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Press Release : Macatawa Bank Corporation

Macatawa Bank Corporation Reports Fourth Quarter and Full Year 2019 Results

Company Release - 1/23/2020 4:15 PM ET

HOLLAND, Mich., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the fourth quarter and full year of 2019, reflecting continued strong financial performance.

  • Net income of $8.2 million in fourth quarter 2019 versus $7.0 million in fourth quarter 2018 – up 16%
  • Full year 2019 net income of $32.0 million versus $26.4 million in 2018 – up 21%
  • Strong profitability for the full year 2019 with return on average assets and average equity of 1.59% and 15.66%, respectively
  • Continued trend of increased total revenue while holding expenses flat
    • Full year 2019 total revenue up $6.1 million, or 7.9%, over 2018
    • Full year 2019 non-interest expense down $105,000 from 2018
  • Commercial loans grew by $16.0 million, or 1.5%, from year end 2018
  • Core deposit balances up by $76.6 million, or 4.6%, from year end 2018
  • Asset quality metrics remained strong
  • Redemption of $20.0 million in trust preferred securities at year end 2019

Macatawa reported net income of $8.2 million, or $0.24 per diluted share, in the fourth quarter 2019 compared to $7.0 million, or $0.21 per diluted share, in the fourth quarter 2018.  For the full year 2019, Macatawa reported net income of $32.0 million, or $0.94 per diluted share, compared to $26.4 million, or $0.78 per diluted share, for the same period in 2018.     

“Despite a stubbornly flat yield curve, we continue to deliver strong growth and increased profitability,” said Ronald L. Haan, President & CEO of the Company.  “Growth in earning assets, core deposits, and higher than anticipated mortgage revenues combined to deliver a sixteen percent increase in net income in the fourth quarter 2019 compared to the fourth quarter 2018, and a twenty one percent increase in net income for the full year 2019 compared to 2018.  Operating expenses remain well managed.  We are grateful for the continued support we receive from our expanding list of customers.”

Mr. Haan concluded, “Building a well-disciplined company that will deliver superior financial services to the communities of Western Michigan, and also provide strong and consistent financial performance remains our goal.  We achieved significant and measurable financial success during 2019, and remain well positioned for 2020 and beyond.”

Operating Results
Net interest income for the fourth quarter 2019 totaled $15.7 million, a decrease of $161,000 from the third quarter 2019 and an increase of $47,000 from the fourth quarter 2018.  Net interest margin for the fourth quarter 2019 was 3.24 percent, down 5 basis points from the third quarter 2019, and down 22 basis points from the fourth quarter 2018.  Net interest margin in the third and fourth quarters 2019 was negatively impacted by higher balances of short-term investments resulting from significant inflows of municipal and other deposit balances.  Short-term investment balances were up 59 percent in the third quarter 2019 from the second quarter 2019 and up 84% at year end 2019 compared to year end 2018.  While positive interest margin was achieved on the deposit inflows, it was lower than the Company’s overall net interest margin, thereby causing a margin decline.  The Company’s redemption of $20.0 million in trust preferred securities at December 31, 2019 will have a positive impact on net interest income and net interest margin in 2020.

Average interest earning assets for the fourth quarter 2019 increased $10.0 million from the third quarter 2019 and were up $125.1 million from the fourth quarter 2018.  Decreases in market interest rates in 2019 and the resulting impact on net interest income and net interest margin offset the effect of this growth in average interest earning assets.

Non-interest income decreased $124,000 in the fourth quarter 2019 compared to the third quarter 2019 and increased $684,000 from the fourth quarter 2018.  These changes were largely due to changes in gains on sales of mortgage loans.  Gains on sales of mortgage loans in the fourth quarter 2019 were down $127,000 compared to the third quarter 2019 and were up $406,000 from the fourth quarter 2018.  The Company originated $28.6 million in mortgage loans for sale in the fourth quarter 2019 compared to $24.6 million in the third quarter 2019 and $10.3 million in the fourth quarter 2018.  This increase in production is due to a declining mortgage rate environment as well as customer preference for loan types that are typically sold (long-term fixed rate loans).  Also positively impacting non-interest income in the fourth quarter 2019 were increases in trust and brokerage fee income.

Non-interest expense was $10.6 million for the fourth quarter 2019, compared to $11.0 million for the third quarter 2019 and $10.4 million for the fourth quarter 2018.  The largest component of non-interest expense was salaries and benefit expenses.  Salaries and benefit expenses were down $488,000 compared to the third quarter 2019 and were down $481,000 compared to the fourth quarter 2018.  The decrease compared to the third quarter 2019 and the fourth quarter 2018 was primarily due to a lower level of medical insurance costs in the fourth quarter 2019 more than offsetting the impact of higher variable based compensation from higher mortgage production volume.

