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Published in Finance

Macatawa Bank’s Q1 earnings dip from last year

BY Thursday, April 28, 2022 10:28pm

Lower fee income resulting from reduced home mortgage originations and the federal government’s Paycheck Protection Program loans caused Macatawa Bank Corp.’s earnings to decline in the first quarter from a year earlier.

The Holland-based Macatawa Bank (Nasdaq: MCBC) today reported $6 million in quarterly net income to start 2022, or 18 cents per diluted share. That compares to the $7.7 million, or 23 cents per diluted share, in the first quarter of 2021.

Non-interest income declined to $4.9 million in the first quarter from $6.5 million a year earlier.

Excluding PPP, loan balances grew $28.5 million from the prior fourth quarter for a 10 percent annualized rate. The bank ended the quarter with $1.1 billion in total loans.

Commercial loans, minus PPP, grew $30.7 million in the first quarter of 2022 and ended the period at $932.5 million.

“Despite a challenging environment, we produced strong results for the first quarter of 2022. We believe the solid loan growth achieved in this first quarter reflects encouraging signs about our loan growth prospects for the rest of the year,” President and CEO Ronald Haan said in a statement. “We look forward to building on our first quarter momentum and seizing more opportunities to strategically deploy the excess funds our customers have entrusted us with into both loans and investment securities.”

Macatawa Bank has 26 offices in Ottawa, Kent and northern Allegan counties with $2.92 billion in total assets and total deposits of 2.58 billion.

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Read 306 times Last modified on Friday, 29 April 2022 09:58
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