Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for
Macatawa Bank (collectively, the “Company”), today announced its
results for the fourth quarter and full year 2023.
- Full year net income of $43.2
million in 2023 – a 24% increase over $34.7 million in the prior
year
- Net income of $9.5 million in
fourth quarter 2023 – a decrease from $12.1 million earned in
fourth quarter 2022 and from $11.4 million earned in third quarter
2023
- Fourth quarter 2023 net income
impacted by $1.3 million in non-recurring costs related to CEO
retirement – after tax impact of $1.0 million
- Net interest margin decreased to
3.28% in fourth quarter 2023 versus 3.34% in fourth quarter 2022
and 3.35% in third quarter 2023
- Continued loan portfolio growth –
$47.1 million, or 14.6% annualized growth rate, for fourth quarter
2023, and $160.6 million, or 13.6%, in the last 12 months
- Deposit portfolio balances
decreased $29.9 million in the fourth quarter 2023 due to seasonal
fluctuations in municipal deposits
- Strong credit quality metrics –
non-performing assets total less than $1,000, allowance to total
loans coverage of 1.30%, and just one delinquent loan at December
31, 2023
- Provision for credit losses of
$400,000 in fourth quarter 2023 due to loan growth
- Accumulated Other Comprehensive
Income (AOCI) improved by $10.6 million in fourth quarter 2023
- Robust capital position - $143
million in excess capital over well-capitalized minimums
The Company reported net income of
$9.5 million, or $0.28 per diluted share, in
fourth quarter 2023 compared to $12.1 million,
or $0.35 per diluted share, in fourth quarter 2022.
For the full year 2023, the Company reported net income
of $43.2 million, or $1.26 per diluted share,
compared to $34.7 million, or $1.01 per diluted share,
for the full year 2022.
"We are pleased to report strong profitability
and balance sheet results for the fourth quarter 2023,” said Jon
Swets, President and CEO of the Company. “We ended the year with
strong loan portfolio growth, which sets us up well heading into
2024. We maintained our excellent asset quality,
having just one loan past due more than 30 days at December
31, 2023. On the funding side of the balance sheet we
continue to see shifting in our deposits to higher interest bearing
types which has a downward impact on net interest margin, but the
pace of this shifting has clearly slowed in recent
months.”
Mr. Swets concluded: "We believe our balance
sheet is well positioned in the current environment. In
addition to the $418.0 million of overnight funds we have at
year end 2023, we have nearly $300 million of investments
maturing over the next twelve months. Deploying those funds
into loans or even additional overnight funds will likely be
accretive to our interest income. Our loan-to-deposit ratio
at December 31, 2023 was just 55%, giving us a significant amount
of room to grow our loan portfolio without the need to look to
wholesale funding sources. Our liquidity, high level of
capital, and excellent asset quality put us in a good position to
weather softer economic conditions, should they occur, and to seize
loan growth opportunities in our markets. We remain committed to
the conservative and well-disciplined approach to running the
Company that has provided strong and consistent financial
performance to our shareholders.”
Operating ResultsNet interest
income for the fourth quarter 2023 totaled $21.4
million, a decrease of $803,000 from third quarter
2023 and a decrease of $1.4 million from
fourth quarter 2022. Net interest margin for
fourth quarter 2023 was 3.28% percent, down 7 basis
points from third quarter 2023 and down 6 basis points from
fourth quarter 2022. Net interest income in fourth quarter 2023
versus fourth quarter 2022 was impacted by increases in deposit
rates and significant shifting of deposits from noninterest bearing
types to money market and certificate of deposit accounts in
response to the significant increases in the federal funds rate
over the past two years. Interest on commercial
loans increased $361,000 in the fourth quarter
2023 compared to third quarter 2023 and by $3.3 million
compared to fourth quarter 2022 due to increases in both
rate and average portfolio balances. Interest on federal funds in
the fourth quarter 2023 decreased by $772,000 compared to
third quarter 2023 and by $845,000 compared to fourth quarter
2022 due to lower average balances held more than
offsetting the impact of higher rates paid. Interest on investment
securities in the fourth quarter 2023 increased by
$29,000 over third quarter 2023 and $605,000 over
fourth quarter 2022. Interest expense totaled
$8.2 million in the fourth quarter 2023 compared to
$7.5 million in third quarter 2023 and $2.6 million in
the fourth quarter 2022 as rates paid on deposits
increased and given the shift into interest bearing deposit
types.
Non-interest income increased $68,000 in
fourth quarter 2023 compared to third quarter
2023 and decreased $351,000 from fourth quarter
2022. Deposit service charge income, including treasury management
fees, was down $25,000 in fourth quarter 2023 compared to third
quarter 2023 and was down $41,000 from fourth quarter 2022. The
decrease from third quarter 2023 and fourth quarter 2022 was
primarily due to higher earnings credits provided on treasury
management accounts with the increase in deposit market interest
rates. Brokerage income was up $55,000 in fourth quarter 2023
compared to third quarter 2023 and was down $233,000 compared
to fourth quarter 2022 as the Company had an unusually high level
of sales in the fourth quarter 2022. The rising rate environment
continued to have a negative effect on mortgage loan sales gains.
Gains on sales of mortgage loans in fourth quarter
2023 were $28,000, up $23,000 compared to third
quarter 2023 and down $4,000 from fourth quarter 2022.
The Company originated $1.2 million in mortgage loans for sale in
fourth quarter 2023 compared to $284,000 in third quarter
2023 and $1.2 million in fourth quarter 2022. All three
periods reflected low originations for sale as the Company
intentionally shifted its originations to hold in portfolio given
the relatively high interest rates on production in those periods.
