mBank in Manistique, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

mBank - Overview

  • General
  • FDIC Certificate #: 14816
    Status: Active
    Federal Reserve ID: 132554
    Bank Holding Company (Regulatory Top Holder): Mackinac Financial Corporation (RSSDID: 1123933, Location: Manistique, MI)
    Date Established: October 13, 1934
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 12 (Domestic: 12, Interstate: No)
    OTS Docket #: 9117
    FDIC's unique #: 9272
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: October 13, 1934
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 130 South Cedar Street, Manistique, MI 49854
    County: Schoolcraft
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Grand Rapids
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $498.3 mil
    Equity capital: $51.3 mil
    Deposits held in domestic offices: $410.0 mil
    Return on assets (ROA): 0.54% ($2.7 mil)
    Quarterly return on assets: 0.17% ($0.8 mil)
    Return on Equity (ROE): 5.29% ($2.7 mil)
    Quarterly return on equity: 1.69% ($0.9 mil)
    Net income: $2.7 mil
    Quarterly Net income: $0.2 mil
    Pretax return on assets: 0.81% ($4,035.9 mil)
    Quarterly Pretax return on assets: 0.25% ($1,245.6 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
  • 116Total employees (full-time equivalent)
  • $498,255Total assets
  • $20,082Cash and due from depository institutions
  • $6,562Interest-bearing balances
  • $38,727Securities
  • $13,999Federal funds sold & reverse repurchase agreements
  • $395,876Net loans & leases
  • $5,210Loan loss allowance
  • $0Trading account assets
  • $9,599Bank premises and fixed assets
  • $3,162Other real estate owned
  • $400Goodwill and other intangibles
  • $498,255Life insurance assets
  • $16,410All other assets
  • $446,944Total liabilities and capital
  • $410,027Total liabilities
  • $358,723Total deposits
  • $410,027Interest-bearing deposits
  • $90Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $35,000Trading liabilities
  • $0Other borrowed funds
  • $1,917Subordinated debt
  • $51,311All other liabilities
  • $51,311Total equity capital
  • $51,311Total bank equity capital
  • $0Perpetual preferred stock
  • $590Common stock
  • $52,540Surplus
  • $-1,819Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $5,490Income earned, not collected on loans
  • $0Earning assets
  • $1,260Long-term assets (5+ years)
  • $455,164Average Assets, year-to-date
  • $94,642Average Assets, quarterly
  • $492,260Volatile liabilities
  • $498,424Insider loans
  • $416,366FHLB advances
  • $479,899Loans and leases held for sale
  • $1,626Unused loan commitments
  • $1,626Tier 1 (core) risk-based capital
  • $44,346Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $46,967Restructured Loans and leases
  • $8,930Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $23,057Total interest income
  • $5,141Total interest expense
  • $17,916Net interest income
  • $2,300Provision for loan and lease losses
  • $2,554Total noninterest income
  • $0Fiduciary activities
  • $828Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,726Additional noninterest income
  • $14,201Total noninterest expense
  • $7,032Salaries and employee benefits
  • $2,128Premises and equipment expense
  • $5,041Additional noninterest expense
  • $3,969Pre-tax net operating income
  • -$1Securities gains (losses)
  • $1,312Applicable income taxes
  • $2,656Income before extraordinary items
  • $0Extraordinary gains - net
  • $2,656Net income attributable to bank
  • $0Net charge-offs
  • $2,656Cash dividends
  • $3,662Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.31%Yield on earning assets
  • 1.18%Cost of funding earning assets
  • 4.13%Net interest margin
  • 0.59%Noninterest income to earning assets
  • 3.27%Noninterest expense to earning assets
  • 0.54%Net operating income to assets
  • 0.54%Return on assets (ROA)
  • 0.81%Pretax return on assets
  • 5.29%Return on equity (ROE)
  • 5.29%Retained earnings to average equity (YTD only)
  • 0.94%Net charge-offs to loans
  • 62.81%Credit loss provision to net charge-offs
  • 1.71%Efficiency ratio
  • 69,375Assets per employee
  • 4.30%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.30%Loss allowance to noncurrent loans
  • 94.90%Noncurrent assets plus other real estate owned to assets
  • 1.74%Noncurrent loans to loans
  • 1.37%Net loans and leases to deposits
  • 96.55%Net loans and leases to core deposits
  • 107.47%Equity capital to assets
  • 10.30%Core capital (leverage) ratio
  • 9.24%Tier 1 risk-based capital ratio
  • 10.65%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $492,260Average earning assets
  • $50,239Average equity
  • $434,124Average loans

List of branches

  • 12 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    09272Mbank130 South Cedar Street, Manistique, MI 49854October 13, 1934Full Service Brick and Mortar
    10232193Marquette Branch300 North Mcclellan Street, Marquette, MI 49855July 16, 1993Full Service Brick and Mortar
    14231770Newberry Avenue Branch414 Newberry Avenue, Newberry, MI 49868December 07, 1994Full Service Brick and Mortar
    167272Stephenson BranchMain Street, Stephenson, MI 49887January 01, 1902Full Service Brick and Mortar
    20232196Sault Maini-Ridge St. Br.138 Ridge Street, Sault Ste. Marie, MI 49783September 18, 1995Full Service Brick and Mortar
    31232201Gaylord Branch1955 South Otsego Avenue, Gaylord, MI 49735April 03, 1998Full Service Brick and Mortar
    44358519Kaleva Branch4429 Wuoski Avenue, Kaleva, MI 49645June 30, 2000Full Service Brick and Mortar
    45359654Manistique Branch130 South Cedar Street, Manistique, MI 49854October 02, 2000Full Service Brick and Mortar
    50362977North Country Drive Branch3530 North Country Drive, Traverse City, MI 49684November 30, 2001Full Service Brick and Mortar
    51446883Birmingham Branch260 East Brown Street, Suite 300, Birmingham, MI 48009January 10, 2006Full Service Brick and Mortar
    52493054Escanaba Branch3300 Ludington Street, Escanaba, MI 49829March 24, 2009Full Service Retail
    53510610Manistique Lakeshore Branch735 E. Lakeshore Drive, Manistique, MI 49854May 19, 2010Full Service Retail

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