MACKINAC FINANCIAL CORP /MI/ MFNC Income Statement

Mackinac financial corp /mi/ (MFNC)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
INTEREST INCOME:
Interest and fees on loans:
Taxable
59,691	59,673	59,859	59,127	55,612	51,407	47,312	44,014	42,203	41,770	41,009	39,651	38,075	36,078	34,133	32,711	31,769	32,034	31,142	29,774	28,405	26,461	25,620	25,046	24,687	24,295	23,921	23,647	23,506	23,197	22,965	22,746	22,071	21,627	21,218	20,861	0	0	0
Tax-exempt
214	187	176	156	145	123	103	99	87	95	103	101	95	64	38	22	12	13	12	13	10	30	51	73	101	105	107	109	111	116	123	130	137	147	160	172	0	0	0
Interest on securities:
Taxable
2,626	2,708	2,811	2,859	2,739	2,408	2,065	1,743	1,579	1,606	1,565	1,551	1,459	1,322	1,203	1,098	1,055	1,095	1,096	1,044	1,027	962	946	961	958	961	946	927	924	948	1,012	1,090	1,144	1,162	1,202	1,254	0	0	0
Tax-exempt
332	343	367	373	367	338	304	292	288	298	332	317	268	220	147	125	152	162	152	131	92	64	53	48	40	34	29	26	27	27	27	28	28	28	28	28	0	0	0
Other interest income
1,358	1,473	1,498	1,457	1,287	1,101	891	759	678	607	561	422	372	299	273	228	202	209	186	174	166	152	146	145	145	128	139	147	145	139	115	100	100	108	112	123	0	0	0
Total interest income
64,221	64,384	64,711	63,972	60,150	55,377	50,675	46,907	44,835	44,376	43,570	42,042	40,269	37,983	35,794	34,184	33,190	33,513	32,588	31,136	29,700	27,669	26,816	26,273	25,931	25,523	25,142	24,856	24,713	24,427	24,242	24,094	23,480	23,072	22,720	22,438	0	0	0
INTEREST EXPENSE:
Deposits
9,009	9,436	9,289	8,523	7,610	6,492	5,727	5,186	4,638	4,361	4,082	3,795	3,512	3,322	3,194	3,167	3,197	3,251	3,250	3,220	3,219	3,218	3,261	3,327	3,413	3,468	3,602	3,734	3,840	3,946	3,975	4,055	4,294	4,530	4,955	5,303	0	0	0
Borrowings
1,144	1,041	1,071	1,208	1,483	1,755	1,948	2,146	2,116	2,077	2,096	1,948	1,781	1,563	1,255	1,133	1,105	1,142	1,194	1,121	1,027	924	791	720	682	656	655	655	656	657	654	647	635	613	673	729	0	0	0
Total interest expense
10,153	10,477	10,360	9,731	9,093	8,247	7,675	7,332	6,754	6,438	6,178	5,743	5,293	4,885	4,449	4,300	4,302	4,393	4,444	4,341	4,246	4,142	4,052	4,047	4,095	4,124	4,257	4,389	4,496	4,603	4,629	4,702	4,929	5,143	5,628	6,032	0	0	0
Net interest income
54,068	53,907	54,351	54,241	51,057	47,130	43,000	39,575	38,081	37,938	37,392	36,299	34,976	33,098	31,345	29,884	28,888	29,120	28,144	26,795	25,454	23,527	22,764	22,226	21,836	21,399	20,885	20,467	20,217	19,824	19,613	19,392	18,551	17,929	17,092	16,406	0	0	0
Provision for loan losses
385	385	650	650	550	500	425	575	525	625	650	650	750	600	699	849	899	1,204	1,494	1,331	1,322	1,200	1,386	1,574	1,483	1,675	1,000	775	825	945	1,195	1,645	0	-	0	0	-	0	0
Net interest income after provision for loan losses
53,683	53,522	53,701	53,591	50,507	46,630	42,575	39,000	37,556	37,313	36,742	35,649	34,226	32,498	30,646	29,035	27,989	27,916	26,650	25,464	24,132	22,327	21,378	20,652	20,353	19,724	19,885	19,692	19,392	18,879	17,518	17,047	15,756	15,629	15,092	12,006	0	0	0
