Mackinac Financial (Mackinac Financial) Effective Interest Rate on Debt % : 9.02% (As of Jun. 2021)

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What is Mackinac Financial Effective Interest Rate on Debt %?

Effective Interest Rate on Debt % is the usage rate that a borrower actually pays on a debt. It is calculated as the positive value of Interest Expense divided by its average total debt. Total debt equals to Long-Term Debt & Capital Lease Obligation plus Short-Term Debt & Capital Lease Obligation. Mackinac Financial's annualized positive value of Interest Expense for the quarter that ended in Jun. 2021 was $3.69 Mil. Mackinac Financial's average total debt for the quarter that ended in Jun. 2021 was $40.95 Mil. Therefore, Mackinac Financial's annualized Effective Interest Rate on Debt % for the quarter that ended in Jun. 2021 was 9.02%.

Mackinac Financial Effective Interest Rate on Debt % Historical Data

The historical data trend for Mackinac Financial's Effective Interest Rate on Debt % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Mackinac Financial Effective Interest Rate on Debt % Chart

Mackinac Financial Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Effective Interest Rate on Debt %

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8.62

8.75

12.03

17.16

11.28

Mackinac Financial Quarterly Data
	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21
Effective Interest Rate on Debt %	Get a 7-Day Free Trial															8.74	7.35	8.42	7.62	9.02

Competitive Comparison of Mackinac Financial's Effective Interest Rate on Debt %

For the Banks - Regional subindustry, Mackinac Financial's Effective Interest Rate on Debt %, along with its competitors' market caps and Effective Interest Rate on Debt % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Mackinac Financial's Effective Interest Rate on Debt % Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Mackinac Financial's Effective Interest Rate on Debt % distribution charts can be found below:

* The bar in red indicates where Mackinac Financial's Effective Interest Rate on Debt % falls into.

Mackinac Financial Effective Interest Rate on Debt % Calculation

Mackinac Financial's annualized Effective Interest Rate on Debt % for the fiscal year that ended in Dec. 2020 is calculated as

	Effective Interest Rate on Debt %
=	-1 * Interest Expense	/	( (Total Debt (A: Dec. 2019 )	+	Total Debt (A: Dec. 2020 ))	/ count )
=	-1 * -7.223	/	( (64.551	+	63.479)	/ 2 )
=	-1 * -7.223	/	64.015
=	11.28 %

where

	Total Debt (A: Dec. 2019 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	64.551	+	0
=	64.551

	Total Debt (A: Dec. 2020 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	63.479	+	0
=	63.479

Mackinac Financial's annualized Effective Interest Rate on Debt % for the quarter that ended in Jun. 2021 is calculated as

	Effective Interest Rate on Debt %
=	-1 * Interest Expense	/	( (Total Debt (Q: Mar. 2021 )	+	Total Debt (Q: Jun. 2021 ))	/ count )
=	-1 * -3.692	/	( (53.459	+	28.441)	/ 2 )
=	-1 * -3.692	/	40.95
=	9.02 %

where

	Total Debt (Q: Mar. 2021 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	53.459	+	0
=	53.459

	Total Debt (Q: Jun. 2021 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	28.441	+	0
=	28.441

In the calculation of annual Effective Interest Rate on Debt %, the Interest Expense of the last fiscal year and the average total debt over the fiscal year are used. In calculating the quarterly data, the Interest Expense data used here is four times the quarterly (Jun. 2021) interest expense data. Effective Interest Rate on Debt % is displayed in the 30-year financial page.

Mackinac Financial (NAS:MFNC) Effective Interest Rate on Debt % Explanation

Effective Interest Rate on Debt % measures the usage rate that a borrower actually pays on a debt.

Mackinac Financial Effective Interest Rate on Debt % Related Terms

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Mackinac Financial (Mackinac Financial) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Mackinac Financial Corp (NAS:MFNC) » Definitions » Effective Interest Rate on Debt %

Comparable Companies

Traded in Other Exchanges

N/A

Address

130 South Cedar Street, Manistique, MI, USA, 49854

Website

http://www.bankmbank.com

Mackinac Financial Corp is a bank holding company. It is engaged in the business of retail and commercial banking. Its products and services include checking and savings accounts, time deposits, interest-bearing transaction accounts, safe deposit facilities, commercial and governmental lease financing and direct, indirect consumer financing, commercial lending, treasury management products, services for small to mid-sized businesses as well as full array of personal and business deposit products and consumer loans. It earns revenue from loans, investments and other interest-bearing assets.

Executives

Paul Davison Tobias	director, officer: Chief Executive Officer	38710 WOODWARD AVENUE, SUITE 240, BLOOMFIELD HILLS MI 48304
Jesse A Deering	officer: EVP and CFO	260 EAST BROWN ST. SUITE 300 BIRMINGHAM MI 48009
Kelly W George	director, officer: President	130 SOUTH CEDAR STREET MANISTIQUE MI 49854
Martin A Thomson	director
Randolph Clare Paschke	director	5700 CASS AVENUE DETROIT MI 48202
Walter J Aspatore	director	255 E BROWN STREET, SUITE 120, BIRMINGHAM MI 48009
Dennis Bittner	director	113 S 10TH ST ESCANADA MI 49829
Steinhardt Capital Management, Llc	10 percent owner	650 MADISON AVENUE, 17TH FLOOR NEW YORK NY 10022
David Russ Steinhardt	director, 10 percent owner	650 MADISON AVENUE, 17TH FLOOR NEW YORK NY 10022
Steinhardt Capital Investors, Lllp	10 percent owner	650 MADISON AVENUE, 17TH FLOOR NEW YORK NY 10022
Mahaney Robert Edward Ii	director	989 WEST WASHINGTON STREET SUITE 102 MARQUETTE MI 49855
Joseph D Garea	director	469 NORTH HANLEY ROAD ST. LOUIS MO 63013
Robert Harris Orley	director	25251 RIVER DRIVE FRANKLIN MI 48025
Lewis Brooks Patterson	director	130 SOUTH CEDAR STREET MANISTIQUE MI 49854
Ernie R Krueger	officer: Executive VP and CFO	130 SOUTH CEDAR STREET MANISTIQUE MI 49854