Mackinac Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Charge-Offs for the Fourth Quarter of 2013
For the year, the company reported net interest income of $21,399,000 compared to $19,824,000 last year. Total interest income was $25,523,000 compared to $24,427,000 last year. Income before taxes was $5,534,000 compared to $6,165,000 last year. Net income available to common shareholders was $5,629,000 or $1.00 per diluted share compared to $6,458,000 or $1.51 per basic and diluted share last year. Return on average assets was 1.01% compared to 1.23% last year. Return on average equity was 8.26% compared to 10.26% last year. Return on average common equity was 9.07% compared to 12.43% last year. Book value of common share was $11.77 as at December 31, 2013 compared to $11.05 as at December 31, 2012.
The final charge-off in the fourth quarter of 2013 totaled $0.698 million which had been previously reserved for, with cumulative losses of $1.680 million.