Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for
Macatawa Bank (collectively, the “Company”), today announced its
results for the second quarter 2023.
- Net income of $10.3 million in second quarter 2023 – an
increase of 57% over $6.6 million earned in second quarter 2022 and
down 14% from $12.0 million earned in first quarter 2023
- Net interest margin increased to 3.36% in second quarter 2023
versus 2.19% in second quarter 2022 and decreased from 3.44% in
first quarter 2023
- Continued loan portfolio growth – $50.6 million, or 17%
annualized growth rate, for the second quarter 2023, and $162.5
million, or 15%, in the last 12 months
- Deposit portfolio balances stabilized, decreasing only $9.4
million in the second quarter 2023, with no brokered deposits, and
remain elevated – 36% higher than pre-pandemic deposit balances of
$1.71 billion at March 31, 2020
- Strong credit quality metrics – non-performing assets at 0.003%
of total assets, allowance coverage of 1.35%, and improving
weighted average commercial loan grade
- Robust capital position - $131.4 million in excess capital over
well-capitalized minimums
The Company reported net income of $10.3 million, or $0.30 per
diluted share, in second quarter 2023 compared to $6.6 million, or
$0.19 per diluted share, in second quarter 2022. For the first six
months of 2023, the Company reported net income of $22.3 million,
or $0.65 per diluted share, compared to $12.6 million, or $0.37 per
diluted share, for the same period in 2022.
"We are pleased to report strong profitability and good balance
sheet results for the second quarter 2023,” said Ronald L. Haan,
President and CEO of the Company. “Net interest income for second
quarter 2023 was up $6.3 million from second quarter 2022,
reflecting benefits from federal funds rate increases and growth in
our loan and investment securities portfolios. We remain encouraged
by our loan origination activity while maintaining excellent credit
quality. We have seen some shifting in our deposits to higher
interest bearing types, particularly certificates of deposit, which
has a downward impact on net interest margin, but our core deposit
balances remain well above pre-pandemic levels and decreased only
slightly in the second quarter 2023 in the wake of the highly
publicized bank failures in early March of this year.”
Mr. Haan concluded: "We believe our balance sheet is well
positioned in the current environment. High levels of liquidity,
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. While cautionary signals
are ever present and we will undoubtedly face new challenges, we
remain committed to building a conservative and well-disciplined
company that is focused on using prudent and time tested banking
principles to provide strong and consistent financial performance
to our shareholders.”
Operating ResultsNet interest
income for the second quarter 2023 totaled $21.1 million, a
decrease of $1.5 million from first quarter 2023 and an increase of
$6.3 million from second quarter 2022. Net interest margin for
second quarter 2023 was 3.36 percent, down 8 basis points from
first quarter 2023 and up 117 basis points from second quarter
2022. Net interest income in second quarter 2023 versus second
quarter 2022 benefited from the significant increases in the
federal funds rate which totaled 350 basis points between July 2022
and June 2023 and the related increases in rate indices impacting
the Company’s variable rate loan portfolios. Interest on commercial
loans increased $5.8 million in the second quarter 2023 compared to
second quarter 2022 due to increases in both rate and average
portfolio balances. Interest on federal funds in the second quarter
2023 increased by $2.9 million compared to second quarter 2022 due
to higher rates paid on lower average balances held. Net interest
income also benefited from growth in the investment securities
portfolio to further deploy excess liquid funds held by the
Company. Interest on investment securities in the second quarter
2023 increased by $2.0 million over second quarter 2022. Interest
expense totaled $6.0 million in the second quarter 2023 compared to
$592,000 in the second quarter 2022 as rates paid on deposits
increased.
Non-interest income increased $85,000 in second quarter 2023
compared to first quarter 2023 and decreased $518,000 from second
quarter 2022. Brokerage income was down $133,000 in second quarter
2023 compared to first quarter 2023 and was down $67,000 compared
to the second quarter 2022. The rising rate environment continued
to have a negative effect on mortgage loan sales gains. Gains on
sales of mortgage loans in second quarter 2023 were just $21,000,
up $10,000 compared to first quarter 2023 and were down $178,000
from second quarter 2022. The Company originated $2.4 million in
mortgage loans for sale in second quarter 2023 compared to $179,000
in first quarter 2023 and $8.4 million in second quarter 2022.
Trust fees were up $103,000 in second quarter 2023 compared to
first quarter 2023 and were up $39,000 compared to second quarter
2022, due largely to improvement in underlying trust asset
valuations. Income from debit and credit cards was up $78,000 in
second quarter 2023 compared to first quarter 2023 and was down
$21,000 compared to second quarter 2022 due primarily to customer
usage behavior. Deposit service charge income, including treasury
management fees, was up $23,000 in second quarter 2023 compared to
first quarter 2023 and was down $201,000 from second quarter 2022.
The increase from first quarter 2023 was due to higher levels of
treasury management fees while the decrease from second quarter
2022 was primarily due to higher earnings credits provided on
treasury management accounts with the increase in deposit market
interest rates.
