Mackinac Financial Corporation Reports Third Quarter 2018 Results
Mackinac Financial Corporation (MFNC)
Last mackinac financial corporation earnings: 1/29 09:00 am
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snl.com/irweblinkx/corporateprofile.aspx?iid=1019295
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Source: GlobeNewswire
MANISTIQUE, Mich., Oct. 31, 2018 (GLOBE NEWSWIRE) -- Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced third quarter 2018 income of $3.07 million, or $.29 per share, compared to net income of $2.09 million, or $.33 per share, for the third quarter of 2017. As expected, the 2018 third quarter results were impacted by expenses related to the acquisition of First Federal of Northern Michigan (FFNM) and pre-closing activity for the Lincoln Community Bank (Lincoln) transaction that closed on October 1, 2018. The Corporation had third quarter GAAP pre-tax transaction related expenses totaling $350 thousand. These transaction related costs reduced the reported net income for the quarter by $276 thousand, on an after-tax basis. The adjusted net income for the third quarter of 2018 (exclusive of the transaction related expenses) would equate to $3.35 million, or $.31 per weighted average share. Weighted average sh
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