v3.3.1.900
BUSINESS COMBINATIONS (Details)
$ / shares in Units, $ in Thousands |
|
12 Months Ended |
|
|
USD ($)
item
$ / shares
shares
|
USD ($)
$ / shares
shares
|
USD ($)
$ / shares
|
USD ($)
shares
|
| Business Acquisition [Line Items] |
|
|
|
|
| Assets |
|
$ 743,785
|
|
$ 739,269
|
| Subsequent Days To Acquisition Date |
|
26
|
|
|
| Purchase Price: |
|
|
|
|
| Peninsula shares outstanding (in Shares) | shares |
|
6,266,756
|
|
6,217,620
|
| Cash consideration $46.13 for 97,200 shares |
|
$ 4,484
|
|
|
| Net assets acquired: |
|
|
|
|
| Goodwill |
|
$ 3,805
|
|
$ 3,805
|
| Peninsula Financial Corporation |
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
| Number of banking offices | item |
6
|
|
|
|
| Assets |
$ 126,000
|
|
|
|
| Conversion of Stock per share (in shares) | shares |
3.64
|
|
|
|
| Number of stock to be issued | shares |
695,361
|
695,361
|
|
|
| After tax merger related expenses |
|
$ 1,622
|
|
|
| Purchase Price: |
|
|
|
|
| Peninsula shares outstanding (in Shares) | shares |
288,000,000
|
|
|
|
| Price per share / Cash Price | $ / shares |
$ 46.13
|
|
|
|
| Aggregate value of Mackinac stock to be issued, 695,361 shares, at a market value of $11.41 in exchange for 190,800 shares |
$ 7,934
|
|
|
|
| Cash consideration $46.13 for 97,200 shares |
4,484
|
|
|
|
| Cash for partial shares |
2
|
|
|
|
| Total purchase price |
$ 12,420,000
|
$ 12,420
|
|
|
| Number of stock to be issued | shares |
695,361
|
695,361
|
|
|
| Share price | $ / shares |
$ 11.41
|
|
|
|
| Number of shares outstanding for entity's stock to be issued | shares |
190,800
|
|
|
|
| Net assets acquired: |
|
|
|
|
| Cash and cash equivalents |
$ 6,295
|
|
|
|
| Securities available for sale |
27,768
|
|
|
|
| Federal Home Loan Bank stock |
394
|
|
|
|
| Loans |
67,139
|
$ 67,139
|
|
|
| Premises and equipment |
2,918
|
|
|
|
| Other real estate owned |
1,011
|
|
|
|
| Deposit based intangible |
1,206
|
|
|
|
| Other assets |
6,035
|
|
|
|
| Total assets |
112,766
|
112,766
|
|
|
| Non-interest bearing deposits |
10,250
|
|
|
|
| Interest bearing deposits |
90,700
|
|
|
|
| Total deposits |
100,950
|
100,950
|
|
|
| Other liabilities |
3,201
|
|
|
|
| Total liabilities |
104,151
|
|
|
|
| Net assets acquired |
8,615,000
|
|
|
|
| Goodwill |
$ 3,805,000
|
3,805
|
|
|
| Unaudited proforma results |
|
|
|
|
| Net interest income |
|
27,952
|
$ 26,387
|
|
| Noninterest income |
|
4,647
|
4,733
|
|
| Net income |
|
$ 7,740
|
$ 6,706
|
|
| Net income per diluted share | $ / shares |
|
$ 1.22
|
$ 1.06
|
|
| PARENT COMPANY |
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
| Assets |
|
$ 90,803
|
|
$ 87,753
|
| Purchase Price: |
|
|
|
|
| Peninsula shares outstanding (in Shares) | shares |
|
6,266,756
|
|
6,217,620
|
| Cash consideration $46.13 for 97,200 shares |
|
$ 4,484
|
|
|
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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