Non-interest expense was $12.7 million for second quarter 2023,
compared to $12.2 million for first quarter 2023 and $11.9 million
for second quarter 2022. The largest component of non-interest
expense was salaries and benefits expenses. Salaries and benefits
expenses were up $145,000 compared to first quarter 2023 and were
up $441,000 compared to second quarter 2022. The increase compared
to first quarter 2023 and second quarter 2022 was primarily due to
a higher level of salary and other compensation resulting from
merit adjustments to base pay effective April 1, 2023. The table
below identifies the primary components of the changes in salaries
and benefits between periods.
Dollars in 000s |
|
Q2 2023toQ1 2023 |
|
Q2 2023toQ2 2022 |
|
|
|
|
|
|
Salaries and other compensation |
|
$ |
204 |
|
|
$ |
316 |
|
Salary deferral from
commercial loans |
|
|
(70 |
) |
|
|
4 |
|
Bonus accrual |
|
|
--- |
|
|
|
67 |
|
Mortgage production – variable
comp |
|
|
73 |
|
|
|
(10 |
) |
Brokerage – variable comp |
|
|
(49 |
) |
|
|
(21 |
) |
401k matching
contributions |
|
|
(13 |
) |
|
|
10 |
|
Medical insurance costs |
|
|
--- |
|
|
|
75 |
|
Total change in salaries and benefits |
|
$ |
145 |
|
|
$ |
441 |
|
Occupancy expenses were down $39,000 in second quarter 2023
compared to first quarter 2023 and were up $27,000 compared to
second quarter 2022 due to snow removal costs. Furniture and
equipment expenses were up $33,000 compared to first quarter 2023
and were up $76,000 compared to second quarter 2022 due primarily
to higher costs associated with equipment and software service
contracts. FDIC assessment expense was flat in second quarter 2023
compared to first quarter 2023 and was up $133,000 compared to
second quarter 2022, reflecting higher assessments placed on banks
by the FDIC beginning in 2023. Data processing expenses were up
$51,000 in second quarter 2023 compared to first quarter 2023 and
were up $82,000 compared to second quarter 2022 due to higher usage
of electronic banking services by the Company’s customers and
inflationary increases imposed by vendors. In the first quarter
2023, $356,000 in net gains on sales of other real estate owned
were recognized as the Company sold its final other real estate
owned property. There were no such sales in second quarter 2023 or
in the second quarter 2022. Legal and professional fees were down
$77,000 in second quarter 2023 compared to first quarter 2023 and
were flat compared to second quarter 2022. The higher level of
expense in first quarter 2023 was due to various regulatory
compliance matters related to loan and deposit accounts referred to
legal counsel during the quarter. Outside services were flat in
second quarter 2023 compared to first quarter 2023 and were down by
$49,000 compared to second quarter 2022. Other categories of
non-interest expense were relatively flat compared to first quarter
2023 and second quarter 2022 due to a continued focus on expense
management.
Federal income tax expense was $2.5 million for second quarter
2023, $3.0 million for first quarter 2023, and $1.5 million for
second quarter 2022. The effective tax rate was 19.4 percent for
second quarter 2023, compared to 19.9 percent for first quarter
2023 and 18.5 percent for second quarter 2022. The increase in the
effective tax rate over 2022 was due to higher levels of taxable
income from both growth in taxable securities held in our
investment portfolio and growth in taxable income from rising
interest rates while our tax-exempt income has remained relatively
flat.
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 $300,000 was taken in second quarter 2023. No
provision for credit losses was recorded in first quarter 2023 or
in second quarter 2022. Net loan recoveries for second quarter 2023
were $15,000, compared to first quarter 2023 net loan recoveries of
$33,000 and second quarter 2022 net loan recoveries of $15,000. At
June 30, 2023, the Company had experienced net loan recoveries in
thirty-two of the past thirty-four quarters. Total loans past due
on payments by 30 days or more amounted to $158,000 at June 30,
2023, versus $277,000 at March 31, 2023 and $197,000 at June 30,
2022. Delinquencies at June 30, 2023 were comprised of just two
individual loans. Delinquency as a percentage of total loans was
just 0.01 percent at June 30, 2023, well below the Company’s peer
level. Further, the weighted average loan grade of the Company’s
commercial loan portfolio continued to improve, decreasing to 3.46
at June 30, 2023 compared to 3.51 at March 31,2023 and 3.58 at June
30, 2022. An improving loan grade decreases the need for providing
for credit losses on this portfolio.
The allowance for credit losses of $17.1 million was 1.35
percent of total loans at June 30, 2023, compared to $16.8 million
or 1.38 percent of total loans at March 31, 2023, and $14.6 million
or 1.32 percent at June 30, 2022. The coverage ratio of allowance
for credit losses to nonperforming loans continued to be strong and
significantly exceeded 1-to-1 coverage at 237-to-1 as of June 30,
2023.