Trust fees were down $54,000 in fourth quarter 2023 compared to
third quarter 2023 and were up $65,000 compared to fourth quarter
2022, due largely to changes in underlying trust asset valuations.
Income from debit and credit cards was down $59,000 in fourth
quarter 2023 compared to third quarter 2023 and was down $68,000
compared to fourth quarter 2022 due primarily to customer usage
behavior.
Non-interest expense was $14.0 million for
fourth quarter 2023, compared to $12.8 million for third
quarter 2023 and $12.4 million for fourth quarter
2022. The largest component of non-interest expense was salaries
and benefits expenses. Salaries and benefits expenses were up
$1.2 million compared to third quarter 2023 and were
up $1.3 million compared to fourth quarter 2022. The
increase compared to third quarter 2023 and fourth quarter
2022 was primarily due to $1.3 million in expenses related to
the CEO retirement agreement effective November 1, 2023 incurred in
the fourth quarter 2023. The table below identifies the primary
components of the changes in salaries and benefits between
periods.
|
|
Q4 2023 |
|
|
Q4 2023 |
|
|
|
to |
|
|
to |
|
Dollars in 000s |
|
Q3 2023 |
|
|
Q4 2022 |
|
|
|
|
|
|
|
|
|
|
Salaries and other
compensation |
|
$ |
(97 |
) |
|
$ |
(49 |
) |
Executive retirement
costs |
|
|
1,261 |
|
|
|
1,261 |
|
Salary deferral from
commercial loans |
|
|
46 |
|
|
|
(6 |
) |
Bonus accrual |
|
|
— |
|
|
|
(81 |
) |
Mortgage production – variable
comp |
|
|
(8 |
) |
|
|
63 |
|
Brokerage – variable comp |
|
|
17 |
|
|
|
(79 |
) |
401k matching
contributions |
|
|
(8 |
) |
|
|
18 |
|
Medical insurance costs |
|
|
(29 |
) |
|
|
140 |
|
Total change in salaries and benefits |
|
$ |
1,182 |
|
|
$ |
1,267 |
|
Occupancy expenses were down $76,000 in
fourth quarter 2023 compared to third quarter 2023 and
were down $20,000 compared to fourth quarter 2022. Furniture
and equipment expenses were up $4,000 compared to third
quarter 2023 and were up $63,000 compared to fourth
quarter 2022 due primarily to higher costs associated with
equipment and software service contracts. FDIC assessment expense
was flat in fourth quarter 2023 compared to third
quarter 2023 and was up $119,000 compared to fourth
quarter 2022, reflecting higher assessments placed on banks by the
FDIC beginning in 2023. Legal and professional fees were up
$97,000 in fourth quarter 2023 compared to third
quarter 2023 and were up $233,000 compared to fourth quarter
2022 due to higher use of corporate counsel in the fourth
quarter 2023 including executive management transition
matters as well as the outsourcing of certain internal audit
activities. Other categories of non-interest expense were
relatively flat compared to third quarter 2023 and fourth
quarter 2022 due to a continued focus on expense
management.
Federal income tax expense was $2.3 million
for fourth quarter 2023, $2.8 million for third
quarter 2023, and $3.0 million for fourth quarter 2022.
The effective tax rate was 19.27% for fourth
quarter 2023, compared to 19.75% for third
quarter 2023 and 19.64% for fourth quarter
2022.
Asset QualityThe Company
adopted ASU 2016-13, Financial Instruments – Credit Losses,
commonly referred to as “CECL” on January 1, 2023. The impact on
adoption was an increase to the allowance for credit losses of $1.5
million. A provision for credit losses of $400,000 was
taken in fourth quarter 2023 compared to a provision
benefit of $150,000 in third quarter 2023 and a provision for
credit losses of $375,000 in fourth quarter 2022. The
provision in fourth quarter 2023 was largely driven by loan growth
during the quarter. Net loan recoveries for fourth quarter
2023 were $41,000, compared to third quarter 2023 net loan
recoveries of $42,000 and fourth quarter 2022 net loan
recoveries of $89,000. At December 31, 2023, the Company had
experienced net loan recoveries in thirty-four of the past
thirty-six quarters. Total loans past due on payments by 30 days or
more amounted to $44,000 at December 31, 2023, versus $0
at September 30, 2023 and $172,000 at December 31, 2022.
Further, the weighted average loan grade of the Company’s
commercial loan portfolio decreased to 3.49 at December 31,
2023, compared to 3.54 at December 31, 2022. A lower loan grade,
which is more favorable, decreases the need for providing for
credit losses on our portfolio.
The allowance for credit losses of
$17.4 million was 1.30% of total loans at December 31,
2023, compared to $17.0 million or 1.32% of total loans
at September 30, 2023, and $15.3 million or 1.30% at
December 31, 2022. The coverage ratio of allowance for credit
losses to nonperforming loans continued to be strong and
significantly exceeded 1-to-1 coverage at 17,442-to-1 as of
December 31, 2023.
At December 31, 2023, the Company's
nonperforming loans were $1,000, representing 0.00% of
total loans. This compares to $1,000 (0.00% of total loans) at
September 30, 2023 and $78,000 (0.01% of total loans) at December
31, 2022. The Company had no other real estate owned and
repossessed assets at December 31, 2023 and September
30, 2023, down from $2.4 million at December 31,
2022. The Company sold its final other real estate owned property
in first quarter 2023, recognizing a net gain of $356,000. Total
nonperforming assets, including other real estate owned and
nonperforming loans, decreased by $2.4 million
from December 31, 2022 to December 31, 2023.
A break-down of non-performing loans is shown in
the table below.
