Mackinac Financial Corporation Reports Nine Month and Third Quarter 2015 Results
/EINPresswire.com/ -- MANISTIQUE, MI -- (Marketwired) -- 10/30/15 -- Mackinac Financial Corporation (NASDAQ: MFNC) (the "Corporation"), the bank holding company for mBank, today announced third quarter 2015 net income of $1.018 million or $.16 per share compared to net income available to common shareholders of $.886 million, or $.16 per share for the third quarter of 2014. The 2015 third quarter results include one-time charges related to (i) the transfer of our asset based lending subsidiary assets to mBank, which charges included unamortized debt issue costs and a prepayment penalty, and (ii) regulatory audit costs incurred in connection with our approval as an SBA preferred lender. Operating results for the first nine months of 2015 totaled $4.003 million or $.64 per share compared to $2.352 million or $.43 per share for the same period in 2014. Total assets of the Corporation at September 30, 2015 totaled $754.972 million, compared to $613.943 million at September 30, 2014.
Shareholders' equity at September 30, 2015 totaled $76.091 million, compared to $67.132 million on September 30, 2014. The book value per share equated to $12.18 on September 30, 2015 compared to $12.06 per share a year ago. Weighted average shares outstanding totaled 6,247,416 for the first nine months of 2015 compared to 5,532,966 for the same period in 2014.
The acquisition of Peninsula Financial Corporation ("PFC"), the holding company for Peninsula Bank, in December 2014 added approximately $125 million in assets, $70 million in loan balances and $100 million in deposits to our organization. In connection with this acquisition we increased shareholders equity by $7.804 million, issued 695,361 shares of our common stock and added approximately 350 new shareholders.
Key highlights for the first nine months of 2015 results include:
- mBank, the Corporation's primary asset, recorded net income of $5.003 million in the first nine months of 2015, compared to $3.654 million for the same period in 2014, a 36.92% increase following the seamless integration of Peninsula Bank.
- The Corporation recorded "pre-tax, pre-provision" income of $6.932 million for the first nine months of 2015, compared to $4.116 million for the same period in 2014, an increase of 68%.
- Healthy new bank loan growth with production of $175.409 million and $18.971 million of "net" balance sheet growth.
- Strong net interest margin, which improved to 4.29% compared to 4.20% in the first nine months of 2014.
- Increased contribution from secondary mortgage market activity. Income from this source in the 2015 nine month period totaled $.750 million compared to $.455 million in the 2014 nine month period.
Loans and Nonperforming Assets
Total loans at September 30, 2015 were $619.906 million, a $101.533 million increase from $518.373 million at September 30, 2014, of which approximately $70.0 million is due to the PFC acquisition. The Corporation is up $18.971 million, 3.16%, from year-end 2014 total loans of $600.935 million. In addition to the aforementioned balance sheet totals, the company services $229.769 million of sold mortgage loans and $65.830 million of sold SBA and USDA loans. Total loans under management now total $916 million.
New loan production totaled $175.409 million with the Upper Peninsula contributing $100.091 million, the Northern Lower Peninsula $42.590 million and Southeast Michigan $32.728 million. Commercial loan production accounted for $103.503 million of the nine month total, with consumer loans, primarily 1-4 family mortgages, of $71.906 million. Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank stated, "We are very pleased with the new loan opportunities in all our markets which is up $35 million from the prior year same period and we have seen continued new home purchase mortgage business throughout the year as well. Our net loan balances did not quite increase in line with production as we experienced approximately $25 - $30 million of unanticipated loan payoffs due in part to customers moving to other institutions for pricing and terms that were outside of our loan underwriting guidelines. We have also passed on several loan transactions where we ascertained that loan structures required some form of government guarantee and the clients were able to obtain more traditional financing elsewhere. We have a healthy loan pipeline for the remainder of the year for both commercial and mortgage business and expect this momentum to continue into next year."
