MANISTIQUE, Mich., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced second quarter 2018 income of $396 thousand, or $.05 per share, compared to net income of $1.68 million, or $.27 per share, for the second quarter of 2017.  As expected, the 2018 second quarter results were impacted by expenses related to the acquisition of First Federal of Northern Michigan (FFNM) and pre-announcement diligence activity related to the pending Lincoln Community Bank (Lincoln) transaction.  Weighted average share count was increased by a common stock offering by the Corporation in June 2018 and the issuance of shares in the FFNM acquisition.

On May 18, 2018 the Corporation completed the acquisition of FFNM.  The Corporation issued 2,146,378 new shares as consideration for the purchase.   On June 15, 2018, the Corporation closed a common stock offering resulting in gross proceeds of roughly $34.50 million and net proceeds of roughly $32.40 million.  The Corporation issued 2,225,807 shares in connection with the stock offering.  As a result of the activities noted above, weighted average shares outstanding for the second quarter of 2018 were 7,041,010 compared to 6,294,930 for the same period of 2017 and 6,304,203 shares for the first quarter of 2018.

The Corporation still expects cost efficiencies from the FFNM acquisition and the pending Lincoln acquisition to be fully phased in by the end of 2018, however, the savings relating to FFNM were only partially integrated and realized in the second quarter of 2018. The Corporation completed a successful data processing conversion of FFNM over the weekend of July 13^th. The Corporation expects the pending Lincoln acquisition to close end of third quarter or early in the fourth quarter subject to final regulatory approvals with a data conversion scheduled for mid-fourth quarter.

In connection with the acquisition, the Corporation had second quarter GAAP pre-tax transaction related expenses totaling $1.98 million.  These one-time costs reduced the reported net income for the quarter by $1.56 million on an after-tax basis.  The adjusted net income for the second quarter of 2018 (exclusive of the transaction related expenses) would equate to $1.96 million.   The majority of the expenses associated with the common stock offering were capitalized in accordance with GAAP.   

Total assets of the Corporation at June 30, 2018 were $1.27 billion compared to $1.03 billion at June 30, 2017.  Shareholders’ equity at June 30, 2018 totaled $148.87 million, compared to $81.31 million on June 30, 2017. The tangible book value per share equated to $11.57 on June 30, 2018 compared to $11.72 per share a year ago.  Subsequent to receiving the proceeds from the stock offering, the Corporation paid down approximately $19.45 million in senior holding company debt in the second quarter. 

The Corporation’s primary asset, mBank, recorded net income of $1.20 million in the second quarter of 2018, compared to $2.05 million for the same period in 2017.  Combined acquisition-related expenses totaled $1.45 million at the bank level, with an after-tax impact of $1.15 million. Adjusted core net income (exclusive of the expenses) for second quarter 2018 was $2.35 million.

Revenue

Total revenue of the corporation for the three months ended June 30, 2018 equated to $13.80 million compared to $11.66 million for the same period of 2017.  Total interest income was $12.94 million for the second quarter of 2018 and $10.87 for the same period in 2017.  The 2018 second quarter interest income included accretive yield of $284 thousand from combined credit mark accretion associated with acquisitions compared to 2017 same period of $351 thousand. The non-interest income portion of total revenue increased slightly year-over-year from $795 thousand in 2017 to $863 thousand in 2018, partially due to the positive impact of the FFNM acquisition. 

Loan Production / Credit Risk

Total balance sheet loans at June 30, 2018 were $1.00 billion compared to June 30, 2017 balances of $811.08 million.  Total loans under management now reside at $1.34 billion which includes $334 million of service retained loans.  New loan production for the first half of 2018 was slightly behind previous year at $103 million with origination activity increasing in the second quarter, as expected.  Commercial originations accounted for $62 million, retail, predominantly mortgage, equated to $41 million. Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank, stated, “Commercial loan production remains consistent with prior year with a continued competitive environment for the high-quality earning assets we originate. Based on steady deal flow since the FFNM acquisition date, we expect that the addition of the FFNM markets will have a positive impact on all types of originations for the second half of 2018 as the operational and cultural integration of this transaction has gone very well. Likewise, in-house mortgage production has ramped up in our more active summer months and is consistent with 2017 first half activity.  As we alluded to in our first quarter communications, we have seen the change in interest rates impact our secondary market origination, which is at about 70% of previous year levels.”

