Mackinac Financial Corporation Reports Strong Results for the 2012 Third Quarter and Nine Month Periods

Marketwired

MANISTIQUE, MI--(Marketwire - Nov 1, 2012) -  Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank (the "Bank"), today announced third quarter 2012 income of $.897 million or $.19 per share compared to net income of $.707 million, or $.21 per share for the third quarter of 2011. Nine month 2012 operating results totaled $5.536 million, or $1.44 per shares, which included a $3.0 million valuation adjustment to the deferred tax asset. Operating results excluding the deferred tax asset for the first nine months of 2012 totaled $2.536 million or $.66 per share compared to $1.566 million or $.46 per share for the same period in 2011. The Corporation's subsidiary mBank recorded net income of $1.329 million for the quarter and $3.577 million, excluding the valuation adjustment to deferred taxes, for the first nine months of this year compared to $2.439 million for the same period in 2011.

Total assets of the Corporation at September 30, 2012 were $551.117 million, up 10.53% from the $498.598 million reported at September 30, 2011 and up 10.60% from the $498.311 million of total assets at year-end 2011. 

Some highlights for the first nine months of 2012 results include:

  • Consummation of a common stock rights offering and the investment by Steinhardt Capital Investors, LLLP with the issuance of 2,140,178 shares for net proceeds of $11.500 million.

  • New loan production of $145 million which encompasses all types of originations. Balance sheet growth equated to $32.7 million this fiscal year and $42 million from the third quarter of 2011.

  • Continued success with the sale of SBA and USDA loan guarantees with sales generating $1.126 million for the first 9 months of the year.

  • Continued core deposit growth of $24 million from 2011 year end

  • Nine month secondary mortgage loan income of $.844 million, compared to $.394 million in the same period of 2011.

  • Improved net interest margin at 4.19% compared to 3.95% for the first nine months of 2011.

  • Improved credit quality with a Texas Ratio of 11.26% compared to 24.28% one year ago, with nonperforming assets of $8.801 million in 2012 compared to $14.885 million a year ago.

  • Opening of our new standalone Escanaba branch banking center relocated from an in-store Menards location in August, and also the opening of our new loan production office in Traverse City in September. Both locations are considered core commerce center hubs of their respective markets, where we feel additional client generation avenues will yield long term benefits to maximize the Corporation's value. 

Loan Production

Total loans at September 30, 2012 were $433.958 million, a 10.73% increase from the $391.903 million at September 30, 2011 and up $32.712 million from year-end 2011 total loans of $401.246 million. The Corporation had total loan production for all loan types of $145 million in the first nine months of this year. Comprising the total production were $73 million in commercial loans, and $72 million in consumer, $67 million of which were mortgages. The Upper Peninsula continues to drive a large majority of the new originations, totaling $93 million, with Southeast Michigan production of $27 million, and the Northern Lower Peninsula with $25 million. Commenting on new loan opportunities, Kelly W. George, President and Chief Executive Officer of mBank, stated, "We are extremely pleased with our success in loan production thus far in 2012. Our loan production has been all encompassing, including new home purchases and refinances, small business expansion and working capital advances, and also a fair amount of loan relationships we have been able to procure from some of our competition. Our balance sheet growth would have been greater considering our production, but we are still experiencing unexpected large loan pay downs as a result of excess cash flow from some of our stronger commercial credits and we have also had some loans that exited the bank due to competitive pricing or loan structures that we felt did not adhere to our policy standards and credit culture. In addition to the $434 million in balance sheet loans, we also have $60 million of SBA/USDA loans and $78 million of secondary market mortgage loans that we have sold but retain servicing on that respectively adds to our totals loans under management of $572 million. The servicing of these loans also provides another source of sustained noninterest income."