Nonperforming loans totaled $8.028 million, 1.30% of total loans at September 30, 2015, down $1.624 million from June 30, 2015 balances of $9.652 million and up $4.089 million from 2014 year end balances of $3.939 million. Total loan delinquencies greater than 30 days resided at a nominal 1.47%, or $9.134 million. Mr. George, commenting on credit quality, stated, "Our credit quality risk metrics and overall loan portfolio payment performance remains strong with no systemic issues within any segments of the portfolio. Of note, we expect to exit in the fourth quarter from the previously reported community development paper mill loan transaction for which we remain adequately reserved. This was the primary reason for the increase in nonperforming loans for 2015."
Margin Analysis
Net interest income in the first nine months of 2015 increased to $21.755 million, 4.29%, compared to $17.138 million, or 4.20%, in the first nine months of 2014. The increase in net interest income was largely due to the PFC acquisition as we increased earning assets by approximately $90 million. We also had increased net interest contribution due to the accretive attributes associated with the purchase accounting adjustments related to PFC loan marks under GAAP. Mr. George stated, "We have been successful in maintaining our strong net interest margin within this historically low interest rate cycle through the use of continued targeted funding strategies and disciplined loan pricing in efforts to mitigate longer term interest rate risk where we maintain a favorable balance sheet position in a rising interest rate environment. We continue to look for any loan and investment opportunities that fit our balance sheet structure but will not take unnecessary risk or extend durations in order to enhance short term yields. In addition, we are pleased that our purchase accounting marks through our loan due diligence completed for the PFC acquisition have proven accurate in augmenting margin dollars."
Deposits
Total deposits of $622.334 million at September 30, 2015 increased by $131.128 million ($100 million from the PFC acquisition noted above) from deposits of $491.206 million on September 30, 2014 and increased $15.361 million from year end deposits of $606.973 million. Mr. George, commenting on core deposits and overall liquidity needs, stated, "The Corporation maintains a strong liquidity position to fund operations and loan growth. We proactively review our short and long term funding needs and review our pricing levels within the different segments of our deposit products in order to best manage our net interest margin to capture as many dollars as we can. We will also utilize alternative funding sources such as internet CDs and small levels of wholesale deposits when deemed necessary to structure different liabilities to match asset growth durations, and cover any potential short term funding gaps that could arise to protect our balance sheet in various interest rate change stress tests."
Noninterest Income/Expense
Noninterest income, at $2.747 million in the first nine months of 2015, increased $.638 million from the first nine months 2014 level of $2.109 million. The primary reason for the improvement was increased year over year activity in the secondary mortgage market. Income from this source totaled $.750 million compared to $.455 million in the 2014 nine month period. Noninterest expense, at $17.570 million in the first nine months of 2015, increased $2.439 million, or 16.12% from the first nine months of 2014. The 2015 increase from the first nine months of 2014 was largely attributable to the PFC acquisition in December 2014 in terms of salaries and benefits, occupancy expense of acquired branch offices and some early 2015 data processing costs prior to conversion. We remain diligent in monitoring and controlling our overall expense base, which continues to reside at below peer levels.
Assets and Capital
Total assets of the Corporation at September 30, 2015 were $754.972 million, up $141.029 million from the $613.943 million reported at September 30, 2014, with approximately $125 million attributable to the acquisition of PFC in December 2014, and up from the $743.785 million of total assets at year-end 2014. Common shareholders' equity at September 30, 2015 totaled $76.091 million, or $12.18 per share, compared to $67.132 million, or $12.06 per share on September 30, 2014. The Corporation and the Bank are both "well-capitalized" with Tier 1 Capital at the Corporation of 9.02% and 9.92% at the Bank.
Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation added, "With the acquisition of PFC, the combination of our organizations has resulted in accretive earnings as planned, and we expect this contribution to continue in future periods. The expansion of our footprint from this business combination provided us with increased growth opportunities in the western part of Marquette County and tangent markets. Our increased asset size resulted in the anticipated operational and scale efficiencies, which contributed to earnings accretion. We believe that we will have additional accretive opportunities in the near term as the regulatory and operating costs for smaller banks dictate a larger asset base. Early in the fourth quarter we moved MCC, our asset based lending subsidiary, into mBank to take advantage of a lower cost of funds. This activity is now contributing to earnings and we expect that contribution to accelerate as the market for closely monitored loans grows as the credit cycle ages. In conclusion, we remain committed to our shareholders in all of our endeavors to increase value by building a safe and sound company with strong asset growth, increasing core earnings per share and growing returns on equity."
Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $750 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 17 branch locations; thirteen in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Company'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, 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.
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
As of and for the As of and for the As of and for the
(Dollars in Period Ending Year Ending Period Ending
thousands, except September 30, December 31, September 30,
per share data) 2015 2014 2014
----------------- ----------------- -----------------
(Unaudited) (Unaudited)
Selected Financial
Condition Data (at
end of period):
Assets $ 754,972 $ 743,785 $ 613,943
Loans 619,906 600,935 518,373
Investment
securities 54,432 65,832 48,742
Deposits 622,334 606,973 491,206
Borrowings 49,593 49,846 52,409
Shareholders'
equity 76,091 73,996 67,132
Selected Statements
of Income Data
(nine months and
year ended):
Net interest income $ 21,755 $ 23,527 $ 17,138
Income before taxes 6,077 2,829 3,555
Net income 4,003 1,700 2,352
Income per common
share - Basic* .64 .30 .43
Income per common
share - Diluted* .64 .30 .42
Weighted average
shares outstanding 6,247,416 5,592,738 5,532,966
Weighted average
shares
outstanding-
Diluted 6,278,817 5,653,811 5,594,040
Three Months Ended:
Net interest income $ 7,235 $ 6,389 $ 5,886
Income before taxes 1,544 (726) 1,341
Net income 1,018 (652) 886
Income per common
share - Basic .16 (.13) .16
Income per common
share - Diluted* .16 (.13) .16
Weighted average
shares
outstanding* 6,238,963 5,770,104 5,540,200
Weighted average
shares
outstanding-
Diluted 6,278,009 5,770,104 5,611,959
Selected Financial
Ratios and Other
Data:
Performance Ratios:
Net interest margin 4.29% 4.19% 4.20%
Efficiency ratio 72.11 74.43 77.34
Return on average
assets .72 .28 .53
Return on average
equity 7.09 2.57 4.77
Average total
assets $ 740,593 $ 605,612 $ 590,001
Average total
shareholders'
equity 75,436 66,249 65,862
Average loans to
average deposits
ratio 100.08% 103.98% 103.52%
Common Share Data
at end of period:
Market price per
common share $ 10.10 $ 11.85 $ 11.30
Book value per
common share 12.18 11.81 12.06
Tangible book value
per share 11.39 11.01
Dividends per
share, annualized .400 .225 .200
Common shares
outstanding 6,249,595 6,266,756 5,564,815
Other Data at end
of period:
Allowance for loan
losses $ 5,779 $ 5,140 $ 5,279
Non-performing
assets $ 10,324 $ 6,949 $ 4,538
Allowance for loan
losses to total
