Mackinac Financial Corporation Announces Third Quarter 2017 Results

MANISTIQUE, Mich., Nov. 01, 2017 (GLOBE NEWSWIRE) -- Mackinac Financial Corporation (Nasdaq:MFNC) (the "Corporation"), the bank holding company for mBank, today announced third quarter 2017 net income of $2.093 million, or $.33 per share, compared to net income of $1.778 million or $.28 per share for the third quarter of 2016.  Net income for the first nine months of 2017 totaled $5.499 million, or $.88 per share, compared to $2.785 million, or $.45 per share, for the same period in 2016.  Total assets of the Corporation at September 30, 2017 totaled $1.015 billion, compared to $959.121 million at September 30, 2016.  Weighted average shares for 2017 totaled 6,286,772 compared to 6,226,900 shares in the same period of 2016.

The period-to-period comparison above includes the effect of the Corporation's April 2016 acquisition of First National Bank of Eagle River ("Eagle River") and August 2016 acquisition of Niagara Bancorporation ("Niagara").  In connection with these acquisitions, the Corporation had aggregate GAAP pre-tax transaction related expenses totaling $2.928 million recorded in the second and third quarters of 2016. These costs, largely associated with the early termination of the Eagle River data processing system in June, reduced the reported nine-month 2016 income by $1.932 million, or $.31 per share, on an after-tax basis.  The adjusted 2016 nine-month net income (exclusive of the transaction related expenses) equates to $4.718 million, or $.76 per share.  The transaction expense impact in the third quarter of 2016 was $237 thousand, or $.04 per share, the exclusion of which results in adjusted net income $2.015 million, or $.32 per share, for the quarter. 

Highlights for the first nine months of 2017 include:
  • mBank, the Corporation's subsidiary bank, recorded nine-month net income of $6.543 million compared to $3.953 million in 2016.  Excluding $2.512 million of transaction related expenses ($1.658 million after tax), net income was $5.611 million for the first nine months of 2016.  The adjusted year-over-year increase equates to 17%. 
  • Total shareholder equity increased $4.364 million year-over-year from $78.285 million in September 2016 to $82.649 million in 2017.  
  • Total interest income was $32.985 million through September 2017 compared to $27.398 million for the same period in 2016, a 20% increase. 
  • Net interest margin remains solid, at 4.21%.  Net interest income increased from $23.980 million in 2016 to $28.274 million in 2017, an 18% increase. 
  • Credit quality remains strong with a Texas Ratio of 9.34% as of September 30, 2017.

              Loans and Nonperforming Assets

Total loans at September 30, 2017 were $808.149 million an increase from $756.804 million at September 30, 2016. In addition to the balance sheet loan totals, the Corporation services $204.078 million of sold mortgage loans and $39.737 million of sold SBA and USDA loans. Total loans under management as of third quarter end were $1.052 billion. 

New loan production totaled $211.750 million, with the Upper Peninsula contributing $95.3 million, the Northern Lower Peninsula $38.9 million, Southeast Michigan $36.5 million, Wisconsin $18.1 million and Mackinac Commercial Credit, the Bank's asset based lending division, $22.9 million.  Commercial loan production accounted for $106.0 million of the total, with consumer loans, primarily 1-4 family mortgages, totaling $82.8 million, inclusive of $48.8 million of secondary market originations. Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank stated, "We are pleased to have had consistent loan production thus far in 2017 compared to 2016 especially within our asset based lending division which has had its most productive year since its inception with strong growth.  As expected, we have also seen good momentum and production within the markets we entered last year in Northern Wisconsin.  Market pricing remains competitive in all our regions as commercial clients continually gravitate to more fixed rate lending structures.  Our mix of loans remains very good with diversification amongst industry types.  We have passed on some lending opportunities for non-owner occupied commercial real estate to ensure prudent balance sheet risk management in the event of an economic downturn. As expected, our seasonal lending months throughout our northern regions saw an uptick in our mortgage lending activities and income levels from our secondary market mortgage sales along with increased SBA loans sales."    Nonperforming assets totaled $7.478 million, or .74% of total assets at September 30, 2017 compared to $7.938 million, or .83% of total assets at September 30, 2016.  Total loan delinquencies greater than 30 days resided at a nominal .50%, or $4.164 million. George, commenting on credit quality stated, "Our loan portfolio remains sound with no material weaknesses within any of our lines.  Purchase accounting marks from diligence on the loans acquired from the two 2016 acquisitions have proven sound with positive resolutions accreting to the bank's earnings. The positive trends in our nonperforming asset totals, Texas ratio, and delinquencies are the result of our steadfast underwriting requirements and focus on proactive loan administration.  With further increases expected in the Prime rate and other variable rate indexes for 2018, we are actively monitoring variable rate borrowers through increasing "shock" tests on their cash flows to determine future stress in any business segment which at this point remains well controlled."

