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Mackinac Financial Corporation Announces Solid 2013 Results of Operations

2014 Press Releases Expand

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC), the holding Corporation for mBank, today announced net income of $5.629 million or $1.01 per share, for the year ended December 31, 2013, compared to net income of $6.458 million, or $1.51 per share, for 2012. The 2013 and 2012 consolidated and bank results include a deferred tax valuation adjustment of $2.250 million, or $.40 per share and $3.000 million, $.70 per share, respectively. The Corporation’s primary asset, mBank, recorded net income of $7.189 million for the fiscal year 2013 compared to $7.884 million for 2012. Excluding the aforementioned deferred tax asset, the Bank subsidiary’s core operations improved year over year from 2012 earnings of $4.884 million to $4.939 million in 2013.

Total assets of the Corporation at 2013 year-end totaled $572.800 million, an increase of 4.91% from the $545.980 million at 2012 year-end. The Corporation and the Bank are both “well-capitalized” with Tier 1 Capital at the Corporation of 10.30% and 10.00% at the Bank.

Some highlights from 2013 include:

  • New loan production of $190.9 million, with balance sheet growth of $34.7 million, an increase of 7.7%, in loans outstanding from 2012 year end.
  • Secondary mortgage loan income of $1.028 million.
  • Continued success with the sale of SBA and USDA loan guarantees with sales generating $.951 million for
    the year and a good pipeline of pending transactions at 2013 year-end.
  • Stable and above peer average net interest margin at 4.17% for the year.
  • Asset quality improved with further reductions in nonperforming assets from $7.899 at 2012 year end to $3.908 million at year-end 2013 with our Texas Ratio now residing at 5.59%.
  • Consolidation of our owner occupied branch and mortgage offices in Marquette, to a new leased facility in December of 2013.
  • Redemption of $11.000 million of preferred stock.
  • Increased common stock cash dividend from $.04 per share quarterly to $.05 per share quarterly.
  • Successful launching of our asset based lending subsidiary, Mackinac Commercial Credit, LLC late in 2013 located in Birmingham, MI.

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