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Mackinac Financial

Nasdaq:MFNC
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MFNC
Nasdaq
$170M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Mackinac Financial Corporation operates as the bank holding company for mBank that provides commercial and retail banking products and services in the United States. The last earnings update was 38 days ago. More info.


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MFNC Share Price and Events
7 Day Returns
2.1%
NasdaqCM:MFNC
1.1%
US Banks
0.5%
US Market
1 Year Returns
-5.7%
NasdaqCM:MFNC
-8%
US Banks
0.8%
US Market
MFNC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mackinac Financial (MFNC) 2.1% -0.6% 1.1% -5.7% 38.4% 16.9%
US Banks 1.1% -0.6% -2.8% -8% 46.4% 40.3%
US Market 0.5% -0.1% 1% 0.8% 37.5% 37.5%
1 Year Return vs Industry and Market
  • MFNC outperformed the Banks industry which returned -8% over the past year.
  • MFNC underperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
MFNC
Industry
5yr Volatility vs Market

Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Mackinac Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Mackinac Financial.

NasdaqCM:MFNC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $15.50 * 6.5%
$1.01
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $15.50
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqCM:MFNC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 21%) (31.58%))
0.826
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.826 * 5.96%)
7.65%

Discounted Cash Flow Calculation for NasdaqCM:MFNC using Excess Returns Model Model

The calculations below outline how an intrinsic value for Mackinac Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqCM:MFNC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.5% – 7.65%) * $15.50)
$-0.18
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.18 / (7.65% - 2.73%)
$-3.64
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $15.50 + $-3.64
$11.86
NasdaqCM:MFNC Discount to Share Price
Calculation Result
Value per share (USD) From above. $11.86
Current discount Discount to share price of $15.82
= -1 x ($15.82 - $11.86) / $11.86
-33.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Mackinac Financial is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Mackinac Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mackinac Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqCM:MFNC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.00
NasdaqCM:MFNC Share Price ** NasdaqCM (2019-06-14) in USD $15.82
United States of America Banks Industry PE Ratio Median Figure of 600 Publicly-Listed Banks Companies 12.67x
United States of America Market PE Ratio Median Figure of 3,094 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Mackinac Financial.

NasdaqCM:MFNC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqCM:MFNC Share Price ÷ EPS (both in USD)

= 15.82 ÷ 1.00

15.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mackinac Financial is overvalued 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
Does Mackinac Financial's expected growth come at a high price?
Raw Data
NasdaqCM:MFNC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
20.2%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.37x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NasdaqCM:MFNC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.82x ÷ 20.2%

0.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mackinac Financial is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Mackinac Financial's assets?
Raw Data
NasdaqCM:MFNC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $14.41
NasdaqCM:MFNC Share Price * NasdaqCM (2019-06-14) in USD $15.82
United States of America Banks Industry PB Ratio Median Figure of 603 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NasdaqCM:MFNC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqCM:MFNC Share Price ÷ Book Value per Share (both in USD)

= 15.82 ÷ 14.41

1.1x

* Primary Listing of Mackinac Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mackinac Financial is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess Mackinac Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Mackinac Financial has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
20.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mackinac Financial expected to grow at an attractive rate?
  • Mackinac Financial's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Mackinac Financial's earnings growth is expected to exceed the United States of America market average.
  • Mackinac Financial's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqCM:MFNC Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqCM:MFNC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 20.2%
NasdaqCM:MFNC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 6.6%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.8%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqCM:MFNC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqCM:MFNC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 63 15 2
2019-12-31 60 14 2
NasdaqCM:MFNC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 55 24 10
2018-12-31 51 21 8
2018-09-30 47 15 5
2018-06-30 43 15 4
2018-03-31 41 15 5
2017-12-31 41 16 5
2017-09-30 41 -6 7
2017-06-30 40 3 7
2017-03-31 39 2 5
2016-12-31 37 0 4
2016-09-30 35 20 4
2016-06-30 32 9 4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mackinac Financial's earnings are expected to grow significantly at over 20% yearly.
  • Mackinac Financial's revenue is expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqCM:MFNC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Mackinac Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:MFNC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 1.44 1.46 1.41 2.00
2019-12-31 1.33 1.33 1.32 2.00
NasdaqCM:MFNC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.00
2018-12-31 0.94
2018-09-30 0.64
2018-06-30 0.60
2018-03-31 0.84
2017-12-31 0.87
2017-09-30 1.15
2017-06-30 1.10
2017-03-31 0.81
2016-12-31 0.72
2016-09-30 0.70
2016-06-30 0.58

