Macatawa Bank Corporation Reports Third Quarter 2016 Results

HOLLAND, Mich., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (Nasdaq:MCBC) today announced its results for the third quarter of 2016, reflecting continued improvement in financial performance.

  Net income of $4.6 million in third quarter 2016, up 44% from $3.2 million in third quarter 2015
  Total loans up $24.6 million for the quarter, an annualized growth rate of 8.1%
  Revenue increase of $1.4 million in third quarter 2016 from third quarter 2015 while expenses were flat
  Net interest income increase of $781,000 aided by growth in loans
  Past due loans remained at very low levels - only 0.03% of total loans at end of third quarter 2016
  Nonperforming assets down 55% from third quarter 2015
  Favorable loan collection results – seven consecutive quarters of net recoveries
  Strong capital levels

Macatawa reported net income of $4.6 million, or $0.14 per diluted share, in the third quarter 2016 compared to $3.2 million, or $0.09 per diluted share, in the third quarter 2015. For the first nine months of 2016, Macatawa reported net income of $11.8 million, or $0.35 per diluted share, compared to $9.3 million, or $0.27 per diluted share, for the same period in 2015.

"We continued to improve our financial performance in the third quarter showing 44% growth in earnings over the third quarter of last year,” said Ronald L. Haan, President and CEO of the Company. “Our earnings improvement was due primarily to increased net interest income and gains on sales of mortgage loans, while holding level our noninterest expenses. Our increase in net interest income was fueled by growth in portfolio loans. Consistent with our objectives, we have achieved this loan growth while also maintaining the quality of our loan portfolio. Quarter end delinquencies were negligible, and we experienced net loan recoveries again this quarter and have for the past seven quarters. As a result, we again had a modest negative provision for loan losses. Gains on sales of mortgage loans in the third quarter of 2016 doubled from the second quarter and were 67 percent higher than in the third quarter of 2015. The level of total noninterest expense in the third quarter of 2016 was the same as it was in the third quarter of last year, reflecting our efforts to control expenses.” 

Mr. Haan concluded: "For the last several quarters we have been able to grow our revenue while maintaining a disciplined approach to expenses. We have also been able to grow our loan portfolio while strengthening our capital levels. These achievements reflect a discipline that will continue to guide our focus in coming quarters.”

Operating Results
Net interest income for the third quarter 2016 totaled $11.9 million, an increase of $294,000 from the second quarter 2016 and an increase of $781,000 from the third quarter 2015. Net interest margin was 3.04% for the third quarter 2016. Net interest margin on a fully tax equivalent basis was 3.08 percent for the third quarter 2016, consistent with the second quarter 2016, and up 16 basis points from the third quarter 2015.(1) 

Average interest earning assets for the third quarter 2016 increased $24.0 million from the second quarter 2016 and were up $23.0 million from the third quarter 2015. 

Non-interest income increased by $539,000 in the third quarter 2016 compared to the second quarter 2016 and by $591,000 compared to the third quarter 2015. These increases were primarily driven by a higher level of gains on mortgage loans. The Bank originated $38.2 million in loans for sale in the third quarter 2016 compared to $19.0 million in loans for sale in the second quarter 2016 and $25.2 million in loans for sale in the third quarter 2015. 

Non-interest expense was $11.3 million for the third quarter 2016, compared to $11.5 million for the second quarter 2016 and $11.3 million for the third quarter 2015. All categories of non-interest expense were essentially flat from period to period. The largest fluctuations in non-interest expense related to problem asset costs, which decreased $135,000 in third quarter 2016 compared to second quarter 2016 and increased $92,000 compared to third quarter 2015. These costs fluctuated as a result of writedowns on other real estate owned property.

Federal income tax expense was $1.4 million for the third quarter 2016 compared to $1.7 million for the second quarter 2016 and $1.4 million for the third quarter 2015. The effective tax rate was 22.7 percent for the third quarter 2016, compared to 31.0 percent for the second quarter 2016 and 30.4 percent for the third quarter 2015. The decrease in the effective tax rate for the third quarter 2016 was due to tax credits and other adjustments recognized in the Company’s federal income tax return which was filed in the third quarter 2016. 