OTHER INCOME:
Deposit service fees
1,583	1,586	1,632	1,663	1,578	1,441	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposit service fees
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposit service fees
-	-	-	-	-	-	-	-	-	-	-	-	-	995	935	872	868	836	808	780	728	701	689	679	662	667	656	653	667	699	754	779	809	832	880	952	0	0	0
Net security gains (losses)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Income from mortgage loans sold on the secondary market
2,115	1,889	1,665	1,502	1,424	1,289	1,202	1,213	1,252	1,373	1,505	1,583	1,606	1,575	1,439	1,228	1,171	1,071	933	844	701	637	701	692	832	1,028	1,327	1,444	1,391	1,390	1,151	1,026	920	700	727	841	0	0	0
SBA/USDA loan sale gains
1,493	908	993	681	735	661	758	852	858	867	0	0	0	-	0	0	-	610	649	609	493	757	701	836	1,224	951	1,304	1,789	0	-	0	0	-	1,500	0	0	0	-	-
Net mortgage servicing fees
332	193	583	455	325	197	92	-24	-31	-31	11	5	6	-40	234	255	462	547	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized security gains
-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage servicing income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	792	607	700	790	538	502	435	417	592	0	0	-	0	-	-	-	-
Net realized security gains
-	-	-	-	-	-	-	-	-	-	-	-	-	150	202	295	542	455	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
1,042	1,169	675	712	704	675	632	567	516	545	629	621	629	576	457	412	357	370	405	386	366	288	344	383	380	429	361	323	417	361	332	304	208	225	204	188	0	0	0
Total other income
6,773	5,953	5,548	5,013	4,766	4,263	4,137	3,947	3,879	4,041	3,865	4,201	4,302	4,153	4,154	3,438	3,892	3,889	3,750	3,745	3,045	3,112	3,300	3,270	3,871	3,938	3,730	4,141	4,195	4,043	3,785	3,642	3,685	3,656	3,579	3,166	0	0	0
OTHER EXPENSE:
Salaries and employee benefits
23,359	22,743	22,002	21,933	21,345	20,064	18,778	17,112	15,847	15,490	15,421	15,174	15,035	14,625	13,940	13,392	12,789	12,449	11,860	11,202	10,809	10,303	9,989	9,734	9,586	9,351	9,154	8,991	8,619	8,288	7,875	7,623	7,426	7,275	7,220	7,190	0	0	0
Occupancy
4,112	4,069	4,010	3,986	3,910	3,640	3,484	3,282	3,130	3,104	3,042	2,961	2,825	2,680	2,580	2,502	2,488	2,424	2,338	2,247	2,167	2,129	1,969	1,820	1,637	1,481	1,429	1,437	1,409	1,372	1,378	1,342	1,356	1,376	1,406	1,417	0	0	0
Furniture and equipment
3,084	3,000	2,901	2,814	2,735	2,548	2,424	2,359	2,259	2,209	2,142	1,966	1,847	1,749	1,640	1,570	1,535	1,551	1,500	1,435	1,348	1,268	1,230	1,199	1,151	1,102	1,024	963	927	885	875	859	861	827	814	814	0	0	0
Data processing
2,833	2,717	2,895	2,830	2,708	2,503	2,364	2,177	2,080	2,037	1,985	1,892	1,736	1,620	1,458	1,345	1,371	1,381	1,329	1,290	1,219	1,150	1,131	1,112	1,092	1,071	1,054	1,038	1,028	991	968	892	813	761	725	753	0	0	0
Advertising
792	889	986	1,041	1,019	905	832	801	783	711	650	580	587	620	602	598	537	507	504	465	468	449	446	451	439	436	418	395	382	376	351	348	361	351	369	348	0	0	0
