Published in Finance

Macatawa Bank earnings up 20 percent for second quarter

BY Friday, July 26, 2019 10:32am

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.

COURTESY PHOTO

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.


MiBiz finance news coverage is supported by Chemical Bank, the largest banking company headquartered and operating branch offices in Michigan. Visit chemicalbank.com for information. (This sponsorship is advertising. It has no effect on editorial consideration in MiBiz.)

Read 1206 times Last modified on Friday, 26 July 2019 10:42
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