NasdaqCM:MFNC

Stock Analysis Report

Executive Summary

Mackinac Financial Corporation operates as the bank holding company for mBank that provides commercial and retail banking products and services in the United States.

Snowflake

Fundamentals

Flawless balance sheet and fair value.

Risks

  • Mackinac Financial is covered by less than 3 analysts.

Similar Companies

Share Price & News

How has Mackinac Financial's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.7%

NasdaqCM:MFNC

-1.8%

US Banks

0.2%

US Market


1 Year Return

-13.4%

NasdaqCM:MFNC

-15.3%

US Banks

-0.7%

US Market

MFNC matched the Banks industry (-13.6%) over the past year.

MFNC underperformed the Market in United States of America which returned 0.3% over the past year.


Share holder returns

MFNCIndustryMarket
7 Day-1.7%-1.8%0.2%
30 Day-7.4%-6.4%-2.7%
90 Day-13.3%-4.0%1.6%
1 Year-10.6%-13.4%-12.9%-15.3%1.6%-0.7%
3 Year36.5%24.1%41.3%31.7%40.0%30.9%
5 Year43.4%22.5%50.8%34.5%53.8%36.8%

Price Volatility Vs. Market

How volatile is Mackinac Financial's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Mackinac Financial undervalued based on future cash flows and its price relative to the stock market?

11.39x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Mackinac Financial's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Mackinac Financial's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Mackinac Financial is good value based on earnings compared to the US Banks industry average.

Mackinac Financial is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

Mackinac Financial is poor value based on expected growth next year.


Price Based on Value of Assets

Mackinac Financial is good value based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is Mackinac Financial expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

9.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Mackinac Financial's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).

Mackinac Financial's earnings are expected to grow by 9.3% yearly, however this is not considered high growth (20% yearly).

Mackinac Financial's revenue growth is positive but not above the United States of America market average.

Mackinac Financial's earnings growth is positive but not above the United States of America market average.

Mackinac Financial's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Mackinac Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Mackinac Financial performed over the past 5 years?

20.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Mackinac Financial has delivered over 20% year on year earnings growth in the past 5 years.

Mackinac Financial's 1-year earnings growth exceeds its 5-year average (231.3% vs 20.9%)

Mackinac Financial's earnings growth has exceeded the US Banks industry average in the past year (231.3% vs 33.2%).


Return on Equity

Mackinac Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Mackinac Financial used its assets less efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if Mackinac Financial improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


Next Steps

Financial Health

How is Mackinac Financial's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Information is not available.

Information is not available.


Financial Institutions Analysis

Mackinac Financial has an acceptable proportion of non-loan assets held.

Mackinac Financial has a sufficient allowance for bad loans.

Mackinac Financial's liabilities are made up of primarily low risk sources of funding.

Mackinac Financial's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at Mackinac Financial are broadly funded by customer deposits.

Mackinac Financial has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

What is Mackinac Financial's current dividend yield, its reliability and sustainability?

3.68%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Mackinac Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.48%).

Mackinac Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.83%).

Whilst dividend payments have been stable, Mackinac Financial has been paying a dividend for less than 10 years.

Dividend payments have increased, but Mackinac Financial only paid a dividend in the past 7 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.6x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Mackinac Financial's salary, the management and board of directors tenure and is there insider trading?

7.3yrs

Average management tenure


CEO

Paul Tobias (68yo)

14.7yrs

Tenure

US$573,264

Compensation

Mr. Paul D. Tobias has been the Chairman and Chief Executive Officer at Mackinac Financial Corporation since December 16, 2004. Mr. Tobias has been the Chairman of mBank since December 16, 2004. He is a ve ...


CEO Compensation Analysis

Paul's remuneration is lower than average for companies of similar size in United States of America.

Paul's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

7.3yrs

Average Tenure

51yo

Average Age

The average tenure for the Mackinac Financial management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

13.6yrs

Average Tenure

66yo

Average Age

The average tenure for the Mackinac Financial board of directors is over 10 years, this suggests they are a seasoned and experienced board.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

SellUS$13,84421 Mar 19
Jesse Deering
EntityIndividual
Role
Chief Financial Officer
Executive VP & CFO
Shares875
Max PriceUS$15.85
SellUS$14,91010 Dec 18
Dennis Bittner
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,100
Max PriceUS$13.55
SellUS$31,00307 Nov 18
Dennis Bittner
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,000
Max PriceUS$15.50
SellUS$20,51110 Sep 18
Dennis Bittner
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,250
Max PriceUS$16.41

Ownership Breakdown


Management Team

  • Paul Tobias (68yo)

    Chairman & CEO

    • Tenure: 14.7yrs
    • Compensation: US$573.26k
  • Kelly George (51yo)

    President & Director

    • Tenure: 13.6yrs
    • Compensation: US$576.51k
  • Jesse Deering (39yo)

    Executive VP & CFO

    • Tenure: 3.0yrs
    • Compensation: US$332.09k
  • Jason Rolling

    Senior VP and Branch Sales & Administration Officer of mBank

    • Tenure: 4.6yrs
  • Boris Martysz

    • Tenure: 10.5yrs
  • Mike Slaght

    Vice President of mBank and Commercial Banking Officer of mBank

    • Tenure: 0.0yrs
  • Trisha Demars

    Assistant VP & Senior Deposit Operations Specialist of mBank

    • Tenure: 0.0yrs
  • Cathy Bolm

    VP & Mortgage Loan Officer of mBank

    • Tenure: 7.3yrs
  • Elena Dritsas

    Assistant VP & Branch Sales Manager of Mbank

    • Tenure: 4.9yrs
  • Clay Peterson

    EVP & MD of Retail Lending and Western UP & Wisconsin Market Executive of mBank

    • Tenure: 0.0yrs

Board Members

  • Bud Aspatore (76yo)

    Lead Director

    • Tenure: 0.0yrs
    • Compensation: US$55.50k
  • Dennis Bittner (70yo)

    Director

    • Tenure: 18.6yrs
    • Compensation: US$48.00k
  • Paul Tobias (68yo)

    Chairman & CEO

    • Tenure: 14.7yrs
    • Compensation: US$573.26k
  • Kelly George (51yo)

    President & Director

    • Tenure: 13.6yrs
    • Compensation: US$576.51k
  • Randolph Paschke (69yo)

    Director

    • Tenure: 14.7yrs
    • Compensation: US$49.00k
  • Rob Orley (63yo)

    Director

    • Tenure: 14.7yrs
    • Compensation: US$46.50k
  • David Steinhardt (51yo)

    Director

    • Tenure: 7.0yrs
    • Compensation: US$49.50k
  • Lewis Patterson (79yo)

    Director

    • Tenure: 13.1yrs
    • Compensation: US$50.00k
  • Joe Garea (64yo)

    Director

    • Tenure: 12.6yrs
    • Compensation: US$47.00k
  • Bob Mahaney (60yo)

    Director

    • Tenure: 11.6yrs
    • Compensation: US$49.25k

Company Information

Mackinac Financial Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Mackinac Financial Corporation
  • Ticker: MFNC
  • Exchange: NasdaqCM
  • Founded: 1974
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$151.229m
  • Shares outstanding: 10.74m
  • Website: https://www.bankmbank.com

Number of Employees


Location

  • Mackinac Financial Corporation
  • 130 South Cedar Street
  • Manistique
  • Michigan
  • 49854
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MFNCNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDFeb 2000

Biography

Mackinac Financial Corporation operates as the bank holding company for mBank that provides commercial and retail banking products and services in the United States. It offers interest bearing and non-inte ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/20 23:57
End of Day Share Price2019/08/20 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.