Published in Finance

Macatawa Bank reports strong net income growth for fourth quarter

BY Friday, January 24, 2020 12:01pm

HOLLAND — Macatawa Bank Corp. grew net income 16 percent in the fourth quarter to $8.1 million, or 24 cents per diluted share, capping off a year of strong earnings growth.

The net income reported for the final three months of 2019 compares to $7.0 million, or 21 cents per diluted, that the Holland-based Macatawa Bank (Nasdaq: MCBC) recorded for the same period a year earlier.

Macatawa Bank on Thursday reported annual net income of $31.9 million, or 94 cents per diluted share, up 23 percent from the $26.3 million, or 78 cents per diluted share, for 2018.

“Despite a stubbornly flat yield curve, we continue to deliver strong growth and increased profitability,” President and CEO Ronald Haan said. “Building a well-disciplined company that will deliver superior financial services to the communities of Western Michigan, and also provide strong and consistent financial performance remains our goal. We achieved significant and measurable financial success during 2019 and remain well positioned for 2020 and beyond.”

Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with $2.07 billion in total assets as of Dec. 31, 2019, and $1.75 billion in deposits.

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