Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for
Macatawa Bank (collectively, the “Company”), today announced its
results for the third quarter 2023.
- Net income of $11.4 million in third quarter 2023
– an increase of 13.6% over $10.0 million earned in
third quarter 2022 and up 10.7% from $10.3
million earned in second quarter 2023
- Net interest margin increased to 3.35% in
third quarter 2023 versus 2.86% in
third quarter 2022 and decreased slightly from 3.36%
in second quarter 2023
- Continued loan portfolio growth – $19.7 million, or 6%
annualized growth rate, for the third quarter 2023,
and $152.6 million, or 13.4%, in the last 12 months
- Deposit portfolio balances increased $124.0 million in the
third quarter 2023, all in core deposits primarily due to
seasonal inflows from municipal customers
- Strong credit quality metrics – non-performing assets
at 0.00004% of total assets, allowance to total loans coverage
of 1.32%, and no delinquent loans
- Robust capital position - $140.0 million in excess capital
over well-capitalized minimums
The Company reported net income of
$11.4 million, or $0.33 per diluted share, in
third quarter 2023 compared to $10.0 million,
or $0.29 per diluted share, in third quarter 2022.
For the first nine months of 2023, the Company reported net
income of $33.7 million, or $0.98 per diluted share,
compared to $22.6 million, or $0.66 per diluted share,
for the same period in 2022.
"We are pleased to report strong profitability and
good balance sheet results for the third quarter 2023,” said Jon
Swets, incoming President and CEO of the Company. “Net interest
income for third quarter 2023 was up $2.5 million
from third quarter 2022, reflecting benefits from federal
funds rate increases and growth in our loan and investment
securities portfolios. Solid loan origination activity continued in
the third quarter 2023 while we maintained excellent credit
quality. We had no loan delinquencies at September 30, 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 are encouraged by the
strength of our core deposit base. Our core deposit balances
remain well above pre-pandemic levels and increased in the
third quarter 2023.”
Mr. Swets 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. 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 third quarter 2023 totaled $22.2
million, an increase of $1.1 million from second quarter
2023 and an increase of $2.5 million from
third quarter 2022. Net interest margin for third quarter
2023 was 3.35% percent, down 1 basis point from
second quarter 2023 and up 49 basis points from third quarter 2022.
Net interest income in third quarter 2023 versus third quarter 2022
benefited from the significant increases in the federal funds rate
which totaled 225 basis points between September 2022 and September
2023 and the related increases in rate indices impacting the
Company’s variable rate loan portfolios. Interest on commercial
loans increased $4.8 million in the third quarter
2023 compared to third quarter 2022 due to increases
in both rate and average portfolio balances. Interest on federal
funds in the third quarter 2023 increased by $1.7 million
compared to third 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 third quarter 2023 increased
by $1.2 million over third quarter 2022. Interest expense
totaled $7.5 million in the third quarter
2023 compared to $1.1 million in the
third quarter 2022 as rates paid on deposits
increased.
Non-interest income increased $3,000 in
third quarter 2023 compared to second quarter
2023 and decreased $273,000 from third quarter 2022.
Deposit service charge income, including treasury management fees,
was up $43,000 in third quarter 2023 compared to second quarter
2023 and was down $202,000 from third quarter 2022. The increase
from second quarter 2023 was due to higher levels of treasury
management fees while the decrease from third 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 $128,000 in third
quarter 2023 compared to second quarter 2023 and was up $67,000
compared to third quarter 2022. The rising rate environment
continued to have a negative effect on mortgage loan sales gains.
Gains on sales of mortgage loans in third quarter
2023 were just $5,000, down $16,000 compared to
second quarter 2023 and were down $161,000 from
third quarter 2022. The Company originated $284,000 in
mortgage loans for sale in third quarter 2023 compared to $2.4
million in second quarter 2023 and $6.5 million in third quarter
2022. Trust fees were down $27,000 in third quarter 2023 compared
to second quarter 2023 and were up $140,000 compared to third
quarter 2022, due largely to changes in underlying trust asset
valuations. Income from debit and credit cards was down $65,000 in
third quarter 2023 compared to second quarter 2023 and was down
$49,000 compared to third quarter 2022 due primarily to customer
usage behavior.
