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Mackinac Financial Corporation Reports Strong Second Quarter 2013 Results

Friday, July 26, 2013 12:50 PM


Mackinac Financial Corporation Reports Strong Second Quarter 2013 Results

Mackinac Financial Corporation Reports Strong Second Quarter 2013 Results

MANISTIQUE, MI--(Marketwired - Jul 26, 2013) - Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank (the "Bank"), today announced second quarter 2013 income of $1.197 million or $.22 per share compared to net income available to common shareholders of $4.142 million, or $.97 per share for the second quarter of 2012. The 2012 second quarter results included a $3 million valuation adjustment to deferred tax assets, which equated to $.70 per share.

Weighted average shares totaled 5,557,842 shares for the six month period in 2013 and 5,556,133 shares in the 2013 second quarter compared to 3,419,736 shares for both periods in 2012. The increase in outstanding shares for 2013 reflects the issuance of 2.138 million shares of common stock in August of 2012. Quarterly and six month per share earnings for 2012 have been adjusted for the common stock issuance.

Operating results for the first six months of 2013 totaled $1.873 million or $.34 per share compared to $1.639 million or $.39 per share, excluding the $3.0 million deferred tax valuation adjustment, for the same period in 2012. The Corporation's subsidiary, mBank, recorded net income of $2.539 million for the first six months of this year compared to $2.248 million, excluding the deferred tax valuation adjustment, for the same period in 2012.

Total assets of the Corporation at June 30, 2013 were $553.501 million, up 5.56 % from the $524.366 million reported at June 30, 2012 and up 1.38% from the $545.980 million of total assets at year-end 2012. The Corporation and the Bank are both "well-capitalized" with Tier 1 Capital at the Corporation of 11.01% and 10.15% at the Bank.

Key highlights for the first six months of 2013 results include:

  • Improved credit quality with a Texas Ratio of 9.02% compared to 13.59% one year ago, with nonperforming loans of $3.983 million, a $1.392 million reduction from a year earlier.

  • Reduced credit related charges in 2013 at $.410 million compared to $.403 million in the 2012 six month period.

  • Relative stability in net interest margin at 4.17% compared to 4.23% for the first six months of 2012.

  • Six month Secondary mortgage loan income of $.578 million, compared to $.524 million in the same period of 2012.

  • We continued to have success in SBA/USDA lending with gains on the sale of these loans of $.663 million in the first half of 2013, compared to $.620 million in the first half of 2012. mBank was awarded, for the second time in three years, the 2012 state wide Community Lender of the Year by the Small Business Administration's Michigan office.

  • Redemption, at par, of $7.0 million of the Corporation's $11.0 million Series A preferred stock.

Loans and Nonperforming Assets

Total loans at June 30, 2013 were $455.555 million, an 8.61% increase from the $419.453 million at June 30, 2012 and up $6.378 million from year-end 2012 total loans of $449.177 million. In addition to the aforementioned balance sheet totals, the company services $120 million of sold mortgage loans, up from $66 million at June 30, 2012. We also service another $50 million of sold SBA and USDA loans. Total loans under management now reside at $626 million. 

The Corporation had total new loan production of $80 million in the first six months of this year. Comprising the total production were $30 million in commercial loans, and $50 million in retail, $46 million of which were mortgages. The Upper Peninsula continues to drive a large majority of the new originations, totaling $55 million, with Southeast Michigan production of $6 million, and the Northern Lower Peninsula with $19 million. 

Commenting on new loan production, Kelly W. George, President and Chief Executive Officer of mBank stated, "We are seeing good loan opportunities in all of our markets but both the Northern Lower Peninsula and Southeast Michigan from a commercial lending growth standpoint have been stunted somewhat due to increased competition for loans and many more lenders have turned to offense with rates and terms we were not comfortable entertaining. We also remain cautious, but encouraged that our mortgage lending activity continues to perform well through the volatility of rates lately with a good mix of home purchases and refinances as this is an area we are keeping a close management eye on as we move throughout the rest of the year. Our commercial pipeline remains good throughout all our regions heading into the second half of the year for both traditional and SBA/USDA guaranteed loans as well. As a community bank operating in many different markets within the state, we understand that these types of government guaranteed loans allow small companies to compete and procure the capital needed to expand, leading to increased opportunities for new jobs. Our company believes strongly in reinvesting in the communities that we live and work in and we are honored to be recognized for our commitment and for the second time in three years, be awarded the SBA Community Lender of the Year Award for the state of Michigan."

