Macatawa Bank Corp. maintained strong earnings and lending growth in the first quarter.
The Holland-based Macatawa Bank (Nasdaq: MCBC) reported a quarterly net income of $3.5 million, or 10 cents per share, an increase of 23 percent from the $2.8 million, or 8 cents per share, a year earlier.
The bank ended the quarter with $1.63 billion in total assets, versus $1.61 billion at the end of March 2015. Total loans grew $80.9 million in a year to $1.21 billion . Commercial loans were up $75.7 million from a year earlier.
Past due loans declined during the year to 0.07 percent of all loans, compared to 0.22 percent, and nonperforming assets declined by 55 percent.
“We continue to make excellent progress with momentum for continued growth and improved operating performance on a strong capital base,” President and CEO Ron Haan said in a statement. “The continued growth in our loan and deposit portfolios and significant reduction in problem assets puts us in a position to deliver even better operating performance going forward.”
