Macatawa Bank Corp. grew earnings during the fourth quarter and all of 2016.
The Holland-based Macatawa Bank (Nasdaq: MCBC) on Thursday reported net income of $4.1 million, or 12 cents per diluted share, for the fourth quarter, which compares with $3.5 million, or 10 cents per diluted share, in the same period a year earlier.
Net income for the full year totaled $15.9 million, or 47 cents per diluted share, versus $12.7 million, or 38 cents per diluted share, in 2015.
“We have honored our commitment to drive profitable growth with solid increases in quality loans, while maintaining a disciplined approach to managing expenses,” President and CEO Ron Haan said in a statement. "Our long term strategy remains the same. We intend to drive profitable growth and maintain a well-disciplined company that will deliver strong and consistent financial performance to our shareholders.”
Macatawa Bank has 23 offices in Ottawa, Kent and Allegan counties with total assets of $1.74 billion.