Non-interest expense was $12.8 million for
third quarter 2023, compared to $12.7 million for second
quarter 2023 and $12.1 million for third quarter
2022. The largest component of non-interest expense was salaries
and benefits expenses. Salaries and benefits expenses were up
$106,000 compared to second quarter 2023 and were
up $310,000 compared to third quarter 2022. The increase
compared to third 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 |
|
Q3 2023toQ2 2023 |
|
Q3 2023toQ3 2022 |
|
|
|
|
|
|
Salaries and other compensation |
|
$ |
41 |
|
|
$ |
228 |
|
Salary deferral from commercial
loans |
|
|
24 |
|
|
|
40 |
|
Bonus accrual |
|
|
--- |
|
|
|
(57 |
) |
Mortgage production – variable
comp |
|
|
(6 |
) |
|
|
34 |
|
Brokerage – variable comp |
|
|
50 |
|
|
|
32 |
|
401k matching contributions |
|
|
(3 |
) |
|
|
8 |
|
Medical insurance costs |
|
|
--- |
|
|
|
25 |
|
Total change in salaries and benefits |
|
$ |
106 |
|
|
$ |
310 |
|
Occupancy expenses were down $74,000 in third
quarter 2023 compared to second quarter 2023 and were
up $35,000 compared to third quarter 2022. Furniture and
equipment expenses were down $14,000 compared to second
quarter 2023 and were up $36,000 compared to third
quarter 2022 due primarily to higher costs associated with
equipment and software service contracts. FDIC assessment expense
was flat in third quarter 2023 compared to second
quarter 2023 and was up $129,000 compared to third
quarter 2022, reflecting higher assessments placed on banks by the
FDIC beginning in 2023. Data processing expenses were down
$4,000 in third quarter 2023 compared to second quarter
2023 and were up $18,000 compared to third quarter 2022 due to
usage of electronic banking services by the Company’s customers.
Legal and professional fees were up $84,000 in third
quarter 2023 compared to second quarter 2023 and were up
$87,000 compared to third quarter 2022 due to higher use of
corporate counsel in the third quarter 2023 as well as the
outsourcing of certain internal audit activities. Other categories
of non-interest expense were relatively flat compared to second
quarter 2023 and third quarter 2022 due to a continued
focus on expense management.
Federal income tax expense was $2.8 million
for third quarter 2023, $2.5 million for second
quarter 2023, and $2.5 million for third quarter 2022.
The effective tax rate was 19.75% for third
quarter 2023, compared to 19.35% for second
quarter 2023 and 19.85% for third 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 benefit of $150,000 was taken in
third quarter 2023 compared to provision expense
of $300,000 in second quarter 2023. No provision for
credit losses was recorded in third quarter 2022. Net loan
recoveries for third quarter 2023 were $42,000, compared
to second quarter 2023 net loan recoveries of $15,000 and
third quarter 2022 net loan recoveries of $190,000. At
September 30, 2023, the Company had experienced net loan recoveries
in thirty-three of the past thirty-five quarters. Total loans past
due on payments by 30 days or more amounted to $0 at September
30, 2023, versus $158,000 at June 30, 2023 and $84,000 at
September 30, 2022. Further, the weighted average loan grade of the
Company’s commercial loan portfolio continued to improve,
ending at 3.46 at both September 30, 2023 and June 30, 2023,
compared to 3.54 at September 30, 2022. An improving loan
grade decreases the need for providing for credit losses on this
portfolio.
The allowance for credit losses of
$17.0 million was 1.32% of total loans at September 30,
2023, compared to $17.1 million or 1.35% of total loans
at June 30, 2023, and $14.8 million or 1.30% at September
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 17,001-to-1 as of September 30,
2023.
At September 30, 2023, the Company's nonperforming
loans were $1,000, representing 0.00008% of total loans. This
compares to $72,000 (0.01% of total loans) at June 30, 2023
and $85,000 (0.01% of total loans) at September 30, 2022. The
Company had no other real estate owned and repossessed assets at
September 30, 2023 and June 30, 2023, down from $2.4
million September 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 September 30, 2022 to September 30, 2023.
A break-down of non-performing loans is shown in
the table below.
Dollars in 000s |
|
Sept 30,2023 |
|
June 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Sept 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate |
|
$ |
--- |
|
$ |
--- |
|
$ |
--- |
|
$ |
--- |
|
$ |
--- |
|
Commercial and Industrial |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
Total Commercial Loans |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
Residential Mortgage Loans |
|
|
1 |
|
|
72 |
|
|
75 |
|
|
78 |
|
|
85 |
|
Consumer Loans |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
Total Non-Performing Loans |
|
$ |
1 |
|
$ |
72 |
|
$ |
75 |
|
$ |
78 |
|
$ |
85 |
|
A break-down of non-performing assets is shown in
the table below.