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
Mar 31, |
|
|
Dec 31, |
|
Dollars in 000s |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Commercial and Industrial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Commercial Loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential Mortgage
Loans |
|
|
1 |
|
|
|
1 |
|
|
|
72 |
|
|
|
75 |
|
|
|
78 |
|
Consumer Loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Non-Performing Loans |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
72 |
|
|
$ |
75 |
|
|
$ |
78 |
|
A break-down of non-performing assets is shown
in the table below.
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
Mar 31, |
|
|
Dec 31, |
|
Dollars in 000s |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Loans |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
72 |
|
|
$ |
75 |
|
|
$ |
78 |
|
Other Repossessed Assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other Real Estate Owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,343 |
|
Total Non-Performing Assets |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
72 |
|
|
$ |
75 |
|
|
$ |
2,421 |
|
Balance Sheet, Liquidity and
Capital
Total assets were $2.75 billion at December
31, 2023, a decrease of $11.0 million from $2.76 billion
at September 30, 2023 and a decrease of $158.2 million
from $2.91 billion at December 31, 2022.
The Company’s investment securities portfolio
primarily consists of U.S. treasury and agency securities, agency
mortgage backed securities and various municipal securities. Total
securities were $840.3 million at December 31, 2023, an
increase of $7.0 million from $833.3 million at September 30,
2023 and a decrease of $7.7 million from $848.0
million at December 31, 2022. The increase from third quarter
2023 was attributable to favorable market value adjustments
made to the Company's available for sale securities in the fourth
quarter 2023, which improved by $13.5 million from September 30,
2023 to December 31, 2023. The decrease from December
31, 2022 was due to the Company's decision to pause investment
purchase activity in the second half of 2023 to maintain
liquidity. The overall duration of the Company’s investment
securities portfolio at December 31, 2023 was relatively short
at 2.3 years. This provides a reliable source of cash inflows as
investment securities mature to support liquidity.
Total loans were $1.34 billion at December
31, 2023, an increase of $47.1 million from $1.29 billion
at September 30, 2023 and an increase of $160.6
million from $1.18 billion at December 31, 2022.
Commercial loans increased by $112.7 million
from December 31, 2022 to December 31, 2023, along with an
increase of $50.7 million in the residential mortgage portfolio,
partially offset by a decrease of $2.8 million in the consumer loan
portfolio. Within commercial loans, commercial real estate loans
increased by $47.5 million and commercial and industrial loans
increased by $65.3 million. The loan growth experienced in this
time period was the direct result of both new loan prospecting
efforts and existing customers beginning to draw more on existing
lines and borrow more for expansion of their businesses.
The composition of the commercial loan portfolio
is shown in the table below:
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
Mar 31, |
|
|
Dec 31, |
|
Dollars in 000s |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
Development |
|
$ |
128,277 |
|
|
$ |
120,892 |
|
|
$ |
116,124 |
|
|
$ |
120,268 |
|
|
$ |
116,715 |
|
Other Commercial Real
Estate |
|
|
456,822 |
|
|
|
446,393 |
|
|
|
443,489 |
|
|
|
423,080 |
|
|
|
420,888 |
|
Commercial Loans Secured by
Real Estate |
|
|
585,099 |
|
|
|
567,285 |
|
|
|
559,613 |
|
|
|
543,348 |
|
|
|
537,603 |
|
Commercial and Industrial |
|
|
506,974 |
|
|
|
488,224 |
|
|
|
489,273 |
|
|
|
473,354 |
|
|
|
441,716 |
|
Total Commercial Loans |
|
$ |
1,092,073 |
|
|
$ |
1,055,509 |
|
|
$ |
1,048,886 |
|
|
$ |
1,016,702 |
|
|
$ |
979,319 |
|
Total deposits were $2.42 billion at December
31, 2023, down $29.9 million, or 1.2%, from $2.45 billion
at September 30, 2023 and down $199.4 million, or 7.6%,
from $2.62 billion at December 31, 2022. While the Company
experienced an overall decline in deposit balances compared to the
prior year, some of this was attributable to balances moving into
wealth management accounts at the Bank, so these balances should
continue to benefit the Company. The Company experienced very
little change in deposit balances following the March 2023 bank
failures and resulting banking system disruption, with deposit
balances increasing by $84.8 million since March 31, 2023.
Macatawa’s deposit base is primarily made up of
many small accounts, and balances at December 31, 2023 were
comprised of 43% personal customers and 57% business customers.
Core deposits - which Management defines as deposits sourced within
its local markets - represented 100% of total deposits at December
31, 2023. Total deposit balances of $2.42 billion
at December 31, 2023 remained elevated, reflecting a $710.4
million increase, or 41.6%, over pre-pandemic totals of $1.71
billion as of March 31, 2020.
Noninterest bearing demand deposits were
down $10.0 million at the end of fourth quarter 2023
compared to the end of third quarter 2023 and were
down $191.8 million compared to the end of fourth quarter
2022. Interest bearing demand deposits, money market deposits and
savings deposits were down $47.9 million from the end of third
quarter 2023 and were down $223.1 million from the end
of fourth quarter 2022. Certificates of deposit were
up $28.1 million at December 31, 2023 compared to
September 30, 2023 and were up $215.5 million compared
to December 31, 2022 as customers reacted to increases in
market interest rates. All certificates of deposit are to local
customers as the Company does not have any brokered deposits at
December 31, 2023. The Company continues to be successful at
attracting and retaining core local deposit customers. Customer
deposit accounts remain insured to the highest levels available
under FDIC deposit insurance.
