Company profile

Paul Davison Tobias
Incorporated in
Fiscal year end
Industry (SEC)
Former names
First Manistique Corp, North Country Financial Corp
IRS number

MFNC stock data

FINRA relative short interest over last month (20 trading days) ?

Investment data

Data from SEC filings
Securities sold
Number of investors


12 Mar 20
4 Apr 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Dec 19 Sep 19 Jun 19 Mar 19
Revenue 389K 383K 408K 406K
Net income 3.3M 3.72M 3.67M 3.17M
Diluted EPS 0.31 0.35 0.34 0.3
Net profit margin 847% 971% 899% 780%
Net change in cash -33.1M 22.23M 3.73M -7.19M
Cash on hand 49.83M 82.92M 60.69M 56.96M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 1.59M 1.44M 1.06M
Net income 13.85M 8.37M 5.48M 4.48M
Diluted EPS 1.29 0.94 0.87 0.72
Net profit margin 873% 581% 519%
Net change in cash -14.33M 26.73M -9.33M 21.75M
Cash on hand 49.83M 64.16M 37.43M 46.76M

Financial data from company earnings reports

Date Owner Security Transaction Code $Price #Shares $Value #Remaining
24 Mar 20 Steinhardt David Russ Common Stock Buy Aquire P 8.7934 346 3.04K 15,994
24 Mar 20 Steinhardt David Russ Common Stock Buy Aquire P 7.5865 2,614 19.83K 15,648
23 Mar 20 Steinhardt David Russ Common Stock Buy Aquire P 7.3634 1,034 7.61K 13,034
19 Mar 20 Steinhardt David Russ Common Stock Buy Aquire P 9.9995 10,000 100K 12,000
12 Mar 20 Mahaney Robert Edward II Common Stock Buy Aquire P 11.5 2,562 29.46K 28,982
13 Feb 20 Paul Davison Tobias Common Stock Grant Aquire A 0 16,000 0 95,367
13 Feb 20 Kelly W George Common Stock Grant Aquire A 0 20,000 0 92,500
13F holders
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13F shares
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Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
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Financial report summary

  • If the allowance for loan losses is not sufficient to cover actual loan losses, our earnings could decrease.
  • We may need to raise additional capital in the future, but that capital may not be available when it is needed.
  • If the Corporation 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 our business, financial condition and results of operations.
  • The Corporation is subject to extensive regulation that could limit or restrict its activities.
  • We may make or be required to make further increases in our provision for loan losses and to charge off additional loans in the future, which could adversely affect our results of operations.
  • Our adjustable-rate loans may expose us to increased default risks.
  • Changing interest rates may decrease the Corporation’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.
  • Our ability to use net operating loss carryovers to reduce future tax payments may be limited or restricted.
  • We may not be able to utilize technology to efficiently and effectively develop, market, and deliver new products and services to our customers.
  • Operational difficulties, failure of technology infrastructure or information security incidents could adversely affect Our business and operations.
  • Changes in customer behavior may adversely impact our business, financial condition and results of operations.
  • Our ability to maintain and expand customer relationships may differ from expectations.
  • The trading price of our common stock may be subject to significant fluctuations and volatility.
Management Discussion
  • The Corporation reported net income available to common shareholders of $13.850 million in 2019, compared to $8.367 million in 2018. The 2018 results included expenses related to the acquisitions of FFNM and Lincoln, which had a collective after-tax impact of $2.461 million on earnings.
  • 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 funding sources.  Net interest revenue is the Corporation’s principal source of revenue, representing 90.06% of total revenue in 2019.  The Corporation’s net interest income is impacted by economic and competitive factors that influence rates, loan demand, and the availability of funding.
  • Net interest income on a taxable equivalent basis increased $6.800 million from $47.400 million in 2018 to $54.200 million in 2019. In 2019, there were three 25 basis point rate decreases to the federal funds rate.  There were four 25 basis point rate increases to the federal funds rate in 2018.  The Corporation experienced an increase of 25 basis points in the overall rates on earning assets from 5.24% in 2018 to 5.49% in 2019.  Interest bearing funding sources increased by 19 basis points, from .98% in 2018 to 1.17% in 2019.  The combination of these effective rate changes resulted in an increase in the taxable equivalent net interest margin from 4.46% in 2018 to 4.60% in 2019. 
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Removed: achieved, combined, comparative, demanding, depict, determinable, enumerated, excluded, forma, fourth, identification, illustrative, orderly, Patterson, pro, promised, restrictive, retrospectively, Subtopic, unaudited