Published in Breaking News

Earnings for Macatawa rise in second quarter

BY MiBiz Staff Thursday, July 28, 2016 05:07pm

HOLLAND — Macatawa Bank Corp. this afternoon reported higher earnings for the second quarter.

The Holland-based Macatawa Bank (Nasdaq: MCBC) posted quarterly net income of $3.7 million, or 11 cents per shares, versus $3.2 million, or 9 cents per share, in the same period a year ago.

Net income midway through 2016 totaled $7.2 million, or 21 cents per share. That compares with $6.0 million, or 18 cents per share, in the first the first six months of 2015.

The bank grew loans by 7 percent, or $81 million, over a 12-month period to end the second quarter at $1.21 billion in total loans. Commercial loans grew by $69.8 million to $894.4 million.

Assets increased by $48.5 million in a year to $1.67 billion.

“For the last several quarters we have been able to grow our revenue while maintaining a disciplined approach to expenses. We have also been able to grow our loan portfolio while strengthening our capital levels. These achievements reflect a discipline that will continue to guide our focus in coming quarters,” CEO Ron Haan said in a statement.

Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties.

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