Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank, today announced second quarter 2015 income of $1.614 million or $.26 per share compared to net income of $.805 million, or $.15 per share for the second quarter of 2014 and $1.366 million, or $.22 per share, in the 2015 first quarter. Operating results for the first six months of 2015 totaled $2.986 million, or $.48 per share, compared to $1.466 million, or $.27 per share, for the same period in 2014. Total assets of the Corporation at June 30, 2015 totaled $735.338 million, compared to $595.869 million on June 30, 2014.
Shareholders’ equity at June 30, 2015 totaled $75.746 million, compared to $66.477 million on June 30, 2014. The book value per share equated to $12.15 on June 30, 2015 compared to $12.03 per share a year ago. Weighted average shares outstanding totaled 6,250,984 shares in the 2015 first half compared to 5,529,290 for the same period in 2015.
The acquisition of Peninsula Financial Corporation, the holding company for Peninsula Bank (“PFC”), in December 2014 added approximately $125 million in assets, $70 million in loan balances and $100 million in deposits to our organization. In connection with this acquisition we increased shareholders equity by $7.804 million, issued 695,361 shares of our common stock and added approximately 350 new shareholders.
Key highlights for the first six months of 2015 results include:
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mBank, the Corporation’s primary asset, recorded net income of $3.516 million in the first half of 2015, compared to $2.404 million for the first half of 2014, a 46.26 % increase following the seamless integration of Peninsula Bank.
The Corporation recorded “pre-tax, pre-provision” income of $5.038 million for the first half of 2015, compared to $2.588 million for the same period in 2014.
Healthy new loan growth with production of $114.8 million and $14.2 million of “net” balance sheet growth.
Strong net interest margin improving to 4.35% compared to 4.21% in the 2014 first half.
Increased contribution from secondary mortgage market activity.
Dividend on common stock of $.075 per share compared to $.05 per share one year ago.