Secondary Market Mortgage Lending

The Corporation made a concentrated effort several years ago to augment this line of business through some key personnel additions and technology enhancements. These efforts appear to be making a strong foothold as the Corporation is well ahead of 2011 in terms of secondary market mortgage loans produced and sold. Thus far in 2012, the Corporation produced $45.6 million in secondary market mortgage loans compared to $21.6 million in the 2011 nine month period. Gains and fees from secondary mortgage activity totaled $.844 million in 2012 compared to $.394 million in 2011. In addition, the Corporation also received $.121 million in fees on its secondary market servicing portfolio.

SBA/USDA Program Lending

The Corporation continues to have success in this line of business as in years past with 2012 nine month gains from sales of SBA/USDA guaranteed loan balances amounting to $1.126 million compared to $1.469 million in 2011. Total SBA/USDA loans equated to $19.370 million for the first 9 months of this year compared to $23.806 million in 2011. The servicing of this portfolio generates an additional $.269 million in income for the Corporation.

Nonperforming Loans / Assets

Nonperforming loans totaled $5.290 million, 1.23% of total loans at September 30, 2012 compared to $9.673 million, or 2.47% of total loans at September 30, 2011 and down $2.703 million from December 31, 2011. Nonperforming assets were reduced by $6.084 million from a year ago and stood at 1.60% of total assets equating to $8.801 million. Total loan delinquencies resided at 1.00% or $4.320 million, almost solely made up of non-accrual commercial loans. George, commenting on credit quality, stated, "We are pleased with our continued reduction in the level of nonperforming assets and the overall payment performance on our total loan portfolio which has shown steady improvement since the peak of the economic downturn late in 2008. Our current level of nonperforming assets and associated costs are now more in line with a normal business climate and we annually evaluate the underlying collateral of these assets to maintain appropriate carrying values until disposition. We continue to diligently pursue final resolution of our remaining nonperforming assets and are extremely proactive with customers that may be experiencing some financial stress in order to mitigate new problem assets."

Margin Analysis

Net interest margin in the first nine months of 2012 increased to $14.712 million, at 4.19%, compared to $13.028 million, or 3.95%, in the same period in 2011. The interest margin increase was largely due to decreased funding costs. George, commenting on margin items, stated, "We expect some margin pressure in future periods from a national economic policy that fosters a low interest rate environment. This has limited investment options and reduced our loan portfolio yields in this prolonged economic cycle. We are experiencing pressure from existing borrowers and with new credit opportunities for longer fixed rate terms and lower variable rate floors. Our challenge is to continue growing our loan portfolio with a balance of fixed and variable rates structured to mitigate long term interest rate risk when an upward movement begins to occur." 

Deposits

Total deposits of $439.363 million at September 30, 2012 increased 8.47% from deposits of $405.058 million on September 30, 2011. Total deposits on September 30, 2012 were up $34.574 million from year-end 2011 deposits of $404.789 million. The overall increase in deposits for the nine months of 2012 is comprised of an increase in noncore deposits of $10.798 million and increased core deposits of $23.776 million. George, commenting on core deposits, stated, "In 2012 we have continued to experience a good core deposit growth, though lower than in previous years, partially due to proactive rate reductions on deposit products that led to some balance reductions from price driven deposit customers. Our balance sheet liquidity is strong, and we have been able to fund the majority of our balance sheet growth with core deposits."

Noninterest Income/Expense

Noninterest income, at $3.060 million in the first nine months of 2012, increased $.129 million from the same period in 2011 which totaled $2.931 million. The largest driver of noninterest income in 2012 was secondary market mortgage activities and gains from SBA/USDA loan sales. Income from secondary mortgage activities totaled $1.136 million in 2012 compared to $.694 million in 2011. SBA/USDA loan sale gains were behind 2011 with year to date gains of $1.126 million compared to 2011 gains of $1.469 million.

Noninterest expense, at $12.408 million in the first nine months of 2012, increased $.659 million, or 5.61% from the same period in 2011. Increased expenses were noted in data processing, professional services associated with the divesture auction of our TARP securities and nominal employment costs. The FDIC premiums were reduced by 53.11% in the first nine months of 2012 to $.354 million down from $.755 million in the same period in 2011. George commenting on areas of increased expenses, "We are diligent in our efforts to manage our operating expenses that has been increasingly challenging due to increased overall costs associated with the banking climate, along with an ever changing need for upgrading our technology to stay ahead and thwart cyber/internet fraud while maintaining operational efficiencies."

