Business News • MarketWire • Mackinac Financial Corporation Reports First Quarter 2016 Results |
Mackinac Financial Corporation Reports First Quarter 2016 Results |
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Mackinac Financial Corporation Reports First Quarter 2016 Results
MANISTIQUE, MI--(Marketwired - May 9, 2016) - Mackinac Financial Corporation (NASDAQ: MFNC) (the "Corporation"), the bank holding company for mBank, today announced first quarter 2016 income of $1.132 million, or $.18 per share, compared to net income of $1.371 million, or $.22 per share, for the first quarter of 2015. The 2015 first quarter income was positively impacted by a one-time $.283 million credit mark accretion under GAAP from the acquired loan portfolio from Peninsula Bank (Pen). 2015 income adjusted for this item was $1.088 million, or $.17 per share. Total assets of the Corporation at March 31, 2016 totaled $732.932 million compared to $728.844 million at March 31, 2015.
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