shareholders was $1,700,000 against $5,629,000 for the same period of last year. Net income per diluted share was $0.30 against $1.00 for the same period of last year. Return on average assets was 0.28% against 1.01% for the same period of last year. Return on average common equity was 2.57% against 9.07% for the same period of last year. Return on average equity was 2.57% against 8.26% for the same period of last year. Book value per common share was $11.81 against $11.77 for the same period of last year. Tangible book value per share was $11.01 against $1.77 for the same period of last year. In 2013, a deferred tax benefit of $2.250 million was recorded which equated to $0.40 per share. In December 2014, the company completed the acquisition of Peninsula Financial Corporation. In connection with this acquisition and other strategic initiatives, the Corporation had nonrecurring transaction related expenses totaling $2.475 million. These "one-time" costs reduced the reported net income in 2014 by $1.810 million, or $0.32 per share, on an after tax basis. The adjusted net income for 2014 (not inclusive of the nonrecurring transaction related expenses) would equate to $3.510 million, or $0.62 per share, compared to adjusted net income of $3.379 million in 2013 (not including the deferred tax benefit), or $0.61 per share.

Mackinac Financial Corporation Declares Increased Cash Dividend, Payable on January 8, 2015

Mackinac Financial Corporation reported the dividend and payment date of the dividend previously approved by its board of directors on October 28, 2014. On that date, the Board of Directors declared a cash dividend of $0.075 per common share, payable January 8, 2015 to shareholders of record December 30, 2014. The dividend is an increase of $0.025 per share from the prior quarter's dividend and represents a 50% increase in the annualized dividend from $0.20 per share to $0.30 per share.

Mackinac Financial Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Mackinac Financial Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total interest income of $6,933,000 compared with $6,390,000 for the same period a year ago. Net interest income was $5,886,000 compared with $5,348,000 for the same period a year ago. Income before provision for income taxes was $1,341,000 compared with $1,352,000 for the same period a year ago. Net income available to common shareholders was $886,000 or $0.16 per diluted share compared with $846,000 or $0.15 per diluted share for the same period a year ago. Book value per common share was $12.06 as on September 30, 2014 compared with $11.30 as on September 30, 2013. Return on average assets was 0.58% compared with 0.60% for the same period a year ago. Return on average common equity was 5.28% compared with 5.40% for the same period a year ago. Return on average equity was 5.28% compared with 5.08% for the same period a year ago. For the nine months, the company reported total interest income of $20,198,000 compared with $18,905,000 for the same period a year ago. Net interest income was $17,138,000 compared with $15,773,000 for the same period a year ago. Income before provision for income taxes was $3,555,000 compared with $4,477,000 for the same period a year ago. Net income available to common shareholders was $2,352,000 or $0.42 per diluted share compared with $2,719,000 or $0.49 per diluted share for the same period a year ago.

 

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Industry Analysis

MFNC

Industry Average

Valuation MFNC Industry Range
Price/Earnings 38.6x
Price/Sales 2.6x
Price/Book 1.0x
Price/Cash Flow 42.8x
TEV/Sales NM Not Meaningful
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