Nonperforming loans totaled $5.03 million, .50% of total loans at June 30, 2018 compared to $3.75 million, or .47%, of total loans at June 30, 2017.  The dollar amount increase in non-performing loans is the result of credits acquired in the FFNM transaction which were marked to market as part of the credit due diligence process.  Total loan delinquencies greater than 30 days resided at a nominal .89%, compared to .59% in the second quarter of 2017. Commenting on overall credit risk, Mr. George stated, “As expected, we saw a slight increase in our non-performing credit ratios following the FFNM acquisition.  Similar to previous transactions, we anticipate this will normalize over the coming quarters as we work to quickly resolve some of these acquired credits.  Overall, loan portfolio performance, both legacy mBank and acquired FFNM, remains strong with no material credit issues within any of the business segments. Purchase accounting marks from the previously acquired banks have continued to prove accurate, attaining expected accretion levels. The acquired loan portfolio from FFNM should provide accretive results to our bottom line and support in overall granularity and concentration levels from a macro perspective.” 

Margin Analysis / Funding

Net interest income in the second quarter of 2018 resided at $10.81 million, or 4.26%, compared to $9.32 million, or 4.24%, in the second quarter of 2017.  Second quarter 2018 total interest expense was $2.13 million versus $1.55 million for the same period of 2017.  Of the $578 thousand interest expense increase from previous year, $333 thousand was attributable to interest on brokered CDs due to repricing experienced from normal maturities and renewals at market rates.  An additional $167 thousand of the total was a result of increased expense on our CD & IRA products due to some slightly higher rates offered for competitive reasons.  Total brokered deposits were $152 million at the end of June 2018, down from $217 million at June 30, 2017.  FHLB borrowings were up from $71 million to $92 million year-over-year as a result of liabilities acquired from FFNM.  The Corporation expects to opportunistically reduce these borrowings as they mature.  The collective $44 million net improvement in these combined wholesale funding categories was partially made possible by the complementary balance sheet and deposit base of FFNM.  Following the close of the FFNM acquisition, the Corporation sold roughly $46 million of the acquired investment portfolio to decrease its wholesale funding. 

Mr. George stated, “We have been successful in maintaining our strong net interest margin in the rising rate environment, and each rate increase should have positive impact on the income generated from our loan portfolio.  With the lower cost core deposit base we acquired from FFNM, we have begun to reposition the balance sheet and remove some of the more volatile and higher cost wholesale funding sources that we have utilized in the past.  This repositioning should further stabilize our funding and position us very well on the liability side for the remainder of 2018 and decrease our relative funding costs. We will also continue to proactively monitor as to when a need could occur to move pricing up on our core transactional accounts due to expected market pressures, a challenge all banks will face this year. We have pivoted to a more offensive posture in terms of overall core deposit gathering initiatives within our branch network. At this time, our deposit beta remains strong at .08 when comparing the movement in the federal funds rate to the movement on our blended interest-bearing deposit rate.”   

Noninterest Expense

Noninterest expense, at $11.08 million in the second quarter of 2018, increased $3.56 million from the second quarter 2017 total of $7.52 million. The expense variance from the second quarter of 2017 was heavily impacted by the $1.98 million in pre-tax transaction related expenses as well as the additional expense related to the larger bank platform following the FFNM closing, including additional salary, benefits and occupancy costs.  The Corporation still expects to realize the 40% cost efficiencies from the FFNM acquisition as originally projected and believes they will be fully phased in by the end of 2018.     

Assets and Capital

Total assets of the Corporation at June 30, 2018 were $1.27 billion compared to $1.03 billion at June 30, 2017.  Shareholders’ equity at June 30, 2018 totaled $148.87 million, compared to $81.31 million on June 30, 2017. The tangible book value per share equated to $11.57 on June 30, 2018 compared to $11.72 per share a year ago.  Both the common stock offering and the FFNM acquisition had positive impacts on the Corporation’s overall capitalization and regulatory capital ratios.  Of the $32.4 net proceeds from the June 2018 common stock offering, the corporation utilized $19.45 million to retire senior holding company debt.  The Corporation is “well-capitalized” and the Bank is “well-capitalized” with total risk-based capital to risk weighted assets of 11.06% and 12.39%, respectively.

Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation concluded, “We had a very busy and productive quarter with the closing of the FFNM transaction, the announcement of the Lincoln Community Bank acquisition and the successful common stock offering.  All three of these events are representative of our consistent strategy of asset growth and balance sheet strength while driving continually improving earnings metrics.  Both FFNM and Lincoln are accretive transactions that add strategic and complementary markets where we can grow organically.  The stock offering was completed at a minimal market price discount, strengthening our balance sheet and providing the capital we need to continue to execute our growth plans.  Further, the ability to put a considerable portion of the new capital to work through the reduction of senior holding company debt and the purchase of Lincoln allows us to quickly hurdle our cost of capital with the expected yield and savings from the activities.”