Asset Quality
As a result of the consistent improvements in nonperforming loans and past due loans over the past several quarters, the reduction in historical loan loss ratios and net loan recoveries experienced in the third quarter 2016, a negative provision for loan losses of $250,000 was recorded in the third quarter 2016. Net loan recoveries for the third quarter 2016 were $138,000, compared to second quarter 2016 net loan recoveries of $580,000 and third quarter 2015 net loan recoveries of $285,000. The Company has experienced net loan recoveries in each of the past seven quarters, and in twelve of the past thirteen quarters. Total loans past due on payments by 30 days or more amounted to $345,000 at September 30, 2016, down 75 percent from $1.4 million at December 31, 2015 and down 88 percent from $2.9 million at September 30, 2015. Delinquency as a percentage of total loans was 0.03 percent at September 30, 2016. 

(1) Net interest margin on a fully tax equivalent basis is a non-GAAP measure but is customary in the banking industry. Management believes this non-GAAP measure is useful because it ensures comparability of yields on taxable and tax-exempt investment securities. See section on “Use of non-GAAP financial measures” for additional information.

The allowance for loan losses of $16.8 million was 1.36 percent of total loans at September 30, 2016, compared to 1.43 percent of total loans at December 31, 2015, and 1.53 percent at September 30, 2015. The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 7,230 percent as of September 30, 2016, compared to 2,259 percent at December 31, 2015, and 433 percent at September 30, 2015. 

At September 30, 2016, the Company's nonperforming loans had declined to $233,000, representing 0.02 percent of total loans. This compares to $756,000 (0.06 percent of total loans) at December 31, 2015 and $4.2 million (0.35 percent of total loans) at September 30, 2015. Other real estate owned and repossessed assets were $13.1 million at September 30, 2016, compared to $17.6 million at December 31, 2015 and $25.7 million at September 30, 2015. Total nonperforming assets, including other real estate owned and nonperforming loans, have decreased by $16.5 million, or 55 percent, from September 30, 2015 to September 30, 2016.

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

Dollars in 000s   Sept 30, 2016   Jun 30, 2016   Mar 31, 2016   Dec 31, 2015   Sept 30, 2015  
                               
Commercial Real Estate   $ 192   $ 291   $ 312   $ 525   $ 922  
Commercial and Industrial     9     26     79     174     3,119  
Total Commercial Loans     211     317     391     699     4,041  
Residential Mortgage Loans     2     2     2     2     42  
Consumer Loans     30     31     34     55     128  
Total Non-Performing Loans   $ 233   $ 350   $ 427   $ 756   $ 4,211  
                                 

Total non-performing assets were $13.3 million, or 0.81 percent of total assets, at September 30, 2016. A break-down of non-performing assets is shown in the table below.

Dollars in 000s   Sept 30, 2016   Jun 30, 2016   Mar 31, 2016   Dec 31, 2015   Sept 30, 2015  
                               
Non-Performing Loans   $ 233   $ 350   $ 427   $ 756   $ 4,211  
Other Repossessed Assets     ---     ---     ---     ---     ---  
Other Real Estate Owned     13,110     14,066     16,162     17,572     25,671  
Total Non-Performing Assets   $ 13,343   $ 14,416   $ 16,589   $ 18,328   $ 29,882  
                                 

Balance Sheet, Liquidity and Capital

Total assets were $1.65 billion at September 30, 2016, a decrease of $76.0 million from $1.73 billion at December 31, 2015 and a decrease of $5.7 million from $1.66 billion at September 30, 2015. Total assets were elevated at December 31, 2015 due to a year end seasonal inflow of business and municipal deposits. Total loans were $1.24 billion at September 30, 2016, an increase of $24.6 million from $1.21 billion at December 31, 2015 and an increase of $43.5 million from $1.19 billion at September 30, 2015.

Commercial loans increased by $41.1 million from September 30, 2015 to September 30, 2016, along with an increase of $2.4 million in our residential mortgage and consumer loan portfolios. Commercial real estate loans decreased by $5.0 million and commercial and industrial loans increased by $46.1 million during the same period. 

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

Dollars in 000s   Sept 30, 2016   Jun 30, 2016   Mar 31, 2016   Dec 31, 2015   Sept 30, 2015  
                               
Construction and Development   $ 76,077   $ 74,339   $ 73,621   $ 74,210   $ 77,320  
Other Commercial Real Estate     423,991     439,036     443,095     434,462     427,797  
Commercial Loans Secured by Real Estate      500,068     513,375     516,716      508,672      505,117  
Commercial and Industrial     423,102     381,058     388,625     377,298     376,966  
Total Commercial Loans   $ 923,170   $ 894,433   $ 905,341   $ 885,970   $ 882,083  
                                 
Residential Developer Loans (a)   $ 26,890   $ 29,771   $ 28,521   $ 30,112   $ 32,147  
                                 


(a) Represents the amount of loans to residential developers secured by single family residential property which is included in commercial loans secured by real estate.

