Published in Finance

Macatawa Bank reports higher earnings for 3Q

BY Friday, October 25, 2019 07:30am

HOLLAND — Macatawa Bank Corp. grew earnings nearly 20 percent in the third quarter from a year earlier.

The Holland-based Macatawa Bank (Nasdaq: MCBC) on Thursday afternoon reported quarterly net income of $8.1 million, or 24 cents per diluted share, for the July-to-September period. That compares with net income of $6.8 million, or 20 cents per diluted share, in the third quarter of 2018.

“Macatawa Bank Corp. continued its strong financial performance in the third quarter of 2019,” President and CEO Ronald Haan said in the bank’s quarterly earnings release. “While the banking environment in western Michigan remains highly competitive, we continue to add new customers who appreciate our local focus, exceptional customer service, and professional staff. Building a well-disciplined company that will deliver superior financial services remains our goal, and we believe that Macatawa Bank Corp. remains well-positioned for continued growth and success as we finish 2019 and head into 2020.”

The bank’s commercial loans grew 5 percent, or by $52 million, from a year earlier to end the quarter at $1.07 billion. Total loans increased 2.4 percent over 12 months to $1.37 billion.

Net income for the first nine months of 2019 totaled $23.8 million, or 70 cents per diluted, up 23 percent through the third quarter of 2018.

Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with assets of $2.14 billion and $1.82 billion in deposits.

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