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Mackinac Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Mackinac Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Mackinac Financial has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Mackinac Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Mackinac Financial's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Mackinac Financial's year on year earnings growth rate has been positive over the past 5 years.
  • Mackinac Financial's 1-year earnings growth exceeds its 5-year average (89% vs 13.6%)
  • Mackinac Financial's earnings growth has exceeded the US Banks industry average in the past year (89% vs 39.5%).
Earnings and Revenue History
Mackinac Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Mackinac Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:MFNC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 55.27 10.00 34.22
2018-12-31 50.89 8.37 31.96
2018-09-30 46.71 4.98 30.08
2018-06-30 42.95 4.01 27.86
2018-03-31 41.44 5.29 26.22
2017-12-31 41.35 5.48 25.69
2017-09-30 40.61 7.20 25.25
2017-06-30 39.85 6.88 24.56
2017-03-31 38.53 5.08 23.85
2016-12-31 36.65 4.48 22.99
2016-09-30 34.80 4.38 21.85
2016-06-30 32.47 3.62 21.05
2016-03-31 31.88 5.36 20.37
2015-12-31 31.81 5.60 20.04
2015-09-30 30.40 3.35 19.16
2015-06-30 29.21 3.22 18.18
2015-03-31 27.18 2.41 17.52
2014-12-31 25.44 1.70 16.79
2014-09-30 24.68 5.26 16.33
2014-06-30 23.92 5.22 15.77
2014-03-31 24.22 5.61 15.38
2013-12-31 23.66 5.63 14.81
2013-09-30 23.62 3.64 14.58
2013-06-30 23.83 3.69 14.34
2013-03-31 23.59 6.64 13.87
2012-12-31 22.92 6.46 13.34
2012-09-30 21.30 5.42 12.58
2012-06-30 20.69 5.23 12.14

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Mackinac Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mackinac Financial used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • 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.
X
Past performance checks
We assess Mackinac Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Mackinac Financial has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Mackinac Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Mackinac Financial Company Filings, last reported 2 months ago.

