You'll be pulling for Jones when you see him with a basketball during a cancer treatment Reported by CBS Sports 2 hours ago.

You'll be pulling for Texas' Andrew Jones when you see this Reported by CBS Sports 2 hours ago.

AUSTIN, Texas, Feb. 08, 2018 (GLOBE NEWSWIRE) --  -- Via OTC PR Wire -- Bravatek Solutions, Inc. (OTCPink:BVTK) ("Bravatek" or the "Company") announced in late January 2018 that it had executed a worldwide Joint Venture with AmbiCom Holdings, Inc. (OTC:ABHI) ("AmbiCom") whereby AmbiCom will promote, sell and distribute its solutions by leveraging Bravatek' s expertise and experience, with a focus on the Government and Telco markets. We announce today that pending lawsuits between AmbiCom and PC Drivers Headquarters LP have been resolved by the execution of a confidential settlement agreement.Dr. Thomas A. Cellucci, Bravatek's Chairman and CEO, commented: "This development allows our JV team to pursue clients more aggressively without any potential interference, as well as pursue additional market segments. It's now even easier for the US Government to acquire solutions that have been shown to increase productivity and reduce costs with more capabilities."

Mr. Kevin Cornell, CEO of AmbiCom Holdings, Inc., stated: "This settlement was a long time coming and we are very pleased with the outcome. It makes AmbiCom more valuable as well as enhances the value of our JV with Bravatek."

*About Bravatek Solutions, Inc.*

Bravatek Solutions, Inc. is a high technology security solutions portfolio provider that assists corporate entities, governments and individuals protect their organizations against both physical and cyber-attacks through its offering of the most technically-advanced, cost-effective and reliable software, tools and systems.

For more information, visit www.bravatek.com

*About AmbiCom Holdings, Inc.*

Certified by IBM, Microsoft, Citrix and VMware, AmbiCom's on-premises and cloud based optimization software unlocks the trapped performance in today's computers by using the manufacturers' supplied tools to adjust configuration settings based on type of workload and assets available.

Currently installed on over 4,000,000 PC's and servers and used by companies like Deutsche Bank, Colgate, Maimonides Hospital, IBM, UNHCR, and TPG Axon, AmbiCom improves overall performance by at least 30%, and a single application procedure can increase network utilization by over 400% with no additional hardware or software.

For more information, visit ambicom.com

*Safe Harbor Statement*

This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. The economic, competitive, governmental, technological and other factors identified in the Company's previous filings with the Securities and Exchange Commission may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

*Media contact:*

Bravatek Solutions, Inc.                                                    

media@bravatek.com                                                          

1.866.490.8590                                                           

AmbiCom Holdings Inc

media@ambicom.com

1.408.757.0715 Reported by GlobeNewswire 2 hours ago.

DALLAS, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Cherubim Interests, Inc. (OTC:CHIT) (the “Company”), an expansion-stage alternative construction and real estate development company, announces that it has appointed Mr. Frank Ekejija and Elder Jeffre Saint James  to its board of directors, respectively.Mr. Ekejija, age 59, has over 35 years of proven experience as a Business and Financial Consultant spanning all areas of finance, insurance, securities, private banking, venture capital, commodities, international trade, real estate, and mortgage banking. Frank Ekejija has been at the cutting edge as a Business and Financial Consultant offering leadership as Founder, Co-Founder, President, Chairman and CEO in several businesses and organizations. He has held positions of responsibilities with companies such as: Allstate Financial Services, Inc, The Mony Group, Countrywide Mortgage, Inc., WMA Securities, Western Reserve, AEGON Skandia, AIG, American General Life and Bankers Life.

Mr. Ekejija is impacting the world through his philanthropic and humanitarian support systems. He started International Business Services as a DBA in 1984 in Dallas, Texas, a business and financial service Consulting firm until it merged with SPG Capital Corp in 1993. He became the CEO of Samson Petitt and Gaskin AKA SPG Capital from 1993 through 2000. He has been the President/CEO of Network Venture Capital (NVC) FUND Holdings group of companies for 17 years. He is Head of the Ekejija Family Association, and FE Global Executive Entity of Bahamas. He is the Chairman/CEO of NVC Fund Trust, a global financial powerhouse which he founded 17 years ago as successor to all his previous businesses.

Elder James, age 54 is a Permanent Service Disabled American Veteran who served in the US Army in the early 1980’s during the American Cold War.  He has over 30 years’ experience in the Mortgage Banking, Finance and Business Administrative industries.  He authored “The Real Estate Guild: How to Buy a Home or Investment Property - with not so good credit.” And was a featured guest on the “All About Mortgage Program” in Atlantic City New Jersey. He maintains affiliations with the  Black American Family Christian Agenda, the Covenant Fellowship International Network, Shiloh Pentecostal Church,  the Military Wounded Support Foundation, Homes for Veterans, The New Wealth Foundation, the Strong Family Fund, PowerNomics®, the Youth Achievers USA Institute, LTL Compassion Center for Veterans, L3C, SMCL Foundation and Associates CHDO, Solid Rock International, and the Pastoral Medical Association, The People’s Compassion Centers of Amexem Ministry, SSM. Builds Self-Sustaining Intentional Communities. SSIC

Elder James was born in the Philadelphia, Pennsylvania and holds an MBA from Concordia College and University with a Major in Management.  He became a Licensed Diplomat of Pastoral Science of the Pastoral Medical Association in 2013 and is licensed as an Ordained Minister, and has Associates Degrees in Business Finance, Computerized Bookkeeping, and Business Administration. Mr. James currently serves as the Managing Member for R.A. Management Group LLC a Service Disabled Veterans Owned Small Business, From Jan 10, 2010 to present*.*  This firm provides, Real Estate Development Services, Project Management, Design Build and Engineering Services. Licensed Insurance Agent. Annuity Services. Pharmaceutical Sales Agent, Medical Equipment and Supplies, Certified Hedge Fund Services. Mr. James also serves as a Trustee for Saint James Holding and Investment Company Trustee a Delaware Statutory Trust, in which the firm has been established since 1993.