Nonperforming asset expenses remained low at just $139,000 in the fourth quarter 2019.  This was an increase of $93,000 compared to the third quarter 2019 and an increase of $721,000 compared to the fourth quarter 2018 when net gains on sales of properties were realized.  There were net losses on sales of foreclosed properties totaling $45,000 in the fourth quarter 2019 while there were no net gains or losses realized in the third quarter 2019, and net gains of $657,000 realized on such sales in the fourth quarter 2018.  Furniture and equipment expenses were down $64,000 in the fourth quarter 2019 compared to the third quarter 2019 and were up $36,000 compared to the fourth quarter 2018.  The changes were due primarily to technology service contracts.  The Company incurred no FDIC assessment expense in the third and fourth quarters 2019 due to assessment credits applied by the FDIC.  Other categories of non-interest expense were relatively stable compared to the third quarter 2019 and the fourth quarter 2018. 

Federal income tax expense was $1.9 million for the fourth quarter 2019 compared to $1.9 million for the third quarter 2019 and $1.7 million for the fourth quarter 2018.  The effective tax rate was 19.2 percent for the fourth quarter 2019, compared to 18.7 percent for the third quarter 2019 and 19.8 percent for the fourth quarter 2018. 

Asset Quality
The Company’s asset quality remained strong in the fourth quarter 2019 and the Company again experienced net loan recoveries for the quarter.  No provision for loan losses was recorded in the fourth quarter 2019 or in the third quarter 2019.  The Company recorded a provision for loan losses of $850,000 in the fourth quarter 2018.  Net loan recoveries for the fourth quarter 2019 were $55,000, compared to net loan recoveries of $259,000 in the third quarter 2019 and net loan charge-offs of $776,000 in the fourth quarter 2018.  The Company has experienced net loan recoveries in nineteen of the past twenty quarters. Total loans past due on payments by 30 days or more were $405,000 at December 31, 2019, compared to $207,000 at September 30, 2019 and $877,000 at December 31, 2018.  Delinquency as a percentage of total loans was a nominal 0.03 percent at December 31, 2019. 

The allowance for loan losses of $17.2 million was 1.24 percent of total loans at December 31, 2019, compared to 1.24 percent of total loans at September 30, 2019, and 1.20 percent at December 31, 2018.  The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 85-to-1 as of December 31, 2019.

At December 31, 2019, the Company's nonperforming loans were $203,000, representing 0.02 percent of total loans.  This compares to $211,000 (0.02 percent of total loans) at September 30, 2019 and $1.3 million (0.09 percent of total loans) at December 31, 2018.  Other real estate owned and repossessed assets were $2.7 million at December 31, 2019, compared to $3.1 million at September 30, 2019 and $3.4 million at December 31, 2018. Total nonperforming assets, including other real estate owned and nonperforming loans, decreased by $1.7 million, or 37 percent, from December 31, 2018 to December 31, 2019.

A break-down of non-performing loans is shown in the table below.


Dollars in 000s
 Dec 31,
2019
 Sept 30,
2019
 Jun 30,
2019
 Mar 31,
2019
 Dec 31,
2018
 
                
Commercial Real Estate $98 $102 $102 $213 $318 
Commercial and Industrial  ---  ---  ---  ---  873 
Total Commercial Loans  98  102  102  213  1,191 
Residential Mortgage Loans  105  109  191  195  112 
Consumer Loans  ---  ---  ---  1  1 
Total Non-Performing Loans $203 $211 $293 $409 $1,304 
                 

Total non-performing assets were $3.0 million, or 0.1 percent of total assets, at December 31, 2019.  A break-down of non-performing assets is shown in the table below.


Dollars in 000s
 Dec 31,
2019
 Sept 30,
2019
 Jun 30,
2019
 Mar 31,
2019
 Dec 31,
2018
 
                
Non-Performing Loans $203 $211 $293 $409 $1,304 
Other Repossessed Assets  ---  ---  ---  ---  --- 
Other Real Estate Owned  2,748  3,109  3,067  3,261  3,380 
Total Non-Performing Assets $2,951 $3,320 $3,360 $3,670 $4,684 
                 

Balance Sheet, Liquidity and Capital
Total assets were $2.07 billion at December 31, 2019, a decrease of $74.4 million from $2.14 billion at September 30, 2019 and an increase of $95.0 million from $1.98 billion at December 31, 2018.  Total loans were $1.39 billion at December 31, 2019, an increase of $8.4 million from $1.38 billion at September 30, 2019 and a decrease of $20.0 million from $1.41 billion at December 31, 2018.

