HOLLAND — Macatawa Bank Corp. recorded strong earnings growth for the second quarter.
The Holland-based Macatawa Bank (Nasdaq: MCBC) on Thursday afternoon reported net income of $4.7 million, or 14 cents per share, for the quarter that ended June 30. That compares with net income of $3.7 million, or 11 cents per share, in the second quarter of 2016.
Net income for the first half of the year reached $9.2 million, or 27 cents per share, versus $7.2 million, or 21 cents per share, in the first six months of 2016.
Macatawa Bank expects “the favorable trends we experienced in the first half of this year to continue as we look to the remainder of 2017,” said President and CEO Ron Haan.
He attributed the improved earnings to higher net interest income that benefited from strong core deposit growth, increases in average balances for business loans, and higher short-term interest rates.
“Operating performance continues to improve, asset quality remains strong, capital levels are high, and the number of customer relationships continues to expand,” Haan said. “Our long term strategy of driving profitable growth through consistent increases in quality business loans, while maintaining a disciplined approach to managing expenses remains the same.”
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with total assets of $1.75 billion at the end of the second quarter.