NasdaqCM:MFNC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 154.75 53.66 69.68
2018-12-31 152.07 60.44 48.36
2018-09-30 149.37 69.22 69.78
2018-06-30 148.87 101.75 75.76
2018-03-31 81.86 90.00 51.82
2017-12-31 81.40 79.55 50.80
2017-09-30 82.65 91.40 71.06
2017-06-30 81.31 92.02 103.29
2017-03-31 80.01 69.28 54.62
2016-12-31 78.61 73.58 60.80
2016-09-30 78.29 67.73 62.66
2016-06-30 77.08 70.60 47.42
2016-03-31 77.40 56.45 23.01
2015-12-31 76.60 45.75 30.10
2015-09-30 76.09 49.59 43.67
2015-06-30 75.75 64.48 22.00
2015-03-31 75.04 49.84 30.08
2014-12-31 74.00 49.85 27.74
2014-09-30 67.13 52.41 22.64
2014-06-30 66.48 42.09 20.98
2014-03-31 65.73 38.85 24.76
2013-12-31 65.25 37.85 18.23
2013-09-30 67.05 35.85 22.80
2013-06-30 66.52 35.93 26.23
2013-03-31 73.04 40.93 12.61
2012-12-31 72.45 35.93 26.97
2012-09-30 72.95 35.93 47.42
2012-06-30 60.35 36.00 33.26
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Mackinac Financial has an acceptable proportion of non-loan assets held.
  • Mackinac Financial's liabilities are made up of primarily low risk sources of funding.
  • Loans at Mackinac Financial are broadly funded by customer deposits.
  • Mackinac Financial's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Mackinac Financial has a low allowance for bad loans.
  • Mackinac Financial has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Mackinac Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Mackinac Financial has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.03%
Current annual income from Mackinac Financial dividends. Estimated to be 3.27% next year.
If you bought $2,000 of Mackinac Financial shares you are expected to receive $61 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Mackinac Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Mackinac Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqCM:MFNC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 478 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqCM:MFNC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.56 2.00
2019-12-31 0.48 2.00
NasdaqCM:MFNC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-26 0.480 3.050
2018-12-18 0.480 3.198
2018-11-14 0.480 3.311
2018-10-31 0.480 3.068
2018-06-19 0.480 2.938
2018-03-27 0.480 3.024
2017-12-15 0.480 2.977
2017-09-12 0.480 3.093
2017-06-20 0.480 3.390
2017-03-28 0.480 3.474
2017-02-02 0.400 2.970
2016-08-23 0.400 3.241
2016-05-24 0.400 3.556
2016-03-22 0.400 3.856
2015-10-27 0.400 3.665
2015-08-25 0.400 3.864
2015-05-28 0.300 2.806
2015-03-26 0.300 2.671
2014-12-12 0.300 2.596
2014-11-13 0.300 2.721
2014-10-31 0.300 2.826
2014-08-26 0.200 1.765
2014-06-26 0.200 1.636
2014-03-18 0.200 1.571
2013-12-17 0.200 1.826
2013-08-28 0.160 1.740
2013-07-01 0.160 1.747
2013-03-27 0.160 1.814
2012-12-20 0.160 1.962

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 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 6 years.
Current Payout to shareholders
What portion of Mackinac Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x 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.
X
Income/ dividend checks
We assess Mackinac Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Mackinac Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mackinac Financial has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paul Tobias
COMPENSATION $573,264
AGE 67
TENURE AS CEO 14.5 years
CEO Bio

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 veteran of the asset management, investment and commercial banking businesses. He was the Chairman and Chief Executive Officer of Mackinac Partners LLC since January 2000 and served as its Managing Partner. He served as the Chief Executive Officer and Chief Operating Officer and has extensive experience in corporate finance, banking, investment banking, financial services, mergers and acquisitions, restructurings and investing. He has managed, as a Principal and as an Investment Banker, more than 50 merger and acquisition engagements. Mr. Tobias served as the Chief Executive Officer of Munder Capital Management from April 1995 to October 1999, where he led the Munder Capital to record levels of assets under management, revenues, profitability and valuation. He served as Executive Vice President of Comerica, Inc. In addition, he oversaw Comerica's strategic planning process. While an investment banker with McDonald & Company, he was a Senior Investment Banker in the corporate finance and merger and acquisition groups, consummating numerous financings and acquisition assignments. Mr. Tobias served as Co-Leader of its first significant bankruptcy transaction for Grabill Corporation. This assignment required the valuation and sale of 14 operating subsidiaries for the trustee of the Chapter 11 debtor. More recently, He has helped develop the turnaround strategy for a privately held manufacturing firm that has led to the successful divestiture of two operating divisions and the renegotiation of its credit facilities, as part of its out-of-court restructuring. He has been a Director of Mackinac Financial Corp. since 2004. He serves as a Director at mBank. Mr. Tobias serves as a Director of North Country Bank & Trust. He serves as a Trustee at Albion College.