At June 30, 2023, the Company's nonperforming loans were
$72,000, representing 0.01 percent of total loans. This compares to
$75,000 (0.01 percent of total loans) at March 31, 2023 and $90,000
(0.01 percent of total loans) at June 30, 2022. The Company had no
other real estate owned and repossessed assets at June 30, 2023 and
March 31, 2023, down from $2.3 million June 30, 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 June 30, 2022 to June 30, 2023.
A break-down of non-performing loans is shown in the table
below.
Dollars in 000s |
|
June 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Sept 30,2022 |
|
June 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate |
|
$ |
--- |
|
$ |
--- |
|
$ |
--- |
|
$ |
--- |
|
$ |
5 |
Commercial and Industrial |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
1 |
Total Commercial Loans |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
6 |
Residential Mortgage
Loans |
|
|
72 |
|
|
75 |
|
|
78 |
|
|
85 |
|
|
84 |
Consumer Loans |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
Total Non-Performing Loans |
|
$ |
72 |
|
$ |
75 |
|
$ |
78 |
|
$ |
85 |
|
$ |
90 |
A break-down of non-performing assets is shown in the table
below.
Dollars in 000s |
|
June 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Sept 30,2022 |
|
June 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Loans |
|
$ |
72 |
|
$ |
75 |
|
$ |
78 |
|
$ |
85 |
|
$ |
90 |
Other Repossessed Assets |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
Other Real Estate Owned |
|
|
--- |
|
|
--- |
|
|
2,343 |
|
|
2,343 |
|
|
2,343 |
Total Non-Performing Assets |
|
$ |
72 |
|
$ |
75 |
|
$ |
2,421 |
|
$ |
2,428 |
|
$ |
2,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet, Liquidity and Capital
Total assets were $2.63 billion at June 30, 2023, a decrease of
$6.9 million from $2.64 billion at March 31, 2023 and a decrease of
$151.0 million from $2.78 billion at June 30, 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
$853.2 million at June 30, 2023, a decrease of $21.1 million from
$874.3 million at March 31, 2023 and an increase of $64.9 million
from $788.3 million at June 30, 2022. The overall duration of the
Company’s investment securities portfolio at June 30, 2023 is
relatively short at less than three years. This provides a reliable
source of cash inflows as investment securities mature to support
liquidity.
Total loans were $1.27 billion at June 30, 2023, an increase of
$50.6 million from $1.22 billion at March 31, 2023 and an increase
of $162.5 million, excluding PPP loans, from $1.11 billion at June
30, 2022.
Commercial loans increased by $122.0 million, excluding PPP
loans, from June 30, 2022 to June 30, 2023, along with an increase
of $39.5 million in the residential mortgage portfolio, and an
increase of $1.0 million in the consumer loan portfolio. Within
commercial loans, commercial real estate loans increased by $40.5
million and commercial and industrial loans increased by $81.5
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:
Dollars in 000s |
|
June 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Sept 30,2022 |
|
June 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and Development |
|
$ |
116,124 |
|
$ |
120,268 |
|
$ |
116,715 |
|
$ |
111,624 |
|
$ |
107,325 |
Other Commercial Real
Estate |
|
|
443,489 |
|
|
423,080 |
|
|
420,888 |
|
|
410,600 |
|
|
411,778 |
Commercial Loans Secured by Real Estate |
|
|
559,613 |
|
|
543,348 |
|
|
537,603 |
|
|
522,224 |
|
|
519,103 |
Commercial and Industrial |
|
|
489,273 |
|
|
473,354 |
|
|
441,716 |
|
|
427,034 |
|
|
407,788 |
Paycheck Protection
Program |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
32 |
|
|
2,791 |
Total Commercial Loans |
|
$ |
1,048,886 |
|
$ |
1,016,702 |
|
$ |
979,319 |
|
$ |
949,290 |
|
$ |
929,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits were $2.32 billion at June 30, 2023, down $9.4
million, or 0.4 percent, from $2.33 billion at March 31, 2023 and
down $173.0 million, or 7 percent, from $2.49 billion at June 30,
2022. While the Company experienced an overall decline in deposit
balances during the three months ended June 30, 2023, much 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.
Macatawa’s deposit base is primarily made up of many small
accounts, and balances at June 30, 2023 were comprised of 45%
personal customers and 55% business customers. Core deposits -
which Management defines as deposits sourced within its local
markets - represented 100% of total deposits at June 30, 2023.
Total deposit balances of $2.32 billion at June 30, 2023 remained
elevated, reflecting a $616.2 million increase, or 36 percent, over
pre-pandemic totals of $1.71 billion as of March 31, 2020.
Demand deposits were down $22.9 million at the end of second
quarter 2023 compared to the end of first quarter 2023 and were
down $267.1 million compared to the end of second quarter 2022.
Money market deposits and savings deposits were down $55.6 million
from the end of first quarter 2023 and were down $64.7 million from
the end of second quarter 2022. Certificates of deposit were up
$69.1 million at June 30, 2023 compared to March 31, 2023 and were
up $158.7 million compared to June 30, 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 June 30, 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 June 30, 2023, balances
held in federal funds sold and other short-term investments
amounted to $343.7 million. In addition, the Company had total
additional borrowing capacity, including from the Federal Reserve’s
new Bank Term Funding Program, of approximately $964.2 million as
of June 30, 2023. Finally, because Management has maintained the
discipline of buying shorter-term bond durations in the investment
securities portfolio, there are $411.8 million in bond maturities
and paydowns coming into the Company in the next 24 months ending
June 30, 2025.
