HOLLAND — Macatawa Bank Corp. grew earnings by nearly 20 percent in the second quarter, maintaining the company’s strong financial performance.
The Holland-based Macatawa Bank on Thursday reported $8 million in quarterly net income, or 24 cents per diluted share, which compares to $6.7 million, or 20 cents per diluted share, in the same period in 2018.
Midway through 2019, net income grew more than 25 percent from the same period last year to $15.6 million, or 46 cents per diluted share.
“In the first half of 2019 our efforts have again resulted in strong and consistent financial performance for our shareholders,” President and Ronald Haan said in a statement. “The banking environment in Western Michigan remains highly competitive, yet with the focus of our strong and committed team of professional bankers, we believe that Macatawa Bank Corp. remains well-positioned for continued growth and success in the second half of 2019.”
Macatawa Bank’s total loans dipped slightly from the prior first quarter because of what was described as a seasonal decline from loan payoffs in agriculture and other areas such as auto lending. Seasonal loan payoffs totaled $38.4 million in the quarter.
Year-to-year, the bank’s total loan portfolio grew $20 million to end the quarter at $1.34 billion. The bank grew commercial loans 2.5 percent from a year earlier to $1.03 billion.
Macatawa Bank has 26 offices in Ottawa, Kent, northern Allegan counties with total assets of $1.97 billion.