Management has actively pursued initiatives to
maintain a strong liquidity position. The Company has had no
brokered deposits on balance sheet since December 2011 and
continues to maintain significant on-balance sheet liquidity. At
December 31, 2023, balances held in federal funds sold and other
short-term investments amounted to $418.0 million. In
addition, the Company had total additional borrowing capacity,
including from the Federal Reserve’s Bank Term Funding Program, of
nearly $1.0 billion as of December 31, 2023. Because Management has
maintained the discipline of buying shorter-term bond durations in
the investment securities portfolio, there are $472.5 million in
bond maturities and paydowns coming into the Company in the next 24
months ending December 31, 2025.
The Company's total risk-based regulatory
capital ratio at December 31, 2023 was consistent with the
ratio at September 30, 2023 and December 31, 2022. Macatawa
Bank’s risk-based regulatory capital ratios continue to be at
levels considerably above those required to be categorized as “well
capitalized” under applicable regulatory capital guidelines. As
such, the Bank was categorized as "well capitalized" with $143
million in excess capital over well capitalized minimums at
December 31, 2023.
About Macatawa
BankHeadquartered in Holland, Michigan, Macatawa Bank
offers a full range of banking, retail and commercial lending,
wealth management and ecommerce services to individuals, businesses
and governmental entities from a network of 26 full-service
branches located throughout communities in Kent, Ottawa and
northern Allegan counties. The bank is recognized for its local
management team and decision making, along with providing customers
excellent service, a rewarding experience and superior financial
products. Macatawa Bank has been recognized for thirteen years as
one of “West Michigan’s 101 Best and Brightest Companies to Work
For”. For more information, visit www.macatawabank.com.
CAUTIONARY STATEMENT: This press release contains forward-looking
statements that are based on management's current beliefs,
expectations, assumptions, estimates, plans and intentions.
Forward-looking statements are identifiable by words or phrases
such as “anticipates,” "believe," "expect," "may," "should,"
"will," ”intend,” "continue," "improving," "additional," "focus,"
"forward," "future," "efforts," "strategy," "momentum,"
"positioned," and other similar words or phrases. Such statements
are based upon current beliefs and expectations and involve
substantial risks and uncertainties which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These statements include, among
others, statements related to trends in our key operating metrics
and financial performance, future levels of earnings and
profitability, future levels of earning assets, future asset
quality, future growth, future interest rates, future net interest
margin, future economic conditions, and future levels of unrealized
gains or losses in the investment securities portfolio. All
statements with references to future time periods are
forward-looking. Management's determination of the provision and
allowance for credit losses, the appropriate carrying value of
intangible assets (including deferred tax assets) and other real
estate owned and the fair value of investment securities (including
whether any impairment on any investment security is temporary or
other-than-temporary and the amount of any impairment) involves
judgments that are inherently forward-looking. Our ability to sell
other real estate owned at its carrying value or at all, reduce
non-performing asset expenses, utilize our deferred tax asset,
successfully implement new programs and initiatives, increase
efficiencies, maintain our current level of deposits and other
sources of funding, maintain liquidity, respond to declines in
collateral values and credit quality, improve profitability, and
produce consistent core earnings is not entirely within our control
and is not assured. The future effect of changes in the real
estate, financial and credit markets, interest rates and the