Capital

In August, the Corporation consummated the common stock rights offering and the capital investment by Steinhardt Capital Investors, LLLP with the issuance of 2,140,178 shares of common stock for $11.500 million. Total shareholders' equity at September 30, 2012 totaled $72.945 million, compared to $55.479 million on September 30, 2011, an increase of $17.466 million, or 31.48%. Book value of common shareholders' equity was $11.14 per share at September 30, 2012 compared to $13.05 per share at September 30, 2011 and compared to $46.148 million, or $12.97 per share on December 31, 2011. The Corporation and the Bank are both "well-capitalized" with Tier 1 Capital at the Corporation of 11.93% and 9.26% at the Bank.

Paul D. Tobias, Chairman and Chief Executive Officer, concluded, "We are proud of our operating results thus far in 2012. We have continued our great success in the generation of new loans and have been able to grow our balances during extremely challenging times. We expect to close the year strong since our pipeline is robust with both balance sheet and secondary market loans. Looking forward, we are positioned well for expansion with our recent capital raise of $11.5 million from our rights offering and the investment from the Steinhardt family. This new capitalization and the access to the capital and the funding that accompany an association with the Steinhardts will be significant catalysts in the execution of our long-term strategic plan for franchise growth and increasing 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 Corporation'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.

                   
                   
(Dollars in thousands, except per share data)   September 30,
2012
    December 31,
2011
    September 30,
2011
 
    (Unaudited)           (Unaudited)  
Selected Financial Condition Data (at end of period):                        
Assets   $ 551,117     $ 498,311     $ 498,598  
Loans     433,958       401,246       391,903  
Investment securities     42,476       38,727       37,022  
Deposits     439,363       404,789       405,058  
Borrowings     35,925       35,997       35,997  
Common Shareholders' Equity     61,945       44,342       44,613  
Shareholders' equity     72,945       55,263       55,479  
                         
                         
Selected Statements of Income Data(nine months and year ended):                        
Net interest income   $ 14,712     $ 17,929     $ 13,028  
Income before taxes and preferred dividend     4,569       3,316       3,210  
Net income     5,536       1,452       1,566  
Income per common share - Basic     1.44       .42       .46  
Income per common share - Diluted     1.39       .41       .45  
Weighted average shares outstanding     3,857,002       3,419,736       3,419,736  
Weighted average shares outstanding- Diluted     3,976,852       3,500,204       3,503,347  
                         
Three Months Ended:                        
Net interest income   $ 4,930       4,901       4,709  
Income before taxes and preferred dividend     1,562       105       1,355  
Net income     897       (114 )     707  
Income per common share - Basic     .19       (.03 )     .21  
Income per common share - Diluted     .18       (.03 )     .20  
Weighted average shares outstanding     4,722,029       3,419,736       3,419,736  
Weighted average shares outstanding- Diluted     4,858,215       3,480,347       3,509,581  
                         
Selected Financial Ratios and Other Data:                        
Performance Ratios:                        
Net interest margin     4.19 %     4.06 %     3.95 %
Efficiency ratio     67.07       68.43       68.73  
Return on average assets     1.42       .30       .43  
Return on average common equity     15.21       3.30       4.81  
Return on average equity     12.41       2.66       3.85  
                         
Average total assets   $ 520,387     $ 489,539     $ 490,293  
Average common shareholders' equity     48,604       43,940       43,563  
Average total shareholders' equity     59,582       54,561       54,340  
Average loans to average deposits ratio     98.90 %     98.05 %     96.96 %
                         
                         
Common Share Data at end of period:                        
Market price per common share   $ 7.60     $ 5.42     $ 5.46  
Book value per common share   $ 11.14     $ 12.97     $ 13.05  
Common shares outstanding     5,559,914       3,419,736       3,419,736  
                         
