HOLLAND — 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.
The Holland-based Macatawa Bank (Nasdaq: MCBC) reported net income of $16.2 million for 2017, or 48 cents per diluted share, versus $15.9 million, or 47 cents per diluted share, in the prior year.
Quarterly net income during the last three months of 2017 totaled $2.1 million, or 6 cents per diluted share. That compares to $4.1 million, or 12 cents per diluted share, in the fourth quarter a year earlier. Revaluing the deferred tax asset cut fourth quarter and annual earnings by $2.5 million.
“Our long term strategy of driving profitable growth continues to deliver results as we remain committed to operating a well-disciplined company that will deliver superior financial services to the communities of Western Michigan, while also providing strong and consistent financial performance for our shareholders,” Macatawa Bank President and CEO Ronald Haan said in a statement.
Macatawa Bank has 26 offices on Ottawa, Kent and Allegan counties with total assets of $1.89 billion.