Dollars in 000s |
|
Sept 30,2023 |
|
June 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Sept 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Loans |
|
$ |
1 |
|
$ |
72 |
|
$ |
75 |
|
$ |
78 |
|
$ |
85 |
|
Other Repossessed Assets |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
Other Real Estate Owned |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
2,343 |
|
|
2,343 |
|
Total Non-Performing Assets |
|
$ |
1 |
|
$ |
72 |
|
$ |
75 |
|
$ |
2,421 |
|
$ |
2,428 |
|
Balance Sheet, Liquidity and
Capital
Total assets were $2.76 billion at September
30, 2023, an increase of $129.5 million from $2.63
billion at June 30, 2023 and a decrease of $75.3 million
from $2.84 billion at September 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 $833.3 million at September 30, 2023, a
decrease of $20.0 million from $853.2 million at June 30, 2023
and an increase of $30.1 million from $803.2 million at
September 30, 2022. The overall duration of the Company’s
investment securities portfolio at September 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 $1.29 billion at September
30, 2023, an increase of $19.7 million from $1.27 billion
at June 30, 2023 and an increase of $152.6
million from $1.14 billion at September 30, 2022.
Commercial loans increased by $106.2 million
from September 30, 2022 to September 30, 2023, along with an
increase of $50.3 million in the residential mortgage portfolio,
partially offset by a decrease of $3.9 million in the consumer loan
portfolio. Within commercial loans, commercial real estate loans
increased by $45.1 million and commercial and industrial loans
increased by $61.1 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 |
|
Sept 30,2023 |
|
June 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Sept 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and Development |
|
$ |
120,892 |
|
$ |
116,124 |
|
$ |
120,268 |
|
$ |
116,715 |
|
$ |
111,624 |
|
Other Commercial Real Estate |
|
|
446,393 |
|
|
443,489 |
|
|
423,080 |
|
|
420,888 |
|
|
410,600 |
|
Commercial Loans Secured by Real Estate |
|
|
567,285 |
|
|
559,613 |
|
|
543,348 |
|
|
537,603 |
|
|
522,224 |
|
Commercial and Industrial |
|
|
488,224 |
|
|
489,273 |
|
|
473,354 |
|
|
441,716 |
|
|
427,034 |
|
Paycheck Protection Program |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
32 |
|
Total Commercial Loans |
|
$ |
1,055,509 |
|
$ |
1,048,886 |
|
$ |
1,016,702 |
|
$ |
979,319 |
|
$ |
949,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits were $2.45 billion at September 30,
2023, up $124.0 million from $2.32 billion at June 30,
2023 and were down $110.6 million, or 4.3%, from $2.56
billion at September 30, 2022. While the Company experienced an
overall decline in deposit balances compared to the prior year,
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, with deposit balances
increasing by $114.7 million since March 31, 2023.
Macatawa’s deposit base is primarily made up of
many small accounts, and balances at September 30, 2023 were
comprised of 42% personal customers and 58% business customers.
Core deposits - which Management defines as deposits sourced within
its local markets - represented 100% of total deposits at September
30, 2023. Total deposit balances of $2.45 billion
at September 30, 2023 remained elevated, reflecting a $740.2
million increase, or 43%, over pre-pandemic totals of $1.71 billion
as of March 31, 2020.
Noninterest bearing demand deposits were
down $51.4 million at the end of third quarter 2023
compared to the end of second quarter 2023 and were
down $202.7 million compared to the end of third quarter
2022. Interest bearing demand deposits, money market deposits and
savings deposits were up $133.5 million from the end of second
quarter 2023 and were down $115.3 million from the end
of third quarter 2022. Certificates of deposit were
up $41.9 million at September 30, 2023 compared to June
30, 2023 and were up $207.4 million compared to September
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 September 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
September 30, 2023, balances held in federal funds sold and other
short-term investments amounted to $469.8 million. In
addition, the Company had total additional borrowing capacity,
including from the Federal Reserve’s Bank Term Funding Program, of
approximately $964.5 million as of September 30, 2023.
Finally, because Management has maintained the discipline of buying
shorter-term bond durations in the investment securities portfolio,
there are $389.5 million in bond maturities and paydowns coming
into the Company in the next 24 months ending September 30,
2025.
