HOLLAND — Macatawa Bank Corp. (Nasdaq: MCBC) reported higher earnings of $4.8 million for the third quarter, or 14 cents per share. That compares with net income of $4.6 million, or 14 cents per share, in the third quarter of 2016.
President CEO Ronald Haan said earnings benefitted from increased net interest income from higher average balances in business loans and investment securities, as well as from continued strong core deposit growth.
“Overall, our financial condition is strong, and we are well positioned to support future growth and benefit from future interest rate increases,” Haan said. “Our long term strategy of driving profitable growth remains the same, and we remain committed to building 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 said its commercial loans grew during the quarter by $26 million and commercial real estate loans increased by $30.3 million.
Net income through three quarters of 2017 was $14 million, or 42 cents per share, a nearly 19-percent increase from the $11.8 million, or 35 cents per share, through the first nine months of 2016.
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with total assets as of Sept. 30 of $1.80 billion.