Other Data at end of period:                        
Allowance for loan losses   $ 5,186     $ 5,251     $ 5,838  
Non-performing assets   $ 8,801     $ 11,155     $ 14,885  
Allowance for loan losses to total loans     1.20 %     1.31 %     1.49 %
Non-performing assets to total assets     1.60 %     2.24 %     2.99 %
Texas ratio     11.26 %     18.43 %     24.28 %
                         
Number of:                        
  Branch locations     11       11       11  
  FTE Employees     121       116       114  
                           
                           
    September 30,     December 31,     September 30,  
    2012     2011     2011  
    (Unaudited)           (Unaudited)  
ASSETS                        
                         
Cash and due from banks   $ 31,403     $ 20,071     $ 30,122  
Federal funds sold     16,002       13,999       12,000  
  Cash and cash equivalents     47,405       34,070       42,122  
                         
Interest-bearing deposits in other financial institutions     10       10       10  
Securities available for sale     42,476       38,727       37,022  
Federal Home Loan Bank stock     3,060       3,060       3,060  
                         
Loans:                        
  Commercial     329,891       311,215       312,678  
  Mortgage     93,446       83,106       72,379  
  Consumer     10,621       6,925       6,846  
    Total Loans     433,958       401,246       391,903  
      Allowance for loan losses     (5,186 )     (5,251 )     (5,838 )
  Net loans     428,772       395,995       386,065  
                         
Premises and equipment     10,744       9,627       9,507  
Other real estate held for sale     3,511       3,162       5,212  
Deferred Tax Asset     9,670       8,427       8,349  
Other assets     5,469       5,233       7,251  
                         
TOTAL ASSETS   $ 551,117     $ 498,311     $ 498,598  
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                        
                         
LIABILITIES:                        
Deposits:                        
  Noninterest bearing deposits   $ 62,306     $ 51,273     $ 53,736  
  NOW, money market, interest checking     152,286       152,563       157,596  
  Savings     15,783       14,203       15,618  
  CDs     142,125       130,685       119,893  
  CDs > $100,000     25,390       23,229       24,138  
  Brokered     41,473       32,836       34,077  
    Total deposits     439,363       404,789       405,058  
                         
Borrowings     35,925       35,997       35,997  
Other liabilities     2,884       2,262       2,064  
  Total liabilities     478,172       443,048       443,119  
                         
SHAREHOLDERS' EQUITY:                        
  Preferred stock - No par value:                        
    Authorized 500,000 shares, Issued and outstanding - 11,000 shares     11,000       10,921       10,866  
  Common stock and additional paid in capital - No par value                        
    Authorized - 18,000,000 shares                        
    Issued and outstanding - 5,559,914, 3,419,736 and 3,419,736 shares respectively     55,047       43,525       43,525  
    Retained earnings     6,028       492       607  
    Accumulated other comprehensive income     870       325       481  
                         
      Total shareholders' equity     72,945       55,263       55,479  
                         
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 551,117     $ 498,311     $ 498,598  
         
         
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2012   2011   2012     2011
    (Unaudited)   (Unaudited)
INTEREST INCOME:                          
  Interest and fees on loans:                          
    Taxable   $ 5,803   $ 5,584   $ 17,256     $ 15,918
    Tax-exempt     28     35     90       114
  Interest on securities:                          
    Taxable     226     304     728       878
    Tax-exempt     6     7     20       21
  Other interest income     41     26     96       89
    Total interest income     6,104     5,956     18,190       17,020
                           
INTEREST EXPENSE:                          
  Deposits     1,011     1,091     2,986       3,541
  Borrowings     163     156     492       452
    Total interest expense     1,174     1,247     3,478       3,993
                           
Net interest income     4,930     4,709     14,712       13,027
Provision for loan losses     150     400     795       1,000
Net interest income after provision for loan losses     4,780     4,309     13,917       12,027
                           
OTHER INCOME:                          
  Deposit service fees     155     180     538       616
  Income from secondary market loans sold     320     195     844       394
  SBA/USDA loan sale gains     506     283     1,126       1,469
  Mortgage servicing income     92     300     292       300
  Other     76     48     260       152
    Total other income     1,149     1,006     3,060       2,931
                           