*About NVC Fund Holding Trust*
NVC Fund Holding Trust is a private equity investor in Natural Resources, Rare Earth, Oil and Gas, Entertainment, Real Estate Development, Private Banking, Trust Management, Wealth Aggregation, Investment Trading, Blockchain Technology, Fintech Cryptocurrency and Business Financial Services. We are a diversified investment holding trust.

Founded in 2000, NVC Fund Holding Trust is one of the largest and fastest-growing private equity investment firms in the world in terms of Asset Holdings. NVC FUND HOLDINGS entities manage assets supported by CPA firm audited financial statements valued over USD $10 trillion of Net Asset Value. 

The company can be found at: http://nvcfund.com/Home.html

*About The Self Sustaining Sustaining Intentional Communities Coin*

The SJT Cryptocurrency is designed for cooperative living, working and healthier lives and offers extensible diversity in the use of the coin over current coins like Bitcoins for both financial and societal gain. The sale of the coins will generate the capital to create self-sustaining intentional communities across the US and across 57 nations.

For more information, visit https://stjameshdinvtrust.co/sjt-homepage/

*About Cherubim Interests Inc. *

Cherubim Interests specializes in alternative construction projects, as well as covering the entire spectrum of real estate development: due diligence, acquisition, planning, construction, renovation, and management; providing complete beginning-to-end development programs for mixed use, single, and multifamily projects and properties.

For more information, visit www.cherubiminterests.com

Safe Harbor Statement
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.

For more information please contact:
Cherubim Interests, Inc.
Patrick J. Johnson
Chief Executive Officer
(844) 842-8872
pjohnson@cherubiminterests.com Reported by GlobeNewswire 2 hours ago.

Joseph Brant, 48 confessed to the murders last week during an interview at a Texas prison with DA office investigator James O'Hern, according to the New Orleans DA's office. Reported by nola.com 44 minutes ago.

BEAUMONT, Texas (AP) — An inmate at a low-security federal prison in Texas has been indicted on charges alleging he slipped out then tried to return with smuggled alcohol, tobacco and home-cooked food. Joshua Randall Hansen was indicted Wednesday in Beaumont. The 27-year-old Dallas man faces charges of escape from a federal facility and possession […] Reported by Seattle Times 20 minutes ago.

The North Texas economy will be good, but not great, in the year ahead, with forecasts calling for strong job growth, low unemployment and higher wages. Expect slower population growth, higher home prices, a thinning workforce and traffic congestion to take a toll on the economy. Reported by bizjournals 1 hour ago.

Less than a year after returning to the Albuquerque International Sunport, Frontier Airlines is expanding its service in the Duke City. The Denver-headquartered airline announced Thursday it was adding new nonstop flights to Orlando and Austin, Texas, from the Sunport starting in April. The airline now offers service to and from Denver. In 2016, low-fare Allegiant Air announced direct service to Austin. Both Frontier services are seasonal. Frontier's Austin service will fly in and out of the… Reported by bizjournals 1 hour ago.

One man has died after he and three others were stabbed during a church service at a private home in Texas, police said... Reported by Deseret News 1 hour ago.

Reported by DallasNews 57 minutes ago.

Reported by DallasNews 57 minutes ago.

Stormy Daniels forecasts nothing but trouble for Kylie Jenner's daughter! The controversial porn star dispensed some sage advice to the newest member of the Kardashian family with whom she shares a name: Stormi Webster better be "fierce"! The Space Nuts star was leaving a Starbucks in Texas when a photog asked her about the curious similarity in [...] Reported by Perez Hilton 45 minutes ago.

Low-cost carrier Frontier Airlines will start nonstop service from Minneapolis-St. Paul International Airport to Austin, Texas in April, the company announced Thursday. Frontier, which is based in Denver, joins Atlanta-based Delta Air Lines in offering the only nonstop flights from MSP to Austin, where Frontier is now the second-largest carrier. In 2016, Frontier did not crack 400,000 passengers through MSP, but that number should be much higher once the 2017 statistics are made public. In 2017,… Reported by bizjournals 33 minutes ago.

Richardson Police Officer David Sherrard died in the line of duty Wednesday night. Reported by FOXNews.com 27 minutes ago.

CVN is bringing tailored, evidence-based treatment to clients from the comfort of their own homes via telehealth

DALLAS (PRWEB) February 08, 2018

More than 350,000 post-9/11 Texas veterans will now be able to receive customized life-saving mental health care at no or low-cost statewide through Cohen Veterans Network telehealth services.

CVN Telehealth removes wait times and geography as barriers to care in Texas by allowing timely access for anyone seeking help. Telehealth access will extend to additional states later in the year. Veterans and their families often face transition challenges including depression, relationship issues and anxiety. And, reportedly 20 veterans a day die by suicide, most of which are never seen by the VA.

Post 9/11 veterans within the state of Texas can call 1-833-CVN-VETS at any time to make an appointment. Clients can connect with a Cohen Clinic therapist for an appointment over a smartphone, on a computer, or a tablet with video capabilities.

“This is another strong step forward for the network. We will soon have four clinic locations in Texas, and we are constantly looking for ways to reach post-9/11 veterans beyond our immediate service areas,” said CVN President & CEO Dr. Anthony Hassan. “Telehealth allows us to bridge that gap, reaching veterans in rural areas, while empowering our clients to get better in a way that fits their schedule and lifestyle.”