The Company's total risk-based regulatory capital
ratio at September 30, 2023 was consistent with the ratio at
June 30, 2023 and September 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 $140.0 million in
excess capital over well capitalized minimums at September 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 |
|
Nine Months
Ended |
|
|
|
|
|
|
3rd
Qtr |
|
2nd
Qtr |
|
3rd
Qtr |
|
September 30 |
EARNINGS SUMMARY |
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Total
interest income |
|
|
|
|
|
$ |
29,787 |
|
|
$ |
27,120 |
|
|
$ |
20,875 |
|
|
$ |
84,174 |
|
|
$ |
49,452 |
|
Total
interest expense |
|
|
|
|
|
|
7,543 |
|
|
|
5,974 |
|
|
|
1,104 |
|
|
|
18,167 |
|
|
|
2,173 |
|
Net interest income |
|
|
|
|
|
|
22,244 |
|
|
|
21,146 |
|
|
|
19,771 |
|
|
|
66,007 |
|
|
|
47,279 |
|
Provision
for credit losses |
|
|
|
|
|
|
(150 |
) |
|
|
300 |
|
|
|
- |
|
|
|
150 |
|
|
|
(1,500 |
) |
Net interest income after provision for credit losses |
|
|
|
|
|
|
22,394 |
|
|
|
20,846 |
|
|
|
19,771 |
|
|
|
65,857 |
|
|
|
48,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
service charges |
|
|
|
|
|
|
1,061 |
|
|
|
1,018 |
|
|
|
1,263 |
|
|
|
3,072 |
|
|
|
3,693 |
|
Net gains on
mortgage loans |
|
|
|
|
|
|
5 |
|
|
|
21 |
|
|
|
166 |
|
|
|
37 |
|
|
|
673 |
|
Trust
fees |
|
|
|
|
|
|
1,109 |
|
|
|
1,136 |
|
|
|
969 |
|
|
|
3,277 |
|
|
|
3,153 |
|
Other |
|
|
|
|
|
|
2,441 |
|
|
|
2,438 |
|
|
|
2,491 |
|
|
|
7,370 |
|
|
|
7,466 |
|
Total non-interest income |
|
|
|
|
|
|
4,616 |
|
|
|
4,613 |
|
|
|
4,889 |
|
|
|
13,756 |
|
|
|
14,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
|
|
|
|
|
6,949 |
|
|
|
6,843 |
|
|
|
6,639 |
|
|
|
20,490 |
|
|
|
19,331 |
|
Occupancy |
|
|
|
|
|
|
1,024 |
|
|
|
1,098 |
|
|
|
989 |
|
|
|
3,260 |
|
|
|
3,232 |
|
Furniture
and equipment |
|
|
|
|
|
|
1,050 |
|
|
|
1,064 |
|
|
|
1,014 |
|
|
|
3,145 |
|
|
|
3,017 |
|
FDIC
assessment |
|
|
|
|
|
|
330 |
|
|
|
330 |
|
|
|
201 |
|
|
|
990 |
|
|
|
578 |
|
Other |
|
|
|
|
|
|
3,436 |
|
|
|
3,338 |
|
|
|
3,284 |
|
|
|
9,742 |
|
|
|
9,620 |
|
Total non-interest expense |
|
|
|
|
|
|
12,789 |
|
|
|
12,673 |
|
|
|
12,127 |
|
|
|
37,627 |
|
|
|
35,778 |
|
Income
before income tax |
|
|
|
|
|
|
14,221 |
|
|
|
12,786 |
|
|
|
12,533 |
|
|
|
41,986 |
|
|
|
27,986 |
|
Income tax
expense |
|
|
|
|
|
|
2,808 |
|
|
|
2,474 |
|
|
|
2,488 |
|
|
|
8,257 |
|
|
|
5,372 |
|
Net
income |
|
|
|
|
|
$ |
11,413 |
|
|
$ |
10,312 |
|
|
$ |
10,045 |
|
|
$ |
33,729 |
|
|
$ |
22,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
|
|
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.29 |
|
|
$ |
0.98 |
|
|
$ |
0.66 |
|
Diluted
earnings per common share |
|
|
|
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.29 |
|
|
$ |
0.98 |
|
|
$ |
0.66 |
|
Return on
average assets |
|
|
|
|
|
|
1.66 |
% |
|
|
1.57 |
% |
|
|
1.40 |
% |
|
|
1.66 |
% |
|
|
1.05 |
% |
Return on
average equity |
|
|
|
|
|
|
17.14 |
% |
|
|
15.70 |
% |
|
|
16.41 |
% |
|
|
17.31 |
% |
|
|
12.23 |
% |
Net interest
margin (fully taxable equivalent) |
|
|
|
|
|
|
3.35 |
% |
|
|
3.36 |
% |
|
|
2.86 |
% |
|
|
3.38 |
% |
|
|
2.30 |
% |
Efficiency
ratio |
|
|
|
|
|
|
