Published in Finance

Earnings soar for Macatawa Bank in third quarter

BY MiBiz Staff Friday, October 26, 2018 11:12am

HOLLAND — Macatawa Bank Corp. grew earnings more than 40 percent in the third quarter.

The Holland-based Macatawa Bank on Thursday reported net income of $6.8 million, or 20 cents per diluted share, for the July-to-September period.

The corporation earned $4.8 million, or 14 cents per diluted share, in the third quarter of 2017.

“We remain committed to providing excellent financial services while operating a well-disciplined company that delivers strong and consistent financial performance for our shareholders. These results demonstrate that Macatawa Bank Corporation remains well-positioned for continued growth and success as we finish out 2018 and move into 2019,” Macatawa President and CEO Ronald Haan said in a statement.

Macatawa Bank recorded net income of $19.3 million, or 57 cents per diluted share, through the third quarter, versus net income of $14 million, or 42 cents per diluted share, in the first nine months of last year.

The improved results were partly the result of a lower federal tax rate that reduced Macatawa Bank’s income tax expense to $1.5 million for the third quarter of 2018 from $2.1 million a year earlier, and to $4.2 million from $6.2 million over the first nine months of the year.

Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with assets of $1.91 billion as of Sept. 30.

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