Mackinac financial corp /mi/ (MFNC)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
INTEREST INCOME:
Interest and fees on loans:
Taxable

14,613

14,663

14,829

15,586

14,595

14,849

14,097

12,071

10,390

10,754

10,799

10,260

9,957

9,993

9,441

8,684

7,960

8,048

8,019

7,742

8,225

7,156

6,651

6,373

6,281

6,315

6,077

6,014

5,889

5,941

5,803

5,873

5,580

5,709

5,584

5,198

5,136

5,300

5,227

Tax-exempt

74

53

45

42

47

42

25

31

25

22

21

19

33

30

19

13

2

4

3

3

3

3

4

0

23

24

26

28

27

26

28

30

32

33

35

37

42

46

47

Interest on securities:
Taxable

621

650

675

680

703

753

723

560

372

410

401

396

399

369

387

304

262

250

282

261

302

251

230

244

237

235

245

241

240

220

226

238

264

284

304

292

282

324

356

Tax-exempt

87

82

78

85

98

106

84

79

69

72

72

75

79

106

57

26

31

33

35

53

41

23

14

14

13

12

9

6

7

7

6

7

7

7

7

7

7

7

7

Other interest income

270

318

403

367

385

343

362

197

199

133

230

116

128

87

91

66

55

61

46

40

62

38

34

32

48

32

33

32

31

43

41

30

25

19

26

30

33

23

37

Total interest income

15,665

15,766

16,030

16,760

15,828

16,093

15,291

12,938

11,055

11,391

11,523

10,866

10,596

10,585

9,995

9,093

8,310

8,396

8,385

8,099

8,633

7,471

6,933

6,663

6,602

6,618

6,390

6,321

6,194

6,237

6,104

6,178

5,908

6,052

5,956

5,564

5,500

5,700

5,674

INTEREST EXPENSE:
Deposits

1,927

2,103

2,464

2,515

2,354

1,956

1,698

1,602

1,236

1,191

1,157

1,054

959

912

870

771

769

784

843

801

823

783

813

800

822

826

879

886

877

960

1,011

992

983

989

1,091

1,231

1,219

1,414

1,439

Borrowings

341

313

242

248

238

343

379

523

510

536

577

493

471

555

429

326

253

247

307

298

290

299

234

204

187

166

163

166

161

165

163

167

162

162

156

155

140

222

212

Total interest expense

2,268

2,416

2,706

2,763

2,592

2,299

2,077

2,125

1,746

1,727

1,734

1,547

1,430

1,467

1,299

1,097

1,022

1,031

1,150

1,099

1,113

1,082

1,047

1,004

1,009

992

1,042

1,052

1,038

1,125

1,174

1,159

1,145

1,151

1,247

1,386

1,359

1,636

1,651

Net interest income

13,397

13,350

13,324

13,997

13,236

13,794

13,214

10,813

9,309

9,664

9,789

9,319

9,166

9,118

8,696

7,996

7,288

7,365

7,235

7,000

7,520

6,389

5,886

5,659

5,593

5,626

5,348

5,269

5,156

5,112

4,930

5,019

4,763

4,901

4,709

4,178

4,141

4,064

4,023

Provision for loan losses

100

35

50

200

100

300

50

100

50

225

200

50

150

250

200

150

0

349

350

200

305

639

187

191

183

825

375

100

375

150

150

150

495

-

400

600

-

1,000

2,800

Net interest income after provision for loan losses

13,297

13,315

13,274

13,797

13,136

13,494

13,164

10,713

9,259

9,439

9,589

9,269

9,016

8,868

8,496

7,846

7,288

7,016

6,885

6,800

7,215

5,750

5,699

5,468

5,410

4,801

4,973

5,169

4,781

4,962

4,780

4,869

4,268

3,601

4,309

3,578

4,141

3,064

1,223

OTHER INCOME:
Deposit service fees

403

389

383

408

406

435

414

323

269

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deposit service fees

-

-

-

-

-

-

-

-

-

-

262

268

272

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deposit service fees

-

-

-

-

-

-

-

-

-

-

-

-

-

272

259

248

216

212

196

244

184

184

168

192

157

172

158

175

162

161

155

189

194

216

180

219

217

264

252

Net security gains (losses)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

-

Income from mortgage loans sold on the secondary market

538

636

586

355

312

412

423

277

177

325

434

316

298

457

512

339

267

321

301

282

167

183

212

139

103

247

203

279

299

546

320

226

298

307

195

120

78

334

309

SBA/USDA loan sale gains

710

258

496

29

125

343

184

83

51

440

278

89

60

-

551

166

-

170

40

282

118

209

0

166

382

153

135

554

109

-

506

620

-

31

283

950

236

-

-

Net mortgage servicing fees

259

-293

238

128

120

97

110

-2

-8

-8

-6

-9

-8

34

-12

-8

-54

308

9

199

31

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Realized security gains

-

-

-

-

-

-

-

-

-

-

38

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mortgage servicing income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