The Company's total risk-based regulatory capital ratio at June
30, 2023 was consistent with the ratio at March 31, 2023 and June
30, 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 $131.4 million in excess capital over well
capitalized minimums at June 30, 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 |
|
Six Months
Ended |
|
|
|
|
|
|
2nd
Qtr |
|
1st
Qtr |
|
2nd
Qtr |
|
June 30 |
EARNINGS SUMMARY |
|
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Total interest income |
|
|
|
|
|
$ |
27,120 |
|
|
$ |
27,266 |
|
|
$ |
15,435 |
|
|
$ |
54,386 |
|
|
$ |
28,578 |
|
Total interest expense |
|
|
|
|
|
|
5,974 |
|
|
|
4,650 |
|
|
|
592 |
|
|
|
10,624 |
|
|
|
1,070 |
|
Net interest income |
|
|
|
|
|
|
21,146 |
|
|
|
22,616 |
|
|
|
14,843 |
|
|
|
43,762 |
|
|
|
27,508 |
|
Provision for credit losses |
|
|
|
|
|
|
300 |
|
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
(1,500 |
) |
Net interest income after provision for credit losses |
|
|
|
|
|
|
20,846 |
|
|
|
22,616 |
|
|
|
14,843 |
|
|
|
43,462 |
|
|
|
29,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
|
|
|
|
|
1,018 |
|
|
|
994 |
|
|
|
1,218 |
|
|
|
2,012 |
|
|
|
2,430 |
|
Net gains on mortgage loans |
|
|
|
|
|
|
21 |
|
|
|
11 |
|
|
|
199 |
|
|
|
32 |
|
|
|
508 |
|
Trust fees |
|
|
|
|
|
|
1,136 |
|
|
|
1,033 |
|
|
|
1,096 |
|
|
|
2,168 |
|
|
|
2,184 |
|
Other |
|
|
|
|
|
|
2,438 |
|
|
|
2,490 |
|
|
|
2,618 |
|
|
|
4,929 |
|
|
|
4,974 |
|
Total non-interest income |
|
|
|
|
|
|
4,613 |
|
|
|
4,528 |
|
|
|
5,131 |
|
|
|
9,141 |
|
|
|
10,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
|
|
|
|
6,843 |
|
|
|
6,698 |
|
|
|
6,402 |
|
|
|
13,541 |
|
|
|
12,691 |
|
Occupancy |
|
|
|
|
|
|
1,098 |
|
|
|
1,137 |
|
|
|
1,071 |
|
|
|
2,235 |
|
|
|
2,243 |
|
Furniture and equipment |
|
|
|
|
|
|
1,064 |
|
|
|
1,031 |
|
|
|
988 |
|
|
|
2,095 |
|
|
|
2,004 |
|
FDIC assessment |
|
|
|
|
|
|
330 |
|
|
|
330 |
|
|
|
197 |
|
|
|
660 |
|
|
|
377 |
|
Other |
|
|
|
|
|
|
3,338 |
|
|
|
2,969 |
|
|
|
3,255 |
|
|
|
6,307 |
|
|
|
6,337 |
|
Total non-interest expense |
|
|
|
|
|
|
12,673 |
|
|
|
12,165 |
|
|
|
11,913 |
|
|
|
24,838 |
|
|
|
23,652 |
|
Income before income tax |
|
|
|
|
|
|
12,786 |
|
|
|
14,979 |
|
|
|
8,061 |
|
|
|
27,765 |
|
|
|
15,452 |
|
Income tax expense |
|
|
|
|
|
|
2,474 |
|
|
|
2,975 |
|
|
|
1,493 |
|
|
|
5,449 |
|
|
|
2,884 |
|
Net income |
|
|
|
|
|
$ |
10,312 |
|
|
$ |
12,004 |
|
|
$ |
6,568 |
|
|
$ |
22,316 |
|
|
$ |
12,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
|
|
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.19 |
|
|
$ |
0.65 |
|
|
$ |
0.37 |
|
Diluted earnings per common share |
|
|
|
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.19 |
|
|
$ |
0.65 |
|
|
$ |
0.37 |
|
Return on average assets |
|
|
|
|
|
|
1.57 |
% |
|
|
1.74 |
% |
|
|
0.92 |
% |
|
|
1.66 |
% |
|
|
0.87 |
% |
Return on average equity |
|
|
|
|
|
|
15.70 |
% |
|
|
19.19 |
% |
|
|
10.80 |
% |
|
|
17.40 |
% |
|
|
10.16 |
% |
Net interest margin (fully taxable equivalent) |
|
|
|
|
|
|
3.36 |
% |
|
|
3.44 |
% |
|
|
2.19 |
% |
|
|
3.40 |
% |
|
|
2.02 |
% |
Efficiency ratio |
|
|
|
|
|
|
49.20 |
% |
|
|
44.82 |
% |
|
|
59.64 |
% |
|
|
46.95 |
% |
