Company Quick10K Filing
Mackinac Financial
Price15.42 EPS1
Shares11 P/E16
MCap166 P/FCF16
Net Debt-83 EBIT21
TEV83 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-14
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-30
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-13
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-15
10-K 2014-12-31 Filed 2015-03-31
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-28
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-29
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-30
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-30
8-K 2020-10-29
8-K 2020-09-21
8-K 2020-07-30
8-K 2020-06-22
8-K 2020-05-27
8-K 2020-04-30
8-K 2020-03-31
8-K 2020-01-29
8-K 2019-12-17
8-K 2019-10-31
8-K 2019-09-17
8-K 2019-08-28
8-K 2019-08-01
8-K 2019-06-18
8-K 2019-05-29
8-K 2019-05-01
8-K 2019-03-26
8-K 2019-01-31
8-K 2018-12-18
8-K 2018-10-31
8-K 2018-10-01
8-K 2018-09-17
8-K 2018-08-02
8-K 2018-06-19
8-K 2018-06-15
8-K 2018-06-13
8-K 2018-06-12
8-K 2018-06-07
8-K 2018-05-30
8-K 2018-05-18
8-K 2018-05-10
8-K 2018-05-03
8-K 2018-03-29
8-K 2018-03-27
8-K 2018-03-01
8-K 2018-02-08
8-K 2018-02-08
8-K 2018-01-16
8-K 2018-01-16

MFNC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4 Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 mfnc-20200930xex31d1.htm
EX-31.2 mfnc-20200930xex31d2.htm
EX-32.1 mfnc-20200930xex32d1.htm
EX-32.2 mfnc-20200930xex32d2.htm

Mackinac Financial Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.41.10.80.60.30.02012201420172020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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Table of Contents

mac

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from <> to <>

Commission file number: 0-20167

MACKINAC FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

MICHIGAN

38-2062816

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

130 SOUTH CEDAR STREET, MANISTIQUE, MI

49854

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (888) 343-8147

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Commmon Stock, No par value

MFNC

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer  

Accelerated Filer  

Non-accelerated Filer     

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes       No  

As of November 6, 2020, there were outstanding 10,533,589 shares of the registrant’s common stock, no par value.

Table of Contents

MACKINAC FINANCIAL CORPORATION

INDEX

    

Page No.

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets – September 30, 2020 (Unaudited), December 31, 2019

1

Condensed Consolidated Statements of Operations — Three and Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

2

Condensed Consolidated Statements of Comprehensive Income — Three and Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

3

Condensed Consolidated Statements of Changes in Shareholders’ Equity — Three and Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

4

Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

46

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

SIGNATURES

49

Table of Contents

MACKINAC FINANCIAL CORPORATION

PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

    

September 30,

    

December 31,

 

2020

2019

 

(Unaudited)

ASSETS

Cash and due from banks

$

173,693

$

49,794

Federal funds sold

 

76

 

32

Cash and cash equivalents

 

173,769

 

49,826

Interest-bearing deposits in other financial institutions

 

5,367

 

10,295

Securities available for sale

 

106,830

 

107,972

Federal Home Loan Bank stock

 

4,924

 

4,924

Loans:

Commercial

 

865,726

 

765,524

Mortgage

 

259,024

 

272,014

Consumer

 

19,575

 

21,238

Total Loans

 

1,144,325

 

1,058,776

Allowance for loan losses

 

(5,832)

 

(5,308)

Net loans

 

1,138,493

 

1,053,468

Premises and equipment

 

25,754

 

23,608

Other real estate held for sale

 

1,851

 

2,194

Deferred tax asset

 

1,758

 

3,732

Deposit based intangibles

4,537

5,043

Goodwill

19,574

19,574

Other assets

 

40,060

 

39,433

TOTAL ASSETS

$

1,522,917

$

1,320,069

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES:

Deposits:

Noninterest bearing deposits

$

432,390

$

287,611

NOW, money market, interest checking

 

417,508

 

373,165

Savings

 

129,633

 

109,548

CDs<$250,000

 

215,531

 

233,956

CDs>$250,000

 

15,654

 

12,775

Brokered

 

70,171

 

58,622

Total deposits

 

1,280,887

 

1,075,677

Federal funds purchased

6,225

Borrowings

 

63,505

 

