HOLLAND — Macatawa Bank Corp. recorded strong earnings growth for the first three months of 2019.
The Holland-based Macatawa Bank (Nasdaq: MCBC) on Thursday afternoon reported $7.6 million in net income, or 22 cents per diluted share, versus $5.7 million, or 17 cents, to start 2018.
The bank grew loans by $59 million, or 4.4 percent, from a year earlier to $1.38 billion. Commercial loans alone increased 5.9 percent to $1.06 billion.
Loan growth “positively affected our net interest income while expenses have remained well-controlled,” President and CEO Ronald Haan said in a statement.
“Our commitment to operating a well-disciplined company that delivers superior financial services to the communities of Western Michigan has again resulted in strong and consistent financial performance for our shareholders,” Haan said.
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with $1.92 billion in total assets as of March 31.