At September 30, 2016, total performing loans amounted to $1.24 billion, an increase of $39.0 million from December 31, 2015 and an increase of $47.5 million from September 30, 2015. 

Total deposits were $1.36 billion at September 30, 2016, down $76.9 million from $1.44 billion at December 31, 2015 and were down $8.2 million from $1.37 billion at September 30, 2015. The decrease in total deposits from December 31, 2015 was primarily in demand deposits and money market deposits for municipal and business customers deploying their seasonal increase of year-end deposits in the first quarter of 2016. The decrease in total deposits from September 30, 2015 were due to a lower level of deposits held by municipal customers. Higher costing time deposits were also down $13.7 million from December 31, 2015. The Bank 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.

The Bank's risk-based regulatory capital ratios were slightly higher at September 30, 2016 compared to September 30, 2015 and December 31, 2015 due to earnings growth, and continue to be at levels comfortably above those required to be categorized as “well capitalized” under applicable regulatory capital guidelines. As such, the Bank was categorized as "well capitalized" at September 30, 2016.

About 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 five consecutive years as “West Michigan’s 101 Best and Brightest Companies to Work For”. For more information, visit www.macatawabank.com.

Use of Non-GAAP Financial Measures
The presentation of net interest margin on a fully tax equivalent (“FTE”) basis is not in accordance with GAAP but is customary in the banking industry. Management believes this non-GAAP measure is useful because it ensures comparability of yields on taxable and tax-exempt investment securities. For further information see “Reconciliation of Net Interest Margin, Fully Taxable Equivalent (Non-GAAP)” in the Selected Consolidated Financial Data section that follows.

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 "believe," "expect," "may," "should," "will," "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 yield compression and future net interest margin. All statements with references to future time periods are forward-looking. 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. 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 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, extend, 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, 2015. 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             2016       2016       2015       2016       2015  
Total interest income           $   13,122     $   12,873     $   12,427     $   39,003     $   36,676  
Total interest expense               1,220         1,265         1,306         3,755         4,058  
Net interest income               11,902         11,608         11,121         35,248         32,618  
Provision for loan losses               (250 )       (750 )       (250 )       (1,100 )       (1,750 )
Net interest income after provision for loan losses               12,152         12,358         11,371         36,348         34,368  
                             
NON-INTEREST INCOME                            
Deposit service charges               1,152         1,112         1,150         3,312         3,248  
Net gains on mortgage loans               1,175         572         705         2,235         2,249  
Trust fees               790         788         711         2,286         2,168  
Other                1,958         2,064         1,918         6,386         5,626  
Total non-interest income               5,075         4,536         4,484         14,219         13,291  
                             
NON-INTEREST EXPENSE                            
Salaries and benefits               6,166         6,168         6,158         18,521         18,474  
Occupancy               901         901         948         2,784         2,823  
Furniture and equipment               772         839         835         2,476         2,431  
FDIC assessment               166         220         283         638         854  
Problem asset costs, including losses               325         460         233         1,196         1,313  
Other               2,943         2,882         2,797         8,679         8,443  
Total non-interest expense               11,273         11,470         11,254         34,294         34,338  
Income before income tax               5,954         5,424         4,601         16,273         13,321  
Income tax expense               1,350         1,679         1,400         4,429         4,065  
Net income           $   4,604     $   3,745     $   3,201     $   11,844     $   9,256  
                             
Basic earnings per common share           $   0.14     $   0.11     $   0.09     $   0.35     $   0.27  
Diluted earnings per common share           $   0.14     $   0.11     $   0.09     $   0.35     $   0.27  
Return on average assets              1.10 %     0.91 %     0.77 %     0.95 %     0.77 %
Return on average equity             11.50 %     9.56 %     8.64 %     10.06 %     8.44 %
Net interest margin (fully taxable equivalent)(1)             3.08 %     3.08 %     2.92 %     3.09 %     3.00 %
Efficiency ratio             66.40 %     71.05 %     72.12 %     69.33 %     74.80 %
                             