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $1.25 billion 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 29 branch locations; eleven in the Upper Peninsula, ten in the Northern Lower Peninsula, one in Oakland County, Michigan, and seven in Northern Wisconsin.  The Corporation’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,” “view,” 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, branch closings 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
		Period Ending			Year Ending			Period Ending
		June 30,			December 31,			June 30,
(Dollars in thousands, except per share data)		2018			2017			2017
		(Unaudited)						(Unaudited)
Selected Financial Condition Data (at end of period):
Assets		$	1,274,095		$	985,367		$	1,027,450
Loans			1,003,377			811,078			790,753
Investment securities			114,682			75,897			82,212
Deposits			1,015,501			817,998			848,245
Borrowings			91,747			79,552			92,024
Shareholders' equity			148,866			81,400			81,313
Selected Statements of Income Data six months and year ended):
Net interest income		$	20,122		$	37,938		$	18,485
Income before taxes			2,444			11,018			5,162
Net income			1,933			5,479			3,406
Income per common share - Basic		.27				.87		.54
Income per common share - Diluted		.27				.87		.54
Weighted average shares outstanding			7,041,010			6,288,791			6,282,551
Weighted average shares outstanding- Diluted			7,073,764			6,322,413			6,298,515
Three Months Ended:
Net interest income		$	10,813		$	9,664		$	9,319
Income before taxes			499			2,838			2,547
Net income			396			(20	)		1,680
Income per common share - Basic		.05				-		.27
Income per common share - Diluted		.05				-		.27
Weighted average shares outstanding			7,769,720			6,294,930			6,294,930
Weighted average shares outstanding- Diluted			7,809,018			6,294,930			6,307,883
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin			4.23	%		4.20	%		4.21
Efficiency ratio			87.27			71.39			71.61
Return on average assets		.37				.55		.70
Return on average equity			4.27			6.74			8.57
Average total assets		$	1,050,305		$	995,826		$	982,374
Average total shareholders' equity			91,258			81,349			80,158
Average loans to average deposits ratio			99.89	%		96.29	%		95.38
Common Share Data at end of period:
Market price per common share		$	16.58		$	15.90		$	13.99
Book value per common share			13.90			12.93			12.92
Tangible book value per share			11.57			11.72			11.69
Dividends paid per share, annualized		.480				.480		.480
Common shares outstanding			10,712,745			6,294,930			6,294,930
Other Data at end of period:
Allowance for loan losses		$	5,141		$	5,079		$	5,133
Non-performing assets		$	7,486		$	6,126		$	7,798
Allowance for loan losses to total loans		.51		%		.63	%	.65
Non-performing assets to total assets		.59		%		.62	%	.76
Texas ratio			5.80	%		7.77	%		9.91
Number of:
Branch locations			29			23			24
FTE Employees			233			233			235

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	June 30,				December 31,				June 30,
	2018				2017				2017
	(Unaudited)								(Unaudited)
ASSETS
Cash and due from banks	$	64,874			$	37,420			$	78,972
Federal funds sold		15				6				10,006
Cash and cash equivalents		64,889				37,426				88,978
Interest-bearing deposits in other financial institutions		10,873				13,374				14,312
Securities available for sale		114,182				75,397				81,712
Other securities		500				500				500
Federal Home Loan Bank stock		4,860				3,112				3,250
Loans:
Commercial		684,725				572,936				559,388
Mortgage		299,450				220,708				212,306
Consumer		19,202				17,434				19,059
Total Loans		1,003,377				811,078				790,753
Allowance for loan losses		(5,141	)			(5,079	)			(5,133	)
Net loans		998,236				805,999				785,620
Premises and equipment		21,790				16,290				16,654
Other real estate held for sale		2,461				3,558				4,050
Deferred tax asset		8,000				4,970				7,139
Deposit based intangibles		4,504				1,922				2,047
Goodwill		20,389				5,694				5,694
Other assets		23,411				17,125				17,494
TOTAL ASSETS	$	1,274,095			$	985,367			$	1,027,450
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest bearing deposits	$	220,176			$	148,079			$	156,970
NOW, money market, interest checking		337,344				280,309				259,423
Savings		106,022				61,097				61,741
CDs<$250,000		181,352				142,159				142,649
CDs>$250,000		18,930				11,055				10,597
Brokered		151,677				175,299				216,865
Total deposits		1,015,501				817,998				848,245
Federal funds purchased		10,000				-				-
Borrowings		91,747				79,552				92,024
Other liabilities		7,980				6,417				5,868
Total liabilities		1,125,228				903,967				946,137
SHAREHOLDERS' EQUITY:
Common stock and additional paid in capital - No par value
Authorized - 18,000,000 shares
Issued and outstanding - 10,712,745; 6,294,930; and 6,294,930 shares respectively		128,880				61,981				61,782
Retained earnings		19,602				19,711				19,101
Accumulated other comprehensive income
Unrealized gains (losses) on available for sale securities		606				(71	)			508
Minimum pension liability		(221	)			(221	)			(78	)
Total shareholders' equity		148,867				81,400				81,313
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,274,095			$	985,367			$	1,027,450

