mBank in Manistique, Michigan (MI)

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Table of contents:
GeneralFDIC 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
LocationAddress: 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 ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal 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)
Total employees (full-time equivalent)116
Total assets$498,255
Cash and due from depository institutions$20,082
Interest-bearing balances$6,562
Federal funds sold & reverse repurchase agreements$13,999
Net loans & leases$395,876
Loan loss allowance $5,210
Trading account assets$0
Bank premises and fixed assets$9,599
Other real estate owned$3,162
Goodwill and other intangibles$400
All other assets$16,410
Life insurance assets$498,255
Total liabilities and capital$446,944
Total liabilities$410,027
Total deposits$358,723
Interest-bearing deposits$410,027
Deposits held in domestic offices$90
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$35,000
Other borrowed funds $0
Subordinated debt $1,917
All other liabilities $51,311
Total equity capital$51,311
Total bank equity capital$51,311
Perpetual preferred stock$0
Common stock$590
Undivided profits $-1,819
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $5,490
Earning assets $0
Long-term assets (5+ years) $1,260
Average Assets, year-to-date $455,164
Average Assets, quarterly $94,642
Volatile liabilities $492,260
Insider loans $498,424
FHLB advances $416,366
Loans and leases held for sale $479,899
Unused loan commitments $1,626
Tier 1 (core) risk-based capital $1,626
Tier 2 risk-based capital $44,346
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $46,967
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $23,057
Total interest expense $5,141
Net interest income $17,916
Provision for loan and lease losses $2,300
Total noninterest income $2,554
Fiduciary activities $0
Service charges on deposit accounts $828
Trading account gains & fees $0
Additional noninterest income $1,726
Total noninterest expense $14,201
Salaries and employee benefits $7,032
Premises and equipment expense $2,128
Additional noninterest expense $5,041
Pre-tax net operating income $3,969
Securities gains (losses) -$1
Applicable income taxes $1,312
Income before extraordinary items $2,656
Extraordinary gains - net $0
Net income attributable to bank $2,656
Net charge-offs $0
Cash dividends $2,656
Sale, conversion, retirement of capital stock, net $3,662
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.31%
Cost of funding earning assets 1.18%
Net interest margin 4.13%
Noninterest income to earning assets 0.59%
Noninterest expense to earning assets 3.27%
Net operating income to assets 0.54%
Return on assets (ROA) 0.54%
Pretax return on assets 0.81%
Return on equity (ROE) 5.29%
Retained earnings to average equity (YTD only) 5.29%
Net charge-offs to loans 0.94%
Credit loss provision to net charge-offs 62.81%
Efficiency ratio1.71%
Assets per employee$69,375
Cash dividends to net income (YTD only)4.30%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.30%
Noncurrent assets plus other real estate owned to assets 94.90%
Noncurrent loans to loans 1.74%
Net loans and leases to deposits1.37%
Net loans and leases to core deposits 96.55%
Equity capital to assets 107.47%
Core capital (leverage) ratio 10.30%
Tier 1 risk-based capital ratio 9.24%
Total risk-based capital ratio 10.65%
Average assets$12
Average earning assets$492,260
Average equity $50,239
Average loans $434,124
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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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