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Mackinac Financial Corporation Reports Third Quarter and Nine Months 2009 Results

MANISTIQUE, MI -- (Marketwire) -- 11/04/09 -- Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank (the "Bank") today announced third quarter 2009 income of $1.536 million or $.45 per share compared to a net income of $.216 million, or $.06 per share for the third quarter of 2008. Net income for the first nine months of 2009 totaled $2.087 million, or $.61 per share, compared to $2.124 million, or $.62 per share, for the same period in 2008.

The quarter and nine month results for 2009 includes a $1.208 million gain on the sale of two branch banking offices, $.644 million in security gains and the FDIC special assessment which was charged to all banking organizations based upon asset size, and amounted to $.215 million for mBank. The nine month results for 2008 include the positive effect, $3.475 million, of a lawsuit settlement and the negative effects, $.425 million, of a severance agreement. Excluding the branch sales, security gains and the charge for the FDIC special assessment for 2009 and the lawsuit settlement and severance payment in 2008, our adjusted nine month net income in 2009 would be $1.023 million, or $.30 income per share compared to adjusted income of $.142 million, $.04 per share in the 2008 nine month period.

A provision for loan losses of $1.400 million was recorded in the nine month period and $.700 million in the third quarter of 2009 compared to $1.200 million and $.450 million for the same periods in 2008. The 2009 provision restores the allowance for loan losses to an adequate level based upon the current level of loans, historical loss rates and specific reserves required for problem loans.

Weighted average shares totaled 3,419,736 year to date and for the third quarter in 2009 compared to 3,422,777 for the nine month period and 3,419,736 at the third quarter of 2008.

Net interest margin in the third quarter of 2009 increased to $4.310 million, or 3.66% compared to $3.371 million, or 3.39% in the third quarter of 2008. For the nine month period the net interest margin totaled $11.856 million, or 3.54% compared to $9.534 million or 3.24% for the same period in 2008. This increased margin was due to a combination of a significant reduction in funding costs partially offset by decreased rates on earning assets. Paul Tobias, Chairman and Chief Executive officer, commented, "Our improved interest margin reflects pricing discipline on new and renewed loans in addition to the lower rates on wholesale deposits, and the benefit of increased low cost transactional deposits. We expect this trend to continue."

Noninterest income, totaled $2.418 million in the third quarter of 2009, compared to $.288 million the third quarter of 2008. In the third quarter and for the nine months ended in 2009, noninterest income included a $1.208 million gain from the sale of two branch offices and net security gains of $.644 million. Included in noninterest income for the third quarter and nine months ended periods of 2008 was the $3.475 million lawsuit settlement. Excluding these extraordinary items for both periods, the normalized 2009 nine month noninterest income exceeded 2008 by $.526 million, or 60.46%. Noninterest expense in the third quarter and for the nine month periods of 2009 was $10.152 million compared to $9.597 million in 2008. This increase was largely attributed to FDIC insurance premiums, which increased by $.668 million in 2009.

Total assets of the Corporation at September 30, 2009 were $513.180 million, up $72.227 million, or 16.38% from the $440.953 million in total assets reported at September 30, 2008 and up $61.749 million, or 13.68%, from total assets of $451.431 million at year-end 2008. Asset totals at September 30, 2009 reflect increased balances of investment securities of approximately $33 million, which the Corporation added to leverage the $11 million proceeds of TARP funding.

Loans at September 30, 2009 totaled $384.100 million, a 6.25% increase from the $361.521 million at September 30, 2008, from year-end loans of $370.280 million. Kelly George, President and Chief Executive Officer of mBank stated, "We continue to see good loan growth opportunities. Loan growth in the first nine months was strong despite large paydowns amounting to $11.4 million, along with normal loan principal reductions of $30.6 million. Given the current economic environment, and tough requirements for loan pricing and credit quality, we are pleased with current year to date production which totaled $72.8 million, 97% of which occurred in the Upper Peninsula and Northern Lower Michigan markets. In general, the Upper Peninsula has not experienced the economic downturn and collateral deterioration that has occurred elsewhere in Michigan. We continue to see loan opportunities, however; we expect some slowing of loan growth through the end of 2009. We expect continued success in loan production attributed to our expertise with the SBA 504 and 7A programs. mBank ranks third in the entire state of Michigan in dollar volume of SBA loans at $13.2 million. These programs benefit us with new loan opportunities along with a secondary source of balance sheet liquidity and the potential for significant fee income when the guaranteed portion is sold."

