Mackinac Savings Bank, F.S.B. in Boynton Beach, Florida (FL)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Mackinac Savings Bank, F.S.B. in Boynton Beach, Florida (FL)
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Mackinac Savings Bank, F.S.B. - Overview

  • General
  • FDIC Certificate #: 33925
    Status: Active
    Federal Reserve ID: 2224613
    Date Established: July 15, 1994
    WWW: http://www.mackinacbank.com
    Trust Powers Granted: No
    Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
    Offices: 3 (Domestic: 3, Interstate: No)
    OTS Docket #: 12202
    FDIC's unique #: 54976
    Numeric code: 33
    Regulator: OCC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    FDIC Insured: Yes
    Insured Savings Institution: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: No
    Subchapter S Corporations: Yes
    Asset Concentration Hierarchy: All Other Specialization < 1 Billion
    Date of Deposit Insurance: July 15, 1994
    Last Structure Change Effective Date: July 21, 2011
    Last Structure Change Process Date: July 21, 2011
    Last Data Update: July 21, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 280 North Congress Avenue, Boynton Beach, FL 33426
    County: Palm Beach
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: South Florida
    Office of the Comptroller the Currency (OCC) District: Southwest
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): West Palm Beach-Boca Raton, FL (#8960)
    Core Based Statistical Area (CBSA): Miami-Fort Lauderdale-Pompano Beach, FL (#33100)
    CBSA Metro Statistical Area: Miami-Fort Lauderdale-Pompano Beach, FL (#33100)
    Core Based Statistical Division: West Palm Beach-Boca Raton-Boynton Beach, FL (#48424)
  • History of Changes
  • Change in Primary Regulatory Agency
  • Financial Summary
  • Total assets: $122.7 mil
    Equity capital: $8.5 mil
    Deposits held in domestic offices: $111.7 mil
    Return on assets (ROA): 0.07% ($0.1 mil)
    Quarterly return on assets: 0.13% ($0.2 mil)
    Return on Equity (ROE): 1.10% ($0.1 mil)
    Quarterly return on equity: 1.85% ($0.1 mil)
    Net income: $0.1 mil
    Quarterly Net income: $0.0 mil
    Pretax return on assets: 0.06% ($73.6 mil)
    Quarterly Pretax return on assets: 0.08% ($98.2 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 40Total employees (full-time equivalent)
  • $122,723Total assets
  • $59,893Cash and due from depository institutions
  • $59,496Interest-bearing balances
  • $1,881Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $58,852Net loans & leases
  • $578Loan loss allowance
  • $0Trading account assets
  • $108Bank premises and fixed assets
  • $450Other real estate owned
  • $0Goodwill and other intangibles
  • $122,723Life insurance assets
  • $1,539All other assets
  • $114,271Total liabilities and capital
  • $111,681Total liabilities
  • $111,149Total deposits
  • $111,681Interest-bearing deposits
  • $98Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $2,000Trading liabilities
  • $0Other borrowed funds
  • $590Subordinated debt
  • $8,452All other liabilities
  • $8,452Total equity capital
  • $8,452Total bank equity capital
  • $0Perpetual preferred stock
  • $474Common stock
  • $3,522Surplus
  • $4,456Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,014Income earned, not collected on loans
  • $0Earning assets
  • $363Long-term assets (5+ years)
  • $120,229Average Assets, year-to-date
  • $0Average Assets, quarterly
  • $125,566Volatile liabilities
  • $123,494Insider loans
  • $33,714FHLB advances
  • $122,723Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $8,452Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $2,709Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $4,068Total interest income
  • $776Total interest expense
  • $3,292Net interest income
  • $344Provision for loan and lease losses
  • $2,058Total noninterest income
  • $0Fiduciary activities
  • $0Service charges on deposit accounts
  • $0Trading account gains & fees
  • $2,058Additional noninterest income
  • $4,927Total noninterest expense
  • $3,454Salaries and employee benefits
  • $710Premises and equipment expense
  • $763Additional noninterest expense
  • $79Pre-tax net operating income
  • $0Securities gains (losses)
  • -$14Applicable income taxes
  • $93Income before extraordinary items
  • $0Extraordinary gains - net
  • $93Net income attributable to bank
  • $0Net charge-offs
  • $93Cash dividends
  • $61Sale, conversion, retirement of capital stock, net
  • $60Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 3.31%Yield on earning assets
  • 0.63%Cost of funding earning assets
  • 2.68%Net interest margin
  • 1.67%Noninterest income to earning assets
  • 4.01%Noninterest expense to earning assets
  • 0.07%Net operating income to assets
  • 0.07%Return on assets (ROA)
  • 0.06%Pretax return on assets
  • 1.10%Return on equity (ROE)
  • 0.39%Retained earnings to average equity (YTD only)
  • 0.10%Net charge-offs to loans
  • 563.93%Credit loss provision to net charge-offs
  • 6.93%Efficiency ratio
  • 92,093Assets per employee
  • 3.07%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 64.52%Loss allowance to loans
  • 0.97%Loss allowance to noncurrent loans
  • 28.70%Noncurrent assets plus other real estate owned to assets
  • 2.01%Noncurrent loans to loans
  • 3.39%Net loans and leases to deposits
  • 52.70%Net loans and leases to core deposits
  • 52.70%Equity capital to assets
  • 6.89%Core capital (leverage) ratio
  • 6.89%Tier 1 risk-based capital ratio
  • 25.07%Total risk-based capital ratio
  • Memoranda
  • $26Average assets
  • $125,566Average earning assets
  • $8,419Average equity
  • $122,996Average loans

List of branches

  • 3 Florida Branches as of April 05, 2012
    • NoIDNameAddressEstablishedService TypeMap
    054976Mackinac Savings Bank, F.S.b.280 North Congress Avenue, Boynton Beach, FL 33426July 15, 1994Full Service Brick and Mortar
    2289642West Palm Beach Branch2901a N. Military Trail, West Palm Beach, FL 33409March 01, 1992Full Service Brick and Mortar
    3290219Delray Beach Branch5859 West Atlantic Avenue, Delray Beach, FL 33445Febuary 03, 1999Full Service Brick and Mortar

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