Company profile

Ticker
MFNC
Exchange
CEO
Paul Davison Tobias
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
Former names
NORTH COUNTRY FINANCIAL CORP, FIRST MANISTIQUE CORP
SEC CIK
IRS number
382062816

MFNC stock data

(
)

Calendar

9 Aug 19
17 Oct 19
31 Dec 19

News

Company financial data Financial data

Quarter (USD) Jun 19 Mar 19 Dec 18 Sep 18
Revenue 408K 406K
Net income 3.67M 3.17M 3.37M 3.07M
Diluted EPS 0.34 0.3 0.34 0.29
Net profit margin 899% 780%
Net change in cash -7.19M 3.53M -4.26M
Cash on hand 56.96M 64.16M 60.63M
Annual (USD) Dec 18 Dec 17 Dec 16 Dec 15
Revenue 1.44M 1.06M
Net income 8.37M 5.48M 4.48M 5.6M
Diluted EPS 0.94 0.87 0.72 0.89
Net profit margin 581% 519%
Net change in cash 26.73M -9.33M 21.75M 3.06M
Cash on hand 64.16M 37.43M 46.76M 25.01M

Financial data from company earnings reports

Financial report summary

?
Risks
  • If the allowance for loan losses is not sufficient to cover actual loan losses, Mackinac’s earnings could decrease.
  • Mackinac may need to raise additional capital in the future, but that capital may not be available when it is needed.
  • If Mackinac is unable to increase its share of deposits in the markets that its bank operates within, it may accept out-of-market and brokered deposits, the costs of which may be higher than expected.
  • Volatility and disruptions in global capital and credit markets may adversely impact Mackinac’s business, financial condition and results of operations.
  • Mackinac is subject to extensive regulation that could limit or restrict its activities.
  • Mackinac may make or be required to make further increases in its provision for loan losses and to charge off additional loans in the future, which could adversely affect the results of operations.
  • Mackinac’s adjustable-rate loans may expose it to increased default risks.
  • Changing interest rates may decrease Mackinac’s earnings and asset values.
  • Mackinac faces strong competition from other financial institutions, financial services companies and other organizations offering services similar to those offered by it, which could result in Mackinac not being able to sustain or grow its loan and deposit businesses.
  • Our business could be adversely affected due to risks related to our recent acquisitions and the subsequent integration of the acquired businesses.
  • Mackinac’s ability to use net operating loss carryovers to reduce future tax payments may be limited or restricted.
  • Mackinac may not be able to utilize technology to efficiently and effectively develop, market, and deliver new products and services to its customers.
  • Operational difficulties, failure of technology infrastructure or information security incidents could adversely affect Mackinac’s business and operations.
  • Changes in customer behavior may adversely impact Mackinac’s business, financial condition and results of operations.
  • Mackinac’s ability to maintain and expand customer relationships may differ from expectations.
  • The trading price of Mackinac’s common stock may be subject to significant fluctuations and volatility.
Management Discussion
  • The Corporation recorded net income of $6.836 million, or $.64 per share for the first six months of 2019, compared to net income of $1.933 million, or $.27 per share for the first six months of 2018.  The 2018 results were impacted by expenses related to the FFNM acquisition.  Exclusion of these costs resulted in adjusted net income, (a non-GAAP measure), for the first six months of 2018 of $3.694 million, or $.50 per share.
  • The Corporation recorded second quarter 2019 net income of $3.669 million, or $.34 per share, compared to net income of $.396 million or $.05 per share for the second quarter of 2018.  The 2018 results were impacted by expenses related to the FFNM acquisition.  Exclusion of these costs resulted in adjusted net income, (a non-GAAP measure), for the second quarter of 2018 of $1.957 million, or $.25 per share.
  • Net interest income is the Corporation’s primary source of core earnings.  Net interest income represents the difference between the average yield earned on interest earning assets and the average rate paid on interest bearing obligations.  Net interest income is impacted by economic and competitive factors that influence rates, loan demand, and the availability of funding.
Content analysis ?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Bad
New words: CECL, July, recommend, smaller, voted
Removed: March, reclassified, remained