The expected wait between first contact and a first appointment at a Steven A. Cohen Military Family Clinic is less than one week. For anyone in crisis, the Cohen Clinics will schedule same day appointments.

CVN Telehealth was first piloted from the Cohen Clinic at Metrocare in Addison. Clinics in San Antonio, El Paso, and soon Killeen will also provide care on the HIPAA compliant, secure platform.

Telehealth treatment is available for a variety of mental health issues: Depression, anxiety, PTSD, adjustment issues, anger, grief & loss, family issues, transitional challenges, relationship problems, and child behavioral problems.

“Studies have consistently shown that the quality of healthcare services delivered via telehealth are as good as those given in traditional in-person consultations. Not only does telehealth improve access to patients but it also allows physicians and health facilities to expand their reach beyond their own offices,” according to the American Telemedicine Association.

ABOUT THE COHEN VETERANS NETWORK

The Cohen Veterans Network is a 501(c)(3) national non-profit, clinically integrated mental health system for post-9/11 veterans and their families. CVN focuses on improving mental health outcomes, with a goal to build a network of outpatient mental health clinics for veterans and their families in high-need communities, in which trained clinicians deliver holistic evidence-based care to treat mental health conditions. Learn more about the Cohen Veterans Network. Reported by PRWeb 40 minutes ago.

HOUSTON, Feb. 08, 2018 (GLOBE NEWSWIRE) --

Apache Corporation (NYSE:APA) (Nasdaq:APA) today announced W. Mark Meyer has been named senior vice president, Energy Technology Strategies, effective March 1."Apache has long been a leader in innovation and the application of cutting-edge technologies in our operations across the globe. Mark’s extensive experience and expertise will complement our efforts and enhance our ability to reduce our costs and drive further value. I look forward to the perspective and ideas he will bring to Apache and our focus on relentless improvement in all that we do," said John J. Christmann IV, Apache’s chief executive officer and president.

Meyer will have leadership and oversight of Apache’s worldwide energy technology strategies team focused on increasing company value and overall performance. His team will lead research and development of cutting-edge energy technologies and will identify energy technology solutions to meet Apache’s current and future needs. Meyer will join Apache from Tudor, Pickering, Holt & Co., where he currently serves as a managing director in the Securities division as head of Energy Technology Research. Prior to that, Meyer served as head of Securities & Research. Previously, he was president of RR Advisors, LLC and a co-founder and portfolio manager of many of its upstream investment strategies. Before that, he served as senior portfolio manager with CastleArk Management, LLC and as the lead E&P research analyst with Simmons & Company and Goldman Sachs. Mark’s oil & gas industry career involved a number of technical and operational assignments with Exxon, Chevron and Union Texas Petroleum. He holds a Bachelor of Science in Petroleum Engineering from Texas A&M University and a Master of Business Administration from the University of Chicago Booth School of Business.

*About Apache*

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com, and on its Media and Investor Center mobile application, which is available for free download from the Apple App Store and the Google Play Store.

*Contacts*

Media: (713) 296-7189 Castlen Kennedy

Investors: (281) 302-2286 Gary Clark
                                                       
Website: www.apachecorp.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8bce38ad-d9df-4067-8991-e74c02de4e10APA-G Reported by GlobeNewswire 38 minutes ago.

HERNDON, Va.--(BUSINESS WIRE)--Beacon Roofing Supply, Inc. (Nasdaq:BECN) announced results today for its first quarter ended December 31, 2017 of the fiscal year ending September 30, 2018 (“2018” or “Fiscal 2018”). Paul Isabella, the Company’s President and Chief Executive Officer, stated: “Fiscal 2018 is off to an excellent start, highlighted by strong first quarter sales growth. We delivered 8.3% organic sales growth, boosted by post-hurricane rebuilding efforts in Florida and Texas, and stro Reported by Business Wire 35 minutes ago.

DALLAS, Feb. 08, 2018 (GLOBE NEWSWIRE) -- DigitalTown, Inc. (OTC:DGTW), the leading provider of People-centric Solutions for Smart Cities, is pleased to announce the launch of Dallas.city. The groundbreaking platform cooperative where residents and visitors improve quality of life in Dallas as they search, connect, share and shop locally, transacting directly with local merchants.

With the launch of Dallas.city, residents of the Dallas-Fort Worth metroplex have their very own personal alternative to Google, Expedia, AirBnB, OpenTable, PayPal and Bitcoin, all in one, accessible 24/7 via the Dallas.city web portal and mobile application. Best of all, Dallas.city can be owned by residents through the distribution and sale of CityShares, a Blockchain-based solution for managing shared ownership of city cooperatives.

Starting today, residents can claim their free CityShares ownership stakes of the Dallas.city platform. The free CityShare claim is scheduled to end on February 28, 2018. The free CityShares are limited to 10 CityShares for each legal resident of the Dallas-Fort Worth and surrounding metropolitan statistical area, last reported at over 7,100,000 as of July 1, 2016. Unclaimed CityShares will be available for purchase after the free period until they are all distributed or sold. It is critically important to get them quick as only a finite number of CityShares will ever be available.

Dallas merchants can sign up for a free storefront. There are no setup fees, no service fees, and no requirement for a conventional bank account or merchant account. Merchants simply pay a low commission on actual sales, thereby making it easy for merchants of all sizes to be accessible via web and mobile. Verified merchants have the option of redeeming sale proceeds to major cryptocurrencies such as Bitcoin.

Rob Monster, CEO of DigitalTown commented on the announcement, explaining, “AirBnB and Uber have shown the world the power of the Sharing Economy to tap the productive capacity of individual citizens in a community. Blockchain, and in particular Bitcoin, has shown the world the power of distributed ledgers as an efficient medium of exchange. With Dallas.city we are making it easier than ever for residents and visitors to search local, shop local and think local.”

