Published in Breaking News

Macatawa Bank increases earnings in 2016

BY MiBiz Staff Thursday, October 27, 2016 04:56pm

Macatawa Bank Corp. today reported higher earnings for this year’s third quarter.

The Holland-based Macatawa Bank (Nasdaq: MCBC) reported quarterly net income of $4.6 million, or 14 cents per share. That compares with net income of $3.2 million, or 9 cents per share, for the third quarter of 2015.

President and CEO Ron Haan credited the higher earnings to increased non-interest income and gains on the sale of mortgages.

“For the last several quarters we have been able to grow our revenue while maintaining a disciplined approach to expenses,” Haan said. “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.”

Net income through the third quarter totaled $11.8 million, or 35 cents per share, versus $9.2 million, or 27 cents per share, in the first nine months of 2015.

Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with total assets of $1.65 billion.

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