Mackinac financial corp /mi/ (MFNC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash Flows from Operating Activities:
Net income

13,850

8,367

5,479

4,483

5,596

-

-

-

-

-

-

Net income

-

-

-

-

-

1,700

5,937

7,087

2,218

-418

2,416

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

2,880

2,607

2,426

1,921

1,670

1,503

1,657

1,547

1,419

1,643

2,027

Provision for loan losses

385

500

625

600

1,204

1,200

1,675

945

2,300

6,500

3,700

Deferred tax expense

1,374

874

4,954

1,798

2,333

-

-

-

-

-

-

Net realized security gains

208

-

231

-

-

-

-

-

-

-

-

Deferred tax expense, net

-

-

-

-

-

1,129

-403

-922

1,098

-3,500

-

Deferred income taxes

-

-

-

-

-

-

-

-

-

-

1,120

Gain on sales/calls of securities

-

-

-

150

455

54

73

-

-1

215

1,471

(Gain) on sale of loans sold in the secondary market

1,544

1,019

1,130

1,575

873

493

794

1,077

477

445

224

Origination of loans held for sale in secondary market

89,546

57,118

65,711

81,693

53,229

29,871

55,973

74,142

38,971

36,678

21,722

Proceeds from sale of loans in the secondary market

86,926

58,137

66,841

83,268

54,102

30,364

56,767

75,219

39,448

37,217

22,039

Loss on sale other real estate held for sale

-31

-57

-81

10

-65

-81

-304

-31

-282

-48

-

(Gain) on sales of branch offices

-

-

-

-

-

-

-

-

-

-

1,208

(Gain) loss on sale of premises, equipment, and other real estate held for sale

-

-

-

-

-

-

-

-

-

-

-23

Writedown of other real estate held for sale

181

125

307

212

295

228

231

496

855

2,703

187

Stock compensation

498

533

398

600

576

429

333

66

-

32

60

Change in other assets

10,934

-7,531

-2,523

10,282

-8,188

4,112

710

61

325

-13,174

15,626

Change in other liabilities

3,704

37

-818

1,205

-6,380

6,337

350

788

296

-583

-22

Net cash provided by operating activities

-

-

-

-

-

8,441

9,301

9,977

8,144

19,478

-

Net cash provided by operating activities

7,597

20,631

15,744

377

13,092

-

-

-

-

-

-8,701

Cash Flows from Investing Activities:
Net increase (decrease) in loans

17,649

6,148

33,600

56,237

19,321

50,969

37,853

50,351

26,015

9,355

21,218

Net decrease in interest-bearing deposits in other financial institutions

3,157

5,807

673

3,015

708

-225

-

-

703

-35

-96

Purchase of securities available for sale

18,839

1,989

5,999

-

-

-

-

-

-

-

-

Purchase of securities available for sale

-

-

-

16,105

23,894

8,317

15,709

15,209

21,260

5,000

50,113

Proceeds from maturities, sales, calls or paydowns of securities available for sale