Leading the launch of Dallas.city is Kurt Kelley a seasoned technologist, Blockchain enthusiast and long-time Dallas resident who also serves as a board member with Smart Texas Alliance. “Blockchain proof-of-concept networks are being imagined globally for every industry imaginable. However, few, if any, have the ‘local first’ focus that DigitalTown has developed. I envision the Dallas.city platform as a key to exponentially increase the quality of life throughout the Dallas-Fort Worth Metroplex,” said Kelley, the new General Manager of Dallas.city.

To claim a CityShare in Dallas.city, residents of the Dallas-Fort Worth metropolitan area should visit http://Dallas.city, click on “CityShares” at the top and complete the free claim. To find out more about DigitalTown, visit DigitalTown.com or download the DigitalTown Smart City App on iOS or Android.

*About DigitalTown
*Dallas.city is a service of DigitalTown.  DigitalTown, Inc. (OTC PINK:DGTW) empowers Smart Cities to succeed in the Digital Age. The company provides turn-key hosted solutions to power "Digital Towns", which improve Quality of Life for residents and visitors through locally owned solutions for economic development, civic engagement and digital inclusion for cities around the world. For more information about the company, please visit www.digitaltown.com.

Safe Harbor Language: Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act 1995. Readers are cautioned not to place undue reliance on forward-looking statements. DigitalTown, Inc. undertakes no obligation to update any such statements to reflect actual events.

Media Contacts:

Rob Monster, CEO                 
(425) 295-4564; rob@digitaltown.com

Kurt Kelley, Dallas.city – General Manager
(214) 425-1062; kurt@dallas.city Reported by GlobeNewswire 13 minutes ago.

There has been a big development in the mysterious death of a Border Patrol agent beside a remote highway in West Texas last year. The case received national attention because President Trump speculated it was a brutal murder committed by smugglers. The FBI now says, after an exhaustive investigation, that they have found no evidence the officer's death was a homicide. Reported by NPR 13 minutes ago.

MANISTIQUE, Mich., Feb. 08, 2018 (GLOBE NEWSWIRE) -- Mackinac Financial Corporation (Nasdaq:MFNC) (the “Corporation”), the bank holding company for mBank, today announced 2017 net income of $5.48 million, or $.87 per share, compared to net income $4.48 million, or $.72 per share, in 2016.  The 2017 results include the effects of the $2.02 million non-cash tax expense related to the revaluation of the company’s Deferred Tax Asset (“DTA”) as a result of the corporate tax code change in December 2017 and a small amount of transaction related expenses related to the recently announced definitive agreement to acquire First Federal of Northern Michigan Bancorp, Inc. (“FFNM”).  The 2016 results included expenses related to the acquisitions of Niagara Bancorporation, Inc. (“Niagara”) and First National Bank of Eagle River (“Eagle River”) that had an after-tax impact of $2.05 million on earnings. Adjusted core net income for 2017 was $7.57 million (net of the DTA adjustment and FFNM expenses) or $1.20 per share while 2016 (exclusive of all Niagara and Eagle transaction-related expenses) was $6.53 million, or $1.05 per share.  On a per share basis, actual earnings growth was 20% while adjusted earnings growth was 14% year-over-year.The DTA adjustment negated earnings for the quarter ended December 31, 2017 resulting in a nominal $20 thousand loss for the period ($0.00 per share), compared to earnings of $1.70 million, or $0.27 per share, in the prior year period.  Exclusive of the DTA adjustment and transaction related expenses, the adjusted core net income for the fourth quarter of 2017 was $2.07 million, or $0.33 per share.

Total assets of the Corporation at December 31, 2017 were $985.37 million, compared to $983.52 million at December 31, 2016.  Shareholders’ equity at December 31, 2017 totaled $81.40 million, compared to $78.61 million at December 31, 2016. Book value per share equated to $12.95 compared to $12.55 per share a year ago.  Tangible book value at yearend 2017 was $73.78 million or $11.72 per share compared to $70.74 million or $11.29 per share for 2016.  Market price on the last trading day of the year was $15.90 in 2017 and $13.47 in 2016.  Weighted average shares outstanding totaled 6,288,791 for year-end 2017 compared to 6,236,067 for the same period in 2016.

*Key highlights:*

· mBank, the Corporation’s primary asset, recorded net income of $6.92 million in 2017, compared to $6.05 million, in 2016.  The DTA revaluation resulted in a non-cash tax expense totaling $2.02 million.  Adjusted core net income for 2017 was $8.95 million compared to 2016 (exclusive of $1.754 million in transaction related expenses) of $7.80 million.  Adjusted bank net income grew approximately 15%.
 
· In early 2018 the Corporation announced the execution of a definitive agreement to acquire First Federal of Northern Michigan through an all-stock merger of FFNM with and into a subsidiary of the Corporation. The aggregate value of the transaction is estimated at approximately $41.8 million, subject to MFNC’s closing price on the day the deal closes.  The transaction remains subject to various approvals with an expected closing date late in the second quarter 2018. 
 
· Total interest income of $44.38 million for 2017 compared to $37.98 million for the same period in 2016. 
 
· Net Interest Margin remains strong at 4.20%, consistent with the 2016 margin of 4.19%.
 
· Credit quality at the bank remains solid with a Texas Ratio of 7.77% compared to 11.76% one year ago, and nonperforming assets of $6.13 million, or .62% of total assets, compared to $8.91 million, or .91% of total assets for the same period in 2016. 