loans .93% .86% 1.02%
Non-performing
assets to total
assets 1.37% .93% .74%
Texas ratio 13.41% 9.37% 6.27%
Number of:
Branch locations 17 17 11
FTE Employees 173 160 134
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, December 31, September 30,
2015 2014 2014
------------- ------------- -------------
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 28,581 $ 21,947 $ 22,399
Federal funds sold 10,000 - 2
------------- ------------- -------------
Cash and cash equivalents 38,581 21,947 22,401
Interest-bearing deposits in
other financial institutions 5,089 5,797 235
Securities available for sale 54,432 65,832 48,742
Federal Home Loan Bank stock 2,169 2,973 3,060
Loans:
Commercial 446,327 433,566 383,759
Mortgage 156,764 148,984 119,039
Consumer 16,815 18,385 15,575
------------- ------------- -------------
Total Loans 619,906 600,935 518,373
Allowance for loan losses (5,779) (5,140) (5,279)
------------- ------------- -------------
Net loans 614,127 595,795 513,094
Premises and equipment 12,670 12,658 9,821
Other real estate held for sale 2,296 3,010 1,843
Deferred tax asset 9,326 11,498 8,681
Deposit based intangibles 1,106 1,196
Goodwill 3,805 3,805
Other assets 11,371 19,274 6,066
------------- ------------- -------------
TOTAL ASSETS $ 754,972 $ 743,785 $ 613,943
============= ============= =============
LIABILITIES AND SHAREHOLDERS'
EQUITY
LIABILITIES:
Deposits:
Noninterest bearing deposits $ 114,769 $ 95,498 $ 84,073
NOW, money market, interest
checking 213,737 212,565 173,793
Savings 31,742 28,015 15,263
CDs < $100,000 129,715 134,951 130,821
CDs > $100,000 27,272 30,316 24,891
Brokered 105,099 105,628 62,365
------------- ------------- -------------
Total deposits 622,334 606,973 491,206
Federal funds purchased - - 7,500
Borrowings 49,593 49,846 44,909
Other liabilities 6,954 12,970 3,196
------------- ------------- -------------
Total liabilities 678,881 669,789 546,811
SHAREHOLDERS' EQUITY:
Preferred stock - No par
value:
Authorized - 500,000
shares,Issued and
outstanding - none and
4,000 shares - - -
Common stock and additional
paid in capital - No par
value
Authorized - 18,000,000
shares
Issued and outstanding -
6,249,595; 6,266,756 and
5,564,815 respectively 61,320 61,679 53,800
Retained earnings 14,229 11,804 12,923
Accumulated other
comprehensive income
Unrealized gains (losses)
on available for sale
securities 591 562 409
Minimum pension liability (49) (49) -
------------- ------------- -------------
Total shareholders' equity 76,091 73,996 67,132
------------- ------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 754,972 $ 743,785 $ 613,943
============= ============= =============
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Interest and fees on
loans:
Taxable $ 8,019 $ 6,651 $ 23,986 $ 19,305
Tax-exempt 3 4 9 27
Interest on securities:
Taxable 282 230 845 711
Tax-exempt 35 14 129 41
Other interest income 46 34 148 114
----------- ----------- ----------- -----------
Total interest income 8,385 6,933 25,117 20,198
----------- ----------- ----------- -----------
INTEREST EXPENSE:
Deposits 843 813 2,467 2,435
Borrowings 307 234 895 625
----------- ----------- ----------- -----------
Total interest expense 1,150 1,047 3,362 3,060
----------- ----------- ----------- -----------
Net interest income 7,235 5,886 21,755 17,138
Provision for loan losses 350 187 855 561
----------- ----------- ----------- -----------
Net interest income after
provision for loan losses 6,885 5,699 20,900 16,577
----------- ----------- ----------- -----------
OTHER INCOME:
Deposit service fees 196 168 624 517
Income from loans sold on
the secondary market 301 212 750 455
SBA/USDA loan sale gains 40 - 440 548
Mortgage servicing income 9 313 239 415
Net security gains 133 - 402 -
