Mackinac Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $5,626,000 compared to $5,112,000 last year. Income before taxes was $1,057,000 compared to $1,596,000 last year. Net income available to common shareholders was $2,910,000 or $0.52 per share compared to $922,000 or $0.21 per share last year. Return on average assets was negative 2.03% compared to 0.67% last year. Return on average common equity was 18.34% compared to 5.93% last year. Return on average equity was 17.26% compared to 5.03% last year.

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.