national and regional economy on the banking industry, generally,
and Macatawa Bank Corporation, specifically, are also inherently
uncertain. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions ("risk factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from
what may be expressed in or implied by such forward-looking
statements. Macatawa Bank Corporation does not undertake to update
forward-looking statements to reflect the impact of circumstances
or events that may arise after the date of the forward-looking
statements. |
|
Risk factors include, but are not limited to, the risk factors
described in "Item 1A - Risk Factors" of our Annual Report on Form
10-K for the year ended December 31, 2022. These and other factors
are representative of the risk factors that may emerge and could
cause a difference between an ultimate actual outcome and a
preceding forward-looking statement. |
MACATAWA
BANK CORPORATION |
CONSOLIDATED
FINANCIAL SUMMARY |
(Unaudited) |
(Dollars in thousands except per share information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
Twelve
Months Ended |
|
|
|
|
|
|
4th
Qtr |
|
3rd
Qtr |
|
4th
Qtr |
|
December 31 |
EARNINGS SUMMARY |
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Total
interest income |
|
|
|
|
|
$ |
29,638 |
|
|
$ |
29,787 |
|
|
$ |
25,454 |
|
|
$ |
113,811 |
|
|
$ |
74,906 |
|
Total
interest expense |
|
|
|
|
|
|
8,197 |
|
|
|
7,543 |
|
|
|
2,587 |
|
|
|
26,364 |
|
|
|
4,760 |
|
Net interest income |
|
|
|
|
|
|
21,441 |
|
|
|
22,244 |
|
|
|
22,867 |
|
|
|
87,447 |
|
|
|
70,146 |
|
Provision
for credit losses |
|
|
|
|
|
|
400 |
|
|
|
(150 |
) |
|
|
375 |
|
|
|
550 |
|
|
|
(1,125 |
) |
Net interest income after provision for credit losses |
|
|
|
|
|
|
21,041 |
|
|
|
22,394 |
|
|
|
22,492 |
|
|
|
86,897 |
|
|
|
71,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
service charges |
|
|
|
|
|
|
1,036 |
|
|
|
1,061 |
|
|
|
1,077 |
|
|
|
4,109 |
|
|
|
4,769 |
|
Net gains on
mortgage loans |
|
|
|
|
|
|
28 |
|
|
|
5 |
|
|
|
32 |
|
|
|
65 |
|
|
|
706 |
|
Trust
fees |
|
|
|
|
|
|
1,055 |
|
|
|
1,109 |
|
|
|
990 |
|
|
|
4,332 |
|
|
|
4,143 |
|
Other |
|
|
|
|
|
|
2,565 |
|
|
|
2,441 |
|
|
|
2,936 |
|
|
|
9,935 |
|
|
|
10,401 |
|
Total non-interest income |
|
|
|
|
|
|
4,684 |
|
|
|
4,616 |
|
|
|
5,035 |
|
|
|
18,441 |
|
|
|
20,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
|
|
|
|
|
8,131 |
|
|
|
6,949 |
|
|
|
6,864 |
|
|
|
28,620 |
|
|
|
26,194 |
|
Occupancy |
|
|
|
|
|
|
948 |
|
|
|
1,024 |
|
|
|
968 |
|
|
|
4,208 |
|
|
|
4,200 |
|
Furniture
and equipment |
|
|
|
|
|
|
1,054 |
|
|
|
1,050 |
|
|
|
991 |
|
|
|
4,199 |
|
|
|
4,008 |
|
FDIC
assessment |
|
|
|
|
|
|
330 |
|
|
|
330 |
|
|
|
211 |
|
|
|
1,320 |
|
|
|
789 |
|
Other |
|
|
|
|
|
|
3,501 |
|
|
|
3,436 |
|
|
|
3,414 |
|
|
|
13,244 |
|
|
|
13,035 |
|
Total non-interest expense |
|
|
|
|
|
|
13,964 |
|
|
|
12,789 |
|
|
|
12,448 |
|
|
|
51,591 |
|
|
|
48,226 |
|
Income
before income tax |
|
|
|
|
|
|
11,761 |
|
|
|
14,221 |
|
|
|
15,079 |
|
|
|
53,747 |
|
|
|
43,064 |
|
Income tax
expense |
|
|
|
|
|
|
2,266 |
|
|
|
2,808 |
|
|
|
2,961 |
|
|
|
10,523 |
|
|
|
8,333 |
|
Net
income |
|
|
|
|
|
$ |
9,495 |
|
|
$ |
11,413 |
|
|
$ |
12,118 |
|
|
$ |
43,224 |
|
|
$ |
34,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
|
|
|
|
$ |
0.28 |
|
|
$ |
0.33 |
|
|
$ |
0.35 |
|
|
$ |
1.26 |
|
|
$ |
1.01 |
|
Diluted
earnings per common share |
|
|
|
|
|
$ |
0.28 |
|
|
$ |
0.33 |
|
|
$ |
0.35 |
|
|
$ |
1.26 |
|
|
$ |
1.01 |
|
Return on
average assets |
|
|
|
|
|
|
1.41 |
% |
|
|
1.66 |
% |
|
|
1.72 |
% |
|
|
1.60 |
% |
|
|
1.21 |
% |
Return on
average equity |
|
|
|
|
|
|
13.89 |
% |
|
|
17.14 |
% |
|
|
20.22 |
% |
|
|
16.42 |
% |
|
|
14.19 |
% |
Net interest
margin (fully taxable equivalent) |
|
|
|
|
|
|
3.28 |
% |
|
|
3.35 |
% |
|
|
3.34 |
% |
|
|
3.36 |
% |
|
|
2.59 |
% |
Efficiency
ratio |
|
|
|
|
|
|
53.45 |
% |
|
|
47.61 |
% |
|
|
44.61 |
% |
|
|
48.72 |
% |
|
|
53.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
December
31 |
September
30 |
December
31 |
Assets |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Cash and due
from banks |
|
|
|
|
|
|
|
|
|
$ |
32,317 |
|
|
$ |
40,687 |
|
|