Total deposits of $418.581 million at September 30, 2009 were up 16.05% from deposits of $360.694 million on September 30, 2008. Deposits were up $47.484 million, or 12.80% from year-end 2008 deposits of $371.097 million. Total 2009 deposit growth reflects increases in noncore funding of $42.108 million and net increases in core deposits of $5.376 million, along with growth of $30 million to replace deposits of two branch offices sold in the third quarter at 2009. In the third quarter of 2009, we sold two branch offices in the northwestern part of the Upper Peninsula, which had total core deposits of approximately $30 million. We were able to replace the $30 million of deposits sold with new transactional account balances, while increased brokered deposits were utilized to fund increased investment balances to leverage TARP funding. Deposit growth occurred in all three of our regional markets, but we are especially pleased with our success in Southeast Michigan with $12.0 million of growth, almost all transactional account deposits.

Nonperforming assets at the end of the third quarter of 2009 totaled $17.349 million, 3.38% of total assets, an increase of $10.273 million from 2008 year end balances. Mr. George commented, "The extended economy slowdown continues to put added stress on marginal loan relationships. We do not have a systematic problem with asset quality, and in fact, more than 50% of our nonperforming assets stems from six relationships. We increased nonperforming loans by approximately $1.7 million during the third quarter, $1.5 million from one secured commercial loan relationship in the Northern Lower Peninsula which stemmed from the continued economic distress in Michigan markets. We have reevaluated the supporting collateral in this relationship and we feel exposure is low. We recognize the importance of early identification of problematic credits and monitor all of our delinquencies to determine risk of loss. We intend to manage our nonperforming assets in order to limit carrying costs and further collateral deterioration by aggressive disposition."

Total shareholders' equity at September 30, 2009 totaled $55.766 million, compared to $41.427 million on September 30, 2008. The increase of $14.339 million includes $11 million of preferred stock which was issued in April 2009. Book value of common shareholders' equity was $13.25 per share at September 30, 2009, an increase of $3.50 per share since the recapitalization, priced at $9.75 in December 2004.

George, commenting on recent events added, "In the third quarter we completed the sale of two of our Upper Peninsula branch offices, which resulted in an above market deposit premium, and a net gain of $1.208 million. The sale of these branch offices tightened up the footprint of our franchise, reduced operating costs, and will allow us to deploy capital to higher growth markets. We also, as planned, reduced liquidity by selling approximately $16 million of investment securities which resulted in a gain of $.644 million. This action was a part of our TARP participation strategy to leverage our balance sheet to offset TARP costs." George concluded, "We are somewhat satisfied with our performance thus far in 2009, and we will continue to evaluate our banking franchise to build on our 2009 successes by further expanding noninterest income and improving net interest income to increase franchise value. We recently added several key income producing employees to expand our efforts in generating noninterest income along with loan and deposit growth. One primary emphasis for the futures is a broadening of our consumer lending. We made a significant commitment to this strategy with the recent executive staff addition which will provide leadership from our new mortgage and consumer lending office in Marquette."

Tobias concluded, "We are satisfied that we have positioned ourselves well in a difficult economy. We have stumbled a bit in Southeastern Michigan, but have our problems identified and are reducing exposures and dealing with the significant non-performing loans. Our capital strength, low cost structure and core earnings momentum make us optimistic about the future prospects of our organization. We will continue to explore opportunities for FDIC assisted deposit and loan transactions to expand our core deposit mix, while staying the course with solid organic growth opportunities within our current markets. As always, our initiatives will be governed by the ultimate strategy of preserving and increasing value for our shareholders."