Nonperforming loans totaled $3.983 million, .87% of total loans at June 30, 2013 compared to $5.375 million, or 1.28% of total loans at June 30, 2012 and down $.704 million from December 31, 2012. Nonperforming assets were reduced by $2.429 million from a year ago and stood at 1.17% of total assets. Total loan delinquencies resided at .45% or $2.038 million, almost solely made up of non-accrual commercial loans. George, commenting on overall credit quality, "We remain pleased with the overall credit performance metrics of our loan portfolio from both a micro perspective as noted above, as well as from a macro perspective with all industry segments performing satisfactory with a good diversification of loan types being originated. Our performance metrics have continued to improve for the last several years and our current level of nonperforming assets are manageable with associated costs much more in line with a normal business climate as Michigan continues to recover. We will remain diligent in our timely monitoring on any problem loans that arise and will stay true to our core underwriting principles and will not stretch credit quality even with more banks' lending and competition fierce for new loans to augment balance sheet growth."

Margin Analysis

Net interest income in the first six months of 2013 increased to $10.425 million, or 4.17%, compared to $9.782 million, or 4.23%, in the same period in 2012. The increase in net interest income is due primarily to increased levels of earning assets. George, commenting on margin items, stated, "We expect some margin pressure in future periods as borrowers continue to seek longer term fixed rate alternatives and the overall competition for new loans in all markets increasing with very few other good investment alternatives available given the prolonged low interest rate cycle. We have used some extended term wholesale funding sources given the inability to get market clients to move into these longer terms liabilities to match fund as best we can to help mitigate longer term interest rate risk should rates move forward more quickly than market indicators could foresee. We also continue to offer very competitive variable rate loans with interest rate floors to protect the margin in the near term, and balance the overall duration of interest rate risk in the portfolio." 

Deposits

Total deposits of $447.907 million at June 30, 2013 increased 5.30% from deposits of $425.381 million on June 30, 2012. Total deposits on June 30, 2013 were up $13.350 million from year-end 2012 deposits of $434.557 million. The overall increase in deposits for the six months of 2013 is comprised of an increase in noncore deposits of $27.911 million and a decrease in core deposits of $14.561 million. George, commenting on core deposits, stated, "In 2013 we have experienced some declines in core deposits which is primarily due to our reduced rates on transactional accounts and certificates to maximize our net interest margin where we have seen a small exit from primarily rate only driven clients which we remain cognizant of as we move into the second half of the year. We have also experienced some withdrawals by several of our larger commercial accounts as they have utilized their liquidity for business expansion opportunities and general debt pay downs given their limited investment options. We have supplemented our deposit growth with very manageable levels of noncore deposits to manage interest rate risk in this prolonged low interest rate cycle, along with the need to align our funding costs with rates and maturities on loans as noted previously."

Noninterest Income/Expense

Noninterest income, at $2.009 million in the first six months of 2013, increased $.098 million from the same period in 2012 of $1.911 million with the largest drivers of this income coming from the secondary market mortgage activities and gains from SBA/USDA loan sales. Income from secondary mortgage activities totaled $.578 million in 2013 compared to $.524 million in 2012. SBA/USDA loan sale gains were behind 2013 with year to date gains of $.663 million compared to 2012 gains of $.620 million. Noninterest expense, at $8.834 million in the first six months of 2013, increased $.793 million, or 9.86% from the same period in 2012 given the growth of the company's operating platform and the need to keep pace both from a personnel, and infrastructure standpoint, with the changing internal risk profile of the company and external banking regulatory environment. Our overall non-interest expense base remains at, or below peer levels.

Capital

Total shareholders' equity at June 30, 2013 was $66.520 million, compared to $60.352 million on June 30, 2012, an increase of $6.168 million, or 10.22%. Common shareholders' equity was $62.520 million, or $11.26 per share at June 30, 2013 compared to $49.352 million, or $14.43 per share at June 30, 2012 and $61.448 million, or $11.05 per share on December 31, 2012.