|
|
62.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
June
30 |
|
March
31 |
|
June
30 |
Assets |
|
|
|
|
|
|
|
|
|
2023 |
|
2023 |
|
2022 |
Cash and due from banks |
|
|
|
|
|
|
|
|
|
$ |
40,255 |
|
|
$ |
29,402 |
|
|
$ |
38,376 |
|
Federal funds sold and other short-term investments |
|
|
|
|
|
|
|
|
|
|
343,676 |
|
|
|
391,336 |
|
|
|
721,826 |
|
Debt securities available for sale |
|
|
|
|
|
|
|
|
|
|
512,837 |
|
|
|
525,959 |
|
|
|
435,628 |
|
Debt securities held to maturity |
|
|
|
|
|
|
|
|
|
|
340,400 |
|
|
|
348,387 |
|
|
|
352,721 |
|
Federal Home Loan Bank Stock |
|
|
|
|
|
|
|
|
|
|
10,211 |
|
|
|
10,211 |
|
|
|
10,211 |
|
Loans held for sale |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
87 |
|
|
|
1,163 |
|
Total loans |
|
|
|
|
|
|
|
|
|
|
1,271,576 |
|
|
|
1,220,939 |
|
|
|
1,111,915 |
|
Less allowance for credit losses |
|
|
|
|
|
|
|
|
|
|
17,109 |
|
|
|
16,794 |
|
|
|
14,631 |
|
Net loans |
|
|
|
|
|
|
|
|
|
|
1,254,467 |
|
|
|
1,204,145 |
|
|
|
1,097,284 |
|
Premises and equipment, net |
|
|
|
|
|
|
|
|
|
|
39,766 |
|
|
|
40,249 |
|
|
|
41,088 |
|
Bank-owned life insurance |
|
|
|
|
|
|
|
|
|
|
53,791 |
|
|
|
53,557 |
|
|
|
52,963 |
|
Other real estate owned |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
2,343 |
|
Other assets |
|
|
|
|
|
|
|
|
|
|
34,851 |
|
|
|
33,820 |
|
|
|
27,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
$ |
2,630,254 |
|
|
$ |
2,637,153 |
|
|
$ |
2,781,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
|
|
|
|
|
|
|
$ |
704,409 |
|
|
$ |
690,444 |
|
|
$ |
903,334 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
1,617,136 |
|
|
|
1,640,451 |
|
|
|
1,591,249 |
|
Total deposits |
|
|
|
|
|
|
|
|
|
|
2,321,545 |
|
|
|
2,330,895 |
|
|
|
2,494,583 |
|
Other borrowed funds |
|
|
|
|
|
|
|
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
Long-term debt |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other liabilities |
|
|
|
|
|
|
|
|
|
|
14,890 |
|
|
|
15,690 |
|
|
|
13,516 |
|
Total Liabilities |
|
|
|
|
|
|
|
|
|
|
2,366,435 |
|
|
|
2,376,585 |
|
|
|
2,538,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
263,819 |
|
|
|
260,568 |
|
|
|
243,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
$ |
2,630,254 |
|
|
$ |
2,637,153 |
|
|
$ |
2,781,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACATAWA
BANK CORPORATION |
SELECTED
CONSOLIDATED FINANCIAL DATA |
(Unaudited) |
(Dollars in thousands except per share information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
Year to Date |
|
|
2nd
Qtr |
|
1st
Qtr |
|
4th
Qtr |
|
3rd
Qtr |
|
2nd
Qtr |
|
|
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
EARNINGS SUMMARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
21,146 |
|
|
$ |
22,616 |
|
|
$ |
22,867 |
|
|
$ |
19,771 |
|
|
$ |
14,843 |
|
|
$ |
43,762 |
|
|
$ |
27,508 |
|
Provision for credit losses |
|
|
300 |
|
|
|
- |
|
|
|
375 |
|
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
(1,500 |
) |
Total non-interest income |
|
|
4,613 |
|
|
|
4,528 |
|
|
|
5,035 |
|
|
|
4,889 |
|
|
|
5,131 |
|
|
|
9,141 |
|
|
|
10,096 |
|
Total non-interest expense |
|
|
12,673 |
|
|
|
12,165 |
|
|
|
12,448 |
|
|
|
12,127 |
|
|
|
11,913 |