Margin/Deposit Analysis

Net interest income for the first nine months of 2017 increased to $28.274 million, a 4.21% net interest margin compared to $23.980 million, or 4.21%, in 2016.  Total deposits of $835.203 million September 30, 2017 compared to $807.180 at the same date in 2016.  George, commenting on deposits and overall liquidity, stated "Our net interest margin continues to hold up well even with the various pricing impacts of the Fed rate movements and the flat yield curve.  Focus on current and long-term asset and liability pricing will remain important as we move through this rate cycle to protect our margin.  As we have stated in the past, the Corporation maintains a strong short-term liquidity position made up of various components of core and wholesale funding sources, as well as unpledged investments to support loan growth and operations.  Our funding mix and liquidity will shift slightly throughout the year with the seasonality of some business clients, but the other sources allow for numerous funding instruments to help prudently manage long term interest rate risk.  Liability side focus will remain centered on growing our core deposit levels as these comparatively inexpensive deposits in relation to wholesale sources will continue to prove more and more valuable as rates continue to increase." 

Noninterest Income/Expense

Noninterest income, at $2.724 million, was $287 thousand behind the September 30, 2016 level of $3.012 million. The primary reason for the variance to 2016 was the timing of the customary sales of SBA loans which are anticipated to normalize for the year.  Noninterest expense was $22.418 million for the first three quarters of 2017 compared to $22.376 million for the same period of 2016.  The 2016 total included $2.928 million of transaction-related expenses. Excluding these charges, noninterest expense totaled $19.448 million in the first nine months of 2016.  The largest increase in operating expenses compared to 2016 were salaries, benefits and occupancy expense; areas that are directly impacted by increased operating scale primarily related to the acquisitions of Eagle River and Niagara. The Bank was able to achieve the expected level of cost efficiencies contemplated with the 2016 acquisitions with noninterest expense to total average assets of 2.85% at September 30, 2017 improving from 2.95%, net of transaction expenses, at September 30, 2016 which ratio remains in-line with peer averages.

Assets and Capital

Total assets of the Corporation at September 30, 2017 were $1.015 billion, up $56.0 million from the $959.121 million of total assets at September 30, 2016.  Total common shareholders' equity at September 30, 2017 was $82.649 million, or $13.13 per share, compared to $78.285 million, or $12.50 per share at September 30, 2016.  Capital levels remain consistent with past periods as Tier 1 Common Equity resided at 6.82% of average assets at the Corporation and 8.88% at mBank. 

In closure, Chairman and CEO of the Corporation Paul D. Tobias stated, "We are very pleased with the consistency of our earnings in 2017 after acquiring and integrating two banks in 2016.  Our diligence on expense efficiencies and the respective loan portfolios has proven accurate.  We remain mindful of our cost structure and efficiency ratio which has improved compared to 2016 adjusted levels, even with some inherent expenses of becoming a billion-dollar company.  We will continue to grow the company organically through focus on our core business lines and remain opportunistic as to future accretive and strategic acquisition opportunities. We believe additional scale will positively impact efficiency and continue our progress in earnings performance, building shareholder value and increasing our dividend." 

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $1 billion 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 seven in Northern Wisconsin.  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," "view," 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  
   
 
  As of and For the       As of and For the     As of and For the  
  Period Ending     Year Ending     Period Ending  
    September 30,     December 31,     September 30,  
(Dollars in thousands, except per share data)     2017      2016      2016  
    (Unaudited)           (Unaudited)  
Selected Financial Condition Data (at end of period) :                  
Assets   $     1,015,070     $   983,520     $   959,121  
Loans       808,149         781,857         756,804  
Investment securities       85,009         86,273         88,886  
Deposits       835,203         823,512         807,180  
Borrowings       91,397         67,579         67,730  
Shareholders' equity       82,649         78,609         78,285  
                   
                   
Selected Statements of Income Data nine months and year ended):                  
Net interest income   $     28,274     $   33,098     $   23,980  
Income before taxes       8,180         6,766         4,266  
Net income       5,499         4,483         2,785  
Income per common share - Basic     .88       .72       .45  
Income per common share - Diluted     .87       .72       .45  
Weighted average shares outstanding       6,286,722         6,236,067         6,226,900  
Weighted average shares outstanding- Diluted       6,310,866         6,268,703         6,255,803  
                   