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $500 million and whose common stock is traded on the NASDAQ stock market as "MFNC." The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 10 branch locations; six in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Company's banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.

Forward-Looking Statements

This release contains certain forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," and variations of such words and similar expressions are intended to identify forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management's current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, branch closings and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

              MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
                      SELECTED FINANCIAL HIGHLIGHTS



(Dollars in thousands, except per share
 data)                                         For The Period Ended
                                         ---------------------------------
                                         September   December   September
                                             30,        31,         30,
                                            2009       2008        2008
                                         ----------  ---------  ----------
                                         (Unaudited)            (Unaudited)

Selected Financial Condition Data (at
 end of period):
Assets                                   $  513,180  $ 451,431  $  440,953
Loans                                       384,100    370,280     361,521
Investment securities                        80,203     47,490      42,781
Deposits                                    418,581    371,097     360,694
Borrowings                                   36,140     36,210      36,210
Shareholders' Equity                         55,766     41,552      41,427

Selected Statements of Income Data (nine
 months and year ended):
Net interest income                      $   11,856  $  12,864  $    9,534
Income before taxes and preferred
 dividend                                     3,552      2,659       3,082
Net income                                    2,087      1,872       2,124
Income per common share - Basic                 .61        .55         .62
Income per common share - Diluted               .61        .55         .62

Three Months Ended:
Net interest income                      $    4,310  $   3,330  $    3,371
Income before taxes and preferred
 dividend                                     2,585       (423)        274
Net income                                    1,536       (252)        216
Income per common share - Basic                 .45       (.07)        .06
Income per common share - Diluted               .45       (.07)        .06

Selected Financial Ratios and Other Data
 (nine months and year ended):
Performance Ratios:
Net interest margin                            3.54%      3.23%       3.24%
Efficiency ratio                              77.71      85.51       87.36
Return on average assets                        .57        .44         .68
Return on average common equity                5.72       4.61        7.03

Average total assets                     $  486,447  $ 425,343  $  419,891
Average total common shareholders'
 equity                                  $   44,312  $  40,630  $   40,332
Average loans to average deposits ratio       91.72%    105.61%     106.83%

Common Share Data (at end of period):
Market price per common share            $     4.10  $    4.40  $     5.26
Book value per common share              $    13.25  $   12.15  $    12.11
Common shares outstanding                 3,419,736  3,419,736   3,419,736
Weighted average shares outstanding       3,419,736  3,422,012   3,422,777

Other Data (at end of period):
Allowance for loan losses                $    4,081  $   4,277  $    3,585
Non-performing assets                    $   17,439  $   7,076  $    6,400
Allowance for loan losses to total loans       1.06%      1.16%        .94%
Non-performing assets to total assets          3.38%      1.57%       1.45%
Number of:
   Branch locations                              10         12          12
   FTE Employees                                 97        100          96




               MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS

                                         September   December   September
                                             30,        31,         30,
(Dollars in thousands)                      2009       2008        2008
                                         ----------  ---------  ----------
                                         (unaudited)           (unaudited)

ASSETS

Cash and due from banks                  $   23,249  $  10,112  $    8,217
Federal funds sold                                -          -       4,422
                                         ----------  ---------  ----------
   Cash and cash equivalents                 23,249     10,112      12,639

Interest-bearing deposits in other
 financial institutions                         662        582         382
Securities available for sale                80,203     47,490      42,781
Federal Home Loan Bank stock                  3,794      3,794       3,794

Loans:
   Commercial                               306,590    296,088     290,406
   Mortgage                                  73,116     70,447      67,576
   Installment                                4,394      3,745       3,539
                                         ----------  ---------  ----------
     Total Loans                            384,100    370,280     361,521
       Allowance for loan losses             (4,081)    (4,277)     (3,385)
                                         ----------  ---------  ----------
   Net loans                                380,019    366,003     358,136

Premises and equipment                       10,281     11,189      11,360
Other real estate held for sale               5,821      2,189       1,751
Other assets                                  9,151     10,072      10,110
                                         ----------  ---------  ----------

