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.