|
|
|
24,838 |
|
|
|
23,652 |
|
Federal income tax expense |
|
|
2,474 |
|
|
|
2,975 |
|
|
|
2,961 |
|
|
|
2,488 |
|
|
|
1,493 |
|
|
|
5,449 |
|
|
|
2,884 |
|
Net income |
|
$ |
10,312 |
|
|
$ |
12,004 |
|
|
$ |
12,118 |
|
|
$ |
10,045 |
|
|
$ |
6,568 |
|
|
$ |
22,316 |
|
|
$ |
12,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.29 |
|
|
$ |
0.19 |
|
|
$ |
0.65 |
|
|
$ |
0.37 |
|
Diluted earnings per common share |
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.29 |
|
|
$ |
0.19 |
|
|
$ |
0.65 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
|
$ |
7.69 |
|
|
$ |
7.60 |
|
|
$ |
7.20 |
|
|
$ |
6.91 |
|
|
$ |
7.10 |
|
|
$ |
7.69 |
|
|
$ |
7.10 |
|
Tangible book value per common share |
|
$ |
7.69 |
|
|
$ |
7.60 |
|
|
$ |
7.20 |
|
|
$ |
6.91 |
|
|
$ |
7.10 |
|
|
$ |
7.69 |
|
|
$ |
7.10 |
|
Market value per common share |
|
$ |
9.28 |
|
|
$ |
10.22 |
|
|
$ |
11.03 |
|
|
$ |
9.26 |
|
|
$ |
8.84 |
|
|
$ |
9.28 |
|
|
$ |
8.84 |
|
Average basic common shares |
|
|
34,292,179 |
|
|
|
34,297,221 |
|
|
|
34,277,839 |
|
|
|
34,251,792 |
|
|
|
34,253,846 |
|
|
|
34,294,570 |
|
|
|
34,254,306 |
|
Average diluted common shares |
|
|
34,292,179 |
|
|
|
34,297,221 |
|
|
|
34,277,839 |
|
|
|
34,251,792 |
|
|
|
34,253,846 |
|
|
|
34,294,570 |
|
|
|
34,254,306 |
|
Period end common shares |
|
|
34,291,487 |
|
|
|
34,292,294 |
|
|
|
34,298,640 |
|
|
|
34,251,485 |
|
|
|
34,253,147 |
|
|
|
34,291,487 |
|
|
|
34,253,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.57 |
% |
|
|
1.74 |
% |
|
|
1.72 |
% |
|
|
1.40 |
% |
|
|
0.92 |
% |
|
|
1.66 |
% |
|
|
0.87 |
% |
Return on average equity |
|
|
15.70 |
% |
|
|
19.19 |
% |
|
|
20.22 |
% |
|
|
16.41 |
% |
|
|
10.80 |
% |
|
|
17.40 |
% |
|
|
10.16 |
% |
Efficiency ratio |
|
|
49.20 |
% |
|
|
44.82 |
% |
|
|
44.61 |
% |
|
|
49.18 |
% |
|
|
59.64 |
% |
|
|
46.95 |
% |
|
|
62.90 |
% |
Full-time equivalent employees (period end) |
|
|
322 |
|
|
|
317 |
|
|
|
318 |
|
|
|
316 |
|
|
|
315 |
|
|
|
322 |
|
|
|
315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YIELDS AND COST OF FUNDS RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other short-term investments |
|
|
5.05 |
% |
|
|
4.58 |
% |
|
|
3.72 |
% |
|
|
2.27 |
% |
|
|
0.79 |
% |
|
|
4.77 |
% |
|
|
0.45 |
% |
Debt securities (fully taxable equivalent) |
|
|
2.43 |
% |
|
|
2.40 |
% |
|
|
2.25 |
% |
|
|
2.07 |
% |
|
|
1.87 |
% |
|
|
2.42 |
% |
|
|
1.78 |
% |
Commercial loans |
|
|
5.58 |
% |
|
|
5.40 |
% |
|
|
4.93 |
% |
|
|
4.30 |
% |
|
|
3.79 |
% |
|
|
5.49 |
% |
|
|
3.81 |
% |
Residential mortgage loans |
|
|
3.93 |
% |
|
|
3.73 |
% |
|
|
3.53 |
% |
|
|
3.39 |
% |
|
|
3.27 |
% |
|
|
3.84 |
% |
|
|
3.24 |
% |
Consumer loans |
|
|
7.63 |
% |
|
|
7.20 |
% |
|
|
6.22 |
% |
|
|
5.18 |
% |
|
|
4.09 |
% |
|
|
7.41 |
% |
|
|
3.99 |
% |
Total loans |
|
|
5.47 |
% |
|
|
5.28 |
% |
|
|
4.83 |
% |
|
|
4.24 |
% |
|
|
3.74 |
% |
|
|
5.38 |
% |
|
|
3.76 |
% |
Total yield on interest earning assets (fully taxable
equivalent) |
|
|
4.31 |
% |
|
|
4.15 |
% |
|
|
3.72 |
% |
|
|
3.02 |
% |
|
|
2.28 |
% |
|
|
4.23 |
% |
|
|
2.10 |
% |
Interest bearing demand deposits |
|
|
0.48 |
% |
|
|
0.43 |
% |
|
|
0.34 |
% |
|
|
0.14 |
% |
|
|
0.03 |
% |
