Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - MACKINAC FINANCIAL CORP /MI/ | a18-17541_1ex99d2.htm |
| 8-K/A - 8-K/A - MACKINAC FINANCIAL CORP /MI/ | a18-17541_18ka.htm |
First Federal of Northern Michigan Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheet
(in thousands)
|
|
|
March 31, 2018 |
|
December 31, 2017 |
| ||
|
|
|
(Unaudited) |
|
|
| ||
|
ASSETS |
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|
|
|
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Cash and cash equivalents: |
|
|
|
|
| ||
|
Cash on hand and due from banks |
|
$ |
5,185 |
|
$ |
7,862 |
|
|
Overnight deposits with FHLB |
|
— |
|
527 |
| ||
|
Total cash and cash equivalents |
|
5,185 |
|
8,389 |
| ||
|
|
|
|
|
|
| ||
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Deposits held in other financial institutions |
|
3,714 |
|
3,714 |
| ||
|
Securities available for sale |
|
95,137 |
|
98,839 |
| ||
|
Securities held to maturity |
|
650 |
|
650 |
| ||
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Loans held for sale |
|
— |
|
430 |
| ||
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Loans receivable, net of allowance for loan losses of $1,733,692 and $1,833,403 as of March 31, 2018 and December 31, 2017, respectively |
|
188,593 |
|
191,503 |
| ||
|
Federal Home Loan Bank stock, at cost |
|
1,636 |
|
1,636 |
| ||
|
Premises and equipment |
|
5,253 |
|
5,552 |
| ||
|
Foreclosed real estate and other repossessed assets |
|
602 |
|
652 |
| ||
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Accrued interest receivable |
|
1,054 |
|
1,033 |
| ||
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Intangible assets |
|
593 |
|
635 |
| ||
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Deferred tax asset |
|
1,842 |
|
1,690 |
| ||
|
Originated mortgage servicing rights |
|
398 |
|
418 |
| ||
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Bank owned life insurance |
|
5,160 |
|
5,125 |
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Other assets |
|
646 |
|
981 |
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|
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|
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Total assets |
|
$ |
310,463 |
|
$ |
321,247 |
|
|
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
|
|
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Liabilities: |
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|
|
|
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Deposits |
|
$ |
261,769 |
|
$ |
270,307 |
|
|
Advances from Federal Home Loan Bank |
|
15,099 |
|
16,648 |
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Accrued expenses and other liabilities |
|
1,400 |
|
1,350 |
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|
|
|
|
|
|
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Total liabilities |
|
278,268 |
|
288,305 |
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|
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Stockholders’ equity: |
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|
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|
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Common stock ($0.01 par value 20,000,000 shares authorized 4,034,675 shares issued) |
|
40 |
|
40 |
| ||
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Additional paid-in capital |
|
28,264 |
|
28,264 |
| ||
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Retained earnings |
|
8,822 |
|
8,612 |
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|
Treasury stock at cost (307,750 shares) |
|
(2,964 |
) |
(2,964 |
) | ||
|
Accumulated other comprehensive loss |
|
(1,967 |
) |
(1,010 |
) | ||
|
|
|
|
|
|
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Total stockholders’ equity |
|
32,195 |
|
32,942 |
| ||
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|
|
|
|
|
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Total liabilities and stockholders’ equity |
|
$ |
310,463 |
|
$ |
321,247 |
|
First Federal of Northern Michigan Bancorp, Inc. and Subsidiaries
Consolidated Statement of Income and Comprehensive Income
(in thousands)
|
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|
For the Three Months |
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Ended March 31, |
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2018 |
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2017 |
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(Unaudited) |
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Interest income: |
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|
|
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Interest and fees on loans |
|
$ |
2,225 |
|
$ |
2,126 |
|
|
Interest and dividends on investments |
|
|
|
|
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Taxable |
|
350 |
|
393 |
| ||
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Tax-exempt |
|
18 |
|
23 |
| ||
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Interest on mortgage-backed securities |
|
205 |
|
255 |
| ||
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Total interest income |
|
2,798 |
|
2,797 |
| ||
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Interest expense: |
|
|
|
|
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Interest on deposits |
|
224 |
|
245 |
| ||
|
Interest on borrowings |
|
61 |
|
62 |
| ||
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Total interest expense |
|
285 |
|
307 |
| ||
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Net interest income |
|
2,513 |
|
2,490 |
| ||
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Provision for loan losses |
|
(84 |
) |
87 |
| ||
|
Net interest income after provision for loan losses |
|
2,597 |
|
2,403 |
| ||
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Non-interest income: |
|
|
|
|
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Service charges and other fees |
|
209 |
|
220 |
| ||
|
Mortgage banking activities |
|
91 |
|
100 |
| ||
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Net gain (loss) on sale of premises and equipment, real estate owned and other repossessed assets |
|
4 |
|
8 |
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Net gain (loss) on sale of investment securities |
|
— |
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18 |
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Other |
|
280 |
|
46 |
| ||
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Total non-interest income |
|
584 |
|
392 |
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|
|
|
|
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Non-interest expense: |
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|
|
|
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Compensation and employee benefits |
|
1,599 |
|
1,396 |
| ||
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FDIC Insurance Premiums |
|
31 |
|
38 |
| ||
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Advertising |
|
32 |
|
38 |
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Occupancy |
|
277 |
|
296 |
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Amortization of intangible assets |
|
42 |
|
48 |
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Service bureau charges |
|
137 |
|
129 |
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Professional services |
|
291 |
|
106 |
| ||
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Collection activity |
|
4 |
|
27 |
| ||
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Real estate owned & other repossessed assets |
|
6 |
|
36 |
| ||
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Other |
|
262 |
|
291 |
| ||
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Total non-interest expense |
|
2,681 |
|
2,405 |
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|
|
|
|
|
|
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Income before income tax expense |
|
500 |
|
390 |
| ||
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Income tax expense |
|
104 |
|
— |
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|
|
|
|
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|
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Net Income |
|
$ |
396 |
|
$ |
390 |
|
|
|
|
|
|
|
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Other Comprehensive Income: |
|
|
|
|
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Unrealized gain on investment securities - available for sale securities - net of tax |
|
$ |
(957 |
) |
$ |
373 |
|
|
Reclassification adjustment for gains realized in earnings - net of tax |
|
— |
|
(12 |
) | ||
|
|
|
|
|
|
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Comprehensive Income |
|
$ |
(561 |
) |
$ |
763 |
|
|
|
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Per share data: |
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|
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Net Income per share |
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|
|
|
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|
Basic |
|
$ |
0.11 |
|
$ |
0.10 |
|
|
|
|
|
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Weighted average number of shares outstanding |
|
|
|
|
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Basic |
|
3,726,925 |
|
3,726,925 |
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|
Dividends paid per common share |
|
$ |
0.05 |
|
$ |
0.04 |
|