Commercial loans increased by $16.0 million from December 31, 2018 to December 31, 2019, offset by decreases of $27.1 million in the residential mortgage portfolio and $8.9 million in the consumer loan portfolio.  Commercial real estate loans increased by $29.8 million while commercial and industrial loans decreased by $13.8 million during the same period. 

The composition of the commercial loan portfolio is shown in the table below:


Dollars in 000s
 Dec 31,
2019
 Sept 30,
2019
 Jun 30,
2019
 Mar 31,
2019
 Dec 31,
2018
 
                
Construction and Development $134,710 $117,782 $102,516 $102,133 $99,867 
Other Commercial Real Estate  463,748  462,686  461,427  470,667  468,840 
Commercial Loans Secured by Real Estate  598,458  580,468  563,943  572,800  568,707 
Commercial and Industrial  499,572  492,085  467,222  493,891  513,347 
Total Commercial Loans $1,098,030 $1,072,553 $1,031,165 $1,066,691 $1,082,054 
                 

Total deposits were $1.75 billion at December 31, 2019, down $66.8 million from $1.82 billion at September 30, 2019 and up $76.6 million, or 4.6 percent, from $1.68 billion at December 31, 2018.  Demand deposits were down $60.7 million in the fourth quarter 2019 compared to the third quarter 2019 and were up $20.0 million compared to the fourth quarter 2018.  Money market deposits and savings deposits were down $8.6 million from the third quarter 2019 and were up $30.9 million from the fourth quarter 2018.  Certificates of deposit were up $2.4 million in the fourth quarter 2019 compared to September 30, 2019 and were up $25.6 million compared to December 31, 2018.  The Company continues to be successful at attracting and retaining core deposit customers.  Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.

Macatawa Bank's regulatory capital ratios at December 31, 2019 continued to be at levels comfortably above those required to be categorized as “well capitalized” under applicable regulatory capital guidelines.  As such, Macatawa Bank was categorized as "well capitalized" at December 31, 2019.

About Macatawa Bank Corporation
Macatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank.  Headquartered in Holland, Mich., 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 the past nine consecutive 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 beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Macatawa Bank Corporation. Forward-looking statements are identifiable by words or phrases such as “outlook”, “plan” or “strategy”; that an event or trend “could”, “may”, “should”, “will”, “is likely”, or is “possible” or “probable” to occur or “continue”, has “begun” or “is scheduled” or “on track” or that the Company or its management “anticipates”, “believes”, “estimates”, “plans”, “forecasts”, “intends”, “predicts”, “projects”, or “expects” a particular result, or is “committed”, “confident”, “optimistic” or has an “opinion” that an event will occur, or other words or phrases such as “ongoing”, “future”, “signs”, “efforts”, “tend”, “exploring”, “appearing”, “until”, “near term”, “concern”, “going forward”, “focus”, “starting”, “initiative,” “trend” and variations of such words and similar expressions. 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, those related to future levels of earning assets, future composition of our loan portfolio, trends in credit quality metrics, future capital levels and capital needs, real estate valuation, future levels of repossessed and foreclosed properties and nonperforming assets, future levels of losses and costs associated with the administration and disposition of repossessed and foreclosed properties and nonperforming assets, future levels of loan charge-offs, future levels of other real estate owned, future levels of provisions for loan losses and reserve recoveries, the rate of asset dispositions, future dividends, future growth and funding sources, future cost of funds, future liquidity levels, future profitability levels, future interest rate levels, future net interest margin levels, the effects on earnings of changes in interest rates, future economic conditions, future effects of new or changed accounting standards, future loss recoveries, loan demand and loan growth and the future level of other revenue sources. Management's determination of the provision and allowance for loan 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. All statements with references to future time periods are forward-looking. All of the information concerning interest rate sensitivity is forward-looking. The future effect of changes in the real estate, financial and credit markets 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 or forecasted in 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, 2018.  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      2019   2019   2018   2019   2018 
Total interest income     $18,435  $19,079  $18,496  $75,942  $69,037 
Total interest expense      2,760   3,243   2,868   12,455   9,411 
Net interest income      15,675   15,836   15,628   63,487   59,626 
Provision for loan losses      -   -   850   (450)  450 
Net interest income after provision for loan losses      15,675   15,836   14,778   63,937   59,176 
               