|
|
0.45 |
% |
|
|
0.03 |
% |
Savings and money market accounts |
|
|
1.64 |
% |
|
|
1.35 |
% |
|
|
0.73 |
% |
|
|
0.29 |
% |
|
|
0.07 |
% |
|
|
1.50 |
% |
|
|
0.05 |
% |
Time deposits |
|
|
3.23 |
% |
|
|
2.22 |
% |
|
|
0.84 |
% |
|
|
0.29 |
% |
|
|
0.20 |
% |
|
|
2.84 |
% |
|
|
0.22 |
% |
Total interest bearing deposits |
|
|
1.42 |
% |
|
|
1.05 |
% |
|
|
0.57 |
% |
|
|
0.22 |
% |
|
|
0.06 |
% |
|
|
1.23 |
% |
|
|
0.05 |
% |
Total deposits |
|
|
1.01 |
% |
|
|
0.74 |
% |
|
|
0.38 |
% |
|
|
0.14 |
% |
|
|
0.04 |
% |
|
|
0.87 |
% |
|
|
0.03 |
% |
Other borrowed funds |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.53 |
% |
|
|
2.08 |
% |
|
|
1.91 |
% |
Total average cost of funds on interest bearing liabilities |
|
|
1.43 |
% |
|
|
1.07 |
% |
|
|
0.60 |
% |
|
|
0.26 |
% |
|
|
0.14 |
% |
|
|
1.25 |
% |
|
|
0.12 |
% |
Net interest margin (fully taxable equivalent) |
|
|
3.36 |
% |
|
|
3.44 |
% |
|
|
3.34 |
% |
|
|
2.86 |
% |
|
|
2.19 |
% |
|
|
3.40 |
% |
|
|
2.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs |
|
$ |
22 |
|
|
$ |
21 |
|
|
$ |
23 |
|
|
$ |
46 |
|
|
$ |
60 |
|
|
$ |
43 |
|
|
$ |
95 |
|
Net charge-offs/(recoveries) |
|
$ |
(15 |
) |
|
$ |
(33 |
) |
|
$ |
(89 |
) |
|
$ |
(190 |
) |
|
$ |
(15 |
) |
|
$ |
(48 |
) |
|
$ |
(242 |
) |
Net charge-offs to average loans (annualized) |
|
|
0.00 |
% |
|
|
-0.01 |
% |
|
|
-0.03 |
% |
|
|
-0.07 |
% |
|
|
-0.01 |
% |
|
|
0.00 |
% |
|
|
-0.04 |
% |
Nonperforming loans |
|
$ |
72 |
|
|
$ |
75 |
|
|
$ |
78 |
|
|
$ |
85 |
|
|
$ |
90 |
|
|
$ |
72 |
|
|
$ |
90 |
|
Other real estate and repossessed assets |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,343 |
|
|
$ |
2,343 |
|
|
$ |
2,343 |
|
|
$ |
- |
|
|
$ |
2,343 |
|
Nonperforming loans to total loans |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Nonperforming assets to total assets |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.00 |
% |
|
|
0.09 |
% |
Allowance for credit losses |
|
$ |
17,109 |
|
|
$ |
16,794 |
|
|
$ |
15,285 |
|
|
$ |
14,821 |
|
|
$ |
14,631 |
|
|
$ |
17,109 |
|
|
$ |
14,631 |
|
Allowance for credit losses to total loans |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.30 |
% |
|
|
1.30 |
% |
|
|
1.32 |
% |
|
|
1.35 |
% |
|
|
1.32 |
% |
Allowance for credit losses to nonperforming loans |
|
|
23762.50 |
% |
|
|
22392.00 |
% |
|
|
19596.15 |
% |
|
|
17436.47 |
% |
|
|
16256.67 |
% |
|
|
23762.50 |
% |
|
|
16256.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to average assets |
|
|
10.01 |
% |
|
|
9.07 |
% |
|
|
8.49 |
% |
|
|
8.52 |
% |
|
|
8.55 |
% |
|
|
9.53 |
% |
|
|
8.59 |
% |
Common equity tier 1 to risk weighted assets (Consolidated) |
|
|
17.16 |
% |
|
|
17.08 |
% |
|
|
16.94 |
% |
|
|
16.72 |
% |
|
|
16.54 |
% |
|
|
17.16 |
% |
|
|
16.54 |
% |
Tier 1 capital to average assets (Consolidated) |
|
|
11.08 |
% |
|
|
10.26 |
% |
|
|
9.73 |
% |
|
|
9.29 |
% |
|
|
9.13 |
% |
|
|
11.08 |
% |
|
|
9.13 |
% |
Total capital to risk-weighted assets (Consolidated) |
|
|
18.16 |
% |
|
|
18.08 |
% |
|
|
17.87 |
% |
|
|
17.64 |
% |
|
|
17.47 |
% |
|
|
18.16 |
% |
|
|
17.47 |
% |
Common equity tier 1 to risk weighted assets (Bank) |
|
|
16.66 |
% |
|
|
16.58 |
% |
|
|
16.44 |
% |