*Loan Growth and Production*

Total loans at yearend 2017 were $811 million, a $29 million increase, equating to 4%, from $782 million at December 31, 2016.  In addition to the balance sheet totals, the Corporation services $198 million of sold mortgage loans and $57 million of sold SBA and USDA loans. Total loans under management equal approximately $1.07 billion. 

Total new loan production for 2017 was $275 million. Commercial production accounted for $140 million, aggregate mortgage (mainly 1-4 family) and consumer production was $112 million and production from Mackinac Commercial Credit (“MCC”), the asset based lending division of mBank, was $23 million.  The Upper Peninsula region contributed $127 million, Northern Lower Peninsula $50 million, Southeast Michigan $46 million, Wisconsin $29 million and MCC $23 million.  Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank, stated, “Our product mix and geographic diversification has allowed us to remain consistent in our loan production year-over-year and to prudently grow our loan portfolio organically. 2017 was a highly competitive year for good earning assets which impacted overall market loan pricing and caused us to pass on some opportunities where pricing and/or structure did not meet our requirements for that loan type.  Specifically, from a macro portfolio management standpoint, we slowed the origination of non-owner occupied real estate loans given their higher risk profile compared to our preferred portfolio composition.  While we could have increased our production totals, we will remain steadfast in our credit process and profitability requirements for long term balance sheet strength.  We are also very excited about the markets that we will gain through the pending FFNM transaction as well as the complementary granularity of their loan portfolio and mortgage business. The transaction augments our organic production capacity even further and the scale will allow us to aggressively compete in the new markets and the Northern Lower Peninsula region in general.”*Credit Quality*

Nonperforming assets totaled $6.13 million, .62% of total assets at December 31, 2017, down from 2016 balances of $8.91 million or .91% of total assets. Total loan delinquencies greater than 30 days resided at a nominal .66%, or $5.40 million. Mr. George, commenting on credit quality, stated, “Our credit quality metrics remain strong with no systematic issues within our loan book as we remain vigilant to ensure continued prudent underwriting standards and not stretch for loans that do not meet our policy guidelines. The slight increase in metrics due to the acquired loan portfolios through our 2016 acquisitions have normalized in 2017 through proactive resolution of some of those troubled credits resulting in even stronger asset quality metrics and desired accretion. We remain comfortable with our remaining purchase accounting marks.  We’ve applied the same rigorous diligence process to our evaluation of the FFNM loan portfolio prior to executing the definitive agreement, and expect to experience similarly reliable results.”

*Margin Analysis*

2017 net interest income and net interest margin were $37.94 million and 4.20%, compared to $33.10 million and 4.19%, for 2016.  The increase in net interest income was due to organic growth as well as scale achieved through the Niagara and Eagle River acquisitions.  The Corporation also had continued net interest contribution due to the accretive attributes associated with the purchase accounting adjustments related to the three acquisitions completed since December 2014. Mr. George stated, “We have been successful in maintaining our strong net interest margin which is akin to my loan production commentary regarding disciplined loan pricing and proactive review and pricing of in-market deposits. We have also worked to employ targeted wholesale funding strategies that support the long-term structural integrity of our balance sheet composition in an increasing rate environment we have not operated in some time.”

*Deposits*

Total deposits of $818.00 million at December 31, 2017 remained mostly flat compared to deposits of $823.51 million on December 31, 2016.  Mr. George, commenting on overall deposits and liquidity, stated, “The company maintains a strong liquidity position with many different funding sources to support loan growth and operations. We remain committed to growing core deposits in our local communities through a very competitive product and service mix.  The main impetus behind the slightly lower level of deposits was the loss of a couple acquired high-priced depository relationships that required pledging of bank investments for uninsured balances. One of the key reasons for the business combination with FFNM is the positive impact we expect on our overall deposit base with a large amount of long tenured low-cost core deposits which will enable us to remove some higher priced more volatile brokered CD’s. This balance sheet repositioning on the liability side will provide a more stable funding source for loan growth, and significantly reduce our funding costs in total”.

*Noninterest Income/Expense*

Noninterest income, at $4.04 million for 2017, remained consistent with the $4.15 million earned in 2016.  The slight decrease in noninterest income was primarily due to a small decrease in gain on sales of secondary mortgage loans and SBA loans.  Income from sold secondary mortgages totaled $1.37 million compared to $1.58 million in 2016 while SBA gains were $.87 million compared to $.90 million in 2016.  Noninterest expense, at $30.34 million in 2017, increased a nominal $451 thousand from 2016.  The 2016 amount included some acquisition costs, most notably the Eagle River data processing termination fee of roughly $1.7 million. There were also customary increases in salaries and benefits given additional employees and increased occupancy expense given the acquired branch offices. Consistent with management’s operating diligence prior to both acquisitions, the Corporation has reached the expected levels of overall efficiencies.

*Assets and Capital*

Total assets of the Corporation at December 31, 2017 were $985.37 million, up $2 million from the $983.520 million reported at year-end 2016. The Corporation is “adequately” capitalized and the Bank is “well-capitalized” with Total Capital to Risk Weighted Assets at the Corporation of 9.29% and 11.74% at the Bank.

Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation commented, “We continue to execute our strategy of organic and selective acquired growth to build scale, earnings and shareholder value.  We believe our adjusted 2017 earnings show continued progress in achieving our goals.  We are very pleased with the integration and contribution levels of our 2016 acquisitions and believe our recently announced transaction will yield similar results.  We remain committed to being a community bank and supporting local individuals, businesses, and civic organizations to help them grow and prosper.”