64,551

Other liabilities

 

12,357

 

11,697

Total liabilities

 

1,356,749

 

1,158,150

SHAREHOLDERS’ EQUITY:

Common stock and additional paid in capital - No par value Authorized - 18,000,000 shares Issued and outstanding - 10,533,589 and 10,748,712 respectively

 

127,426

 

129,564

Retained earnings

 

37,144

 

31,740

Accumulated other comprehensive income (loss)

 

 

Unrealized gains on available for sale securities

2,008

1,025

Minimum pension liability

(410)

(410)

Total shareholders’ equity

 

166,168

 

161,919

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

1,522,917

$

1,320,069

1

Table of Contents

MACKINAC FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except per Share Data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

    

2020

    

2019

    

2020

    

2019

 

(Unaudited)

(Unaudited)

INTEREST INCOME:

Interest and fees on loans:

Taxable

$

13,852

$

14,829

$

44,014

$

45,010

Tax-exempt

 

47

 

45

176

134

Interest on securities:

Taxable

 

519

 

675

1,700

2,058

Tax-exempt

 

151

 

78

390

261

Other interest income

 

119

 

403

514

1,155

Total interest income

 

14,688

 

16,030

 

46,794

 

48,618

INTEREST EXPENSE:

Deposits

 

1,352

 

2,464

4,986

7,333

Borrowings

 

284

 

242

901

728

Total interest expense

 

1,636

 

2,706

 

5,887

 

8,061

Net interest income

 

13,052

 

13,324

 

40,907

 

40,557

Provision for loan losses

 

400

 

50

600

350

Net interest income after provision for loan losses

 

12,652

 

13,274

 

40,307

 

40,207

OTHER INCOME:

Deposit service fees

 

260

383

900

1,197

Income from mortgage loans sold on the secondary market

 

1,968

586

4,018

1,253

SBA/USDA loan sale gains

 

476

496

1,460

650

Net mortgage servicing fees

 

247

238

640

486

Other

 

165

175

402

519

Total other income

 

3,116

 

1,878

 

7,420

 

4,105

OTHER EXPENSE:

Salaries and employee benefits

 

6,487

5,669

19,547

16,615

Occupancy

 

1,163

987

3,295

3,072

Furniture and equipment

 

846

768

2,452

2,209

Data processing

 

801

785

2,478

2,202

Advertising

168

203

692

726

Professional service fees

 

474

536

1,546

1,517

Loan origination expenses and deposit and card related fees

 

413

314

1,200

677

Writedowns and losses on other real estate held for sale

 

(21)

(24)

13

77

FDIC insurance assessment

 

135

(141)

450

70

Communications

 

248

221

685

681

Other

 

847

1,126

2,927

3,105

Total other expenses

 

11,561

 

10,444

 

35,285

 

30,951

Income before provision for income taxes

 

4,207

 

4,708

 

12,442

 

13,361

Provision for income taxes

 

883

989

2,613

2,806

NET INCOME

$

3,324

$

3,719

$

9,829

$

10,555

INCOME PER COMMON SHARE:

Basic

$

0.32

$

0.35

$

0.93

$

0.98

Diluted

$

0.32

$

0.35

$

0.93

$

0.98

2

Table of Contents

MACKINAC FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS COMPREHENSIVE INCOME

(Dollars in Thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

    

2019

2020

    

2019

Net income

$

3,324

$

3,719

$

9,829

$

10,555

Other comprehensive income (loss)

Change in securities available for sale:

Unrealized gains (losses) arising during the period

 

(65)

101

 

1,244

1,756

Tax effect

 

14

(21)

 

(261)

(369)

Net change in unrealized gains on available for sale securities

(51)

80

983

1,387

Total comprehensive income

$

3,273

$

3,799

$

10,812

$

11,942

3

Table of Contents

MACKINAC FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in Thousands)

(Unaudited)

Nine Months Ended

September 30,

2020

Common

Accumulated

Shares of

Stock and

Other

Common

Additional

Retained

Comprehensive

    

Stock

    

Paid in Capital

    

Earnings

    

Income (loss)

    

Total

 

Balance, beginning of period

10,748,712

 

$

129,564

 

$

31,740

 

$

615

 

$

161,919

Net income for period

 

 

9,829

 

 

9,829

Other comprehensive income