OTHER EXPENSE:                          
  Salaries and employee benefits     2,063     1,811     6,041       5,441
  Occupancy     370     334     1,050       1,048
  Furniture and equipment     213     197     660       612
  Data processing     253     177     739       532
  Professional service fees     210     165     700       550
  Loan and deposit     195     288     674       719
  Writedowns and losses on other real estate held for sale     265     296     450       728
  FDIC insurance assessment     36     215     354       755
  Telephone     56     51     168       160
  Advertising     96     93     292       292
  Other     610     333     1,280       912
    Total other expenses     4,367     3,960     12,408       11,749
                           
Income before provision for income taxes     1,562     1,355     4,569       3,209
Provision for income taxes     528     455     (1,458 )     1,071
                           
NET INCOME     1,034     900     6,027       2,138
                           
Preferred dividend and accretion of discount     137     193     491       573
                           
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS   $ 897   $ 707   $ 5,536     $ 1,565
                           
INCOME PER COMMON SHARE:                          
  Basic   $ .19   $ .21   $ 1.44     $ .46
  Diluted   $ .18   $ .20   $ 1.39     $ .45
                             
                             

(Dollars in thousands)

Loan Portfolio Balances (at end of period):

             
    September 30,   December 31,   September 30,
    2012   2011   2011
    (Unaudited)   (Unaudited)   (Audited)
Commercial Loans:                  
Real estate - operators of nonresidential buildings   $ 88,505   $ 75,391   $ 62,567
Hospitality and tourism     36,950     33,306     33,867
Real estate agents and managers     12,336     10,617     16,433
Lessors of nonresidential buildings     12,326     16,499     19,771
Other     158,017     155,657     166,497
  Total Commercial Loans     308,134     291,470     299,135
                   
1-4 family residential real estate     86,643     77,332     78,759
Consumer     10,621     6,925     6,268
Construction                  
  Commercial     21,757     19,745     -
  Consumer     6,803     5,774     7,741
                   
  Total Loans   $ 433,958   $ 401,246   $ 391,903
                     
                     

Credit Quality (at end of period):

                   
    September 30,     December 31,     September 30,  
    2012     2011     2011  
    (Unaudited)     (Unaudited)     (Unaudited)  
Nonperforming Assets:                        
Nonaccrual loans   $ 3,122     $ 5,490     $ 5,954  
Loans past due 90 days or more     -       -       -  
Restructured loans     2,168       2,503       3,719  
  Total nonperforming loans     5,290       7,993       9,673  
Other real estate owned     3,511       3,162       5,212  
  Total nonperforming assets   $ 8,801     $ 11,155     $ 14,885  
Nonperforming loans as a % of loans     1.22 %     1.99 %     2.47 %
Nonperforming assets as a % of assets     1.60 %     2.24 %     2.99 %
Reserve for Loan Losses:                        
At period end   $ 5,186     $ 5,251     $ 5,838  
As a % of average loans     1.24 %     1.35 %     1.19 %
As a % of nonperforming loans     98.03 %     65.69 %     60.35 %
As a % of nonaccrual loans     166.11 %     95.65 %     98.05 %
Texas Ratio     11.26 %     18.43 %     24.28 %
                         
Charge-off Information (year to date):                        
  Average loans   $ 417,159     $ 388,115     $ 385,391  
  Net charge-offs   $ 860     $ 3,662     $ 1,775  
  Charge-offs as a % of average loans, annualized     .28 %     .94 %     .62 %
                           
                           
                               
    QUARTER ENDED  
    (Unaudited)  
    September 30,     June 30,     March 31,     December 31,     September 30,  
    2012     2012     2012     2011     2011  
BALANCE SHEET (Dollars in thousands)                                        
                                         