|
|
16.24 |
% |
|
|
16.04 |
% |
|
|
16.66 |
% |
|
|
16.04 |
% |
Tier 1 capital to average assets (Bank) |
|
|
10.75 |
% |
|
|
9.96 |
% |
|
|
9.44 |
% |
|
|
9.02 |
% |
|
|
8.85 |
% |
|
|
10.75 |
% |
|
|
8.85 |
% |
Total capital to risk-weighted assets (Bank) |
|
|
17.66 |
% |
|
|
17.58 |
% |
|
|
17.37 |
% |
|
|
17.16 |
% |
|
|
16.97 |
% |
|
|
17.66 |
% |
|
|
16.97 |
% |
Common equity to assets |
|
|
10.03 |
% |
|
|
9.88 |
% |
|
|
8.50 |
% |
|
|
8.34 |
% |
|
|
8.74 |
% |
|
|
10.03 |
% |
|
|
8.74 |
% |
Tangible common equity to assets |
|
|
10.03 |
% |
|
|
9.88 |
% |
|
|
8.50 |
% |
|
|
8.34 |
% |
|
|
8.74 |
% |
|
|
10.03 |
% |
|
|
8.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF PERIOD BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total portfolio loans |
|
$ |
1,271,576 |
|
|
$ |
1,220,939 |
|
|
$ |
1,177,748 |
|
|
$ |
1,138,645 |
|
|
$ |
1,111,915 |
|
|
$ |
1,271,576 |
|
|
$ |
1,111,915 |
|
Earning assets |
|
|
2,518,396 |
|
|
|
2,531,184 |
|
|
|
2,781,515 |
|
|
|
2,727,924 |
|
|
|
2,655,706 |
|
|
|
2,518,396 |
|
|
|
2,655,706 |
|
Total assets |
|
|
2,630,254 |
|
|
|
2,637,153 |
|
|
|
2,906,919 |
|
|
|
2,835,038 |
|
|
|
2,781,208 |
|
|
|
2,630,254 |
|
|
|
2,781,208 |
|
Deposits |
|
|
2,321,545 |
|
|
|
2,330,895 |
|
|
|
2,615,142 |
|
|
|
2,556,197 |
|
|
|
2,494,583 |
|
|
|
2,321,545 |
|
|
|
2,494,583 |
|
Total shareholders' equity |
|
|
263,819 |
|
|
|
260,568 |
|
|
|
247,038 |
|
|
|
236,554 |
|
|
|
243,109 |
|
|
|
263,819 |
|
|
|
243,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other short-term investments |
|
$ |
360,023 |
|
|
$ |
555,670 |
|
|
$ |
681,489 |
|
|
$ |
803,082 |
|
|
$ |
858,545 |
|
|
$ |
457,306 |
|
|
$ |
984,183 |
|
Total debt securities |
|
|
900,724 |
|
|
|
898,691 |
|
|
|
862,613 |
|
|
|
808,477 |
|
|
|
751,411 |
|
|
|
899,713 |
|
|
|
662,608 |
|
Total portfolio loans |
|
|
1,245,880 |
|
|
|
1,186,684 |
|
|
|
1,159,449 |
|
|
|
1,124,950 |
|
|
|
1,103,955 |
|
|
|
1,216,304 |
|
|
|
1,098,346 |
|
Earning assets |
|
|
2,516,837 |
|
|
|
2,650,972 |
|
|
|
2,713,294 |
|
|
|
2,746,975 |
|
|
|
2,724,714 |
|
|
|
2,583,534 |
|
|
|
2,756,363 |
|
Total assets |
|
|
2,625,334 |
|
|
|
2,757,594 |
|
|
|
2,822,770 |
|
|
|
2,874,343 |
|
|
|
2,847,381 |
|
|
|
2,691,099 |
|
|
|
2,882,228 |
|
Non-interest bearing deposits |
|
|
674,565 |
|
|
|
732,434 |
|
|
|
847,752 |
|
|
|
917,552 |
|
|
|
897,727 |
|
|
|
703,340 |
|
|
|
886,537 |
|
Total interest bearing deposits |
|
|
1,641,857 |
|
|
|
1,727,883 |
|
|
|
1,687,693 |
|
|
|
1,668,613 |
|
|
|
1,639,384 |
|
|
|
1,684,632 |
|
|
|
1,666,587 |
|
Total deposits |
|
|
2,316,422 |
|
|
|
2,460,318 |
|
|
|
2,535,446 |
|
|
|
2,586,165 |
|
|
|
2,537,111 |
|
|
|
2,387,972 |
|
|
|
2,553,124 |
|
Borrowings |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
54,305 |
|
|
|
30,000 |
|
|
|
69,569 |
|
Total shareholders' equity |
|
|
262,764 |
|
|
|
250,160 |
|
|
|
239,684 |
|
|
|
244,857 |
|
|
|
243,352 |
|
|
|
256,497 |
|
|
|
247,453 |
|
Contact:
Jon W. Swets
Chief Financial Officer
616-494-7645
jswets@macatawabank.com
Grafico Azioni Macatawa Bank (NASDAQ:MCBC)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Macatawa Bank (NASDAQ:MCBC)
Storico
Da Lug 2023 a Lug 2024