NON-INTEREST INCOME              
Deposit service charges      1,147   1,139   1,135   4,415   4,377 
Net gains on mortgage loans      697   824   291   2,347   924 
Trust fees      999   920   884   3,812   3,643 
Other      2,246   2,330   2,095   9,154   8,559 
Total non-interest income      5,089   5,213   4,405   19,728   17,503 
               
NON-INTEREST EXPENSE              
Salaries and benefits      5,784   6,272   6,265   24,679   25,207 
Occupancy      940   966   948   3,994   3,931 
Furniture and equipment      823   887   787   3,420   3,125 
FDIC assessment      -   -   127   239   518 
Problem asset costs, including losses and (gains)      139   46   (582)  253   69 
Other      2,957   2,838   2,852   11,639   11,479 
Total non-interest expense      10,643   11,009   10,397   44,224   44,329 
Income before income tax      10,121   10,040   8,786   39,441   32,350 
Income tax expense      1,949   1,882   1,743   7,462   5,971 
Net income     $8,172  $8,158  $7,043  $31,979  $26,379 
               
Basic earnings per common share     $0.24  $0.24  $0.21  $0.94  $0.78 
Diluted earnings per common share     $0.24  $0.24  $0.21  $0.94  $0.78 
Return on average assets      1.59%   1.59%   1.47%   1.59%   1.40% 
Return on average equity      15.27%   15.69%   15.12%   15.66%   14.69% 
Net interest margin (fully taxable equivalent)      3.24%   3.29%   3.46%   3.38%   3.38% 
Efficiency ratio      51.26%   52.30%   51.90%   53.14%   57.47% 
               
BALANCE SHEET DATA          December 31 September 30 December 31
Assets          2019   2019   2018 
Cash and due from banks         $31,942  $50,870  $40,526 
Federal funds sold and other short-term investments          240,508   319,566   130,758 
Debt securities available for sale          225,249   209,895   226,986 
Debt securities held to maturity          82,720   81,995   70,334 
Federal Home Loan Bank Stock          11,558   11,558   11,558 
Loans held for sale          3,294   1,317   415 
Total loans          1,385,627   1,377,227   1,405,658 
Less allowance for loan loss          17,200   17,145   16,876 
Net loans          1,368,427   1,360,082   1,388,782 
Premises and equipment, net          43,417   43,956   44,862 
Bank-owned life insurance          42,156   41,960   41,185 
Other real estate owned          2,748   3,109   3,380 
Other assets          18,058   20,190   16,338 
               
Total Assets         $2,070,077  $2,144,498  $1,975,124 
               
Liabilities and Shareholders' Equity              
Noninterest-bearing deposits         $482,499  $501,731  $485,530 
Interest-bearing deposits          1,270,795   1,318,409   1,191,209 
Total deposits          1,753,294   1,820,140   1,676,739 
Other borrowed funds          60,000   60,000   60,000 
Long-term debt          20,619   41,238   41,238 
Other liabilities          18,695   11,335   6,294 
Total Liabilities          1,852,608   1,932,713   1,784,271 
               
Shareholders' equity          217,469   211,785   190,853 
               
Total Liabilities and Shareholders' Equity         $2,070,077  $2,144,498  $1,975,124 
               


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    
   2019   2019   2019   2019   2018   2019   2018 
EARNINGS SUMMARY              
Net interest income $15,675  $15,836  $15,955  $16,020  $15,628  $63,487  $59,626 
Provision for loan losses  -   -   (200)  (250)  850   (450)  450 
Total non-interest income  5,089   5,213   5,098   4,328   4,405   19,728   17,503 
Total non-interest expense  10,643   11,009   11,334   11,238   10,397   44,224   44,329 
Federal income tax expense  1,949   1,882   1,916   1,714   1,743   7,462   5,971 
Net income $8,172  $8,158  $8,003  $7,646  $7,043  $31,979  $26,379 
               
Basic earnings per common share $0.24  $0.24  $0.24  $0.22  $0.21  $0.94  $0.78 
Diluted earnings per common share $0.24  $0.24  $0.24  $0.22  $0.21  $0.94  $0.78 
               
MARKET DATA              
Book value per common share $6.38  $6.22  $6.04  $5.81  $5.61  $6.38  $5.61 
Tangible book value per common share $6.38  $6.22  $6.04  $5.81  $5.61  $6.38  $5.61 
Market value per common share $11.13  $10.39  $10.26  $9.94  $9.62  $11.13  $9.62 
Average basic common shares  34,080,275   34,060,796   34,042,886   34,040,380   34,031,454   34,056,200   34,018,259 
Average diluted common shares  34,080,275   34,060,796   34,042,886   34,040,380   34,031,454   34,056,200   34,018,554 
Period end common shares  34,103,542   34,061,080   34,042,331   34,044,149   34,045,411   34,103,542   34,045,411 
               