BALANCE SHEET DATA                    September 30   June 30   September 30
Assets                     2016       2016       2015  
Cash and due from banks                   $   31,879     $   30,045     $   23,468  
Federal funds sold and other short-term investments                       25,872         94,888         100,285  
Interest-bearing time deposits in other financial institutions                     ---       ---         20,000  
Securities available for sale                       184,403         173,580         161,515  
Securities held to maturity                       58,893         49,373         40,434  
Federal Home Loan Bank Stock                       11,558         11,558         11,558  
Loans held for sale                       2,013         1,138         2,895  
Total loans                       1,236,395         1,211,844         1,192,878  
Less allowance for loan loss                       16,847         16,959         18,217  
Net loans                       1,219,548         1,194,885         1,174,661  
Premises and equipment, net                       50,174         50,639         51,725  
Bank-owned life insurance                       39,088         28,942         28,697  
Other real estate owned                       13,110         14,066         25,671  
Other assets                       17,148         17,433         18,430  
                             
Total Assets                   $   1,653,686     $   1,666,547     $   1,659,339  
                             
Liabilities and Shareholders' Equity                            
Noninterest-bearing deposits                   $   455,164     $   451,644     $   442,316  
Interest-bearing deposits                       903,463         903,434         924,533  
Total deposits                       1,358,627         1,355,078         1,366,849  
Other borrowed funds                       84,173         104,840         96,169  
Long-term debt                       41,238         41,238         41,238  
Other liabilities                       7,403         6,929         5,350  
Total Liabilities                       1,491,441         1,508,085         1,509,606  
                             
Shareholders' equity                       162,245         158,462         149,733  
                             
Total Liabilities and Shareholders' Equity                   $   1,653,686     $   1,666,547     $   1,659,339  
                             
(1)Net interest margin on a fully taxable equivalent basis is a non-GAAP measure.  For more information please refer to RECONCILIATION OF NET INTEREST MARGIN, FULLY TAXABLE EQUIVALENT (NON-GAAP) section below.
                             
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        
      2016       2016       2016       2015       2015       2016       2015  
EARNINGS SUMMARY                            
Net interest income   $   11,902     $   11,608     $   11,738     $   11,461     $   11,121     $   35,248     $   32,618  
Provision for loan losses       (250 )       (750 )       (100 )       (1,750 )       (250 )       (1,100 )       (1,750 )
Total non-interest income       5,075         4,536         4,608         4,503         4,484         14,219         13,291  
Total non-interest expense       11,273         11,470         11,551         12,615         11,254         34,294         34,338  
Federal income tax expense       1,350         1,679         1,400         1,561         1,400         4,429         4,065  
Net income   $   4,604     $   3,745     $   3,495     $   3,538     $   3,201     $   11,844     $   9,256  
                             
Basic earnings per common share   $   0.14     $   0.11     $   0.10     $   0.10     $   0.09     $   0.35     $   0.27  
Diluted earnings per common share   $   0.14     $   0.11     $   0.10     $   0.10     $   0.09     $   0.35     $   0.27  
                             
MARKET DATA                            
Book value per common share   $   4.78     $   4.67     $   4.58     $   4.48     $   4.42     $   4.78     $   4.42  
Tangible book value per common share   $   4.78     $   4.67     $   4.58     $   4.48     $   4.42     $   4.78     $   4.42  
Market value per common share   $   7.99     $   7.42     $   6.25     $   6.05     $   5.18     $   7.99     $   5.18  
Average basic common shares       33,921,599         33,922,506         33,925,113         33,891,429         33,866,789         33,923,067         33,866,789  
Average diluted common shares       33,921,599         33,922,506         33,925,113         33,891,429         33,866,789         33,923,067         33,866,789  
Period end common shares       33,920,740         33,922,289         33,925,113         33,925,113         33,866,789         33,920,740         33,866,789  
                             
PERFORMANCE RATIOS                            
Return on average assets     1.10 %     0.91 %     0.84 %     0.85 %     0.77 %     0.95 %     0.77 %
Return on average equity     11.50 %     9.56 %     9.06 %     9.40 %     8.64 %     10.06 %     8.44 %
Net interest margin (fully taxable equivalent)     3.08 %     3.08 %     3.09 %     3.03 %     2.92 %     3.09 %     3.00 %
Efficiency ratio     66.40 %     71.05 %     70.67 %     79.02 %     72.12 %     69.33 %     74.80 %
Full-time equivalent employees (period end)     337       343       338       342       347       337       347  
                             