TOTAL ASSETS                             $  513,180  $ 451,431  $  440,953
                                         ==========  =========  ==========

LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
     Noninterest bearing deposits        $   33,254  $  30,099  $   34,858
     NOW, money market, checking             88,843     70,584      80,185
     Savings                                 18,807     20,730      18,957
     CDs < $100,000                          59,637     73,752      74,940
     CDs > $100,000                          25,409     25,044      30,220
     Brokered                               192,631    150,888     121,534
                                         ----------  ---------  ----------
       Total deposits                       418,581    371,097     360,694

   Borrowings:
     Federal funds purchased                      -          -           -
     Short-term                                   -          -           -
     Long-term                               36,140     36,210      36,210
                                         ----------  ---------  ----------
       Total borrowings                      36,140     36,210      36,210
   Other liabilities                          2,693      2,572       2,622
                                         ----------  ---------  ----------
     Total liabilities                      457,414    409,879     399,526

SHAREHOLDERS' EQUITY:
   Preferred stock - No par value:
     Authorized 500,000 shares, no
      shares outstanding                     10,466          -           -
   Common stock and additional paid in
    capital - No par value
     Authorized - 18,000,000 shares
     Issued and outstanding - 3,419,736
      shares                                 43,485     42,815      42,794
     Retained Earnings                          378     (1,708)     (1,456)
     Accumulated other comprehensive
      income                                  1,437        445          89
                                         ----------  ---------  ----------

       Total shareholders' equity            55,766     41,552      41,427
                                         ----------  ---------  ----------

TOTAL LIABILITIES AND SHAREHOLDERS'
 EQUITY                                  $  513,180  $ 451,431  $  440,953
                                         ==========  =========  ==========



               MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS


(Dollars in thousands except per share
 data)                                 Three Months Ended Nine Months Ended
                                          September 30,     September 30,
                                        ----------------- -----------------
                                          2009     2008     2009     2008
                                        -------- -------  -------- --------
                                          (Unaudited)       (Unaudited)
INTEREST INCOME:
     Interest and fees on loans:
          Taxable                       $  5,106 $ 5,537  $ 15,212 $ 17,241
          Tax-exempt                          63     100       237      310
     Interest on securities:
          Taxable                            888     303     2,020      840
          Tax-exempt                           7       1        11        4
     Other interest income                    28      87        44      257
                                        -------- -------  -------- --------
          Total interest income            6,092   6,028    17,524   18,652
                                        -------- -------  -------- --------

INTEREST EXPENSE:
     Deposits                              1,550   2,308     4,894    7,924
     Borrowings                              232     349       774    1,194
                                        -------- -------  -------- --------
          Total interest expense           1,782   2,657     5,668    9,118
                                        -------- -------  -------- --------

Net interest income                        4,310   3,371    11,856    9,534
Provision for loan losses                    700     450     1,400    1,200
                                        -------- -------  -------- --------
Net interest income after provision for
 loan losses                               3,610   2,921    10,456    8,334
                                        -------- -------  -------- --------

OTHER INCOME:
     Service fees                            236     229       750      597
     Net security gains                      644      (1)      644       64
     Net gains on sale of secondary
      market loans                           247      16       179      113
     Proceeds from lawsuit settlements         -       -         -    3,475
     Other                                 1,291      44     1,675       96
                                        -------- -------  -------- --------
          Total other income               2,418     288     3,248    4,345
                                        -------- -------  -------- --------

OTHER EXPENSES:
     Salaries and employee benefits        1,603   1,534     4,761    5,416
     Occupancy                               336     336     1,069    1,039
     Furniture and equipment                 193     202       604      570
     Data processing                         221     212       665      649
     Professional service fees               161     120       458      352
     Loan and deposit                        402     176     1,175      430
     Telephone                                50      41       139      125
     Advertising                              80      93       238      213
     Other                                   397     221     1,043      803
                                        -------- -------  -------- --------
          Total other expenses             3,443   2,935    10,152    9,597
                                        -------- -------  -------- --------

