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Mackinac Financial Corporation (MFNC) reported a second-quarter net income of $2.94 million or $0.28 per share, down from $3.45 million or $0.33 per share in 2020. Adjusted net income, excluding merger-related expenses, was $3.34 million or $0.32 per share. Total revenue dropped to $16.61 million from $18.81 million year-over-year. Despite these setbacks, total assets remained stable at $1.52 billion, and shareholders’ equity grew to $171.92 million. The company is advancing towards a merger with Nicolet Bankshares, expected to close in Q3 2021.
Mackinac Financial Corporation (Nasdaq: MFNC) announced a cash dividend of $.14 per common share for Q2 2021, payable on July 16, 2021, to shareholders of record as of July 2, 2021. This dividend remains unchanged from the previous quarter. The company, which operates mBank and has assets exceeding $1.5 billion, provides banking services across various regions, including commercial lending and personal loans.
Mackinac Financial Corporation (MFNC) reported a first-quarter 2021 net income of $3.88 million ($.37 per share), up from $3.05 million ($.28 per share) in the same period last year. Total assets grew to $1.51 billion from $1.36 billion YoY. The bank funded $53 million in Paycheck Protection Program loans, generating around $2.78 million in fees. Noninterest income increased to $2.40 million, attributed to higher mortgage sales. The board announced an upcoming acquisition by Nicolet Bankshares, expected to close in Q3 2021.
Nicolet Bankshares (NASDAQ: NCBS) has entered into a definitive merger agreement to acquire Mackinac Financial Corporation (NASDAQ: MFNC) and its subsidiary, mBank. The deal, valued at approximately $248 million, will see Mackinac shareholders receiving 0.22 shares of Nicolet's common stock plus $4.64 per share. Following the merger, the combined entity will have $6.1 billion in assets, with Mackinac representing about 25%. The merger aims to strengthen community banking in Northern Michigan and enhance shareholder value. The expected closing date is the third quarter of 2021, pending shareholder and regulatory approval.
Mackinac Financial Corporation (Nasdaq: MFNC) announced a cash dividend of $.14 per common share for Q1 2021, approved by its Board of Directors on March 30, 2021. This dividend, payable on April 23, 2021, is unchanged from the previous quarter. Mackinac Financial, with assets exceeding $1.5 billion, operates mBank, which has 28 branches across Michigan and Wisconsin. The company provides comprehensive banking services, including commercial lending and treasury management for small to mid-sized businesses, and various deposit products.
Mackinac Financial Corporation (MFNC) reported a 2020 net income of $13.47 million ($1.27 per share), down from $13.85 million ($1.29 per share) in 2019. The fourth quarter net income improved to $3.64 million ($0.35 per share). Total assets reached $1.50 billion, and shareholders’ equity increased to $167.86 million. The bank experienced strong core deposit growth of 19%, attributed to transactional accounts. Noninterest income surged by 71% to $10.20 million, driven by mortgage and SBA sales. Overall, the company maintained a solid capital position amid pandemic challenges.
Mackinac Financial Corporation (Nasdaq: MFNC) announced a cash dividend of $.14 per common share for Q4 2020, approved by the Board of Directors on December 15, 2020. This dividend is payable on January 11, 2021, to shareholders recorded by December 28, 2020, unchanged from the previous quarter. Mackinac Financial, operating as mBank, has assets exceeding $1.5 billion and offers a range of banking services across 28 branches in Michigan and Northern Wisconsin.
Mackinac Financial Corporation (Nasdaq: MFNC) reported third quarter 2020 net income of $3.32 million, down from $3.72 million in Q3 2019. Year-to-date net income for 2020 stands at $9.83 million, a decline from $10.56 million for the first nine months of 2019. Total assets increased to $1.52 billion, with shareholders' equity at $166.17 million. The bank experienced strong core deposit growth of 17% year-over-year, alongside solid non-interest income primarily driven by mortgage fees. However, total revenue slightly decreased to $17.80 million compared to $17.91 million in Q3 2019.
Mackinac Financial Corporation (Nasdaq: MFNC) announced a cash dividend of $.14 per common share for Q3 2020, as approved by its Board of Directors on September 21, 2020. This dividend is payable on October 12, 2020 to shareholders on record as of October 1, 2020, remaining unchanged from the previous quarter. With assets exceeding $1.5 billion, the company's principal subsidiary, mBank, operates 29 branches across Michigan and Northern Wisconsin, offering various commercial and personal banking services.
Mackinac Financial Corporation (MFNC) reported a net income of $3.45 million, or $0.33 per share, for Q2 2020, a slight decrease from $3.67 million in Q2 2019. Year-to-date net income is $6.50 million, down from $6.84 million in 2019. Total assets increased to $1.52 billion from $1.33 billion a year ago. The bank funded $150 million in Payroll Protection Program (PPP) loans, supporting over 1,000 businesses. Non-interest income rose to $2.37 million, while non-interest expenses increased due to COVID-19 related costs. The corporation remains well-capitalized with stable credit quality.
