Mackinac Financial Corporation (MFNC) news stock charts
Mackinac Financial Corporation (MFNC) Investment Summary:
Mackinac Financial Corporation (the “Corporation”) was incorporated under the laws of the state of Michigan on December 16, 1974. The Corporation changed its name from “First Manistique Corporation” to “North Country Financial Corporation” on April 14, 1998. On December 16, 2004, the Corporation changed its name from North Country Financial Corporation to Mackinac Financial Corporation. The Corporation owns all of the outstanding stock of its banking subsidiary, mBank (the “Bank”). The Corporation also owns three non-bank subsidiaries: First Manistique Agency, presently inactive; First Rural Relending Company, a relending company for nonprofit organizations; and North Country Capital Trust, a statutory business trust which was formed solely for the issuance of trust preferred securities. ... More..."http://secfilings.nasdaq.com/edgar_conv_html%2f2008%2f03%2f31%2f0000950124-08-001637.html#FIS_BUSINESS"MACKINAC FINANCIAL CORP (MFNC:NASDAQ)
Snapshot of MACKINAC FINANCIAL CORP (MFNC)
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OPEN
$4.72
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PREVIOUS CLOSE
$4.72
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DAY HIGH
$4.72
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DAY LOW
$4.72
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52 WEEK HIGH
08/20/09 - $6.37
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52 WEEK LOW
03/27/09 - $3.76
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MARKET CAP
16.1M
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AVERAGE VOLUME 10 D
1.3K
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EPS TTM
$0.41
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SHARES OUTSTANDING
3.4M
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EX-DATE
10/30/02
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P/E TTM
11.5x
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DIVIDEND
--
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DIVIDEND YIELD
0.00%
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| K = Thousands M = Millions B = Billions | ||
Key developments for MACKINAC FINANCIAL CORP (MFNC)
Mackinac Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2009. For the quarter, the company's net loss available to common shareholders $0.2 million or 0.05 per share compared with $0.3 million or 0.07 per share a year ago. Net interest income was $4.4 million compared with $3.3 million a year ago. Loss before taxes was $0.02 million compared with $0.42 million a year ago. As on December 31, 2009, the company's book value per common share was $13.10. Return on average assets was negative at 0.14% compared with 0.23% a year ago. Return on average equity was negative at 1.28% compared with 2.42% a year ago. For the year, the company reported net income available to common shareholders of $1.9 million, or $0.56 per share compared to a net income of $1.9 million, or $0.55 per share, for 2008. Net interest income for the year was $16.3 million compared to $12.9 million for the year ended December 31, 2008, an increase of $3.4 million. Total interest income was $23.7 million compared with $24.6 million a year ago. Income before provision for income taxes was $3.5 million compared with $2.7 million a year ago. Net income was $2.4 million compared with $1.9 million a year ago. Return on average assets was 0.39% compared with 0.44% a year ago. Return on average equity was 3.77% compared with 4.61% a year ago.
Mackinac Financial Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the bank announced net income available to common shareholders of $1.536 million or $0.45 per basic and share compared to a net income available to common shareholders of $0.216 million, or $0.06 per basic and share for the third quarter of 2008. Total interest income was $6.1 million compared to $6.03 million a year ago. Net interest income was $4.3 million compared to $3.4 million a year ago. Income before provision for income taxes was $2.6 million compared to $0.3 million a year ago. Return on average assets was 0.77% compared to 0.20% a year ago. Return on average equity was 7.17% compared to 2.08% a year ago. Net income available to common shareholders for the first nine months was $2.087 million or $0.61 per basic and share, compared to net income available to common shareholders of $2.124 million or $0.62 per basic and share, for the same period in 2008. The quarter and nine month results for 2009 includes a $1.208 million gain on the sale of two branch banking offices, $0.644 million in security gains and the FDIC special assessment which was charged to all banking organizations based upon asset size, and amounted to $0.215 million for mBank. The nine month results for 2008 include the positive effect, $3.475 million, of a lawsuit settlement and the negative effects, $0.425 million, of a severance agreement. Excluding the branch sales, security gains and the charge for the FDIC special assessment for 2009 and the lawsuit settlement and severance payment in 2008, the company's adjusted net income would be $1.023 million or $0.30 income per share compared to adjusted income of $0.142 million, $0.04 per share in the 2008 nine month period. Total interest income was $17.5 million compared to $18.7 million a year ago. Net interest income was $11.9 million compared to $9.5 million a year ago. Income before provision for income taxes was $3.6 million compared to $3.1 million a year ago. Return on average assets was 0.57% compared to 0.68% a year ago. Return on average common equity was 5.72% compared to 7.03% a year ago. Book value of common shareholder's equity was $13.25 per share at September 30, 2009, an increase of $3.50 per share since the recapitalization, priced at $9.75 in December 2004.
Mackinac Financial Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company announced second quarter 2009 income of $0.461 million or $0.13 per share compared to net income of $1.769 million, or $0.52 per share for the second quarter of 2008. Total interest income was $5.8 million, compared to $6.0 million for the second quarter of 2008. Net interest income was $7.5 million, compared to $6.1 million for the second quarter of 2008. Income before provision for income taxes was $967,000, compared to $2.8 million for the second quarter of 2008. Return on average assets was 0.38%, compared to 1.70% for the second quarter of 2008. Return on average equity was 3.71%, compared to 17.62% for the second quarter of 2008. Net income for the first six months of 2009 totaled $0.551 million, or $0.16 per share, compared to $1.908 million, or $0.56 per share, for the same period in 2008. Total interest income was $11.4 million, compared to $12.6 million for the second quarter of 2008. Net interest income was $4.0 million, compared to $3.1 million for the second quarter of 2008. Income before provision for income taxes was $870,000, compared to $2.6 million for the second quarter of 2008. Book value per common share as on June 30, 2009 was $12.55, compared to $11.98 as on June 30, 2008.
Mackinac Financial Corporation financial resources
MFNC Competitors
| Company | Last | Change | |
| No competitor information is available for MFNC. | |||
| Market data is delayed at least 15 minutes. | |||
Industry Analysis
| Valuation | MFNC | Industry Range |
| Price/Earnings | 8.5x |
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| Price/Sales | 1.0x |
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| Price/Book | 0.4x |
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| Price/Cash Flow | 6.7x |
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| TEV/Sales | NM | Not Meaningful |
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MFNC |
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MFNC transactions
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Target | |
| No transactions in the last 6 months. | ||
More Recent Financial News About Mackinac Financial Corporation
Mackinac Financial Corporation Announces 2009 Results of Operations/Increased Franchise Value
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Mackinac Financial Corporation Announces 2009 Results of Operations/Increased Franchise Value
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 8-K, Change in Directors or Principal Officers
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements
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Mackinac Financial Corporation Reports Third Quarter and Nine Months 2009 Results
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Mackinac Financial Corporation Reports Second Quarter and Six Months 2009 Results
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 8-K, Results of Operations and Financial Condition
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Mackinac Financial Corporation Reports Second Quarter and Six Months 2009 Results
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 8-K, Regulation FD Disclosure
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Mackinac Financial Corporation Reports Third Quarter and Nine Months 2009 Results
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 8-K, Regulation FD Disclosure
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 10-Q, Quarterly Report
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 8-K, Regulation FD Disclosure
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 10-Q, Quarterly Report
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MACKINAC FINANCIAL CORP /MI/ Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements
Read article