29,374

63,404

16,011

26,689

35,091

9,449

13,698

10,668

15,607

16,788

52,742

Capital expenditures

2,737

2,549

2,377

2,137

1,341

1,433

1,497

2,098

1,034

606

679

Proceeds from life insurance

-

-

-

301

263

-

-

-

-

-

-

Purchase additional FHLB Stock

-

-

531

-

-

-

-

-

-

-

-

Net cash used in Eagle acquisition and reimbursement of contract termination fee

-

-

-

1,900

-

4,484

-

-

-

-

-

Cash paid for acquisitions and reimbursement of fees, net of cash acquired

-

-4,768

-

-

-

-

-

-

-

-

-

Net cash received in Niagara acquisition

-

-

-

-2,453

-

-

-

-

-

-

-

Proceeds from sale of other real estate, premises and fixed assets

1,867

2,190

2,983

1,608

1,702

912

2,410

775

5,456

2,876

581

Redemption of FHLB stock

-

-

-330

-15

-804

-87

-

-

-363

-371

-

Net cash used in investing activities

-

-

-

-

-

-54,980

-38,951

-56,215

-26,180

5,039

-

Net cash paid in connection with branch sales

-

-

-

-

-

-

-

-

-

-

28,578

Net cash (used in) provided by investing activities

-4,827

65,483

-22,510

-42,298

-5,988

-

-

-

-

-

-47,361

Cash Flows from Financing Activities:
Net increase (decrease) in deposits

-21,860

-27,389

-5,514

49,491

3,350

39,724

31,742

29,768

18,010

-34,610

80,760

Net activity on line of credit

-

-

-750

-8,801

-3,367

9,367

2,000

-

-

-

-

Net increase in fed funds purchased

-3,320

-2,905

6,000

-6,000

-

-

-

-

-

-

-

Net proceeds from stock issuance

-

-

-

-

-

-

-

11,506

-

-

-

Repurchase of common stock

-

-

-

150

1,122

143

509

-

-

-

-

Dividend on common stock

5,576

4,612

3,022

2,498

2,179

1,308

944

223

-

-

-

Proceeds from FHLB borrowing

25,000

-

25,000

-

-

-

-

-

-

-

-

Proceeds from common stock offering

-

32,451

-

-

-

-

-

-

-

-

-

Proceeds from term borrowing

-

-

-

19,800

-

3,000

-

-

-

-

-

Redemption of Series A Preferred Stock

-

-

-

-

-

-

11,000

-

-

-

-

Repurchase of common stock warrants

-

-

-

-

-

-

-

1,300

-

-

-

Issuance of Series A Preferred Stock and common stock warrants

-

-

-

-

-

-

-

-

-

-

11,000

Dividend on preferred stock

-

-

-

-

-

-

308

550

551

550

307

Principal payments on borrowings

17,985

62,738

12,277

174

725

373

73

72

72

71

70

Net cash used in financing activities

-

-

-

-

-

50,267

20,908

39,129

17,387

-35,231

-

Net (decrease) in cash and cash equivalents

-

-

-

-

-

3,728

-8,742

-7,109

-649

-10,714

-

Net cash provided by (used in) financing activities

-17,101

-59,383

-2,563

63,668

-4,043

-

-

-

-

-

91,383

Net (decrease) increase in cash and cash equivalents

-14,331

26,731

-9,329

-

-

-

-

-

-

-

-

Net increase in cash and cash equivalents

-

-

-

21,747

3,061

-

-

-

-

-

35,321

Supplemental Cash Flow Information:
Cash paid during the year for:
Interest

10,320

8,178

6,383

4,792

4,423

-

-

-

-

-

-

Interest

-

-

-

-

-

4,119

4,157

4,172

4,664

6,548

7,584

Income taxes

1,500

1,600

1,100

1,100

150

100

149

125

75

75

90

Business Combinations
Fair value of tangible assets acquired (noncash)

-

372,967

-

188,537

-

105,265

-

-

-

-

-

Goodwill and identifiable intangible assets acquired

-

20,192

-

2,845

-

5,011

-

-

-

-

-

Liabilities assumed

-

349,464

-

175,209

-

104,151

-

-

-

-

-

Shares of common stock issued (in shares)

-

2,146

-

-

-

-

-

-

-

-

-

Common stock issued

-

-

-

-

-

695,361

-

-

-

-

-

Noncash Investing and Financing Activities:
Transfers of Foreclosures from Loans to Other Real Estate Held for Sale

1,629

1,878

2,147

3,292

1,376

588

932

1,352

4,194

5,373

-

Transfers of Other Real Estate Held for Sale to Fixed Assets

1,013

-

-

-

-

-

-

-

-

-

-

Transfers of Foreclosures from Loans to Other Real Estate Held for Sale (net of adjustments made through the allowance for loan losses)

-

-

-

-

-

-

-

-

-

-

4,879

Loans

-

-

-

-

-

-

-

-

-

-

31

Premises and equipment

-

-

-

-

-

-

-

-

-

-

651

Deposits

-

-

-

-

-

-

-

-

-

-

29,260