(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced first quarter 2014 income of $.660 million or $.12 per share compared to net income of $.676 million, or $.12 per share for the first quarter of 2013. The Corporation’s primary asset, mBank, recorded a 9.34% increase in net income which equated to $1.100 million for the first quarter of 2014 compared to $1.006 million in 2013. Total assets of the Corporation at March 31, 2014 were $583.592 million, up 7.69% from the $541.896 million reported at March 31, 2013.
Shareholders’ equity at March 31, 2014 totaled $65.730 million, compared to $73.039 million on March 31, 2013, a decrease of $7.309 million. Book value of common shareholders’ equity was $11.89 per share at March 31, 2014 compared to $11.16 per share at March 31, 2013. The decrease in equity, between periods, includes the redemption of the Preferred Series A Stock of $11 million. Weighted average shares outstanding totaled 5,530,908 shares in the 2014 first quarter compared to 5,559,859 for the same period in 2013.
Some highlights for the first quarter include:
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Strong credit quality with a Texas ratio of 5.18% compared to 9.81% one year ago.
Strong net interest margin improving to 4.25% compared to 4.18% for the first quarter of 2013.
Total new loan production of $31.1 million.
Increase of dividend on common stock to $.05 per share from $.04 per share one year ago.
Continued success with SBA/USDA lending programs with loan sale gains of $.382 million.