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $985 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 23 branch locations; twelve in the Upper Peninsula, four in the Northern Lower Peninsula, one in Oakland County, Michigan and six in Northern Wisconsin.  The Corporation’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; receipt of regulatory and shareholder approvals in connection with pending acquisitions; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, 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.*

*This release contains information related to Mackinac’s pending acquisition of FFNM.  Communications in this release do not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed merger, Mackinac will file with the Securities and Exchange Commission (SEC) a Registration Statement on Form S-4 that will include a joint proxy statement of FFNM and Mackinac and a prospectus of Mackinac, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS AND INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A free copy of the Proxy Statement/Prospectus (when available), as well as other filings containing information about Mackinac, may be obtained at the SEC’s Internet site (**http://www.sec.gov**). The Proxy Statement/Prospectus (when available) and the other filings may also be obtained free of charge at mBank’s website at **www.bankmbank.com** under the tab “MFNC Investor Relations,” and then under the tab “SEC Filings.”*

*The directors, executive officers, and certain other members of management and employees of Mackinac may be deemed to be participants in the solicitation of proxies in favor of the merger from the shareholders of FFNM. Information about the directors and executive officers of Mackinac is included in the proxy statement for its 2017 annual meeting of shareholders, which was filed with the SEC on April 25, 2017.  The directors, executive officers, and certain other members of management and employees of FFNM may also be deemed to be participants in the solicitation of proxies in favor of the merger from the shareholders of FFNM. Information about the directors and executive officers of FFNM and information regarding the interests of such participants will be included in the proxy statement/prospectus and the other relevant documents filed with the SEC when they become available*.

 
*MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES*
*SELECTED FINANCIAL HIGHLIGHTS*
 
    *As of and For the*     As of and For the  
    *Year Ending*     Year Ending  
    *December 31,*     December 31,  
(Dollars in thousands, except per share data)   *2017* * *   2016  
    *(Unaudited)*        
*Selected Financial Condition Data **(at end of period)**:*                
Assets   *$* * **  **985,367 *     $ 983,520  
Loans     *  **811,078 *       781,857  
Investment securities     *  **75,897 *       86,273  
Deposits     *  **817,998 *       823,512  
Borrowings     *  **79,552 *       67,579  
Shareholders' equity     *  **81,400 *       78,609  
                 
                 
*Selected Statements of Income Data:*                
Net interest income   *$* * **  **37,938 *     $ 33,098  
Income before taxes     *  **11,018 *       6,766  
Net income     *  **5,479 *       4,483  
Income per common share - Basic     *  **.87 *       .72  
Income per common share - Diluted     *  **.87 *       .72  
Weighted average shares outstanding     *  **6,288,791 *       6,236,067  
Weighted average shares outstanding - Diluted     *  **6,322,413 *       6,268,703  
                 
*Selected Financial Ratios and Other Data:*                
*Performance Ratios:** *                
Net interest margin     *  **4.20 * *%*     4.19 %
Efficiency ratio     *  **71.39 *       79.69  
Return on average assets     *  **.55 *       .52  
Return on average equity     *  **6.74 *       5.73  
                 
Average total assets   *$* * **  **995,826 *     $ 865,573  
Average total shareholders' equity     *  **81,349 *       78,300  
Average loans to average deposits ratio     *  **96.29 * %     98.14 %
                 
                 
*Common Share Data at end of period:*                
Market price per common share   *$* * **  **15.90 *     $ 13.47  
Book value per common share     *  **12.93 *       12.55  
Tangible book value per share     *  **11.72 *       11.29  
Dividends paid per share, annualized     *  **.480 *       .400  
Common shares outstanding     *  **6,294,930 *       6,263,371  
                 
*Other Data at end of period:*                
Allowance for loan losses   *$* * **  **5,079 *     $ 5,020  
Non-performing assets   *$* * **  **6,126 *     $ 8,906  
Allowance for loan losses to total loans     *  **.63 * %     .64 %
Non-performing assets to total assets     *  **.62 * %     .91 %
Texas ratio     *  **7.77 * %     11.76 %
                 
Number of:                
Branch locations     *  **23 *       23  
FTE Employees     *  **233 *       222  
 
 

 

 
*MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES*
*CONSOLIDATED BALANCE SHEETS*
 
  *December 31,*   December 31,
  *2017*
  2016

  *(Unaudited)*    
*ASSETS*      
       
Cash and due from banks *$* * **  **37,420 *     $ 44,620  
Federal funds sold   *  **6 *       2,135  
Cash and cash equivalents   *  **37,426 *       46,755  
               
Interest-bearing deposits in other financial institutions   *  **13,374 *       14,047  
Securities available for sale   *  **75,897 *       86,273  
Federal Home Loan Bank stock   *  **3,112 *       2,911  
               
Loans:              
Commercial   *  **572,936 *       543,573  
Mortgage   *  **220,708 *       218,171  
Consumer   *  **17,434 *       20,113  
Total Loans   *  **811,078 *       781,857  
Allowance for loan losses   *  **(5,079* *)*     (5,020 )
Net loans   *  **805,999 *       776,837  
               
Premises and equipment   *  **16,290 *       15,891  
Other real estate held for sale   *  **3,558 *       4,782  
Deferred tax asset   *  **4,970 *       8,760  
Deposit based intangibles   *  **1,922 *       2,172  
Goodwill   *  **5,694 *       5,694  
Other assets   *  **17,125 *       19,398  
               
*TOTAL AS**SETS* *$* * **985,367 *     $ 983,520  
               
*LIABILITIES AND SHAREHOLDERS' EQUITY*              
               
LIABILITIES:              
Deposits:              
Noninterest bearing deposits *$* * **148,079 *     $ 164,179  
NOW, money market, interest checking   *  **280,309 *       286,622  
Savings   *  **61,097 *       58,315  
CDs CDs>$250,000   *  **11,055 *       8,489  
Brokered   *  **175,299 *       164,278  
Total deposits   *  **817,998 *       823,512  
       