47.61 |
% |
|
|
49.20 |
% |
|
|
49.18 |
% |
|
|
47.17 |
% |
|
|
57.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
September
30 |
June
30 |
|
September
30 |
Assets |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Cash and due
from banks |
|
|
|
|
|
|
|
|
|
$ |
40,687 |
|
|
$ |
40,255 |
|
|
$ |
33,205 |
|
Federal
funds sold and other short-term investments |
|
|
|
|
|
|
|
|
|
|
469,786 |
|
|
|
343,676 |
|
|
|
733,347 |
|
Debt
securities available for sale |
|
|
|
|
|
|
|
|
|
|
503,277 |
|
|
|
512,837 |
|
|
|
453,728 |
|
Debt
securities held to maturity |
|
|
|
|
|
|
|
|
|
|
330,003 |
|
|
|
340,400 |
|
|
|
349,481 |
|
Federal Home
Loan Bank Stock |
|
|
|
|
|
|
|
|
|
|
10,211 |
|
|
|
10,211 |
|
|
|
10,211 |
|
Loans held
for sale |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
234 |
|
Total
loans |
|
|
|
|
|
|
|
|
|
|
1,291,290 |
|
|
|
1,271,576 |
|
|
|
1,138,645 |
|
Less
allowance for credit losses |
|
|
|
|
|
|
|
|
|
|
17,001 |
|
|
|
17,109 |
|
|
|
14,821 |
|
Net loans |
|
|
|
|
|
|
|
|
|
|
1,274,289 |
|
|
|
1,254,467 |
|
|
|
1,123,824 |
|
Premises and
equipment, net |
|
|
|
|
|
|
|
|
|
|
39,399 |
|
|
|
39,766 |
|
|
|
40,670 |
|
Bank-owned
life insurance |
|
|
|
|
|
|
|
|
|
|
54,043 |
|
|
|
53,791 |
|
|
|
53,193 |
|
Other real
estate owned |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
2,343 |
|
Other
assets |
|
|
|
|
|
|
|
|
|
|
38,015 |
|
|
|
34,851 |
|
|
|
34,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
$ |
2,759,710 |
|
|
$ |
2,630,254 |
|
|
$ |
2,835,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
|
|
|
|
|
|
|
$ |
653,052 |
|
|
$ |
704,409 |
|
|
$ |
855,744 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
1,792,534 |
|
|
|
1,617,136 |
|
|
|
1,700,453 |
|
Total deposits |
|
|
|
|
|
|
|
|
|
|
2,445,586 |
|
|
|
2,321,545 |
|
|
|
2,556,197 |
|
Other
borrowed funds |
|
|
|
|
|
|
|
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
Long-term
debt |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other
liabilities |
|
|
|
|
|
|
|
|
|
|
14,247 |
|
|
|
14,890 |
|
|
|
12,287 |
|
Total Liabilities |
|
|
|
|
|
|
|
|
|
|
2,489,833 |
|
|
|
2,366,435 |
|
|
|
2,598,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
269,877 |
|
|
|
263,819 |
|
|
|
236,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
$ |
2,759,710 |
|
|
$ |
2,630,254 |
|
|
$ |
2,835,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACATAWA
BANK CORPORATION |
SELECTED
CONSOLIDATED FINANCIAL DATA |
(Unaudited) |
(Dollars in thousands except per share information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
Year to Date |
|
|
3rd
Qtr |
|
2nd
Qtr |
|
1st
Qtr |
|
4th
Qtr |
|
3rd
Qtr |
|
|
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
EARNINGS SUMMARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
22,244 |
|
|
$ |
21,146 |
|
|
$ |
22,616 |
|
|
$ |
22,867 |
|
|
$ |
19,771 |
|
|
$ |
66,007 |
|
|
$ |
47,279 |
|
Provision
for credit losses |
|
|
(150 |
) |
|
|
300 |
|
|
|
- |
|
|
|
375 |
|
|
|
- |
|
|
|
150 |
|
|
|
(1,500 |
) |
Total
non-interest income |
|
|
4,616 |
|
|
|
4,613 |
|
|
|
4,528 |
|
|
|
5,035 |
|
|
|
4,889 |
|
|
|
13,756 |
|
|
|
14,985 |
|
Total
non-interest expense |
