In Brief: Michigan Financial Says Net Increased 11%

MARQUETTE, Mich. - Michigan Financial Corp., a $768 million-asset bank holding company, announced first-quarter earnings of $1.98 million, or 35 cents a share, a 10.7% increase from a year earlier.

The earnings increase resulted from higher net interest margins this year, as well as a higher loan-to-deposit ratio.

All 1994 data have been restated to reflect the acquisition of Houghton Financial in April 1994, accounted for as a pooling of interests, and a 1- for-2 stock split in October, the company said.