Total loans   $ 433,958     $ 419,453     $ 414,402     $ 401,246     $ 391,903  
Allowance for loan losses     (5,186 )     (5,083 )     (5,382 )     (5,251 )     (5,838 )
  Total loans, net     428,772       414,370       409,020       395,995       386,065  
Total assets     551,117       524,366       506,496       498,311       498,598  
Core deposits     372,500       357,933       355,186       348,724       346,843  
Noncore deposits (1)     66,863       67,448       56,902       56,065       58,215  
  Total deposits     439,363       425,381       412,088       404,789       405,058  
Total borrowings     35,925       35,997       35,997       35,997       35,997  
Common shareholders' equity     61,945       49,352       45,119       44,342       44,613  
Total shareholders' equity     72,945       60,352       56,095       55,263       55,479  
Total shares outstanding     5,559,914       3,419,736       3,419,736       3,419,736       3,419,736  
Weighted average shares outstanding     4,722,029       3,419,736       3,419,736       3,419,736       3,419,736  
                                         
AVERAGE BALANCES (Dollars in thousands)                                        
                                         
Assets   $ 545,788     $ 511,681     $ 503,412     $ 487,304     $ 497,333  
Loans     424,461       422,887       404,048       396,197       397,665  
Deposits     439,327       452,655       409,250       390,940       403,957  
Common Equity     56,327       44,927       44,469       44,325       44,105  
Equity     67,327       55,915       55,418       55,219       54,998  
                                         
INCOME STATEMENT (Dollars in thousands)                                        
                                         
Net interest income   $ 4,930     $ 5,019     $ 4,763     $ 4,901     $ 4,709  
Provision for loan losses     150       150       495       1,300       400  
  Net interest income after provision     4,780       4,869       4,268       3,601       4,309  
Total noninterest income     1,149       1,305       606       725       1,006  
Total noninterest expense     4,367       4,207       3,834       4,221       3,960  
Income before taxes     1,562       1,967       1,040       105       1,355  
Provision for income taxes     528       (2,335 )     349       27       455  
  Net income     1,034       4,302       691       78       900  
Preferred dividend expense     137       161       193       192       193  
Net income (loss) available to common shareholders   $ 897     $ 4,141     $ 498     $ (114 )   $ 707  
                                         
PER SHARE DATA                                        
                                         
Earnings   $ .19     $ 1.21     $ .15     $ (.03 )   $ .21  
Book value per common share     11.14       14.43       13.19       12.97       13.05  
Market value, closing price     7.60       5.99       7.00       5.42       5.46  
                                         
ASSET QUALITY RATIOS                                        
                                         
Nonperforming loans/total loans     1.22 %     1.28 %     1.65 %     1.99 %     2.47 %
Nonperforming assets/total assets     1.60       1.70       2.04       2.24       2.99  
Allowance for loan losses/total loans     1.20       1.21       1.30       1.31       1.49  
Allowance for loan losses/nonperforming loans     98.03       94.57       78.49       65.69       60.35  
Texas ratio (2)     11.26       13.59       16.84       18.43       24.28  
                                         
PROFITABILITY RATIOS                                        
                                         
Return on average assets     .65 %     3.21 %     .40 %     (.09) %     .56 %
Return on average common equity     6.33       36.57       4.53       (1.02 )     6.35  
Return on average equity     5.29       29.39       3.62       (.82 )     5.10  
Net interest margin     4.10       4.30       4.17       4.38       4.14  
Efficiency ratio     67.29       63.61       71.01       69.04       67.39  
Average loans/average deposits     96.62       101.50       98.73       101.34       98.44  
                                         
CAPITAL ADEQUACY RATIOS                                        
                                         
Tier 1 leverage ratio     11.93 %     10.16 %     9.95 %     10.08 %     9.73 %
Tier 1 capital to risk weighted assets     14.02       12.87       11.55       11.62       11.65  
Total capital to risk weighted assets     15.15       14.12       12.80       12.87       12.97  
Average equity/average assets     12.34       10.93       11.01       11.33       11.06  
Tangible equity/tangible assets     13.36       11.51       11.01       11.33       11.06  
           
(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
Website: www.bankmbank.com
View Comments (0)