HOLLAND — Macatawa Bank Corp. credits higher net interest income, federal tax reform and cost control for a 17.5 percent increase in earnings for the second quarter.
Macatawa Bank (Nasdaq: MCBC) this afternoon reported net income of $6.7 million, or 20 cents per diluted share. The corporation a year earlier had net income of $5.7 million, or 17 cents per diluted share.
“Macatawa Bank Corp. achieved consistent and profitable growth in the second quarter of 2018. Trends noted in the first quarter continued and strengthened into the second quarter,” President and CEO Ronald Haan said in a statement. “These results demonstrate that Macatawa Bank Corp. remains well-positioned for continued growth and success in the second half of 2018.”
Quarterly net interest income grew 41 percent from a year earlier, driven by loan growth and higher interest rates. The bank’s tax expense declined from $2.1 million in the second quarter a year earlier to $1.4 million this year.
Through the first six months of 2018, Macatawa Bank had $12.4 million in net income, or 37 cents per diluted share, versus $9.2 million, or 27 cents per diluted share, in the first half of 2017.
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with $1.87 billion in total assets.