Three Months Ended:                  
Net interest income   $     9,789     $   9,118     $   8,696  
Income before taxes        3,018         2,500         2,700  
Net income       2,093         1,698         1,778  
Income per common share - Basic     .33       .27       .29  
Income per common share - Diluted     .33       .27       .28  
Weighted average shares outstanding       6,294,930         6,263,371         6,238,756  
Weighted average shares outstanding- Diluted       6,318,488         6,316,452         6,284,359  
                   
Selected Financial Ratios and Other Data:                  
Performance Ratios:                    
Net interest margin       4.21 %       4.19 %       4.21 %
Efficiency ratio       71.09         79.69         82.89  
Return on average assets     .74       .52       .45  
Return on average equity       9.10         5.73         4.75  
                   
Average total assets   $     995,442     $   865,573     $   834,378  
Average total shareholders' equity       80,833         78,300         78,264  
Average loans to average deposits ratio       95.42 %       98.14 %       98.84 %
                   
                   
Common Share Data at end of period:                  
Market price per common share   $     15.50     $   13.47     $   11.49  
Book value per common share       13.13         12.55         12.50  
Tangible book value per share       11.91         11.29         11.23  
Dividends paid per share, annualized     .480       .400       .400  
Common shares outstanding       6,294,930         6,263,371         6,263,371  
                   
Other Data at end of period:                  
Allowance for loan losses   $     5,130   $   5,020     $   4,862  
Non-performing assets   $     7,478   $   8,906     $   7,938  
Allowance for loan losses to total loans     .63 %     .64 %     .64 %
Non-performing assets to total assets     .74 %     .91 %     .83 %
Texas ratio       9.34 %       11.76 %       10.55 %
                 
Number of:                
Branch locations       23       23         23  
FTE Employees       233         222         218  
                         

 
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
  September 30,   December 31,   September 30,
    2017       2016       2016  
  (Unaudited)       (Unaudited)
ASSETS          
           
Cash and due from banks $     52,676     $   44,620     $   46,200  
Federal funds sold     5,006         2,135         2,415  
Cash and cash equivalents     57,682         46,755         48,615  
           
Interest-bearing deposits in other financial institutions     13,374         14,047         14,047  
Securities available for sale     85,009         86,273         88,886  
Federal Home Loan Bank stock     3,250         2,911         2,926  
           
Loans:          
Commercial     572,799         543,573         513,266  
Mortgage     217,103         218,171         222,840  
Consumer     18,247         20,113         20,698  
Total Loans     808,149         781,857         756,804  
Allowance for loan losses     (5,130 )       (5,020 )       (4,862 )
Net loans     803,019         776,837         751,942  
           
Premises and equipment     16,619         15,891         16,028  
Other real estate held for sale     4,413         4,782         3,269  
Deferred tax asset     6,266         8,760         9,287  
Deposit based intangibles     1,985         2,172         2,235  
Goodwill     5,694         5,694         5,694  
Other assets     17,759         19,398         16,192  
           
TOTAL ASSETS $     1,015,070     $   983,520     $   959,121  
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
           
LIABILITIES:          
Deposits:          
Noninterest bearing deposits $     162,142     $   164,179     $   163,278  
NOW, money market, interest checking     275,854         286,622         287,097  
Savings     61,832         58,315         60,322  
CDs<$250,000     144,031         141,629         150,170  
CDs>$250,000     9,126         8,489         9,015  
Brokered     182,218         164,278         137,298  
Total deposits     835,203         823,512         807,180  
           
Federal funds purchased     -         6,000         -  
Borrowings     91,397         67,579         67,730  
Other liabilities     5,821         7,820         5,926  
Total liabilities     932,421         904,911         880,836  
           
SHAREHOLDERS' EQUITY:          
Common stock and additional paid in capital - No par value          
Authorized - 18,000,000 shares          
Issued and outstanding - 6,294,930; 6,263,371; and 6,263,371 shares respectively     61,881         61,583         61,433  
Retained earnings     20,439         17,206         16,115  
Accumulated other comprehensive income          
Unrealized gains (losses) on available for sale securities     407         (102 )       786  
Minimum pension liability     (78 )       (78 )       (49 )
           
Total shareholders' equity     82,649         78,609         78,285  
           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $     1,015,070     $   983,520     $   959,121  
           

