5. Mackinack Financial Shares of the thinly-traded Mackinack Financial ( MFNC) of Manistique, Mich., closed at $5.00 Wednesday, returning 9% year-to-date. The shares traded for 0.4 times their June 30 tangible book value of $12.86, according to SNL Financial. Mackinack Financial had $492 million in total assets as of June 30, operating 13 mBank branches, mainly in Michigan's Upper Peninsula. The holding company owes $11 million in TARP money. Its tangible common equity ratio was 8.93% as of June 30, according to SNL. Second-quarter net income available to common shareholders was $603,000, or 17 cents a share, compared to a net loss of $2.5 million, or 73 cents a share, during the second quarter of 2010. The provision for loan losses declined to $600,000 during the most recent quarter, from $2.8 million a year earlier. The company's second-quarter operating return on average assets (ROA) was 0.64% according to SNL Financial, which was the highest among this group of five bank and thrift holding companies. According to SNL, Mackinack's nonperforming assets ratio declined to 2.89% as of June 30, from 3.34% a year earlier.