Income before provision for income
 taxes                                     2,585     274     3,552    3,082
Provision for (benefit of) income taxes      864      58     1,142      958
                                        -------- -------  -------- --------

NET INCOME                                 1,721     216     2,410    2,124
                                        -------- -------  -------- --------

Preferred dividend expense                   185       -       323        -

                                        -------- -------  -------- --------
NET INCOME AVAILABLE TO COMMON
 SHAREHOLDERS                           $  1,536 $   216  $  2,087 $  2,124
                                        ======== =======  ======== ========

INCOME PER COMMON SHARE:
     Basic                              $    .45 $   .06  $    .61 $    .62
                                        ======== =======  ======== ========
     Diluted                            $    .45 $   .06  $    .61 $    .62
                                        ======== =======  ======== ========


                MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
                      LOAN PORTFOLIO AND CREDIT QUALITY

(Dollars in thousands)

Loan Portfolio Balances (at end of period):


                                        September    December   September
                                            30,         31,         30,
                                           2009        2008        2008
                                        ----------- ----------- -----------
Commercial Loans
Real estate - operators of
 nonresidential buildings               $    47,007 $    41,299 $    41,486
Hospitality and tourism                      45,867      35,086      35,287
Real estate agents and managers              23,996      29,292      29,277
Lessors of nonresidential buildings          13,782      13,467      13,352
Other                                       151,862     145,831     140,631
                                        ----------- ----------- -----------
   Total Commercial Loans                   282,514     264,975     260,033

1-4 family residential real estate           66,700      65,595      62,895
Consumer                                      4,394       3,745       3,539
Construction
   Commercial                                24,076      31,113      30,373
   Consumer                                   6,416       4,852       4,681
                                        ----------- ----------- -----------

   Total Loans                          $   384,100 $   370,280 $   361,521
                                        =========== =========== ===========



Credit Quality (at end of period):

                                        September    December   September
                                            30,         31,         30,
                                           2009        2008        2008
                                        ----------  ----------  ----------
Nonperforming Assets:
Nonaccrual loans                        $   10,655  $    4,887  $    4,649
Loans past due 90 days or more                   -           -           -
Restructured loans                             873           -           -
                                        ----------  ----------  ----------
   Total nonperforming loans                11,528       4,887       4,649
Other real estate owned                      5,821       2,189       1,751
                                        ----------  ----------  ----------
   Total nonperforming assets           $   17,349  $    7,076  $    6,400
                                        ==========  ==========  ==========
Nonperforming loans as a % of loans           3.00%       1.32%       1.29%
                                        ----------  ----------  ----------
Nonperforming assets as a % of assets         3.38%       1.57%       1.45%
                                        ----------  ----------  ----------
Reserve for Loan Losses:
At period end                           $    4,081  $    4,277  $    3,385
                                        ----------  ----------  ----------
As a % of average loans                       1.10%       1.16%       0.94%
                                        ----------  ----------  ----------
As a % of nonperforming loans                35.40%      87.52%      72.81%
                                        ----------  ----------  ----------
As a % of nonaccrual loans                   38.30%      87.52%      72.81%
                                        ==========  ==========  ==========

Charge-off Information (year to date):
   Average loans                           370,952     361,324     359,729
                                        ----------  ----------  ----------
   Net charge-offs                           1,596       2,169       1,961
                                        ----------  ----------  ----------
   Charge-offs as a % of average loans         .43%        .60%        .55%
                                        ----------  ----------  ----------




                MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
                       QUARTERLY FINANCIAL HIGHLIGHTS


                                        QUARTER ENDED
                   -------------------------------------------------------
                                         (Unaudited)
                   -------------------------------------------------------
                   September                         December   September
                      30,     June 30,   March 31,      31,         30,
                     2009       2009       2009        2008        2008
                   ---------  ---------  ---------  ---------   ----------
BALANCE SHEET
 (Dollars in
 thousands)