|
|
12,789 |
|
|
|
12,673 |
|
|
|
12,165 |
|
|
|
12,448 |
|
|
|
12,127 |
|
|
|
37,627 |
|
|
|
35,778 |
|
Federal
income tax expense |
|
|
2,808 |
|
|
|
2,474 |
|
|
|
2,975 |
|
|
|
2,961 |
|
|
|
2,488 |
|
|
|
8,257 |
|
|
|
5,372 |
|
Net
income |
|
$ |
11,413 |
|
|
$ |
10,312 |
|
|
$ |
12,004 |
|
|
$ |
12,118 |
|
|
$ |
10,045 |
|
|
$ |
33,729 |
|
|
$ |
22,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.29 |
|
|
$ |
0.98 |
|
|
$ |
0.66 |
|
Diluted
earnings per common share |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.29 |
|
|
$ |
0.98 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per common share |
|
$ |
7.87 |
|
|
$ |
7.69 |
|
|
$ |
7.60 |
|
|
$ |
7.20 |
|
|
$ |
6.91 |
|
|
$ |
7.87 |
|
|
$ |
6.91 |
|
Tangible
book value per common share |
|
$ |
7.87 |
|
|
$ |
7.69 |
|
|
$ |
7.60 |
|
|
$ |
7.20 |
|
|
$ |
6.91 |
|
|
$ |
7.87 |
|
|
$ |
6.91 |
|
Market value
per common share |
|
$ |
8.96 |
|
|
$ |
9.28 |
|
|
$ |
10.22 |
|
|
$ |
11.03 |
|
|
$ |
9.26 |
|
|
$ |
8.96 |
|
|
$ |
9.26 |
|
Average
basic common shares |
|
|
34,291,487 |
|
|
|
34,292,179 |
|
|
|
34,297,221 |
|
|
|
34,277,839 |
|
|
|
34,251,792 |
|
|
|
34,293,531 |
|
|
|
34,253,459 |
|
Average
diluted common shares |
|
|
34,291,487 |
|
|
|
34,292,179 |
|
|
|
34,297,221 |
|
|
|
34,277,839 |
|
|
|
34,251,792 |
|
|
|
34,293,531 |
|
|
|
34,253,459 |
|
Period end
common shares |
|
|
34,291,487 |
|
|
|
34,291,487 |
|
|
|
34,292,294 |
|
|
|
34,298,640 |
|
|
|
34,251,485 |
|
|
|
34,291,487 |
|
|
|
34,251,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.66 |
% |
|
|
1.57 |
% |
|
|
1.74 |
% |
|
|
1.72 |
% |
|
|
1.40 |
% |
|
|
1.66 |
% |
|
|
1.05 |
% |
Return on
average equity |
|
|
17.14 |
% |
|
|
15.70 |
% |
|
|
19.19 |
% |
|
|
20.22 |
% |
|
|
16.41 |
% |
|
|
17.31 |
% |
|
|
12.23 |
% |
Efficiency
ratio |
|
|
47.61 |
% |
|
|
49.20 |
% |
|
|
44.82 |
% |
|
|
44.61 |
% |
|
|
49.18 |
% |
|
|
47.17 |
% |
|
|
57.46 |
% |
Full-time
equivalent employees (period end) |
|
|
313 |
|
|
|
322 |
|
|
|
317 |
|
|
|
318 |
|
|
|
316 |
|
|
|
313 |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YIELDS AND COST OF FUNDS RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other short-term investments |
|
|
5.36 |
% |
|
|
5.05 |
% |
|
|
4.58 |
% |
|
|
3.72 |
% |
|
|
2.27 |
% |
|
|
4.97 |
% |
|
|
0.99 |
% |
Total
securities (fully taxable equivalent) |
|
|
2.47 |
% |
|
|
2.43 |
% |
|
|
2.40 |
% |
|
|
2.25 |
% |
|
|
2.07 |
% |
|
|
2.43 |
% |
|
|
1.89 |
% |
Commercial
loans |
|
|
5.66 |
% |
|
|
5.58 |
% |
|
|
5.40 |
% |
|
|
4.93 |
% |
|
|
4.30 |
% |
|
|
5.55 |
% |
|
|
3.97 |
% |
Residential
mortgage loans |
|
|
4.20 |
% |
|
|
3.93 |
% |
|
|
3.73 |
% |
|
|
3.53 |
% |
|
|
3.39 |
% |
|
|
3.96 |
% |
|
|
3.92 |
% |
Consumer
loans |
|
|
8.00 |
% |
|
|
7.63 |
% |
|
|
7.20 |
% |
|
|
6.22 |
% |
|
|
5.18 |
% |
|
|
7.61 |
% |
|
|
4.41 |
% |
Total
loans |
|
|
5.57 |
% |
|
|
5.47 |
% |
|
|
5.28 |
% |
|
|
4.83 |
% |
|
|
4.24 |
% |
|
|
5.44 |
% |
|
|
3.92 |
% |
Total yield
on interest earning assets (fully taxable equivalent) |
|
|
4.48 |
% |
|
|
4.31 |
% |
|
|
4.15 |
% |
|
|
3.72 |
% |
|
|
3.02 |
% |
|
|
4.31 |
% |
|
|
2.41 |
% |
Interest
