Mackinac Financial Corporation Reports Second Quarter 2018 Results Including Impact of Acquisition Activity and Capital Raise
Mackinac Financial Corporation (MFNC)
Last mackinac financial corporation earnings: 1/29 09:00 am
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US:NASDAQ Investor Relations:
snl.com/irweblinkx/corporateprofile.aspx?iid=1019295
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Source: GlobeNewswire
MANISTIQUE, Mich., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced second quarter 2018 income of $396 thousand, or $.05 per share, compared to net income of $1.68 million, or $.27 per share, for the second quarter of 2017. As expected, the 2018 second quarter results were impacted by expenses related to the acquisition of First Federal of Northern Michigan (FFNM) and pre-announcement diligence activity related to the pending Lincoln Community Bank (Lincoln) transaction. Weighted average share count was increased by a common stock offering by the Corporation in June 2018 and the issuance of shares in the FFNM acquisition. On May 18, 2018 the Corporation completed the acquisition of FFNM. The Corporation issued 2,146,378 new shares as consideration for the purchase. On June 15, 2018, the Corporation closed a common stock offering resulting in gross proceeds of roughly $34.50
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