Paul D. Tobias, Chairman and Chief Executive Officer, concluded, "We are pleased with our overall financial performance thus far in 2013. The Michigan economy is much improved but it has yet to translate into robust loan demand in all of our markets. The improving health of the banking community has led to aggressive pricing and loan structures. We have a very good team of bankers who are finding opportunities for us in these competitive markets. We are working hard to find the right relationships but have the discipline to pass on commercial loans when either pricing or credit structure fail to meet our standards.

"Looking forward, we believe that as the economy continues to improve opportunities for franchise expansion will present themselves. With our strong capital base and improving core earnings generation, coupled with our stable and experienced management team, we stand ready to create shareholder value through either organic growth or acquisition. We retired $7 million of our preferred stock with capital from our recent offering but remain well capitalized and are aggressively looking for opportunities to deploy our capital for growth in earnings and shareholder value."

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $550 million and whose common stock is traded on the NASDAQ stock market as "MFNC." The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 11 branch locations; seven in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Company's banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.

Forward-Looking Statements

This release contains certain forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," and variations of such words and similar expressions are intended to identify forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management's current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, branch closings and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

 
 
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
 
                   
(Dollars in thousands, except per share data)   June 30, 2013     December 31, 2012     June 30, 2012  
    (Unaudited)           (Unaudited)  
Selected Financial Condition Data (at end of period):                        
Assets   $ 553,501     $ 545,980     $ 524,366  
Loans     455,555       449,177       419,453  
Investment securities     47,307       43,799       39,054  
Deposits     447,907       434,557       425,381  
Borrowings     35,925       35,925       35,997  
Common Shareholders' Equity     62,520       61,448       49,352  
Shareholders' equity     66,520       72,448       60,352  
                         
                         
Selected Statements of Income Data (six months and year ended):                        
Net interest income   $ 10,425     $ 19,824     $ 9,782  
Income before taxes and preferred dividend     3,125       6,165       3,007  
Net income     1,873       6,458       4,639  
Income per common share - Basic*     .34       1.51       1.09  
Income per common share - Diluted*     .34       1.51       1.05  
Weighted average shares outstanding     5,557,842       4,285,043       3,419,736  
Weighted average shares outstanding- Diluted     5,557,842       4,285,043       3,532,640  
                         
Three Months Ended:                        
Net interest income   $ 5,269     $ 5,112     $ 5,019  
Income before taxes and preferred dividend     1,897       1,596       1,967  
Net income     1,197       922       4,141  
Income per common share - Basic     .22       .21       .97  
Income per common share - Diluted*     .22       .21       .94  
Weighted average shares outstanding*     5,556,133       5,559,859       3,419,736  
Weighted average shares outstanding- Diluted     5,556,133       5,559,859       3,539,908  
                         
Selected Financial Ratios and Other Data:                        
Performance Ratios:                        
Net interest margin     4.17 %     4.17 %     4.23 %
Efficiency ratio     70.22       67.95       66.98  
Return on average assets     .69       1.23       1.84  
Return on average common equity     6.13       12.43       20.87  
Return on average equity     5.41       10.26       16.76  
                         
Average total assets   $ 544,887     $ 526,740     $ 507,546  
Average common shareholders' equity     61,590       51,978       44,706  
Average total shareholders' equity     69,847       62,939       55,666  
Average loans to average deposits ratio     104.26 %     99.45 %     100.12 %
                         
                         
Common Share Data at end of period:                        
Market price per common share   $ 8.88     $ 7.09     $ 5.99  
Book value per common share   $ 11.26     $ 11.05     $ 14.43  
Common shares outstanding     5,554,459       5,559,859       3,419,736  
                         
Other Data at end of period:                        
Allowance for loan losses   $ 5,177     $ 5,218     $ 5,083  
Non-performing assets   $ 6,464     $ 7,899     $ 8,893  
Allowance for loan losses to total loans     1.14 %     1.16 %     1.21 %
Non-performing assets to total assets     1.17 %     1.45 %     1.70 %
Texas ratio     9.02 %     10.17 %     13.59 %
                         