CEO Compensation
  • Paul's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Paul's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Mackinac Financial management team in years:

7.1
Average Tenure
50
Average Age
  • The average tenure for the Mackinac Financial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Paul Tobias

TITLE
Chairman & CEO
COMPENSATION
$573K
AGE
67
TENURE
14.5 yrs

Kelly George

TITLE
President & Director
COMPENSATION
$577K
AGE
50
TENURE
12.6 yrs

Jesse Deering

TITLE
Executive VP & CFO
COMPENSATION
$332K
AGE
38
TENURE
2.8 yrs

Jason Rolling

TITLE
Senior VP and Branch Sales & Administration Officer of mBank
TENURE
4.4 yrs

Mike Slaght

TITLE
Vice President of mBank and Commercial Banking Officer of mBank

Trisha Demars

TITLE
Assistant VP & Senior Deposit Operations Specialist of mBank

Cathy Bolm

TITLE
VP & Mortgage Loan Officer of mBank
TENURE
7.1 yrs

Elena Dritsas

TITLE
Assistant VP & Branch Sales Manager of Mbank
TENURE
4.8 yrs

Clay Peterson

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

Boris Martysz

TITLE
TENURE
10.3 yrs
Board of Directors Tenure

Average tenure and age of the Mackinac Financial board of directors in years:

13.4
Average Tenure
65
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.
Board of Directors

Kelly George

TITLE
President & Director
COMPENSATION
$577K
AGE
50
TENURE
13.4 yrs

Bud Aspatore

TITLE
Lead Director
COMPENSATION
$56K
AGE
75

Paul Tobias

TITLE
Chairman & CEO
COMPENSATION
$573K
AGE
67
TENURE
14.5 yrs

Lewis Patterson

TITLE
Director
COMPENSATION
$50K
AGE
78
TENURE
12.9 yrs

David Steinhardt

TITLE
Director
COMPENSATION
$50K
AGE
50
TENURE
6.8 yrs

Dennis Bittner

TITLE
Director
COMPENSATION
$48K
AGE
69
TENURE
18.4 yrs

Randolph Paschke

TITLE
Director
COMPENSATION
$49K
AGE
68
TENURE
14.5 yrs

Rob Orley

TITLE
Director
COMPENSATION
$47K
AGE
62
TENURE
14.5 yrs

Joe Garea

TITLE
Director
COMPENSATION
$47K
AGE
63
TENURE
12.4 yrs

Bob Mahaney

TITLE
Director
COMPENSATION
$49K
AGE
59
TENURE
11.4 yrs
Who owns this company?
Recent Insider Trading
  • Mackinac Financial insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. Mar 19 Sell Jesse Deering Individual 19. Mar 19 20. Mar 19 -875 $15.85 $-13,844
10. Dec 18 Sell Dennis Bittner Individual 07. Dec 18 07. Dec 18 -1,100 $13.55 $-14,910
07. Nov 18 Sell Dennis Bittner Individual 06. Nov 18 06. Nov 18 -2,000 $15.50 $-31,003
10. Sep 18 Sell Dennis Bittner Individual 07. Sep 18 07. Sep 18 -1,250 $16.41 $-20,511
X
Management checks
We assess Mackinac Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Mackinac Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Mackinac Financial Corporation's (NASDAQ:MFNC) CEO Pay Justified?

Check out our latest analysis for Mackinac Financial How Does Paul Tobias's Compensation Compare With Similar Sized Companies? … A first glance this seems like a real positive for shareholders, since Paul Tobias is paid less than the average total compensation paid by similar sized companies. … It looks like Mackinac Financial Corporation pays its CEO less than similar sized companies.

Simply Wall St -

Is Mackinac Financial Corporation's (NASDAQ:MFNC) High P/E Ratio A Problem For Investors?

The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Mackinac Financial: P/E of 15.37 = $15.37 ÷ $1 (Based on the year to March 2019.) Is A High P/E Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each $1 of company earnings. … Earnings growth means that in the future the 'E' will be higher.

Simply Wall St -

Is Mackinac Financial Corporation (NASDAQ:MFNC) A Smart Pick For Income Investors?

Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … In this case, Mackinac Financial likely looks attractive to dividend investors, given its 3.0% dividend yield and six-year payment history.