Federal funds purchased   *  **- *       6,000  
Borrowings   *  **79,552 *       67,579  
Other liabilities   *  **6,417 *       7,820  
Total liabilities   *  **903,967 *       904,911  
               
SHAREHOLDERS' EQUITY:              
Common stock and additional paid in capital - No par value              
Authorized - 18,000,000 shares              
Issued and outstanding - *6,294,930 *and 6,263,371, shares respectively   *  **61,981 *       61,583  
Retained earnings   *  **19,675 *       17,206  
Accumulated other comprehensive income              
Unrealized gains (losses) on available for sale securities   *  **(71* *)*     (102 )
Minimum pension liability   *  **(185* *)*     (78 )
               
Total shareholders' equity   *  **81,400 *       78,609  
               
*TOTAL LI**ABILITIES AND SHAREHOLDERS' EQUITY* *$* * **985,367 *     $ 983,520  
               
               

 

 
*MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES*
*CONSOLIDATED STATEMENTS OF OPERATIONS*
 
  *For the Years Ended*
  *December 31,** *
  *2017*   2016   2015
  *(Unaudited)**
*   (Unaudited)   (Audited)
*INTEREST INCOME:*                      
Interest and fees on loans:                      
Taxable *$* * **  **41,770 *     $ 36,078     $ 32,034  
Tax-exempt   *  **95 *       64       13  
Interest on securities:                      
Taxable   *  **1,606 *       1,322       1,095  
Tax-exempt   *  **298 *       220       162  
Other interest income   *  **607 *       299       209  
Total interest income   *  **44,376 *       37,983       33,513  
                       
*INTEREST EXPENSE:*                      
Deposits   *  **4,361 *       3,322       3,251  
Borrowings   *  **2,077 *       1,563       1,142  
Total interest expense   *  **6,438 *       4,885       4,393  
                       
Net interest income   *  **37,938 *       33,098       29,120  
Provision for loan losses   *  **625 *       600       1,204  
Net interest income after provision for loan losses   *  **37,313 *       32,498       27,916  
                       
*OTHER INCOME:*                      
Deposit service fees   *  **1,056 *       995       836  
Income from mortgage loans sold on the secondary market   *  **1,373 *       1,575       1,071  
SBA/USDA loan sale gains   *  **867 *       897       610  
Mortgage servicing income - net   *  **(31* *)*     (40 )     547  
Net security gains   *  **231 *       150       455  
Other   *  **545 *       576       370  
Total other income   *  **4,041 *       4,153       3,889  
                       
*OTHER EXPENSE:*                      
Salaries and employee benefits   *  **15,490 *       14,625       12,449  
Occupancy   *  **3,104 *       2,680       2,424  
Furniture and equipment   *  **2,209 *       1,749       1,551  
Data processing   *  **2,037 *       1,620       1,381  
Advertising   *  **711 *       620       507  
Professional service fees   *  **1,534 *       1,169       1,270  
Loan and deposit   *  **1,335 *       1,100       955  
Writedowns and losses on other real estate held for sale   *  **388 *       202       332  
FDIC insurance assessment   *  **731 *       488       506  
Telephone   *  **604 *       528       455  
Transaction related expenses   *  **50 *       3,101       -  
Other   *  **2,143 *       2,003       2,046  
Total other expenses   *  **30,336 *       29,885       23,876  
                       
Income before provision for income taxes   *  **11,018 *       6,766       7,929  
Provision for (benefit of) income taxes   *  **5,539 *       2,283       2,333  
  * *                    
*NET INCOME AVAIL**ABLE TO COMMON SHAREHOLDERS* *$* * **  **5,479 *     $ 4,483     $ 5,596  
                       
*INCOME PER COMMON SHARE:*                      
Basic * **$* *.87*     $ .72     $ .90  
Diluted * **$* *.87*     $ .71     $ .89  
                       
                       

 

 
*MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES*
*LOAN PORTFOLIO AND CREDIT QUALITY*
       
(Dollars in thousands)      
       
*Loan Portfolio Balances (at end of period):*      
       
  * **December 31,** **
*   December 31,
  *2017 *   2016
  *(Unaudited)**
*   (Unaudited)
*Commercial Loans:*          
Real estate - operators of nonresidential buildings *$* * **119,025 *   $ 121,861
Hospitality and tourism   *  **75,228 *     68,025
Lessors of residential buildings   *  **33,032 *     27,590
Gasoline stations and convenience stores   *  **21,176 *     20,509
Logging   *  **17,554 *     19,903
Commercial construction   *  **9,243 *     11,505
Other   *  **297,678 *     274,180
Total Commercial Loans   *  **572,936 *     543,573
           
1-4 family residential real estate   *  **209,890 *     205,945
Consumer   *  **17,434 *     20,113
Consumer construction   *  **10,818 *     12,226
           
Total Loans *$* * **811,078 *   $ 781,857
           

 

             
*Credit Quality (at end of period):*            
             
  * **December 31,** **
*   December 31,  
  *2017 *   2016  
  *(Unaudited)**
*   (Unaudited)  
*Nonperforming Assets :*            
Nonaccrual loans *$* * **  **2,388 *   $ 3,959  
Loans past due 90 days or more   *  **- *     -  
Restructured loans   *  **180 *     165  
Total nonperforming loans   *  **2,568 *     4,124  
Other real estate owned   *  **3,558 *     4,782  
Total nonperforming assets *$* * **  **6,126 *   $ 8,906  
Nonperforming loans as a % of loans   *  **.32 * %   .53 %
Nonperforming assets as a % of assets   *  **.62 * %   .91 %
*Reserve for Loan Losses:*            
At period end *$* * **  **5,079 *   $ 5,020  
As a % of average loans   *  **.64 * %   .64 %
As a % of nonperforming loans   *  **197.78 * %   121.73 %
As a % of nonaccrual loans   *  **212.69 * %   126.80 %
Texas Ratio   *  **7.77 * %   11.76 %
             
