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Mackinac Financial Corp/MI – ‘10-K’ for 12/31/15 – ‘R49’

On:  Wednesday, 3/30/16, at 6:02am ET   ·   For:  12/31/15   ·   Accession #:  1104659-16-108403   ·   File #:  0-20167

Previous ‘10-K’:  ‘10-K’ on 3/31/15 for 12/31/14   ·   Next:  ‘10-K’ on 3/30/17 for 12/31/16   ·   Latest:  ‘10-K’ on 3/12/21 for 12/31/20

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/30/16  Mackinac Financial Corp/MI        10-K       12/31/15  102:21M                                    Toppan Merrill/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   3.05M 
 2: EX-21       Subsidiaries List                                   HTML     24K 
 3: EX-23.1     Consent of Experts or Counsel                       HTML     26K 
 4: EX-31       Certification -- §302 - SOA'02                      HTML     41K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     27K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     28K 
13: R1          Document and Entity Information                     HTML     53K 
14: R2          Consolidated Balance Sheets                         HTML    126K 
15: R3          Consolidated Balance Sheets (Parenthetical)         HTML     46K 
16: R4          Consolidated Statements of Operations               HTML    130K 
17: R5          Consolidated Statement of Comprehensive Income      HTML     63K 
18: R6          Consolidated Statements of Changes in               HTML    104K 
                Shareholders' Equity                                             
19: R7          Consolidated Statements of Cash Flows               HTML    148K 
20: R8          Summary of Significant Accounting Policies          HTML     99K 
21: R9          Restrictions on Cash and Cash Equivalents           HTML     31K 
22: R10         Securities Available for Sale                       HTML    182K 
23: R11         Loans                                               HTML   1.29M 
24: R12         Premises and Equipment                              HTML     49K 
25: R13         Other Real Estate Held for Sale                     HTML     49K 
26: R14         Deposits                                            HTML     57K 
27: R15         Goodwill and Other Intangible Assets                HTML     34K 
28: R16         Servicing Rights                                    HTML     56K 
29: R17         Borrowings                                          HTML     58K 
30: R18         Income Taxes                                        HTML    124K 
31: R19         Operating Leases                                    HTML     43K 
32: R20         Retirement Plan                                     HTML     30K 
33: R21         Defined Benefit Pension Plan                        HTML     92K 
34: R22         Deferred Compensation Plan                          HTML     33K 
35: R23         Regulatory Matters                                  HTML    176K 
36: R24         Stock Compensation Plans                            HTML     82K 
37: R25         Shareholders' Equity                                HTML     35K 
38: R26         Commitments, Contingencies, and Credit Risk         HTML     53K 
39: R27         Fair Value                                          HTML    167K 
40: R28         Business Combinations                               HTML     96K 
41: R29         Subsequent Event                                    HTML     29K 
42: R30         Parent Company Only Financial Statements            HTML    196K 
43: R31         Summary of Significant Accounting Policies          HTML    166K 
                (Policies)                                                       
44: R32         Summary of Significant Accounting Policies          HTML     65K 
                (Tables)                                                         
45: R33         Securities Available for Sale (Tables)              HTML    184K 
46: R34         Loans (Tables)                                      HTML   1.29M 
47: R35         Premises and Equipment (Tables)                     HTML     49K 
48: R36         Other Real Estate Held for Sale (Tables)            HTML     45K 
49: R37         Deposits (Tables)                                   HTML     57K 
50: R38         Servicing Rights (Tables)                           HTML     53K 
51: R39         Borrowings (Tables)                                 HTML     61K 
52: R40         Income Taxes (Tables)                               HTML    125K 
53: R41         Operating Leases (Tables)                           HTML     38K 
54: R42         Defined Benefit Pension Plan (Tables)               HTML     96K 
55: R43         Regulatory Matters (Tables)                         HTML    167K 
56: R44         Stock Compensation Plans (Tables)                   HTML     84K 
57: R45         Commitments, Contingencies, and Credit Risk         HTML     45K 
                (Tables)                                                         
58: R46         Fair Value (Tables)                                 HTML    159K 
59: R47         Business Combinations (Tables)                      HTML     90K 
60: R48         Parent Company Only Financial Statements (Tables)   HTML    200K 
61: R49         Summary of Significant Accounting Policies          HTML     97K 
                (Details)                                                        
62: R50         Restrictions on Cash and Cash Equivalents           HTML     28K 
                (Details)                                                        
63: R51         Securities Available for Sale (Details)             HTML     78K 
64: R52         Securities Available for Sale (Details 2)           HTML     75K 
65: R53         Loans (Details)                                     HTML    114K 
66: R54         Loans (Details 2)                                   HTML    129K 
67: R55         Loans (Details 3)                                   HTML     93K 
68: R56         Loans (Details 4)                                   HTML    121K 
69: R57         Loans (Details 5)                                   HTML     69K 
70: R58         Loans (Details 6)                                   HTML     68K 
71: R59         Loans (Details 7)                                   HTML     90K 
72: R60         Loans (Details 8)                                   HTML     41K 
73: R61         Premises and Equipment (Details)                    HTML     46K 
74: R62         Other Real Estate Held for Sale (Details)           HTML     44K 
75: R63         Deposits (Details)                                  HTML     57K 
76: R64         Goodwill and Other Intangible Assets (Details)      HTML     49K 
77: R65         Servicing Rights (Details)                          HTML     57K 
78: R66         Borrowings (Details)                                HTML     72K 
79: R67         Borrowings (Details 2)                              HTML     45K 
80: R68         Income Taxes (Details)                              HTML    119K 
81: R69         Operating Leases (Details)                          HTML     90K 
82: R70         Retirement Plan (Details)                           HTML     34K 
83: R71         Defined Benefit Pension Plan (Details)              HTML    106K 
84: R72         Deferred Compensation Plan (Details)                HTML     43K 
85: R73         Regulatory Matters (Details)                        HTML    109K 
86: R74         Stock Compensation Plans (Details)                  HTML    112K 
87: R75         Stock Compensation Plans (Details 2)                HTML     36K 
88: R76         Shareholders' Equity (Details)                      HTML     61K 
89: R77         Commitments, Contingencies, and Credit Risk         HTML     43K 
                (Details)                                                        
90: R78         Commitments, Contingencies, and Credit Risk         HTML     39K 
                (Details 2)                                                      
91: R79         Fair Value (Details)                                HTML     76K 
92: R80         Fair Value (Details 2)                              HTML     47K 
93: R81         Fair Value (Details 3)                              HTML     37K 
94: R82         Business Combinations (Details)                     HTML    122K 
95: R83         Sebsequent Event (Details)                          HTML     39K 
96: R84         Parent Company Only Financial Statements (Details)  HTML     76K 
97: R85         Parent Company Only Financial Statements (Details   HTML     50K 
                2)                                                               
98: R86         Parent Company Only Financial Statements (Details   HTML     73K 
                3)                                                               
99: R87         Parent Company Only Financial Statements (Details   HTML     95K 
                4)                                                               
101: XML         IDEA XML File -- Filing Summary                      XML    187K  
100: EXCEL       IDEA Workbook of Financial Reports                  XLSX    126K  
 7: EX-101.INS  XBRL Instance -- mfnc-20151231                       XML   6.79M 
 9: EX-101.CAL  XBRL Calculations -- mfnc-20151231_cal               XML    318K 
10: EX-101.DEF  XBRL Definitions -- mfnc-20151231_def                XML    884K 
11: EX-101.LAB  XBRL Labels -- mfnc-20151231_lab                     XML   2.27M 
12: EX-101.PRE  XBRL Presentations -- mfnc-20151231_pre              XML   1.61M 
 8: EX-101.SCH  XBRL Schema -- mfnc-20151231                         XSD    246K 
102: ZIP         XBRL Zipped Folder -- 0001104659-16-108403-xbrl      Zip    338K  