 
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 
     
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
      2017       2016       2017       2016  
    (Unaudited)   (Unaudited)
INTEREST INCOME:                
Interest and fees on loans:                
Taxable   $     10,799     $   9,441     $     31,016     $   26,085  
Tax-exempt       21         19         73         34  
Interest on securities:                
Taxable       401         387         1,195         953  
Tax-exempt       72         57         226         114  
Other interest income       230         91         475         212  
Total interest income       11,523         9,995         32,985         27,398  
                 
INTEREST EXPENSE:                
Deposits       1,157         870         3,170         2,410  
Borrowings       577         429         1,541         1,008  
Total interest expense       1,734         1,299         4,711         3,418  
                 
Net interest income       9,789         8,696         28,274         23,980  
Provision for loan losses       200         200         400         350  
Net interest income after provision for loan losses       9,589         8,496         27,874         23,630  
                 
OTHER INCOME:                
Deposit service fees       262         259         803         723  
Income from loans sold on the secondary market       434         512         1,048         1,118  
SBA/USDA loan sale gains       278         551         426         717  
Mortgage servicing income       (6 )       (12 )       (24 )       (74 )
Net security gains       38         40         38         149  
Other       147         139         433         379  
Total other income       1,153         1,489         2,724         3,012  
                 
OTHER EXPENSE:                
Salaries and employee benefits       3,934         3,687         11,388         10,592  
Occupancy       761         680         2,322         1,960  
Furniture and equipment       616         440         1,640         1,248  
Data processing       533         440         1,482         1,118  
Advertising       227         157         524         494  
Professional service fees       323         309         1,049         807  
Loan and deposit       181         152         515         434  
Writedowns and losses on other real estate held for sale       43         60         298         62  
FDIC insurance assessment       210         131         556         356  
Telephone       154         140         445         374  
Transaction related expenses       -         359         -         2,928  
Other       742         730         2,199         2,003  
Total other expenses       7,724         7,285         22,418         22,376  
                 
Income before provision for income taxes       3,018         2,700         8,180         4,266  
Provision for income taxes       925         922         2,681         1,481  
                 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS       2,093         1,778         5,499         2,785  
                 
                 
INCOME PER COMMON SHARE:                
Basic     $ .33     $ .29       $ .88     $ .45  
Diluted     $ .33     $ .28       $ .87     $ .45  
                 

 
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
LOAN PORTFOLIO AND CREDIT QUALITY  
   
             
(Dollars in thousands)  
   
Loan Portfolio Balances (at end of period):            
    September 30,      December 31,     September 30,   
    2017    2016    2016  
  (Unaudited)   (Unaudited)   (Unaudited)  
Commercial Loans:            
Real estate - operators of nonresidential buildings $     116,526   $   121,861   $   110,252  
Hospitality and tourism     74,500       68,025       53,182  
Lessors of residential buildings     31,985       27,590       23,939  
Gasoline stations and convenience stores     20,210       20,509       20,286  
Logging     16,363       19,903       19,203  
Commercial construction     8,892       11,505       14,343  
Other     304,323       274,180       272,061  
Total Commercial Loans     572,799       543,573       513,266  
             
1-4 family residential real estate     204,419       205,945       211,072  
Consumer     18,247       20,113       20,698  
Consumer construction     12,684       12,226       11,768  
             
Total Loans $     808,149   $   781,857   $   756,804  
             

 
Credit Quality (at end of period):                  
                   
  September 30,      December 31,      September 30,    
    2017      2016      2016    
  (Unaudited)     (Unaudited)     (Unaudited)    
Nonperforming Assets :                  
Nonaccrual loans $     2,964     $   3,959     $   4,498    
Loans past due 90 days or more     -         -         32    
Restructured loans     101         165         139    
Total nonperforming loans     3,065         4,124         4,669    
Other real estate owned     4,413         4,782         3,269    
Total nonperforming assets $     7,478     $   8,906     $   7,938    
Nonperforming loans as a % of loans   .38 %     .53 %     .62 %  
Nonperforming assets as a % of assets   .74 %     .91 %     .83 %  
Reserve for Loan Losses:                  
At period end $     5,130     $   5,020     $   4,862    
As a % of average loans   .63 %     .64 %     .71 %  
As a % of nonperforming loans     167.37 %       121.73 %       104.13 %  
As a % of nonaccrual loans     173.08 %       126.80 %       108.09 %  
Texas Ratio     9.34 %       11.76 %       10.55 %  
                   