Other 94 75 292 174
----------- ----------- ----------- -----------
Total other income 773 768 2,747 2,109
----------- ----------- ----------- -----------
OTHER EXPENSE:
Salaries and employee
benefits 3,139 2,481 9,102 7,545
Occupancy 602 511 1,804 1,595
Furniture and equipment 370 305 1,159 927
Data processing 327 288 1,041 862
Advertising 153 114 399 344
Professional service fees 348 276 928 883
Loan and deposit 136 144 399 306
Writedowns and losses on
other real estate held
for sale 104 176 141 190
FDIC insurance assessment 135 92 383 267
Telephone 108 84 346 248
Other 692 655 1,868 1,964
----------- ----------- ----------- -----------
Total other expenses 6,114 5,126 17,570 15,131
----------- ----------- ----------- -----------
Income before provision for
income taxes 1,544 1,341 6,077 3,555
Provision for income taxes 526 455 2,074 1,203
----------- ----------- ----------- -----------
NET INCOME AVAILABLE TO
COMMON SHAREHOLDERS $ 1,018 $ 886 $ 4,003 $ 2,352
=========== =========== =========== ===========
INCOME PER COMMON SHARE:
Basic $ .16 $ .16 $ .64 $ .43
=========== =========== =========== ===========
Diluted $ .16 $ .16 $ .64 $ .42
=========== =========== =========== ===========
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY
(Dollars in thousands)
Loan Portfolio Balances (at end of period):
September 30, December 31, September 30,
2015 2014 2014
-------------- -------------- --------------
(Unaudited) (Unaudited) (Unaudited)
Commercial Loans:
Real estate - operators of
nonresidential buildings $ 102,897 $ 106,644 $ 100,912
Hospitality and tourism 41,156 46,211 42,538
Lessors of residential
buildings 25,911 19,776 16,262
Gasoline stations and
convenience stores 17,077 13,841 11,626
Commercial construction 15,498 16,284 12,242
Lessors of other real estate
property 7,088 9,130 9,067
Other 236,700 221,680 191,112
-------------- -------------- --------------
Total Commercial Loans 446,327 433,566 383,759
1-4 family residential real
estate 144,807 139,553 110,310
Consumer 16,815 18,385 15,575
Consumer construction 11,957 9,431 8,729
-------------- -------------- --------------
Total Loans $ 619,906 $ 600,935 $ 518,373
============== ============== ==============
Credit Quality (at end of
period):
September 30, December 31, September 30,
2015 2014 2014
------------- ------------- -------------
(Unaudited) (Unaudited) (Unaudited)
Nonperforming Assets :
Nonaccrual loans $ 7,226 $ 3,939 $ 2,098
Loans past due 90 days or more - - -
Restructured loans 802 - 597
------------- ------------- -------------
Total nonperforming loans 8,028 3,939 2,695
Other real estate owned 2,296 3,010 1,843
------------- ------------- -------------
Total nonperforming assets $ 10,324 $ 6,949 $ 4,538
============= ============= =============
Nonperforming loans as a% of
loans 1.30% .66% .52%
------------- ------------- -------------
Nonperforming assets as a% of
assets 1.37% .93% .74%
------------- ------------- -------------
Reserve for Loan Losses:
At period end $ 5,779 $ 5,140 $ 5,279
------------- ------------- -------------
As a% of average loans .95% 1.01% 1.06%
------------- ------------- -------------
As a% of nonperforming loans 71.99% 130.49% 195.88%
------------- ------------- -------------
As a% of nonaccrual loans 79.98% 130.49% 251.62%
------------- ------------- -------------
Texas Ratio 13.41% 9.37% 6.27%
------------- ------------- -------------
Charge-off Information (year to
date):
Average loans $ 607,284 $ 509,749 $ 496,383
------------- ------------- -------------
Net charge-offs (recoveries) $ 216 $ 721 $ (57)
------------- ------------- -------------
Charge-offs as a% of average
loans .05% .14% N/M%
------------- ------------- -------------
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS
-------------------------------------------------------
QUARTER ENDED
-------------------------------------------------------
(Unaudited)
-------------------------------------------------------
September June March December September
30, 2015 30, 2015 31, 2015 31, 2014 30, 2014
---------- ---------- ---------- ---------- ----------
BALANCE SHEET
(Dollars in
thousands)
Total loans $ 619,906 $ 615,247 $ 597,731 $ 600,935 $ 518,373
Allowance for loan
losses (5,779) (5,600) (5,527) (5,140) (5,279)
---------- ---------- ---------- ---------- ----------
Total loans, net 614,127 609,647 592,204 595,795 513,094
Total assets 754,972 735,338 728,844 743,785 613,943
Core deposits 489,963 470,053 468,622 471,029 403,950
Noncore deposits 132,371 118,768 129,291 135,944 87,256
---------- ---------- ---------- ---------- ----------
Total deposits 622,334 588,821 597,913 606,973 491,206
Total borrowings 49,593 64,483 49,839 49,846 52,409
Total shareholders'
equity 76,091 75,746 75,038 73,996 67,132
Total tangible
equity 71,180 70,805 70,066 68,995 67,132
Total shares
outstanding 6,249,595 6,236,250 6,257,450 6,266,756 5,564,815
Weighted average
shares outstanding 6,247,416 6,245,553 6,256,475 5,770,104 5,540,200
AVERAGE BALANCES
(Dollars in
thousands)
Assets $ 751,153 $ 732,979 $ 737,496 $ 651,935 $ 607,840
Loans 614,315 607,330 600,052 549,411 509,618
Deposits 624,528 594,266 601,834 522,155 494,599
Equity 76,362 75,564 73,776 67,397 66,558
INCOME STATEMENT
(Dollars in
thousands)
Net interest income $ 7,235 $ 7,000 $ 7,520 $ 6,389 $ 5,886
Provision for loan
losses 350 200 305 639 187
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision 6,885 6,800 7,215 5,750 5,699
Total noninterest
income 773 1,350 624 1,003 768
Total noninterest
expense 6,114 5,700 5,756 7,479 5,126
---------- ---------- ---------- ---------- ----------
Income before taxes 1,544 2,450 2,083 (726) 1,341
Provision for income
taxes 526 836 712 (74) 455
---------- ---------- ---------- ---------- ----------
Net income available
to common
shareholders $ 1,018 $ 1,614 $ 1,371 $ (652) $ 886
========== ========== ========== ========== ==========
Income pre-tax, pre-
provision $ 1,894 $ 2,650 $ 2,388 $ (87) $ 1,528
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Earnings $ .16 $ .26 $ .22 $ (.13) $ .16
Book value per
common share 12.18 12.15 11.99 11.81 12.06
Tangible book value
per share 11.39 11.35 11.20 11.01 12.06
Market value,
closing price 10.10 10.53 11.39 11.85 11.30
Dividends per share .100 .075 .075 .075 .05
ASSET QUALITY RATIOS
Nonperforming
loans/total loans 1.30% 1.57% 1.98% .66% .52%
Nonperforming
assets/total assets 1.37 1.64 1.99 .93 .74
Allowance for loan
losses/total loans .93 .91 .92 .86 1.02
Allowance for loan
losses/nonperformin
g loans 71.99 58.02 46.64 130.49 195.88
Texas ratio (1) 13.41 15.76 19.16 9.37 6.27
PROFITABILITY RATIOS
Return on average
assets .54% .88% .75% (.40)% .58%
Return on average
equity 5.28 8.57 7.54 (3.84) 5.28
Net interest margin 4.18 4.17 4.53 4.19 4.20
Efficiency ratio 76.13 69.94 74.27 70.27 73.83
Average
loans/average
deposits 98.36 102.20 99.78 105.22 103.03
CAPITAL ADEQUACY
RATIOS
Tier 1 leverage
ratio 9.02% 9.14% 8.75% 8.57% 10.23%
Tier 1 capital to
risk weighted
assets 10.28 10.18 10.33 10.23 11.68
Total capital to
risk weighted
assets 11.17 11.04 11.22 11.07 12.68
Average
equity/average
assets (for the
quarter) 10.19 10.31 10.00 10.34 10.95
Tangible
equity/tangible
assets (at quarter
end) 9.49 9.68 9.68 9.25 10.93
(1)Texas ratio equals nonperforming assets divided by tangible shareholders'
equity plus allowance for loan losses
Contact:
Ernie R. Krueger
(906) 341-7158
Email Contact
Website: www.bankmbank.com
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