‘R49’   —   Summary of Significant Accounting Policies (Details)


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ / shares in Units, $ in Thousands
12 Months Ended
USD ($)
item
$ / shares
shares
USD ($)
$ / shares
shares
USD ($)
$ / shares
shares
May. 22, 2012
shares
Nature of Operations        
Maximum percentage of the entity's business activity with Canadian customers denominated in Canadian dollars 1.00%      
Number of reportable operating segments | item 1      
Cash and Cash Equivalents        
Number of days for which federal funds are purchased and sold 1 day      
Interest Income and Fees on Loans        
Minimum commitment period required before loan commitment fees or costs are deferred 1 year      
Goodwill and Other Intangible Assets        
Core deposit estimated useful life 10 years      
Comprehensive Income (Loss)        
Unrealized gains (losses) on available for sale securities $ (265) $ 346 $ (708)  
Change from defined benefit plans   49    
Unrealized gains on available for sale securities 297 562    
Minimum pension liability 49 49    
Computation of basic and diluted earnings per share        
Net income (in dollars) 5,596 1,700 5,937  
Preferred dividend and accretion of discount     308  
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 5,596 $ 1,700 $ 5,629  
Weighted average shares outstanding | shares 6,241,921,000 5,592,738,000 5,558,313,000  
Effect of dilutive stock options and vesting of restricted stock units | shares 31,400,000 61,073,000 91,745,000  
Diluted weighted average shares outstanding | shares 6,273,321,000 5,653,811,000 5,650,058,000  
Income per common share:        
Basic (in dollars per share) | $ / shares $ 0.90 $ 0.30 $ 1.01  
Diluted (in dollars per share) | $ / shares $ 0.89 $ 0.30 $ 1.00  
PARENT COMPANY        
Computation of basic and diluted earnings per share        
Net income (in dollars) $ 5,596 $ 1,700 $ 5,937  
Preferred dividend and accretion of discount     308  
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 5,596 $ 1,700 $ 5,629  
2012 Incentive Compensation Plan        
Stock Compensation Plans        
Total authorized share balance | shares       575,000
2012 Incentive Compensation Plan | Stock Options        
Stock Compensation Plans        
Total authorized share balance | shares       392,152

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:3/30/16
For Period end:12/31/1511-K
12/31/1410-K,  11-K,  ARS
12/31/1310-K,  10-K/A,  11-K
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Filing Submission 0001104659-16-108403   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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