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2018				2017				2018				2017
		(Unaudited)								(Unaudited)
INTEREST INCOME:
Interest and fees on loans:
Taxable		$	12,071			$	10,260			$	22,461			$	20,217
Tax-exempt			31				19				56				52
Interest on securities:
Taxable			560				396				932				795
Tax-exempt			79				75				148				154
Other interest income			197				116				396				244
Total interest income			12,938				10,866				23,993				21,462
INTEREST EXPENSE:
Deposits			1,602				1,054				2,838				2,013
Borrowings			523				493				1,033				964
Total interest expense			2,125				1,547				3,871				2,977
Net interest income			10,813				9,319				20,122				18,485
Provision for loan losses			100				50				150				200
Net interest income after provision for loan losses			10,713				9,269				19,972				18,285
OTHER INCOME:
Deposit service fees			323				268				592				540
Income from loans sold on the secondary market			277				316				454				614
SBA/USDA loan sale gains			83				89				134				149
Mortgage servicing income			(2	)			(9	)			(10	)			(17	)
Other			182				131				307				285
Total other income			863				795				1,477				1,571
OTHER EXPENSE:
Salaries and employee benefits			4,923				3,658				9,077				7,455
Occupancy			928				776				1,739				1,561
Furniture and equipment			644				544				1,175				1,025
Data processing			586				489				1,090				950
Advertising			192				174				387				297
Professional service fees			397				405				701				726
Loan and deposit			148				155				274				334
Writedowns and losses on other real estate held for sale			40				243				66				255
FDIC insurance assessment			187				189				343				346
Telephone			152				134				307				291
Transaction related expenses			1,976				-				2,165				-
Other			904				750				1,681				1,454
Total other expenses			11,077				7,517				19,005				14,694
Income before provision for income taxes			499				2,547				2,444				5,162
Provision for income taxes			103				867				511				1,756
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			396				1,680				1,933				3,406
INCOME PER COMMON SHARE:
Basic		$	.05			$	.27			$	.27			$	.54
Diluted		$	.05			$	.27			$	.27			$	.54

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY

(Dollars in thousands)

Loan Portfolio Balances (at end of period):

	June 30,			December 31,			June 30,
	2018			2017			2017
	(Unaudited)			(Unaudited)			(Unaudited)
Commercial Loans:
Real estate - operators of nonresidential buildings	$	117,285		$	119,025		$	114,129
Hospitality and tourism		78,122			75,228			73,109
Lessors of residential buildings		37,866			33,032			30,719
Gasoline stations and convenience stores		22,207			21,176			19,903
Logging		17,368			17,554			18,143
Commercial construction		20,895			9,243			10,145
Other		390,982			297,678			293,240
Total Commercial Loans		684,725			572,936			559,388
1-4 family residential real estate		284,041			209,890			200,771
Consumer		19,202			17,434			19,059
Consumer construction		15,409			10,818			11,535
Total Loans	$	1,003,377		$	811,078		$	790,753

Credit Quality (at end of period):

	June 30,			December 31,			June 30,
	2018			2017			2017
	(Unaudited)			(Unaudited)			(Unaudited)
Nonperforming Assets :
Nonaccrual loans	$	3,825		$	2,388		$	3,644
Loans past due 90 days or more		-			-			-
Restructured loans		1,200			180			104
Total nonperforming loans		5,025			2,568			3,748
Other real estate owned		2,461			3,558			4,050
Total nonperforming assets	$	7,486		$	6,126		$	7,798
Nonperforming loans as a % of loans	.50		%	.32		%	.47		%
Nonperforming assets as a % of assets	.59		%	.62		%	.76		%
Reserve for Loan Losses:
At period end	$	5,141		$	5,079		$	5,133
As a % of average loans	.51		%	.64		%	.65		%
As a % of nonperforming loans		102.31	%		197.78	%		136.95	%
As a % of nonaccrual loans		215.28	%		212.69	%		140.86	%
Texas Ratio		5.80	%		7.77	%		9.91	%
Charge-off Information (year to date):
Average loans	$	858,508		$	795,532		$	784,823
Net charge-offs (recoveries)	$	88		$	566		$	87
Charge-offs as a % of average
loans, annualized	.02		%	.07		%	.02		%