$ |
51,215 |
|
Federal
funds sold and other short-term investments |
|
|
|
|
|
|
|
|
|
|
418,035 |
|
|
|
469,786 |
|
|
|
703,955 |
|
Debt
securities available for sale |
|
|
|
|
|
|
|
|
|
|
508,798 |
|
|
|
503,277 |
|
|
|
499,257 |
|
Debt
securities held to maturity |
|
|
|
|
|
|
|
|
|
|
331,523 |
|
|
|
330,003 |
|
|
|
348,765 |
|
Federal Home
Loan Bank Stock |
|
|
|
|
|
|
|
|
|
|
10,211 |
|
|
|
10,211 |
|
|
|
10,211 |
|
Loans held
for sale |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
215 |
|
Total
loans |
|
|
|
|
|
|
|
|
|
|
1,338,386 |
|
|
|
1,291,290 |
|
|
|
1,177,748 |
|
Less
allowance for credit losses |
|
|
|
|
|
|
|
|
|
|
17,442 |
|
|
|
17,001 |
|
|
|
15,285 |
|
Net loans |
|
|
|
|
|
|
|
|
|
|
1,320,944 |
|
|
|
1,274,289 |
|
|
|
1,162,463 |
|
Premises and
equipment, net |
|
|
|
|
|
|
|
|
|
|
38,604 |
|
|
|
39,399 |
|
|
|
40,306 |
|
Bank-owned
life insurance |
|
|
|
|
|
|
|
|
|
|
54,249 |
|
|
|
54,043 |
|
|
|
53,345 |
|
Other real
estate owned |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
2,343 |
|
Other
assets |
|
|
|
|
|
|
|
|
|
|
34,018 |
|
|
|
38,015 |
|
|
|
34,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
$ |
2,748,699 |
|
|
$ |
2,759,710 |
|
|
$ |
2,906,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
|
|
|
|
|
|
|
$ |
643,035 |
|
|
$ |
653,052 |
|
|
$ |
834,879 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
1,772,695 |
|
|
|
1,792,534 |
|
|
|
1,780,263 |
|
Total deposits |
|
|
|
|
|
|
|
|
|
|
2,415,730 |
|
|
|
2,445,586 |
|
|
|
2,615,142 |
|
Other
borrowed funds |
|
|
|
|
|
|
|
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
Long-term
debt |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other
liabilities |
|
|
|
|
|
|
|
|
|
|
15,884 |
|
|
|
14,247 |
|
|
|
14,739 |
|
Total Liabilities |
|
|
|
|
|
|
|
|
|
|
2,461,614 |
|
|
|
2,489,833 |
|
|
|
2,659,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
287,085 |
|
|
|
269,877 |
|
|
|
247,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
$ |
2,748,699 |
|
|
$ |
2,759,710 |
|
|
$ |
2,906,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACATAWA
BANK CORPORATION |
SELECTED
CONSOLIDATED FINANCIAL DATA |
(Unaudited) |
(Dollars in thousands except per share information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
Year to Date |
|
|
4th
Qtr |
|
3rd
Qtr |
|
2nd
Qtr |
|
1st
Qtr |
|
4th
Qtr |
|
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
EARNINGS SUMMARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
21,441 |
|
|
$ |
22,244 |
|
|
$ |
21,146 |
|
|
$ |
22,616 |
|
|
$ |
22,867 |
|
|
$ |
87,447 |
|
|
$ |
70,146 |
|
Provision
for credit losses |
|
|
400 |
|
|
|
(150 |
) |
|
|
300 |
|
|
|
- |
|
|
|
375 |
|
|
|
550 |
|
|
|
(1,125 |
) |
Total
non-interest income |
|
|
4,684 |
|
|
|
4,616 |
|
|
|
4,613 |
|
|
|
4,528 |
|
|
|
5,035 |
|
|
|
18,441 |
|
|
|
20,019 |
|
Total
non-interest expense |
|
|
13,964 |
|
|
|
12,789 |
|
|
|
12,673 |
|
|
|
12,165 |
|
|
|
12,448 |
|
|
|
51,591 |
|
|
|
48,226 |
|
Federal
income tax expense |
|
|
2,266 |
|
|
|
2,808 |
|
|
|
2,474 |
|
|
|
2,975 |
|
|
|
2,961 |
|
|
|
10,523 |
|
|
|
8,333 |
|
Net
income |
|
$ |
9,495 |
|
|
$ |
11,413 |
|
|
$ |
10,312 |
|
|
$ |
12,004 |
|
|
$ |
12,118 |
|
|
$ |
43,224 |
|
|
$ |
34,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.28 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
1.26 |
|
|
$ |
1.01 |
|
Diluted
earnings per common share |
|
$ |
0.28 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
1.26 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per common share |
|
$ |
8.35 |
|
|
$ |
7.87 |
|
|
$ |
7.69 |
|
|
$ |
7.60 |
|
|
$ |
7.20 |
|
|
$ |
8.35 |
|
|
$ |
7.20 |
|
Tangible
book value per common share |
|
$ |
8.35 |
|
|
$ |
7.87 |
|
|
$ |
7.69 |
|
|
$ |
7.60 |
|
|
$ |
7.20 |
|
|
$ |
8.35 |
|
|
$ |
7.20 |
|
Market value
per common share |
|
$ |
11.28 |
|
|
$ |
8.96 |
|
|
$ |
9.28 |
|
|
$ |
10.22 |
|
|
$ |
11.03 |
|
|
$ |
11.28 |
|
|
$ |
11.03 |
|
Average
basic common shares |
|
|
34,325,743 |
|
|
|
34,291,487 |
|
|
|
34,292,179 |
|
|
|
34,297,221 |
|
|
|
34,277,839 |
|
|
|
34,301,650 |
|
|
|
34,259,604 |
|
Average
diluted common shares |
|
|
34,325,743 |
|
|
|
34,291,487 |
|