bearing demand deposits |
|
|
0.45 |
% |
|
|
0.48 |
% |
|
|
0.43 |
% |
|
|
0.34 |
% |
|
|
0.14 |
% |
|
|
0.46 |
% |
|
|
0.06 |
% |
Savings and
money market accounts |
|
|
1.90 |
% |
|
|
1.64 |
% |
|
|
1.35 |
% |
|
|
0.73 |
% |
|
|
0.29 |
% |
|
|
1.63 |
% |
|
|
0.13 |
% |
Time
deposits |
|
|
3.86 |
% |
|
|
3.23 |
% |
|
|
2.22 |
% |
|
|
0.84 |
% |
|
|
0.29 |
% |
|
|
3.30 |
% |
|
|
0.24 |
% |
Total
interest bearing deposits |
|
|
1.69 |
% |
|
|
1.42 |
% |
|
|
1.05 |
% |
|
|
0.57 |
% |
|
|
0.22 |
% |
|
|
1.39 |
% |
|
|
0.11 |
% |
Total
deposits |
|
|
1.21 |
% |
|
|
1.01 |
% |
|
|
0.74 |
% |
|
|
0.38 |
% |
|
|
0.14 |
% |
|
|
0.99 |
% |
|
|
0.07 |
% |
Other
borrowed funds |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
2.08 |
% |
|
|
1.94 |
% |
Total
average cost of funds on interest bearing liabilities |
|
|
1.69 |
% |
|
|
1.43 |
% |
|
|
1.07 |
% |
|
|
0.60 |
% |
|
|
0.26 |
% |
|
|
1.40 |
% |
|
|
0.17 |
% |
Net interest
margin (fully taxable equivalent) |
|
|
3.35 |
% |
|
|
3.36 |
% |
|
|
3.44 |
% |
|
|
3.34 |
% |
|
|
2.86 |
% |
|
|
3.38 |
% |
|
|
2.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
charge-offs |
|
$ |
41 |
|
|
$ |
22 |
|
|
$ |
21 |
|
|
$ |
23 |
|
|
$ |
46 |
|
|
$ |
84 |
|
|
$ |
141 |
|
Net
charge-offs/(recoveries) |
|
$ |
(42 |
) |
|
$ |
(15 |
) |
|
$ |
(33 |
) |
|
$ |
(89 |
) |
|
$ |
(190 |
) |
|
$ |
(90 |
) |
|
$ |
(432 |
) |
Net
charge-offs to average loans (annualized) |
|
|
-0.01 |
% |
|
|
-0.00 |
% |
|
|
-0.01 |
% |
|
|
-0.03 |
% |
|
|
-0.07 |
% |
|
|
-0.01 |
% |
|
|
-0.05 |
% |
Nonperforming loans |
|
$ |
1 |
|
|
$ |
72 |
|
|
$ |
75 |
|
|
$ |
78 |
|
|
$ |
85 |
|
|
$ |
1 |
|
|
$ |
85 |
|
Other real
estate and repossessed assets |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,343 |
|
|
$ |
2,343 |
|
|
$ |
- |
|
|
$ |
2,343 |
|
Nonperforming loans to total loans |
|
|
0.00 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.01 |
% |
Nonperforming assets to total assets |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.00 |
% |
|
|
0.09 |
% |
Allowance
for credit losses |
|
$ |
17,001 |
|
|
$ |
17,109 |
|
|
$ |
16,794 |
|
|
$ |
15,285 |
|
|
$ |
14,821 |
|
|
$ |
17,001 |
|
|
$ |
14,821 |
|
Allowance
for credit losses to total loans |
|
|
1.32 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.30 |
% |
|
|
1.30 |
% |
|
|
1.32 |
% |
|
|
1.30 |
% |
Allowance
for credit losses to nonperforming loans |
|
|
1700100.00 |
% |
|
|
23762.50 |
% |
|
|
22392.00 |
% |
|
|
19596.15 |
% |
|
|
17436.47 |
% |
|
|
1700100.00 |
% |
|
|
17436.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
equity to average assets |
|
|
9.71 |
% |
|
|
10.01 |
% |
|
|
9.07 |
% |
|
|
8.49 |
% |
|
|
8.52 |
% |
|
|
9.59 |
% |
|
|
8.56 |
% |
Common
equity tier 1 to risk weighted assets (Consolidated) |
|
|
17.66 |
% |
|
|
17.16 |
% |
|
|
17.08 |
% |
|
|
16.94 |
% |
|
|
16.72 |
% |
|
|
17.66 |
% |
|
|
16.72 |
% |
Tier 1
capital to average assets (Consolidated) |
|
|
10.91 |
% |
|
|
11.08 |
% |
|
|
10.26 |
% |
|
|
9.73 |
% |
|
|
9.29 |
% |
|
|
10.91 |
% |
|
|
9.29 |
% |
Total
capital to risk-weighted assets (Consolidated) |
|
|
18.65 |
% |
|
|
18.16 |
% |
|
|
18.08 |
% |
|
|
17.87 |
% |
|
|
17.64 |
