Displaying items tagged: Macatawa Bank Corp

Lower fee income resulting from reduced home mortgage originations and the federal government’s Paycheck Protection Program loans caused Macatawa Bank Corp.’s earnings to decline in the first quarter from a year earlier.

HOLLAND — Macatawa Bank Corp. recorded lower fourth quarter earnings that partly resulted from reduced fee income as fewer federal Paycheck Protection Program loans were forgiven.

HOLLAND TWP. — Macatawa Bank Corp.’s third-quarter earnings grew slightly from a year earlier amid strong deposit growth.

Some of the smallest banks in Michigan’s market recorded the biggest growth rates in deposits during a recent 12-month period of the COVID-19 pandemic.

GRAND RAPIDS TWP. — Relocating its headquarters closer to Grand Rapids will give Union Bank a bigger presence in a market that’s been generating growth for a few years.

HOLLAND — Macatawa Bank Corp. reported higher earnings for the first quarter as gains on mortgages tripled from a year earlier and more than offset lower interest income.

HOLLAND — Macatawa Bank Corp. increased earnings in the fourth quarter, although full-year results declined from the prior year.

HOLLAND — Costs from the COVID-19 pandemic lowered Macatawa Bank Corp.’s most recent quarterly earnings.

Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.

Macatawa Bank Corp. reported lower earnings for the second quarter after raising a reserve to cover potential future loan losses.

In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.

HOLLAND — Earnings at Macatawa Bank Corp. declined for the first quarter, largely from higher a loan-loss provision because of the COVID-19 pandemic.

Two locally-based banks — Mercantile Bank and West Michigan Community Bank — plan to close the lobbies of bank branches to customers starting Wednesday.

MiBiz Growth Report for March 15, 2020.

GRAND RAPIDS — Goodrich Quality Theaters Inc., a Grand Rapids-based chain of 30 movie theaters in five states, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Michigan.

GRAND RAPIDS — Grand Rapids-based Jedco Inc. is expanding and planning to move from its current location.

HOLLAND — Macatawa Bank Corp. grew net income 16 percent in the fourth quarter to $8.1 million, or 24 cents per diluted share, capping off a year of strong earnings growth.

Macatawa Bank Corp. grew earnings nearly 20 percent in the third quarter from a year earlier.

HOLLAND — Macatawa Bank Corp. grew earnings by nearly 20 percent in the second quarter, maintaining the company’s strong financial performance.

Macatawa Bank Corp. recorded strong earnings growth for the first three months of 2019.

Macatawa Bank Corp. nearly tripled earnings for the fourth quarter.

Macatawa Bank Corp. grew earnings more than 40 percent in the third quarter.

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.

Despite strong business optimism and continued economic expansion, bankers say they still see their West Michigan business clients taking a cautious approach to debt.

A lower federal corporate tax rate contributed to higher earnings for West Michigan community banks that reported quarterly results this week.

Here is the MiBiz Growth Report for March 5, 2018:

• M&A: After nearly doubling the business over the last two and a half years, the private equity owners of Action Fabricators Inc. decided the market timing was right to find a partner to take the company to the next level. Last week, Chattanooga, Tenn.-based River Associates Investments LLC announced it had sold the Grand Rapids-based manufacturer of adhesive-backed products for the automotive and medical device industry to Boyd Corp. of Modesto, Calif. Terms of the deal were not disclosed. Action Fabricators grew revenues from around $45 million in 2015 to nearly $80 million at the time of the sale. President and CEO Jon Rudolph and the rest of the management team will stay on with the new owners. Boyd is a portfolio company of San Francisco-based Genstar Capital. Milwaukee, Wis.-based Robert W. Baird & Co. represented Action Fabricators in the deal.

Macatawa Bank Corp. recorded higher earnings for 2017, despite a decline in net income for the fourth quarter from having to revalue a deferred tax asset after federal tax reform late in the year.

While inventory remains constrained, the value of commercial real estate transactions continues to gather momentum in West Michigan.

Macatawa Bank Corp. (Nasdaq: MCBC) reported higher earnings of $4.8 million for the third quarter, or 14 cents per share.

Macatawa Bank Corp. recorded strong earnings growth for the second quarter.