Manistique, Michigan – 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.
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.
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