*Charge-off Information (year to date):*            
Average loans *$* * **795,532 *   $ 703,047  
Net charge-offs (recoveries) *$* * **  **566 *   $ 584  
Charge-offs as a % of average            
loans, annualized   *  **.07 * %   .08 %
             
             

 

 
*MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES *
* *QUARTERLY FINANCIAL HIGHLIGHTS**
                                         
  *QUARTER ENDED**
*  
  *(Unaudited)**
*  
    *December 31*       September 30,       June 30       March 31   * *   December 31    
    *2017*       2017       2017       2017       2016    
*BALANCE SHEET **(Dollars in thousands)*                                        
                                         
Total loans *$* * **811,078 *     $ 808,149     $ 790,753     $ 786,546     $ 781,857    
Allowance for loan losses   *  **(5,079* *)*     (5,130 )     (5,133 )     (5,146 )     (5,020 )  
Total loans, net   *  **805,999 *       803,019       785,620       781,400       776,837    
Total assets   *  **985,367 *       1,015,070       1,027,450       976,635       983,520    
Core deposits   *  **631,644 *       643,859       621,303       633,160       650,745    
Noncore deposits   *  **186,354 *       191,344       226,942       188,660       172,767    
Total deposits   *  **817,998 *       835,203       848,245       821,820       823,512    
Total borrowings   *  **79,552 *       91,397       92,024       66,279       67,579    
Total shareholders' equity   *  **81,400 *       82,649       81,313       80,009       78,609    
Total tangible equity   *  **73,784 *       74,970       73,572       72,205       70,743    
Total shares outstanding   *6,294,930*       6,294,930       6,294,930       6,294,930       6,263,371    
Weighted average shares outstanding   *6,294,930*       6,294,930       6,294,930       6,270,034       6,263,371    
                                         
*AVERAGE BALANCES **(Dollars in thousands)*                                        
                                         
Assets *$* * **996,966 *     $ 1,021,152     $ 984,236     $ 980,491     $ 958,781    
Loans   *  **808,306 *       803,825       787,143       782,477       771,279    
Deposits   *  **817,338 *       841,699       820,375       825,309       800,508    
Equity   *  **82,879 *       82,162       81,013       79,293       78,406    
                                         
*INCOME STATEMENT **(Dollars in thousands)*                                        
                                         
Net interest income *$* * **  **9,664 *     $ 9,789     $ 9,319     $ 9,166     $ 9,118    
Provision for loan losses   *  **225 *       200       50       150       250    
Net interest income after provision   *  **9,439 *       9,589       9,269       9,016       8,868    
Total noninterest income   *  **1,317 *       1,153       795       776       1,141    
Total noninterest expense   *  **7,918 *       7,724       7,517       7,177       7,509    
Income before taxes   *  **2,838 *       3,018       2,547       2,615       2,500    
Provision for income taxes   *  **2,858 *       925       867       889       802    
Net income available to common shareholders *$* * **  **(20* *)*   $ 2,093     $ 1,680     $ 1,726     $ 1,698    
*Income pre**-tax, pre-provision* *$* * **  **3,062 *     $ 3,218     $ 2,597     $ 2,765     $ 2,750    
                                         
*PER SHARE DATA*                                        
                                         
Earnings *$* * **  **-**  *     $   .33     $  .27     $ .28     $ .27    
Book value  per common share   *  **12.93 *       13.13       12.92       12.71       12.55    
Tangible book value per share   *  **11.72 *       11.91       11.69       11.47       11.29    
Market value, closing price   *  **15.90 *       15.50       13.99       13.72       13.47    
Dividends per share   *  **.120 *       .120       .120       .120       .100    
                                         
*ASSET QUALITY RATIOS*                                        
                                         
Nonperforming loans/total loans   *  **.32 *   * **%** *   .38   %   .47   %   .47   %   .53   %
Nonperforming assets/total assets   *  **.62 *       .74       .76       .84       .91    
Allowance for loan losses/total loans   *  **.63 *       .63       .65       .65       .64    
Allowance for loan losses/nonperforming loans   *  **197.78 *       167.37       136.95       137.96       121.73    
Texas ratio   *  **7.77 *       9.34       9.91       10.60       11.76    
                                         
*PROFITABILITY RATIOS*                                        
                                         
Return on average assets   *  **(.01* *)* * **%** *   .81   %   .68   %   .71   %   .70   %
Return on average equity   *  **(.10* *)*     10.11       8.32       8.83       8.62    
Net interest margin   *  **4.18 *       4.23       4.24       4.19       4.14    
Average loans/average deposits   *  **98.89 *       95.50       95.95       94.81       96.35    
                                         
*CAPITAL ADEQUACY RATIOS*                                        
                                         
Tier 1 leverage ratio   *  **7.06 *   * **%** *   6.82   %   7.02   %   6.77   %   7.18   %
Tier 1 capital to risk weighted assets   *  **8.66 *       8.47       8.57       8.49       8.80    
Total capital to risk weighted assets   *  **9.29 *       9.10       9.21       9.15       9.45    
Average equity/average assets (for the quarter)   *  **8.31 *       8.05       8.23       8.09       8.18    
Tangible equity/tangible assets (at quarter end)   *  **7.55 *       7.44       7.22       7.45       7.25    
                                         

Contact: Jesse A. Deering, EVP & Chief Financial Officer (248) 290-5906 /jdeering@bankmbank.com
Website: www.bankmbank.com Reported by GlobeNewswire 14 minutes ago.