Macatawa Bank Corp. grew earnings by 28 percent in the first quarter with strong commercial loan originations.
The Holland-based Macatawa Bank (Nasdaq: MCBC) late today reported quarterly net income of $4.4 million, or 13 cents per diluted share, which compares with net income of $3.4 million, or 10 cents per diluted share, in the first quarter of 2016.
The bank originated $60.3 million in commercial loans during the quarter, versus $54.6 million a year earlier. Commercial loans grew 6.8 percent year to year to $962.1 million. Total loans grew 4.1 percent to $1.26 billion.
“As we look to the remainder of 2017, we intend to continue to drive quality loan portfolio growth, increase revenue and manage expenses,” said President and CEO Ron Haan.
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties, with assets of $1.74 billion and $1.43 billion in deposits.