|
|
34,292,179 |
|
|
|
34,297,221 |
|
|
|
34,277,839 |
|
|
|
34,301,650 |
|
|
|
34,259,604 |
|
Period end
common shares |
|
|
34,361,562 |
|
|
|
34,291,487 |
|
|
|
34,291,487 |
|
|
|
34,292,294 |
|
|
|
34,298,640 |
|
|
|
34,361,562 |
|
|
|
34,298,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.41 |
% |
|
|
1.66 |
% |
|
|
1.57 |
% |
|
|
1.74 |
% |
|
|
1.72 |
% |
|
|
1.60 |
% |
|
|
1.21 |
% |
Return on
average equity |
|
|
13.89 |
% |
|
|
17.14 |
% |
|
|
15.70 |
% |
|
|
19.19 |
% |
|
|
20.22 |
% |
|
|
16.42 |
% |
|
|
14.19 |
% |
Efficiency
ratio |
|
|
53.45 |
% |
|
|
47.61 |
% |
|
|
49.20 |
% |
|
|
44.82 |
% |
|
|
44.61 |
% |
|
|
48.72 |
% |
|
|
53.49 |
% |
Full-time
equivalent employees (period end) |
|
|
314 |
|
|
|
313 |
|
|
|
322 |
|
|
|
317 |
|
|
|
318 |
|
|
|
314 |
|
|
|
318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YIELDS AND COST OF FUNDS RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other short-term investments |
|
|
5.41 |
% |
|
|
5.36 |
% |
|
|
5.05 |
% |
|
|
4.58 |
% |
|
|
3.72 |
% |
|
|
5.07 |
% |
|
|
1.53 |
% |
Total
securities (fully taxable equivalent) |
|
|
2.50 |
% |
|
|
2.47 |
% |
|
|
2.43 |
% |
|
|
2.40 |
% |
|
|
2.25 |
% |
|
|
2.45 |
% |
|
|
1.99 |
% |
Commercial
loans |
|
|
5.73 |
% |
|
|
5.66 |
% |
|
|
5.58 |
% |
|
|
5.40 |
% |
|
|
4.93 |
% |
|
|
5.60 |
% |
|
|
4.22 |
% |
Residential
mortgage loans |
|
|
4.41 |
% |
|
|
4.20 |
% |
|
|
3.93 |
% |
|
|
3.73 |
% |
|
|
3.53 |
% |
|
|
4.09 |
% |
|
|
3.36 |
% |
Consumer
loans |
|
|
8.15 |
% |
|
|
8.00 |
% |
|
|
7.63 |
% |
|
|
7.20 |
% |
|
|
6.22 |
% |
|
|
7.74 |
% |
|
|
4.88 |
% |
Total
loans |
|
|
5.65 |
% |
|
|
5.57 |
% |
|
|
5.47 |
% |
|
|
5.28 |
% |
|
|
4.83 |
% |
|
|
5.50 |
% |
|
|
4.16 |
% |
Total yield
on interest earning assets (fully taxable equivalent) |
|
|
4.54 |
% |
|
|
4.48 |
% |
|
|
4.31 |
% |
|
|
4.15 |
% |
|
|
3.72 |
% |
|
|
4.37 |
% |
|
|
2.73 |
% |
Interest
bearing demand deposits |
|
|
0.53 |
% |
|
|
0.45 |
% |
|
|
0.48 |
% |
|
|
0.43 |
% |
|
|
0.34 |
% |
|
|
0.47 |
% |
|
|
0.14 |
% |
Savings and
money market accounts |
|
|
1.97 |
% |
|
|
1.90 |
% |
|
|
1.64 |
% |
|
|
1.35 |
% |
|
|
0.73 |
% |
|
|
1.71 |
% |
|
|
0.28 |
% |
Time
deposits |
|
|
4.19 |
% |
|
|
3.86 |
% |
|
|
3.23 |
% |
|
|
2.22 |
% |
|
|
0.84 |
% |
|
|
3.58 |
% |
|
|
0.40 |
% |
Total
interest bearing deposits |
|
|
1.85 |
% |
|
|
1.69 |
% |
|
|
1.42 |
% |
|
|
1.05 |
% |
|
|
0.57 |
% |
|
|
1.51 |
% |
|
|
0.23 |
% |
Total
deposits |
|
|
1.35 |
% |
|
|
1.21 |
% |
|
|
1.01 |
% |
|
|
0.74 |
% |
|
|
0.38 |
% |
|
|
1.07 |
% |
|
|
0.15 |
% |
Other
borrowed funds |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
1.96 |
% |
Total
average cost of funds on interest bearing liabilities |
|
|
1.86 |
% |
|
|
1.69 |
% |
|
|
1.43 |
% |
|
|
1.07 |
% |
|
|
0.60 |
% |
|
|
1.52 |
% |
|
|
0.28 |
% |
Net interest
margin (fully taxable equivalent) |
|
|
3.28 |
% |
|
|
3.35 |
% |
|
|
3.36 |
% |
|
|
3.44 |
% |
|
|
3.34 |
% |
|
|
3.36 |
% |
|
|
2.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
charge-offs |
|
$ |
31 |
|
|
$ |
41 |
|
|
$ |
22 |
|
|
$ |
21 |
|
|
$ |
23 |
|
|
$ |
116 |
|
|
$ |
164 |
|
Net
charge-offs/(recoveries) |
|
$ |
(41 |
) |
|
$ |
(42 |
) |
|
$ |
(15 |
) |
|
$ |
(33 |
) |
|
$ |
(89 |
) |
|
$ |
(131 |
) |
|
$ |
(521 |
) |
Net
charge-offs to average loans (annualized) |
|
|
-0.01 |
% |
|
|
-0.01 |
% |
|
|
-0.00 |
% |
|
|
-0.01 |
% |
|
|
-0.03 |
% |
|
|
-0.01 |
% |
|
|
-0.05 |
% |
Nonperforming loans |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
72 |
|
|
$ |
75 |
|
|
$ |
78 |
|
|
$ |
1 |
|
|
$ |
78 |
|
Other real
estate and repossessed assets |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,343 |
|
|
$ |
- |
|
|
$ |
2,343 |
|
Nonperforming loans to total loans |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.01 |
% |
Nonperforming assets to total assets |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.08 |
% |
|
|
0.00 |
% |
|
|
0.08 |
% |
Allowance
for credit losses |
|
$ |
17,442 |
|
|
$ |
17,001 |
|
|
$ |
17,109 |
|
|
$ |
16,794 |
|
|
$ |
15,285 |
|
|
$ |
17,442 |
|
|
$ |
15,285 |
|
Allowance
for credit losses to total loans |
|
|
1.30 |
% |
|
|
