Published in Finance

West Michigan banking roundup: Q4 and year end 2015

BY Wednesday, February 03, 2016 11:17am

Here is a round-up of quarterly and annual performance filings from banks in West Michigan.

• Holland-based Macatawa Bank (Nasdaq: MCBC) reported full-year net income of $12.7 million, or 38 cents per diluted share, which compares to $10.4 million, or 31 cents per diluted share, for 2014. The bank significantly reduced non-performing assets by 50 percent during the year. In the fourth quarter, Macatawa sold $7.9 million of what’s designated as “other real estate,” or foreclosed or repossessed property the bank owned. The sale should lead to a significant reduction in expenses associated with non-performing assets in 2016, according to President and CEO Ron Haan. Macatawa Bank’s fourth quarter net income totaled $3.5 million, or 10 cents per diluted share, versus $2.3 million, or 7 cents per diluted share, in the fourth quarter of 2014. The bank ended 2015 with total assets of $1.72 billion, an increase of more than 9 percent from a year earlier.

• Ionia-based Independent Bank Corp. (Nasdaq: IBCP) grew net income to $20.0 million for 2015, or 86 cents per diluted share. That compares with net income of $18.0 million, or 77 cents per share, in 2014. The bank had fourth quarter net income of $5.6 million, or 25 cents per diluted share, compared to net income of $3.9 million, or 17 cents per diluted share, in the same period a year earlier. Independent Bank has 63 offices in the Lower Peninsula and ended 2015 total assets of $2.40 billion.

ChoiceOne Financial Services Inc. (OTC: COFS), the parent company of ChoiceOne Bank, reported record net income of $5.7 million, or $1.74 per share, for 2015, which compares to $5.69 million, or $1.72 per share, in 2014. CEO James Bosserd called the results “significant” given the $750,000 the bank invested in 2015 to upgrade data processing and online banking systems. The Sparta-based ChoiceOne had fourth quarter net income of $1.2 million, or 37 cents per share, versus $1.5 million, or 47 cents per share, in the fourth quarter of 2014. ChoiceOne has 12 offices in parts of Kent, Ottawa, Muskegon, and Newaygo counties and ended 2015 with record assets of $568 million.

Sturgis Bancorp Inc. (OTCQX: STBI), the parent of Sturgis Bank & Trust, reported higher net income of $2.5 million, or $1.19 per share, for 2015. Annual earnings were boosted by the April 2015 acquisition of West Michigan Savings Bank in Bangor. Quarterly net income totaled $824,000, or 40 cents per share, compared to $452,000, or 22 cents per share, in the fourth quarter of 2014. Sturgis Bank & Trust has 12 offices in Southwest Michigan with assets of $368.5 million.

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