Number of:                        
  Branch locations     11       11       11  
  FTE Employees     128       121       120  
                         
*Earnings per share data for 2012 restated for common stock issuance  
   
   
   
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
    June 30,     December 31,     June 30,  
    2013     2012     2012  
    (Unaudited)           (Unaudited)  
ASSETS                        
                         
Cash and due from banks   $ 26,216     $ 26,958     $ 33,248  
Federal funds sold     3       3       -  
  Cash and cash equivalents     26,219       26,961       33,248  
                         
Interest-bearing deposits in other financial institutions     10       10       10  
Securities available for sale     47,307       43,799       39,054  
Federal Home Loan Bank stock     3,060       3,060       3,060  
                         
Loans:                        
  Commercial     343,561       342,841       319,398  
  Mortgage     98,559       95,413       90,260  
  Consumer     13,435       10,923       9,795  
    Total Loans     455,555       449,177       419,453  
      Allowance for loan losses     (5,177 )     (5,218 )     (5,083 )
  Net loans     450,378       443,959       414,370  
                         
Premises and equipment     10,536       10,633       10,134  
Other real estate held for sale     2,481       3,212       3,518  
Deferred Tax Asset     8,367       9,131       10,271  
Other assets     5,143       5,215       10,701  
                         
TOTAL ASSETS   $ 553,501     $ 545,980     $ 524,366  
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                        
                         
LIABILITIES:                        
Deposits:                        
  Noninterest bearing deposits   $ 64,736     $ 67,652     $ 59,872  
  NOW, money market, interest checking     146,203       155,465       143,795  
  Savings     12,229       13,829       14,248  
  CDs < $100,000     134,767       135,550       140,018  
  CDs > $100,000     25,091       24,355       25,975  
  Brokered     64,881       37,706       41,473  
    Total deposits     447,907       434,557       425,381  
                         
  Borrowings     35,925       35,925       35,997  
  Other liabilities     3,149       3,050       2,636  
    Total liabilities     486,981       473,532       464,014  
                         
SHAREHOLDERS' EQUITY:                        
  Preferred stock - No par value:                        
    Authorized - 500,000 shares     4,000       11,000       11,000  
    Issued and outstanding - 4,000, 11,000 and 11,000 respectively                        
  Common stock and additional paid in capital - No par value                        
    Authorized - 18,000,000 shares                        
    Issued and outstanding - 5,554,459, 5,559,859 and 3,419,736 respectively     53,934       53,797       43,525  
    Retained earnings     8,156       6,727       5,131  
    Accumulated other comprehensive income     430       924       696  
                           
      Total shareholders' equity     66,520       72,448       60,352  
                         
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 553,501     $ 545,980     $ 524,366  
                         
                         
                         
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2013   2012     2013   2012  
    (Unaudited)     (Unaudited)  
INTEREST INCOME:                            
  Interest and fees on loans:                            
    Taxable   $ 6,014   $ 5,873     $ 11,903   $ 11,453  
    Tax-exempt     28     30       55     62  
  Interest on securities:                            
    Taxable     241     238       481     502  
    Tax-exempt     6     7       13     14  
  Other interest income     32     30       63     55  
    Total interest income     6,321     6,178       12,515     12,086  
                             
INTEREST EXPENSE:                            
  Deposits     886     992       1,763     1,975  
  Borrowings     166     167       327     329  
    Total interest expense     1,052     1,159       2,090     2,304  
                             
Net interest income     5,269     5,019       10,425     9,782  
Provision for loan losses     100     150       475     645  
Net interest income after provision for loan losses     5,169     4,869       9,950     9,137  
                             
OTHER INCOME:                            
  Deposit service fees     175     189       337     383  
  Income from secondary market loans sold     279     226       578     524  
  SBA/USDA loan sale gains     554     620       663     620  
  Mortgage servicing income     182     115       285     200  
  Other     61     155       146     184  
    Total other income     1,251     1,305       2,009     1,911  
                             
