Mackinac Financial Corporation (MFNC) has reported a 52.47 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.73 million, or $0.28 a share in the quarter, compared with $1.13 million, or $0.18 a share for the same period last year.      

Revenue during the quarter grew 23.71 percent to $9.79 million from $7.92 million in the previous year period. Net interest income for the quarter rose 25.77 percent over the prior year period to $9.17 million. Non-interest income for the quarter rose 23.76 percent over the last year period to $0.78 million.

Net interest margin contracted 14 basis points to 4.19 percent in the quarter from 4.33 percent in the last year period.

Paul D. Tobias, chairman and chief executive officer of Mackinac concluded, “We remain very pleased with the positive impact from our 2016 acquisitions as well as the prospect of rate increases for 2017. We will continue to seek and evaluate potential acquisition partners opportunistically while organically growing assets and earnings. We are well positioned for continued value creation for our shareholders while maintaining our safe and sound risk profile.”

Deposits stood at $821.82 million as on Mar. 31, 2017, up 38.59 percent compared with $592.98 million on Mar. 31, 2016.

Loans to deposits ratio was 94.81 percent for the quarter, down from 101.87 percent for the previous year quarter.

Noninterest-bearing deposit liabilities were $147.11 million or 17.90 percent of total deposits on Mar. 31, 2017, compared with $117.70 million or 19.85 percent of total deposits on Mar. 31, 2016.

Investments stood at $83.88 million as on Mar. 31, 2017, up 55.28 percent or $29.86 million from year-ago. Shareholders equity was at $80.01 million as on Mar. 31, 2017.

Return on average assets moved up 9 basis points to 0.71 percent in the quarter from 0.62 percent in the last year period. At the same time, return on average equity increased 294 basis points to 8.83 percent in the quarter from 5.89 percent in the last year period.

Nonperforming assets moved up 86.23 percent or $3.80 million to $8.20 million on Mar. 31, 2017 from $4.40 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.84 percent in the quarter, up from 0.60 percent in the last year period.

Tier-1 leverage ratio stood at 6.77 percent for the quarter, down from 9.55 percent for the previous year quarter. Average equity to average assets ratio was 8.09 percent for the quarter, down from 10.49 percent for the previous year quarter. Book value per share was $12.71 for the quarter, up 2.33 percent or $0.29 compared to $12.42 for the same period last year.