Professional service fees
2,164	2,100	1,970	1,855	1,705	1,575	1,607	1,509	1,517	1,534	1,411	1,397	1,249	1,169	1,149	1,188	1,210	1,270	1,208	1,136	1,133	1,163	1,246	1,131	1,175	1,069	1,202	1,251	1,241	1,196	906	861	783	756	718	714	0	0	0
Loan origination expenses and deposit and card related fees
1,748	1,546	1,327	1,255	1,219	1,166	1,336	1,275	1,282	1,335	1,181	1,152	1,152	1,100	990	974	944	955	792	800	758	699	750	661	623	617	376	516	809	877	1,092	1,185	1,099	1,137	931	841	0	0	0
Writedowns and losses on other real estate held for sale
-187	-212	-157	-217	-184	-182	-192	-199	-402	-388	-438	-455	-198	-202	-253	-297	-331	-332	-317	-227	0	-	0	0	-	-265	-185	-393	-480	-489	-859	-890	-681	-1,137	-735	-2,284	0	0	0
FDIC insurance assessment
-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FDIC insurance assessment
86	70	226	568	678	700	719	728	730	731	922	843	537	488	245	249	506	506	478	435	385	362	352	360	365	385	405	341	405	459	448	627	723	849	977	983	0	0	0
Communications
870	885	929	879	799	726	637	620	602	604	599	585	573	528	483	451	435	455	425	401	377	327	322	322	303	303	294	266	260	233	223	218	219	215	213	207	0	0	0
Transaction related expenses
-	-	-	-	-	2,951	0	0	0	-	-	-	-	3,101	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
3,658	3,534	3,789	3,638	3,552	3,340	2,603	2,370	2,216	2,143	2,183	2,171	2,130	2,003	2,194	2,156	2,066	2,046	1,909	1,872	1,823	2,005	2,322	2,319	2,290	2,048	2,001	1,959	1,674	1,591	1,654	1,377	1,422	1,285	1,241	1,168	0	0	0
Total other expenses
42,893	41,765	41,628	41,802	42,616	40,300	37,541	34,647	31,087	30,336	29,927	29,488	30,864	29,885	28,682	27,511	24,318	23,876	25,049	24,061	23,259	22,610	20,066	19,299	18,924	18,128	17,542	17,550	17,234	16,757	16,629	16,222	15,744	15,969	15,349	16,719	0	0	0
Income before provision for income taxes
17,563	17,710	17,621	16,802	12,657	10,593	9,171	8,300	10,348	11,018	10,680	10,362	7,664	6,766	6,118	4,962	7,563	7,929	5,351	5,148	3,918	2,829	4,612	4,623	5,300	5,534	6,073	6,283	6,353	6,165	4,674	4,467	3,697	3,316	3,322	-1,547	0	0	0
Provision for income taxes
3,829	3,860	3,701	3,532	2,660	2,226	4,189	4,294	5,058	5,539	3,483	3,480	2,587	2,283	1,740	1,344	2,206	2,333	2,000	1,929	1,507	1,129	-708	-707	-484	-403	2,044	2,116	-856	-922	-1,431	-1,504	1,233	1,098	1,101	-566	0	0	0
NET INCOME
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,937	4,029	4,167	7,209	7,087	6,105	5,971	2,464	2,218	2,221	-981	0	0	0
Preferred dividend and accretion of discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	308	388	475	573	629	683	739	770	766	759	752	0	0	0
NET INCOME
13,734	13,850	13,920	13,270	9,997	8,367	4,982	4,006	5,290	5,479	7,197	6,882	5,077	4,483	4,378	3,618	5,357	5,596	3,351	3,219	2,411	1,700	5,262	5,222	5,613	5,629	3,641	3,692	6,636	6,458	5,422	5,232	1,694	1,452	1,462	-1,733	0	0	0
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