OTHER EXPENSE:                            
  Salaries and employee benefits     2,375     2,003       4,681     3,978  
  Occupancy     363     335       745     680  
  Furniture and equipment     255     219       525     447  
  Data processing     268     258       533     486  
  Professional service fees     320     310       545     490  
  Loan and deposit     45     338       118     479  
  Writedowns and losses on other real estate held for sale     87     174       89     185  
  FDIC insurance assessment     95     159       200     318  
  Telephone     63     57       145     112  
  Advertising     111     98       215     196  
  Other     541     256       1,038     670  
    Total other expenses     4,523     4,207       8,834     8,041  
                             
Income before provision for income taxes     1,897     1,967       3,125     3,007  
Provision for (benefit of) income taxes     637     (2,335 )     1,052     (1,986 )
                             
NET INCOME     1,260     4,302       2,073     4,993  
                             
Preferred dividend and accretion of discount     63     161       200     354  
                             
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS   $ 1,197   $ 4,141     $ 1,873   $ 4,639  
                             
INCOME PER COMMON SHARE*:                            
Basic   $ .22   $ .97     $ .34   $ 1.09  
Diluted   $ .22   $ .94     $ .34   $ 1.05  
                             
*Earnings per share data for 2012 restated for common stock issuance               
   
   
   
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY
 
(Dollars in thousands)
 
Loan Portfolio Balances (at end of period):
             
    June 30,   December 31,   June 30,
    2013   2012   2012
    (Unaudited)   (Unaudited)   (Unaudited)
Commercial Loans:                  
Real estate - operators of nonresidential buildings   $ 95,510   $ 95,151   $ 83,539
Hospitality and tourism     42,833     40,787     36,557
Lessors of residential buildings     13,377     12,672     13,358
Insurance agencies and brokerages     10,205     12,128     10,490
Gasoline stations and convenience stores     11,038     11,393     11,783
Other     154,545     153,481     140,878
  Total Commercial Loans     327,508     325,612     296,605
                   
1-4 family residential real estate     94,254     87,948     84,665
Consumer     13,435     10,923     9,795
Construction                  
  Commercial     16,053     17,229     22,793
  Consumer     4,305     7,465     5,595
                   
  Total Loans   $ 455,555   $ 449,177   $ 419,453
                   
                   
Credit Quality (at end of period):  
                   
    June 30,     December 31,     June 30,  
    2013     2012     2012  
    (Unaudited)     (Unaudited)     (Unaudited)  
Nonperforming Assets :                        
Nonaccrual loans   $ 3,983     $ 4,687     $ 5,375  
Loans past due 90 days or more     -       -       -  
Restructured loans     -       -       -  
  Total nonperforming loans     3,983       4,687       5,375  
Other real estate owned     2,481       3,212       3,518  
  Total nonperforming assets   $ 6,464     $ 7,899     $ 8,893  
Nonperforming loans as a % of loans     .87 %     1.04 %     1.28 %
Nonperforming assets as a % of assets     1.17 %     1.45 %     1.70 %
Reserve for Loan Losses:                        
At period end   $ 5,177     $ 5,218     $ 5,083  
As a % of average loans     1.14 %     1.24 %     1.23 %
As a % of nonperforming loans     129.98 %     111.33 %     94.57 %
As a % of nonaccrual loans     129.98 %     111.33 %     94.57 %
Texas Ratio     9.02 %     10.17 %     13.59 %
                         
Charge-off Information (year to date):                        
  Average loans   $ 453,023     $ 422,440     $ 413,467  
  Net charge-offs   $ 516     $ 978     $ 813  
  Charge-offs as a % of average loans     .23 %     .23 %     .40 %
                           
                           
                           
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
QUARTERLY FINANCIAL HIGHLIGHTS  
                             
  QUARTER ENDED  
  (Unaudited)  
  June 30,     March 31,     December     September     June 30,  
  2013     2013     31, 2012     30, 2012     2012  
BALANCE SHEET (Dollars in thousands)                                      
                                       