Charge-off Information (year to date):                  
Average loans $     803,825     $   703,047     $   680,027    
Net charge-offs (recoveries) $     290     $   584     $   492    
Charge-offs as a % of average                  
loans, annualized   .05 %     .08 %     .10 %  
                   

 
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
QUARTERLY FINANCIAL HIGHLIGHTS  
   
                             
  QUARTER ENDED  
  (Unaudited)  
  September 30,     June 30     March 31     December 31     September 30  
    2017         2017         2017         2016         2016    
BALANCE SHEET (Dollars in thousands)                            
                             
Total loans $     808,149       $   790,753       $   786,546       $   781,857       $   756,804    
Allowance for loan losses     (5,130 )         (5,133 )         (5,146 )         (5,020 )         (4,862 )  
Total loans, net     803,019           785,620           781,400           776,837           751,942    
Total assets     1,015,070           1,027,450           976,635           983,520           959,121    
Core deposits     643,859           621,303           633,160           650,745           660,867    
Noncore deposits     191,344           226,942           188,660           172,767           146,313    
Total deposits     835,203           848,245           821,820           823,512           807,180    
Total borrowings     91,397           92,024           66,279           67,579           67,730    
Total shareholders' equity     82,649           81,313           80,009           78,609           78,285    
Total tangible equity     74,970           73,572           72,205           70,743           70,356    
Total shares outstanding     6,294,930           6,294,930           6,294,930           6,263,371           6,263,371    
Weighted average shares outstanding     6,294,930           6,294,930           6,270,034           6,263,371           6,238,756    
                             
AVERAGE BALANCES (Dollars in thousands)                            
                             
Assets $     1,021,152       $   984,236       $   980,491       $   958,781       $   930,353    
Loans     803,825           787,143           782,477           771,279           734,702    
Deposits     841,699           820,375           825,309           800,508           780,265    
Equity     82,162           81,013           79,293           78,406           78,027    
                             
INCOME STATEMENT (Dollars in thousands)                            
                             
Net interest income $     9,789       $   9,319       $   9,166       $   9,118       $   8,696    
Provision for loan losses     200           50           150           250           200    
Net interest income after provision     9,589           9,269           9,016           8,868           8,496    
Total noninterest income     1,153           795           776           1,141           1,489    
Total noninterest expense     7,724           7,517           7,177           7,509           7,285    
Income before taxes     3,018           2,547           2,615           2,500           2,700    
Provision for income taxes     925           867           889           802           922    
Net income available to common shareholders $     2,093       $   1,680       $   1,726       $   1,698       $   1,778    
Income pre-tax, pre-provision $     3,218       $   2,597       $   2,765       $   2,750       $   2,900    
                             
PER SHARE DATA                            
                             
Earnings   $ .33       $ .27       $ .28       $ .27       $ .29    
Book value  per common share     13.13           12.92           12.71           12.55           12.50    
Tangible book value per share     11.91           11.69           11.47           11.29           11.23    
Market value, closing price     15.50           13.99           13.72           13.47           11.49    
Dividends per share   .120         .120         .120         .100         .100    
                             
ASSET QUALITY RATIOS                            
                             
Nonperforming loans/total loans   .38   %       .47       .47       .53       .62  
Nonperforming assets/total assets   .74         .76         .84         .91         .83    
Allowance for loan losses/total loans   .63         .65         .65         .64          .64    
Allowance for loan losses/nonperforming loans     167.37           136.95           137.96           121.73           104.13    
Texas ratio     9.34           9.91           10.60           11.76           10.55    
                             
PROFITABILITY RATIOS                            
                             
Return on average assets   .81   %        .68       .71       .70       .76  
Return on average equity     10.11           8.32           8.83           8.62           9.06    
Net interest margin     4.23           4.24           4.19           4.14           4.18    
Average loans/average deposits     95.50           95.95           94.81           96.35           94.16    
                             
CAPITAL ADEQUACY RATIOS                            
                             
Tier 1 leverage ratio     6.82   %         7.02         6.77         7.18         7.29   %
Tier 1 capital to risk weighted assets     8.47           8.57           8.49           8.80           8.22    
Total capital to risk weighted assets     9.10           9.21           9.15           9.45           8.81    
Average equity/average assets (for the quarter)     8.05           8.23           8.09           8.18           8.39    
Tangible equity/tangible assets (at quarter end)     7.44           7.22           7.45           7.25           7.40    
                             

Contact:

Paul D. Tobias, (248) 290-5901 / ptobias@bankmbank.com Jesse A. Deering, (248) 290-5906 /jdeering@bankmbank.comWebsite: www.bankmbank.com 

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