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mBank News/Press

Mackinac Financial Corporation Reports First Quarter 2017 Results

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced first quarter 2017 income of $1.726 million, or $.28 per share, compared to net income of $1.132 million, or $.18 per share, for the first quarter of 2016. As expected, the 2017 first quarter results were positively impacted by the operating scale garnered by the two 2016 acquisitions, as well as continued organic growth. All transaction-related expenses from the acquisitions occurred in 2016 and no legacy costs are expected this year. Total assets of the Corporation at March 31, 2017 were $976.635 million compared to $732.932 million at March 31, 2016.

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Mackinac Financial Corporation Reports 2016 Fourth Quarter and Annual Results

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced 2016 net income of $4.48 million, or $.72 per share, compared to net income $5.60 million, or $.90 per share, in 2015. The 2016 results include expenses related to the acquisitions of Niagara Bancorporation, Inc. (“Niagara”) and First National Bank of Eagle River (“Eagle River”). Year-to-date transaction related expenses, largely associated with the early termination of the Eagle River data processing system, totaled $3.10 million with an after-tax impact of $2.05 million on earnings that equated to $.33 per share. Adjusted core net income (exclusive of all transaction-related expenses) for 2016 was $6.53 million, or $1.05 per share.

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Clare Ghiardi to Retire After 13 Years with mBank

MANISTIQUE, Mich. January 31, 2017 – mBank announced today that Clare Ghiardi, Vice President Mortgage Loan Officer, will be retiring effective March 17, 2017.

Mrs. Ghiardi has been with mBank since October of 2003 as a Vice President Mortgage Lender in Marquette. She came to mBank from a 30-year career in the banking industry, all in Marquette County.

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MFNC Reports Nine Month and Third Quarter Results Following Second Acquisition Of 2016

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced third quarter 2016 net income of $1.778 million, or $.28 per share, compared to net income available to common shareholders of $1.018 million, or $.16 per share for the third quarter of 2015. In connection with the acquisitions of Niagara Bancorporation, Inc. (”Niagara”) and First National Bank of Eagle River (“Eagle River”), the Corporation had total GAAP pre-tax transaction related expenses for the third quarter of $.359 million that reduced net income by $.237 million or $.04 per share, on an after tax basis. The adjusted net income for the third quarter of 2016 (exclusive of all transaction related expenses) is $2.015 million, or $.32 per share.

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MFNC Completes the Acquisition of First National Bank of Niagara

MANISTIQUE, Mich. August 31, 2016 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, today announced the consummation of the acquisition of The First National Bank of Niagara (Niagara), Niagara, Wisconsin, from its holding company Niagara Bancorporation Inc. First National Bank of Niagara was immediately consolidated into mBank and all branches will open as mBank locations on Thursday, September 1, 2016.

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Mackinac Financial Corporation Announces Six Month and Second Quarter 2016 Results

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC)(the “Corporation”), the bank holding company for mBank, today announced a net loss, after certain acquisition transaction expenses described below, for the second quarter 2016 of $.125 million or ($.02) per share compared to net income of $1.614 million, or $.26 per share, for the second quarter of 2015 and $1.132 million, or $.18 per share, in the 2016 first quarter. Net income for the first six months of 2016 totaled $1.007 million, or $.16 per share, after acquisition transaction expenses, compared to $2.985 million, or $.48 per share, for the same period in 2015. Total assets of the Corporation at June 30, 2016 totaled $892.238 million, compared to $735.338 million at June 30, 2015. Weighted average shares for 2016 totaled 6,231,246, compared to 6,245,553 shares in the same period of 2015.

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