ASSET QUALITY                            
Gross charge-offs   $   46     $   36     $   76     $   252     $   170     $   158     $   450  
Net charge-offs   $   (138 )   $   (580 )   $   (148 )   $   (614 )   $   (285 )   $   (866 )   $   (1,005 )
Net charge-offs to average loans (annualized)     -0.05 %     -0.19 %     -0.05 %     -0.21 %     -0.10 %     -0.10 %     -0.12 %
Nonperforming loans   $   233     $   350     $   427     $   756     $   4,211     $   233     $   4,211  
Other real estate and repossessed assets   $   13,110     $   14,066     $   16,162     $   17,572     $   25,671     $   13,110     $   25,671  
Nonperforming loans to total loans     0.02 %     0.03 %     0.04 %     0.06 %     0.35 %     0.02 %     0.35 %
Nonperforming assets to total assets     0.81 %     0.87 %     1.01 %     1.06 %     1.80 %     0.81 %     1.80 %
Allowance for loan losses   $   16,847     $   16,959     $   17,129     $   17,081     $   18,217     $   16,847     $   18,217  
Allowance for loan losses to total loans     1.36 %     1.40 %     1.41 %     1.43 %     1.53 %     1.36 %     1.53 %
Allowance for loan losses to nonperforming loans     7230.47 %     4845.43 %     4011.48 %     2259.39 %     432.61 %     7230.47 %     432.61 %
                             
CAPITAL                            
Average equity to average assets     9.53 %     9.47 %     9.27 %     9.07 %     8.89 %     9.43 %     9.11 %
Common equity tier 1 to risk weighted assets (Consolidated)     11.25 %     11.14 %     10.95 %     10.75 %     10.54 %     11.25 %     10.54 %
Tier 1 capital to average assets (Consolidated)     11.97 %     11.93 %     11.69 %     11.54 %     11.34 %     11.97 %     11.34 %
Total capital to risk-weighted assets (Consolidated)     15.23 %     15.18 %     15.01 %     14.80 %     14.61 %     15.23 %     14.61 %
Common equity tier 1 to risk weighted assets (Bank)     13.71 %     13.59 %     13.41 %     13.22 %     12.98 %     13.71 %     12.98 %
Tier 1 capital to average assets (Bank)     11.64 %     11.61 %     11.38 %     11.24 %     11.03 %     11.64 %     11.03 %
Total capital to risk-weighted assets (Bank)     14.90 %     14.80 %     14.63 %     14.43 %     14.23 %     14.90 %     14.23 %
Tangible common equity to assets     9.82 %     9.52 %     9.47 %     8.79 %     9.03 %     9.82 %     9.03 %
                             
END OF PERIOD BALANCES                            
Total portfolio loans   $   1,236,395     $   1,211,844     $   1,216,184     $   1,197,932     $   1,192,878     $   1,236,395     $   1,192,878  
Earning assets       1,514,797         1,539,877         1,518,752         1,602,599         1,527,714         1,514,797         1,527,714  
Total assets       1,653,686         1,666,547         1,639,985         1,729,643         1,659,339         1,653,686         1,659,339  
Deposits       1,358,627         1,355,078         1,340,834         1,435,512         1,366,849         1,358,627         1,366,849  
Total shareholders' equity       162,245         158,462         155,241         151,977         149,733         162,245         149,733  
                             
AVERAGE BALANCES                            
Total portfolio loans   $   1,215,953     $   1,212,836     $   1,202,682     $   1,190,328     $   1,155,339     $   1,210,511     $   1,138,333  
Earning assets       1,555,550         1,531,535         1,539,166         1,527,116         1,532,562         1,542,133         1,469,838  
Total assets       1,680,097         1,654,325         1,663,590         1,660,869         1,667,736         1,666,055         1,604,589  
Deposits       1,377,462         1,346,703         1,365,881         1,365,990         1,376,257         1,363,400         1,316,996  
Total shareholders' equity       160,196         156,664         154,244         150,583         148,214         157,046         146,242  
                             
RECONCILIATION OF NET INTEREST MARGIN, FULLY TAXABLE EQUIVALENT (NON-GAAP)                
Net interest income   $   11,902     $   11,608     $   11,738     $   11,461     $   11,121     $   35,248     $   32,618  
Plus taxable equivalent adjustment       193         189         186         190         169         567         477  
Net interest income - taxable equivalent   $   12,095     $   11,797     $   11,924     $   11,651     $   11,290     $   35,815     $   33,095  
Net interest margin (GAAP)     3.04 %     3.04 %     3.06 %     2.98 %     2.88 %     3.04 %     2.97 %
Net interest margin (FTE) - non-GAAP     3.08 %     3.08 %     3.09 %     3.03 %     2.92 %     3.09 %     3.00 %
                                                         


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Source: Macatawa Bank Corporation