(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.
Shareholders’ equity at March 31, 2017 totaled $80.009 million, compared to $77.395 million on March 31, 2016. The tangible book value per share equated to $11.47 on March 31, 2017 compared to $11.64 per share a year ago. Weighted average shares outstanding totaled 6,270,034 shares in the 2017 first quarter compared to 6,214,083 for the same period in 2016.
mBank, the Corporation’s primary asset, recorded net income of $2.061 million in the first quarter of 2017, compared to $1.486 million for the first quarter of 2016, equating to a 39% increase.
Some highlights for the first quarter include:
- Quarterly dividend on common stock of $.12 per share compared to $.10 per share one year ago.
- Total interest income of $10.596 million for 2017 compared to $8.310 million for the same period in 2016.
- Net interest margin has remained strong at 4.19%.
- Active secondary mortgage market activity with non-interest income stemming from that business line increasing from $.267 million to $.298 million year over year for the period.
- Total loan production of $52.600 million in the first quarter of 2017.