% |
|
|
18.65 |
% |
|
|
17.64 |
% |
Common
equity tier 1 to risk weighted assets (Bank) |
|
|
17.14 |
% |
|
|
16.66 |
% |
|
|
16.58 |
% |
|
|
16.44 |
% |
|
|
16.24 |
% |
|
|
17.14 |
% |
|
|
16.24 |
% |
Tier 1
capital to average assets (Bank) |
|
|
10.59 |
% |
|
|
10.75 |
% |
|
|
9.96 |
% |
|
|
9.44 |
% |
|
|
9.02 |
% |
|
|
10.59 |
% |
|
|
9.02 |
% |
Total
capital to risk-weighted assets (Bank) |
|
|
18.13 |
% |
|
|
17.66 |
% |
|
|
17.58 |
% |
|
|
17.37 |
% |
|
|
17.16 |
% |
|
|
18.13 |
% |
|
|
17.16 |
% |
Common
equity to assets |
|
|
9.78 |
% |
|
|
10.03 |
% |
|
|
9.88 |
% |
|
|
8.50 |
% |
|
|
8.34 |
% |
|
|
9.78 |
% |
|
|
8.34 |
% |
Tangible
common equity to assets |
|
|
9.78 |
% |
|
|
10.03 |
% |
|
|
9.88 |
% |
|
|
8.50 |
% |
|
|
8.34 |
% |
|
|
9.78 |
% |
|
|
8.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END
OF PERIOD BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
portfolio loans |
|
$ |
1,291,290 |
|
|
$ |
1,271,576 |
|
|
$ |
1,220,939 |
|
|
$ |
1,177,748 |
|
|
$ |
1,138,645 |
|
|
$ |
1,291,290 |
|
|
$ |
1,138,645 |
|
Earning
assets |
|
|
2,648,445 |
|
|
|
2,518,396 |
|
|
|
2,531,184 |
|
|
|
2,781,515 |
|
|
|
2,727,924 |
|
|
|
2,648,445 |
|
|
|
2,727,924 |
|
Total
assets |
|
|
2,759,710 |
|
|
|
2,630,254 |
|
|
|
2,637,153 |
|
|
|
2,906,919 |
|
|
|
2,835,038 |
|
|
|
2,759,710 |
|
|
|
2,835,038 |
|
Deposits |
|
|
2,445,586 |
|
|
|
2,321,545 |
|
|
|
2,330,895 |
|
|
|
2,615,142 |
|
|
|
2,556,197 |
|
|
|
2,445,586 |
|
|
|
2,556,197 |
|
Total
shareholders' equity |
|
|
269,877 |
|
|
|
263,819 |
|
|
|
260,568 |
|
|
|
247,038 |
|
|
|
236,554 |
|
|
|
269,877 |
|
|
|
236,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other short-term investments |
|
$ |
467,434 |
|
|
$ |
360,023 |
|
|
$ |
555,670 |
|
|
$ |
681,489 |
|
|
$ |
803,082 |
|
|
$ |
460,719 |
|
|
$ |
923,153 |
|
Total
securities |
|
|
879,379 |
|
|
|
900,724 |
|
|
|
898,691 |
|
|
|
862,613 |
|
|
|
808,477 |
|
|
|
892,860 |
|
|
|
711,765 |
|
Total
portfolio loans |
|
|
1,274,344 |
|
|
|
1,246,217 |
|
|
|
1,186,684 |
|
|
|
1,159,449 |
|
|
|
1,124,950 |
|
|
|
1,236,069 |
|
|
|
1,107,311 |
|
Earning
assets |
|
|
2,630,894 |
|
|
|
2,516,837 |
|
|
|
2,650,972 |
|
|
|
2,713,294 |
|
|
|
2,746,975 |
|
|
|
2,599,494 |
|
|
|
2,753,200 |
|
Total
assets |
|
|
2,743,069 |
|
|
|
2,625,334 |
|
|
|
2,757,594 |
|
|
|
2,822,770 |
|
|
|
2,874,343 |
|
|
|
2,708,612 |
|
|
|
2,879,571 |
|
Non-interest
bearing deposits |
|
|
692,436 |
|
|
|
674,565 |
|
|
|
732,434 |
|
|
|
847,752 |
|
|
|
917,552 |
|
|
|
699,666 |
|
|
|
896,989 |
|
Total
interest bearing deposits |
|
|
1,737,579 |
|
|
|
1,641,857 |
|
|
|
1,727,883 |
|
|
|
1,687,693 |
|
|
|
1,668,613 |
|
|
|
1,702,475 |
|
|
|
1,667,270 |
|
Total
deposits |
|
|
2,430,015 |
|
|
|
2,316,422 |
|
|
|
2,460,318 |
|
|
|
2,535,446 |
|
|
|
2,586,165 |
|
|
|
2,402,141 |
|
|
|
2,564,259 |
|
Borrowings |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
56,234 |
|
Total
shareholders' equity |
|
|
266,339 |
|
|
|
262,764 |
|
|
|
250,160 |
|
|
|
239,684 |
|
|
|
244,857 |
|
|
|
259,814 |
|
|
|
246,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Jon 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