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS

	QUARTER ENDED
	(Unaudited)
	June 30,				March 31,				December 31				September 30,				June 30
	2018				2018				2017				2017				2017
BALANCE SHEET (Dollars in thousands)
Total loans	$	1,003,377			$	812,441			$	811,078			$	808,149			$	790,753
Allowance for loan losses		(5,141	)			(5,101	)			(5,079	)			(5,130	)			(5,133	)
Total loans, net		998,236				807,340				805,999				803,019				785,620
Total assets		1,274,095				983,929				985,367				1,015,070				1,027,450
Core deposits		844,894				602,601				631,644				643,859				621,303
Noncore deposits		170,607				204,196				186,354				191,344				226,942
Total deposits		1,015,501				806,797				817,998				835,203				848,245
Total borrowings		91,747				80,002				79,552				91,397				92,024
Total shareholders' equity		148,867				81,857				81,400				82,649				81,313
Total tangible equity		123,974				74,303				73,784				74,970				73,572
Total shares outstanding		10,712,745				6,332,560				6,294,930				6,294,930				6,294,930
Weighted average shares outstanding		7,041,010				6,304,203				6,294,930				6,294,930				6,294,930
AVERAGE BALANCES (Dollars in thousands)
Assets	$	1,117,188			$	982,679			$	996,966			$	1,021,152			$	984,236
Loans		905,802				810,688				808,306				803,825				787,143
Deposits		913,220				805,092				817,338				841,699				820,375
Equity		100,518				81,894				82,879				82,162				81,013
INCOME STATEMENT (Dollars in thousands)
Net interest income	$	10,813			$	9,309			$	9,664			$	9,789			$	9,319
Provision for loan losses		100				50				225				200				50
Net interest income after provision		10,713				9,259				9,439				9,589				9,269
Total noninterest income		863				614				1,317				1,153				795
Total noninterest expense		11,077				7,928				7,918				7,724				7,517
Income before taxes		499				1,945				2,838				3,018				2,547
Provision for income taxes		103				408				2,858				925				867
Net income available to common shareholders	$	396			$	1,537			$	(20	)		$	2,093			$	1,680
Income pre-tax, pre-provision	$	599			$	1,995			$	3,062			$	3,218			$	2,597
PER SHARE DATA
Earnings	$	.05			$	.24			$	(.01	)		$	.33			$	.27
Book value  per common share		13.90				12.96				12.93				13.13				12.92
Tangible book value per share		11.57				11.73				11.72				11.91				11.69
Market value, closing price		16.58				16.25				15.90				15.50				13.99
Dividends per share		.120				.120				.120				.120				.120
ASSET QUALITY RATIOS
Nonperforming loans/total loans		.50	%			.53	%			.32	%			.38	%			.47	%
Nonperforming assets/total assets		.59				.70				.62				.74				.76
Allowance for loan losses/total loans		.51				.63				.63				.63				.65
Allowance for loan losses/nonperforming loans		102.31				117.48				197.78				167.37				136.95
Texas ratio		5.80				6.87				7.77				9.34				9.91
PROFITABILITY RATIOS
Return on average assets		.14	%			.63	%			(.01	)%			.81	%			.68	%
Return on average equity		1.58				7.61				(.10	)			10.11				8.32
Net interest margin		4.26				4.19				4.18				4.23				4.24
Average loans/average deposits		99.19				100.70				98.89				95.50				95.95
CAPITAL ADEQUACY RATIOS
Tier 1 leverage ratio		9.39	%			7.25	%			7.06	%			6.82	%			7.02	%
Tier 1 capital to risk weighted assets		11.87				8.79				8.66				8.47				8.57
Total capital to risk weighted assets		12.39				9.43				9.29				9.10				9.21
Average equity/average assets (for the quarter)		9.00				8.33				8.31				8.05				8.23
Tangible equity/tangible assets (at quarter end)		9.92				7.62				7.55				7.44				7.22

Contact:		Jesse A. Deering, (248) 290-5906 / jdeering@bankmbank.com Paul D. Tobias, (248) 290-5900 / ptobias@bankmbank.com
Website:		www.bankmbank.com

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