Total loans        $ 384,100  $ 372,004  $ 370,776  $ 370,280   $  361,521
Allowance for loan
 losses               (4,081)    (4,119)    (4,793)    (4,277)      (3,385)
                   ---------  ---------  ---------  ---------   ----------
   Total loans,
    net              380,019    367,885    365,983    366,003      358,136
Intangible assets          -          6         26         46           65
Total assets         513,180    506,304    466,375    451,431      440,953
Core deposits        200,541    202,892    196,860    195,165      208,940
Noncore deposits
 (1)                 218,040    210,260    188,897    175,932      151,754
                   ---------  ---------  ---------  ---------   ----------
   Total deposits    418,581    413,152    385,757    371,097      360,694
Total borrowings      36,140     36,210     36,210     36,210       36,210
Total
 shareholders'
 equity               55,766     53,939     41,864     41,552       41,427
Total shares
 outstanding       3,419,736  3,419,736  3,419,736  3,419,736    3,419,736

AVERAGE BALANCES
 (Dollars in
 thousands)

Assets             $ 513,687  $ 491,205  $ 454,741  $ 441,583   $  423,702
Loans                370,310    371,609    370,943    366,077      358,844
Deposits             419,102    401,510    372,670    358,213      341,377
Equity                54,594     49,855     41,813     41,516       41,097

INCOME STATEMENT
 (Dollars in
 thousands)

Net interest
 income            $   4,310  $   4,051  $   3,495  $   3,330   $    3,371
Provision for loan
 losses                  700        150        550      1,100          450
                   ---------  ---------  ---------  ---------   ----------
   Net interest
    income after
    provision          3,610      3,901      2,945      2,230        2,921
Total noninterest
 income                2,418        439        391        308          288
Total noninterest
 expense               3,443      3,470      3,239      2,961        2,935
                   ---------  ---------  ---------  ---------   ----------
Income before
 taxes                 2,585        870         97       (423)         274
Provision for
 income taxes            864        271          7       (171)          58
Preferred dividend
 expense                 185        138          -          -            -
                   ---------  ---------  ---------  ---------   ----------
Net income         $   1,536  $     461  $      90  $    (252)  $      216
                   =========  =========  =========  =========   ==========

PER SHARE DATA

Earnings - basic   $     .45  $     .13  $     .03  $    (.07)  $      .06
Earnings - diluted       .45        .13        .03       (.07)         .06
Book value  per
 common share          13.25      12.55      12.24      12.15        12.11
Market value,
 closing price          4.10       4.50       4.00       4.40         5.26

ASSET QUALITY
 RATIOS

Nonperforming
 loans/total loans      3.00%      2.66%      3.52%      1.32%        1.29%
Nonperforming
 assets/total
 assets                 3.38       2.93       3.27       1.57         1.45
Allowance for loan
 losses/total
 loans                  1.06       1.11       1.29       1.16          .94
Allowance for loan
 losses/nonperfor-
 ming loans            35.40      41.71      36.72      87.52        72.81

PROFITABILITY
 RATIOS

Return on average
 assets                  .77%       .38%       .08%      (.23)%        .20%
Return on average
 equity                 7.17       3.71        .87      (2.42)        2.08
Net interest
 margin                 3.66       3.58       3.35       3.20         3.39
Efficiency ratio       70.09      76.55      82.36      80.30        79.12
Average
 loans/average
 deposits              88.36      92.55      99.54     102.20       105.12

CAPITAL ADEQUACY
 RATIOS

Tier 1 leverage
 ratio                 10.30%      9.65%      7.86%      8.01%        8.31%
Tier 1 capital to
 risk weighted
 assets                12.89      11.94       9.31       9.25         9.40
Total capital to
 risk weighted
 assets                13.90      13.00      10.56      10.38        10.31
Average
 equity/average
 assets                10.63      10.15       9.20       9.40         9.70
Tangible
 equity/tangible
 assets                10.87      10.65       8.97       9.20         9.38

(1)  Noncore deposits includes Internet CDs, brokered deposits and CDs
     greater than $100,000

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