1.32 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.30 |
% |
|
|
1.30 |
% |
|
|
1.30 |
% |
Allowance
for credit losses to nonperforming loans |
|
|
1744200.00 |
% |
|
1700100.00 |
% |
|
23762.50 |
% |
|
|
22392.00 |
% |
|
|
19596.15 |
% |
|
|
1744200.00 |
% |
|
19596.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
equity to average assets |
|
|
10.16 |
% |
|
|
9.71 |
% |
|
|
10.01 |
% |
|
|
9.07 |
% |
|
|
8.49 |
% |
|
|
9.74 |
% |
|
|
8.55 |
% |
Common
equity tier 1 to risk weighted assets (Consolidated) |
|
|
17.70 |
% |
|
|
17.66 |
% |
|
|
17.16 |
% |
|
|
17.08 |
% |
|
|
16.94 |
% |
|
|
17.70 |
% |
|
|
16.94 |
% |
Tier 1
capital to average assets (Consolidated) |
|
|
11.35 |
% |
|
|
10.91 |
% |
|
|
11.08 |
% |
|
|
10.26 |
% |
|
|
9.73 |
% |
|
|
11.35 |
% |
|
|
9.73 |
% |
Total
capital to risk-weighted assets (Consolidated) |
|
|
18.69 |
% |
|
|
18.65 |
% |
|
|
18.16 |
% |
|
|
18.08 |
% |
|
|
17.87 |
% |
|
|
18.69 |
% |
|
|
17.87 |
% |
Common
equity tier 1 to risk weighted assets (Bank) |
|
|
17.18 |
% |
|
|
17.14 |
% |
|
|
16.66 |
% |
|
|
16.58 |
% |
|
|
16.44 |
% |
|
|
17.18 |
% |
|
|
16.44 |
% |
Tier 1
capital to average assets (Bank) |
|
|
11.02 |
% |
|
|
10.59 |
% |
|
|
10.75 |
% |
|
|
9.96 |
% |
|
|
9.44 |
% |
|
|
11.02 |
% |
|
|
9.44 |
% |
Total
capital to risk-weighted assets (Bank) |
|
|
18.18 |
% |
|
|
18.13 |
% |
|
|
17.66 |
% |
|
|
17.58 |
% |
|
|
17.37 |
% |
|
|
18.18 |
% |
|
|
17.37 |
% |
Common
equity to assets |
|
|
10.44 |
% |
|
|
9.78 |
% |
|
|
10.03 |
% |
|
|
9.88 |
% |
|
|
8.50 |
% |
|
|
10.44 |
% |
|
|
8.50 |
% |
Tangible
common equity to assets |
|
|
10.44 |
% |
|
|
9.78 |
% |
|
|
10.03 |
% |
|
|
9.88 |
% |
|
|
8.50 |
% |
|
|
10.44 |
% |
|
|
8.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END
OF PERIOD BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
portfolio loans |
|
$ |
1,338,386 |
|
|
$ |
1,291,290 |
|
|
$ |
1,271,576 |
|
|
$ |
1,220,939 |
|
|
$ |
1,177,748 |
|
|
$ |
1,338,386 |
|
|
$ |
1,177,748 |
|
Earning
assets |
|
|
2,637,111 |
|
|
|
2,648,445 |
|
|
|
2,518,396 |
|
|
|
2,531,184 |
|
|
|
2,781,515 |
|
|
|
2,637,111 |
|
|
|
2,781,515 |
|
Total
assets |
|
|
2,748,699 |
|
|
|
2,759,710 |
|
|
|
2,630,254 |
|
|
|
2,637,153 |
|
|
|
2,906,919 |
|
|
|
2,748,699 |
|
|
|
2,906,919 |
|
Deposits |
|
|
2,415,730 |
|
|
|
2,445,586 |
|
|
|
2,321,545 |
|
|
|
2,330,895 |
|
|
|
2,615,142 |
|
|
|
2,415,730 |
|
|
|
2,615,142 |
|
Total
shareholders' equity |
|
|
287,085 |
|
|
|
269,877 |
|
|
|
263,819 |
|
|
|
260,568 |
|
|
|
247,038 |
|
|
|
287,085 |
|
|
|
247,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other short-term investments |
|
$ |
407,278 |
|
|
$ |
467,434 |
|
|
$ |
360,023 |
|
|
$ |
555,670 |
|
|
$ |
681,489 |
|
|
$ |
447,249 |
|
|
$ |
862,240 |
|
Total
securities |
|
|
875,067 |
|
|
|
879,379 |
|
|
|
900,724 |
|
|
|
898,691 |
|
|
|
862,613 |
|
|
|
888,376 |
|
|
|
749,787 |
|
Total
portfolio loans |
|
|
1,295,545 |
|
|
|
1,274,344 |
|
|
|
1,246,217 |
|
|
|
1,186,684 |
|
|
|
1,159,449 |
|
|
|
1,251,061 |
|
|
|
1,120,453 |
|
Earning
assets |
|
|
2,587,704 |
|
|
|
2,630,894 |
|
|
|
2,516,837 |
|
|
|
2,650,972 |
|
|
|
2,713,294 |
|
|
|
2,596,523 |
|
|
|
2,743,141 |
|
Total
assets |
|
|
2,691,336 |
|
|
|
2,743,069 |
|
|
|
2,625,334 |
|
|
|
2,757,594 |
|
|
|
2,822,770 |
|
|
|
2,704,258 |
|
|
|
2,865,254 |
|
Non-interest
bearing deposits |
|
|
648,084 |
|
|
|
692,436 |
|
|
|
674,565 |
|
|
|
732,434 |
|
|
|
847,752 |
|
|
|
686,664 |
|
|
|
884,579 |
|
Total
interest bearing deposits |
|
|
1,721,910 |
|
|
|
1,737,579 |
|
|
|
1,641,857 |
|
|
|
1,727,883 |
|
|
|
1,687,693 |
|
|
|
1,707,374 |
|
|
|
1,672,417 |
|
Total
deposits |
|
|
2,369,994 |
|
|
|
2,430,015 |
|
|
|
2,316,422 |
|
|
|
2,460,318 |
|
|
|
2,535,446 |
|
|
|
2,394,038 |
|
|
|
2,556,996 |
|
Borrowings |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
49,622 |
|
Total
shareholders' equity |
|
|
273,525 |
|
|
|
266,339 |
|
|
|
262,764 |
|
|
|
250,160 |
|
|
|
239,684 |
|
|
|
263,270 |
|
|
|
244,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Bryan L. Barker
Chief Financial Officer
616-494-1448
bbarker@macatawabank.com
Macatawa Bank (NASDAQ:MCBC)
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