Total loans $ 455,555     $ 454,051     $ 449,177     $ 433,958     $ 419,453  
Allowance for loan losses   (5,177 )     (5,037 )     (5,218 )     (5,186 )     (5,083 )
Total loans, net   450,378       449,014       443,959       428,772       414,370  
Total assets   553,501       541,896       545,980       551,117       524,366  
Core deposits   357,935       362,911       372,496       372,500       357,933  
Noncore deposits (1)   89,972       62,325       62,061       66,863       67,448  
Total deposits   447,907       425,236       434,557       439,363       425,381  
Total borrowings   35,925       40,925       35,925       35,925       35,997  
Common shareholders' equity   62,520       62,039       61,448       61,945       49,352  
Total shareholders' equity   66,520       73,039       72,448       72,945       60,352  
Total shares outstanding   5,554,459       5,557,859       5,559,859       5,559,859       3,419,736  
Weighted average shares outstanding   5,556,133       5,559,859       5,559,859       4,722,029       3,419,736  
                                       
AVERAGE BALANCES (Dollars in thousands)                                      
                                       
Assets $ 548,455     $ 541,279     $ 545,661     $ 545,788     $ 511,681  
Loans   456,937       449,065       438,168       424,461       422,887  
Deposits   439,780       429,174       433,573       439,327       416,657  
Common Equity   62,483       61,238       61,936       56,327       44,927  
Equity   67,483       72,238       72,936       67,327       55,915  
                                       
INCOME STATEMENT (Dollars in thousands)                                      
                                       
Net interest income $ 5,269     $ 5,156     $ 5,112     $ 4,930     $ 5,019  
Provision for loan losses   100       375       150       150       150  
Net interest income after provision   5,169       4,781       4,962       4,780       4,869  
Total noninterest income   1,251       758       983       1,149       1,305  
Total noninterest expense   4,523       4,311       4,349       4,367       4,207  
Income before taxes   1,897       1,228       1,596       1,562       1,967  
Provision for income taxes   637       415       536       528       (2,335 )
  Net income   1,260       813       1,060       1,034       4,302  
Preferred dividend expense   63       137       138       137       161  
Net income available to common shareholders $ 1,197     $ 676     $ 922     $ 897     $ 4,141  
                                       
PER SHARE DATA                                      
                                       
Earnings $ .22     $ .12     $ .21     $ .21     $ .97  
Book value per common share   11.26       11.16       11.05       11.14       14.43  
Market value, closing price   8.88       9.21       7.09       7.60       5.99  
                                       
ASSET QUALITY RATIOS                                      
                                       
Nonperforming loans/total loans   .87 %     .84 %     1.07 %     1.23 %     1.28 %
Nonperforming assets/total assets   1.17       1.41       1.47       1.61       1.70  
Allowance for loan losses/total loans   1.14       1.11       1.16       1.20       1.21  
Allowance for loan losses/nonperforming loans   129.98       131.41       111.33       96.99       94.57  
Texas ratio (2)   9.02       9.81       10.17       11.26       13.59  
                                       
PROFITABILITY RATIOS                                      
                                       
Return on average assets   .88 %     .51 %     .67 %     .65 %     3.21 %
Return on average common equity   7.69       4.47       5.93       6.33       36.57  
Return on average equity   7.12       3.79       5.03       5.29       29.39  
Net interest margin   4.16       4.18       4.11       4.10       4.30  
Efficiency ratio   68.02       72.65       70.52       67.29       63.61  
Average loans/average deposits   103.90       104.63       99.45       96.62       101.50  
                                       
CAPITAL ADEQUACY RATIOS                                      
                                       
Tier 1 leverage ratio   11.01 %     12.23 %     11.98 %     10.16 %     9.95 %
Tier 1 capital to risk weighted assets   12.74       13.98       13.81       12.87       11.55  
Total capital to risk weighted assets   13.85       15.06       14.93       14.12       12.80  
Average equity/average assets   12.30       13.16       13.37       10.93       11.01  
Tangible equity/tangible assets   12.02       13.48       13.27       13.24       11.51  
                                       
(1) Noncore deposits includes Internet CDs, brokered deposits and CDs greater than $100,000  
(2)Texas ratio equals nonperforming assets divided by shareholders' equity plus allowance for loan losses  

Contact:
Ernie R. Krueger
(906) 341-7158
Email Contact
www.bankmbank.com

(Source: Market Wire )
(Source: Quotemedia)

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