Mackinac Financial Corporation (MFNC) has reported a 74.66 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.78 million, or $0.28 a share in the quarter, compared with $1.02 million, or $0.16 a share for the same period last year.
Revenue during the quarter surged 30.39 percent to $9.98 million from $7.66 million in the previous year period. Net interest income for the quarter rose 20.19 percent over the prior year period to $8.70 million. Non-interest income for the quarter rose 92.63 percent over the last year period to $1.49 million.
Mackinac Financial Corp has made provision of $0.20 million for loan losses during the quarter, down 42.86 percent from $0.35 million in the same period last year.
Net interest margin contracted 8 basis points to 4.21 percent in the quarter from 4.29 percent in the last year period.
Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank stated, "We are very pleased with the new loan opportunities and production in all our markets which is up over $31 million from the prior year. Our net loan balances did not quite increase commensurate with production as we experienced some loan portfolio runoff early in the year due, in part, to customers shopping rates that we would not match. The strategic acquisitions of both Eagle River and Niagara have, however, provided loan balance growth and scale as expected. We have a healthy loan pipeline for the remainder of the year for both commercial and mortgage business. As noted in our totals, we are also excited about the momentum in our newly acquired markets in Wisconsin and the new loan generation potential they carry."
Liabilities outpace assets growth
Total assets stood at $959.12 million as on Sep. 30, 2016, up 27.04 percent compared with $754.97 million on Sep. 30, 2015. On the other hand, total liabilities stood at $880.84 million as on Sep. 30, 2016, up 29.75 percent from $678.88 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $751.94 million as on Sep. 30, 2016, up 22.44 percent compared with $614.13 million on Sep. 30, 2015. Deposits stood at $807.18 million as on Sep. 30, 2016, up 29.70 percent compared with $622.33 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $163.28 million or 20.23 percent of total deposits on Sep. 30, 2016, compared with $114.77 million or 18.44 percent of total deposits on Sep. 30, 2015.
Investments stood at $88.89 million as on Sep. 30, 2016, up 63.30 percent or $34.45 million from year-ago. Shareholders equity stood at $78.28 million as on Sep. 30, 2016, up 2.88 percent or $2.19 million from year-ago.
Return on average assets moved down 27 basis points to 0.45 percent in the quarter from 0.72 percent in the last year period. At the same time, return on average equity decreased 234 basis points to 4.75 percent in the quarter from 7.09 percent in the last year period.
Nonperforming assets moved down 23.11 percent or $2.39 million to $7.94 million on Sep. 30, 2016 from $10.32 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.83 percent in the quarter, down from 1.37 percent in the last year period.
Tier-1 leverage ratio stood at 7.29 percent for the quarter, down from 9.02 percent for the previous year quarter. Average equity to average assets ratio was 8.39 percent for the quarter, down from 10.19 percent for the previous year quarter. Book value per share was $12.50 for the quarter, up 2.63 percent or $0.32 compared to $12.18 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