PERFORMANCE RATIOS              
Return on average assets  1.59%   1.59%   1.62%   1.57%   1.47%   1.59%   1.40% 
Return on average equity  15.27%   15.69%   15.94%   15.81%   15.12%   15.66%   14.69% 
Net interest margin (fully taxable equivalent)  3.24%   3.29%   3.45%   3.54%   3.46%   3.38%   3.38% 
Efficiency ratio  51.26%   52.30%   53.84%   55.23%   51.90%   53.14%   57.47% 
Full-time equivalent employees (period end)  325   327   338   332   334   325   334 
               
ASSET QUALITY              
Gross charge-offs $33  $48  $41  $157  $1,179  $279  $1,335 
Net charge-offs/(recoveries) $(55) $(259) $(194) $(266) $776  $(774) $174 
Net charge-offs to average loans (annualized)  -0.02%   -0.08%   -0.06%   -0.08%   0.23%   -0.06%   0.01% 
Nonperforming loans $203  $211  $293  $409  $1,304  $203  $1,304 
Other real estate and repossessed assets $2,748  $3,109  $3,067  $3,261  $3,380  $2,748  $3,380 
Nonperforming loans to total loans  0.01%   0.02%   0.02%   0.03%   0.09%   0.01%   0.09% 
Nonperforming assets to total assets  0.14%   0.15%   0.17%   0.19%   0.24%   0.14%   0.24% 
Allowance for loan losses $17,200  $17,145  $16,886  $16,892  $16,876  $17,200  $16,876 
Allowance for loan losses to total loans  1.24%   1.24%   1.26%   1.22%   1.20%   1.24%   1.20% 
Allowance for loan losses to nonperforming loans  8472.91%   8125.59%   5763.14%   4130.07%   1293.18%   8472.91%   1293.18% 
               
CAPITAL              
Average equity to average assets  10.42%   10.15%   10.15%   9.93%   9.71%   10.17%   9.51% 
Common equity tier 1 to risk weighted assets (Consolidated)  13.45%   13.23%   13.13%   12.55%   12.01%   13.45%   12.01% 
Tier 1 capital to average assets (Consolidated)  11.49%   12.22%   12.34%   12.22%   12.12%   11.49%   12.12% 
Total capital to risk-weighted assets (Consolidated)  15.77%   16.83%   16.78%   16.14%   15.54%   15.77%   15.54% 
Common equity tier 1 to risk weighted assets (Bank)  14.25%   15.31%   15.27%   14.66%   14.09%   14.25%   14.09% 
Tier 1 capital to average assets (Bank)  11.15%   11.88%   12.01%   11.90%   11.78%   11.15%   11.78% 
Total capital to risk-weighted assets (Bank)  15.32%   16.39%   16.36%   15.73%   15.13%   15.32%   15.13% 
Common equity to assets  10.51%   9.88%   10.40%   10.29%   9.67%   10.51%   9.67% 
Tangible common equity to assets  10.51%   9.88%   10.40%   10.29%   9.67%   10.51%   9.67% 
               
END OF PERIOD BALANCES              
Total portfolio loans $1,385,627  $1,377,227  $1,343,512  $1,384,567  $1,405,658  $1,385,627  $1,405,658 
Earning assets  1,943,356   1,999,817   1,856,962   1,809,469   1,849,630   1,943,356   1,849,630 
Total assets  2,070,077   2,144,498   1,978,405   1,925,880   1,975,124   2,070,077   1,975,124 
Deposits  1,753,294   1,820,140   1,661,106   1,617,864   1,676,739   1,753,294   1,676,739 
Total shareholders' equity  217,469   211,785   205,519   197,966   190,853   217,469   190,853 
               
AVERAGE BALANCES              
Total portfolio loans $1,377,051  $1,348,417  $1,367,202  $1,399,464  $1,363,548  $1,372,905  $1,332,878 
Earning assets  1,931,333   1,921,346   1,860,353   1,833,924   1,806,229   1,887,101   1,773,608 
Total assets  2,055,398   2,049,006   1,978,880   1,948,301   1,918,543   2,008,302   1,888,441 
Deposits  1,727,946   1,728,657   1,667,580   1,646,268   1,618,861   1,692,935   1,586,748 
Total shareholders' equity  214,112   208,031   200,888   193,463   186,361   204,191   179,627 
Contact:
Jon Swets, CFO
616-494-7645

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Source: Macatawa Bank Corporation