Simply Wall St -

Can We See Significant Institutional Ownership On The Mackinac Financial Corporation (NASDAQ:MFNC) Share Register?

Every investor in Mackinac Financial Corporation (NASDAQ:MFNC) should be aware of the most powerful shareholder groups. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Mackinac Financial is a smaller company with a market capitalization of US$168m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Is Mackinac Financial Corporation (NASDAQ:MFNC) Over-Exposed To Risk?

As a small-cap bank with a market capitalisation of US$169m, Mackinac Financial Corporation’s (NASDAQ:MFNC) profit and value are directly affected by economic activity. … Risk associate with repayment is measured by the level of bad debt which is an expense written off Mackinac Financial’s bottom line. … Check out our latest analysis for Mackinac Financial

Simply Wall St -

What Makes Mackinac Financial Corporation (NASDAQ:MFNC) A Hard Investment?

As a small-cap bank stock with a market capitalisation of US$170m, Mackinac Financial Corporation’s (NASDAQ:MFNC) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … These reforms target bank level regulation and aims to improve the banking sector’s ability to absorb shocks arising from economic stress which could expose financial institutions to vulnerabilities. … Since its financial standing can unexpectedly decline in the case of an adverse macro event such as political instability, it is important to understand how prudent the bank is at managing its risk levels.

Simply Wall St -

Update: Mackinac Financial Stock Gained57% In The Last Three Years

Notably, the Mackinac Financial Corporation (NASDAQ:MFNC) share price has gained 57% in three years, which is better than the average market return. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Mackinac Financial was able to grow its EPS at 1.6% per year over three years, sending the share price higher.

Simply Wall St -

Is Mackinac Financial Corporation (NASDAQ:MFNC) An Attractive Dividend Stock?

Historically, Mackinac Financial Corporation (NASDAQ:MFNC) has paid a dividend to shareholders. … Does Mackinac Financial tick all the boxes of a great dividend stock? … View our latest analysis for Mackinac Financial

Simply Wall St -

Our Take On Mackinac Financial Corporation's (NASDAQ:MFNC) CEO Salary

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Paul Tobias's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Mackinac Financial Corporation has a market cap of US$145m, and is paying total annual CEO compensation of US$502k.

Simply Wall St -

What You Should Know About Mackinac Financial Corporation’s (NASDAQ:MFNC) Risks

As a small-cap bank with a market capitalisation of US$146m, Mackinac Financial Corporation’s (NASDAQ:MFNC) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Mackinac Financial’s bottom line. … See our latest analysis for Mackinac Financial

Simply Wall St -

Company Info

Description

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-interest bearing accounts, such as commercial and retail checking accounts, negotiable order of withdrawal accounts, money market accounts, individual retirement accounts, regular interest-bearing statement savings accounts, certificates of deposit, time deposits, and interest bearing transaction accounts. The company provides loan products include provides commercial loans to entities within real estate — operators of nonresidential buildings industry; consumer loan products comprising installment, mortgages, and home equity loans, as well as residential mortgage loans; and commercial and governmental lease financing. It also offers safe deposit facilities. The company operates 11 branches in the Upper Peninsula; 10 branches in the Northern Lower Peninsula; 1 branch in Oakland County, Michigan; and 7 branches in northern Wisconsin. The company was formerly known as North Country Financial Corporation and changed its name to Mackinac Financial Corporation in December 2004. Mackinac Financial Corporation was incorporated in 1974 and is headquartered in Manistique, Michigan.

Details
Name: Mackinac Financial Corporation
MFNC
Exchange: NasdaqCM
Founded: 1974
$169,918,063
10,740,712
Website: http://www.bankmbank.com
Address: Mackinac Financial Corporation
130 South Cedar Street,
Manistique,
Michigan, 49854,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqCM MFNC Common Stock Nasdaq Capital Market US USD 29. Feb 2000
Number of employees
Current staff
Staff numbers
294
Mackinac Financial employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 00:00
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/05
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.