313

89

13

377

128

182

103

125

92

115

85

-

300

-

-

-

-

Net realized security gains

-

-

-

-

-

-

-

-

-

-

-

-

-

1

40

12

97

53

133

259

10

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

27

650

175

190

154

156

212

182

125

113

147

131

154

197

139

139

101

78

94

84

114

113

75

64

36

169

114

61

85

101

76

155

29

72

48

59

46

51

32

Total other income

1,937

1,848

1,878

1,110

1,117

1,443

1,343

863

614

1,317

1,153

795

776

1,141

1,489

896

627

1,142

773

1,350

624

1,003

768

650

691

1,191

738

1,251

758

983

1,149

1,305

606

725

1,006

1,348

577

648

593

OTHER EXPENSE:
Salaries and employee benefits

6,051

6,128

5,669

5,511

5,435

5,387

5,600

4,923

4,154

4,101

3,934

3,658

3,797

4,032

3,687

3,519

3,387

3,347

3,139

2,916

3,047

2,758

2,481

2,523

2,541

2,444

2,226

2,375

2,306

2,247

2,063

2,003

1,975

1,834

1,811

1,806

1,824

1,779

1,781

Occupancy

1,124

997

987

1,004

1,081

938

963

928

811

782

761

776

785

720

680

640

640

620

602

626

576

534

511

546

538

374

362

363

382

322

370

335

345

328

334

349

365

358

345

Furniture and equipment

802

791

768

723

718

692

681

644

531

568

616

544

481

501

440

425

383

392

370

390

399

341

305

303

319

303

274

255

270

225

213

219

228

215

197

221

194

202

197

Data processing

825

515

785

708

709

693

720

586

504

554

533

489

461

502

440

333

345

340

327

359

355

288

288

288

286

269

269

268

265

252

253

258

228

229

177

179

176

193

205

Advertising

212

163

203

214

309

260

258

192

195

187

227

174

123

126

157

181

156

108

153

120

126

105

114

123

107

102

119

111

104

84

96

98

98

59

93

111

88

77

72

Professional service fees

498

583

536

547

434

453

421

397

304

485

323

405

321

362

309

257

241

342

348

279

301

280

276

276

331

363

161

320

225

496

210

310

180

206

165

232

153

168

161

Loan origination expenses and deposit and card related fees

381

869

314

184

179

650

242

148

126

820

181

155

179

666

152

155

127

556

136

125

138

393

144

83

79

444

55

45

73

203

195

338

141

418

288

252

179

212

198

Writedowns and losses on other real estate held for sale

-3

-135

24

-73

-28

-80

-36

-40

-26

-90

-43

-243

-12

-140

-60

14

-16

-191

-104

-20

-17

-

-176

-14

-

-119

-57

-87

-2

-39

-265

-174

-11

-409

-296

35

-467

-7

-1,845

FDIC insurance assessment

-

-

-141

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

FDIC insurance assessment

150

0

-141

77

134

156

201

187

156

175

210

189

157

366

131

-117

108

123

135

140

108

95

92

90

85

85

100

95

105

105

36

159

159

94

215

255

285

222

221

Communications

213

204

221

232

228

248

171

152

155

159

154

134

157

154

140

122

112

109

108

106

132

79

84

82

82

74

84

63

82

65

56

57

55

55

51

58

51

53

45

Transaction related expenses

-

-

-

-

-

436

350

1,976

189

-

-

-

-

187

359

2,449

106

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

1,113

429

1,126

990

989

684

975

904

777

-53

742

750

704

-13

730

709

577

178

692

619

557

41

655

570

739

358

652

541

497

311

610

256

414

374

333

301

277

330

260

Total other expenses

11,372

10,814

10,444

10,263

10,244

10,677

10,618

11,077

7,928

7,918

7,724

7,517

7,177

7,509

7,285

8,893

6,198

6,306

6,114

5,700

5,756

7,479

5,126

4,898

5,107

4,935

4,359

4,523

4,311

4,349

4,367

4,207

3,834

4,221

3,960

3,729

4,059

3,601

5,330

Income before provision for income taxes

3,862

4,349

4,708

4,644

4,009

4,260

3,889

499

1,945

2,838

3,018

2,547

2,615

2,500

2,700

-151

1,717

1,852

1,544

2,450

2,083

-726

1,341

1,220

994

1,057

1,352

1,897

1,228

1,596

1,562

1,967

1,040

105

1,355

1,197

659

111

-3,514

Provision for income taxes

811

1,054

989

975

842

895

820

103

408

2,858

925

867

889

802

922

-26

585

259

526

836

712

-74

455

414

334

-1,911

456

637

415

536

528

-2,335

349

27

455

402

214

30

-1,212

NET INCOME

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,968

896

1,260

813

1,060

1,034

4,302

691

78

900

795

445

81

-2,302

Preferred dividend and accretion of discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58

50

63

137

138

137

161

193

192

193

192

189

185

186

NET INCOME

3,051

3,295

3,719

3,669

3,167

3,365

3,069

396

1,537

-20

2,093

1,680

1,726

1,698

1,778

-125

1,132

1,593

1,018

1,614

1,371

-652

886

806

660

2,910

846

1,197

676

922

897

4,141

498

-114

707

603

256

-104

-2,488

INCOME PER COMMON SHARE:
Basic (in dollars per share)

0.28

0.30

0.35

0.34

0.30

0.36

0.29

0.05

0.24

-0.01

0.33

0.27

0.28

0.27

0.29

-0.02

0.18

0.26

0.16

0.26

0.22

-0.13

0.16

0.15

0.12

0.52

0.15

0.22

0.12

0.21

0.21

0.97

0.12

-0.04

0.21

0.18

0.07

-0.03

-0.73

Diluted (in dollars per share)

0.28

0.30

0.35

0.34

0.30

0.36

0.29

0.05

0.24

-0.01

0.33

0.27

0.28

0.28

0.28

-0.02

0.18

0.25

0.16

0.26

0.22

-0.12

0.16

0.14

0.12

0.51

0.15

0.22

0.12

0.26

0.20

0.94

0.11

-0.03

0.20

0.17

0.07

-0.03

-0.73