Macatawa Bank Corporation Reports First Quarter 2024 Results
- Decrease in net income from the previous year
- Net interest margin of 3.26%
- Continued loan portfolio growth
- Seasonal fluctuations in deposit portfolio balances
- Strong credit quality metrics
- Definitive merger agreement with Wintrust Financial
- Decrease in net interest income and non-interest income
- Total loans increased by $3.8 million
- Total deposits decreased by $131.3 million
- Focus on liquidity, high capital levels, and asset quality
- Decrease in net interest income and non-interest income
- Decrease in total assets
- Decrease in total deposits
- Shift in deposit balances
Insights
HOLLAND, Mich., April 25, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for Macatawa Bank (collectively, the “Company”), today announced its results for the first quarter 2024.
- Net income of
$9.8 million in first quarter 2024 – a decrease from$12.0 million earned in first quarter 2023 and an increase from$9.5 million earned in fourth quarter 2023 - Net interest margin of
3.26% in first quarter 2024 versus3.44% in first quarter 2023 and3.28% in fourth quarter 2023 - Continued loan portfolio growth –
$3.8 million , or1.1% annualized growth rate, for first quarter 2024, and$121.3 million , or9.9% , in the last 12 months - Deposit portfolio balances decreased
$131.3 million in the first quarter 2024 due to seasonal fluctuations in municipal and business deposits - Strong credit quality metrics – non-performing assets total less than
$1,000 , allowance to total loans coverage of1.30% as of March 31, 2024 - No provision for credit losses required in first quarter 2024
- Entered into a definitive merger agreement on April 15, 2024 with Wintrust Financial Corporation (“Wintrust”)
- Approximately
$300,000 in merger related expenses decreased earnings in the first quarter 2024
The Company reported net income of
"We are pleased to report strong profitability and balance sheet results for the first quarter 2024,” said Jon Swets, President and CEO of the Company. “We have started the year right where we left off with continued loan portfolio growth and maintained our excellent asset quality. On the funding side of the balance sheet we continue to see a slowing of the shift in our deposits to higher interest bearing types."
Mr. Swets continued, "We believe our balance sheet is well positioned in the current environment. In addition to the
Regarding the pending merger with Wintrust, Mr. Swets noted, “We are excited for the opportunities this combination will provide our customers, our community and our employees. We share a core community banking philosophy and know that this combination allows us to continue focusing on serving our customers and growing our presence in the markets we serve. We remain committed to the conservative and well-disciplined approach to running the Company that has resulted in strong and consistent financial performance.”
Operating Results
Net interest income for the first quarter 2024 totaled
Non-interest income decreased
Non-interest expense was
| Q1 2024 | Q1 2024 | |||||||
| to | to | |||||||
| Dollars in 000s | Q4 2023 | Q1 2023 | ||||||
| Salaries and other compensation | $ | 37 | $ | 256 | ||||
| Executive retirement costs | (1,261 | ) | — | |||||
| Salary deferral from commercial loans | 59 | (13 | ) | |||||
| Bonus accrual | — | — | ||||||
| Mortgage production – variable comp | (57 | ) | 2 | |||||
| Brokerage – variable comp | (9 | ) | 10 | |||||
| 401k matching contributions | 21 | (3 | ) | |||||
| Medical insurance costs | 29 | — | ||||||
| Total change in salaries and benefits | $ | (1,181 | ) | $ | 252 | |||
Occupancy expenses were up
Federal income tax expense was
Asset Quality
The 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
The allowance for credit losses of
At March 31, 2024, the Company's nonperforming loans were
A break-down of non-performing loans is shown in the table below.
| Mar 31, | Dec 31, | Sept 30, | June 30, | Mar 31, | ||||||||||||||||
| Dollars in 000s | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Commercial Real Estate | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Commercial and Industrial | — | — | — | — | — | |||||||||||||||
| Total Commercial Loans | — | — | — | — | — | |||||||||||||||
| Residential Mortgage Loans | 1 | 1 | 1 | 72 | 75 | |||||||||||||||
| Consumer Loans | — | — | — | — | — | |||||||||||||||
| Total Non-Performing Loans | $ | 1 | $ | 1 | $ | 1 | $ | 72 | $ | 75 | ||||||||||
A break-down of non-performing assets is shown in the table below.
| Mar 31, | Dec 31, | Sept 30, | June 30, | Mar 31, | ||||||||||||||||
| Dollars in 000s | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Non-Performing Loans | $ | 1 | $ | 1 | $ | 1 | $ | 72 | $ | 75 | ||||||||||
| Other Repossessed Assets | — | — | — | — | — | |||||||||||||||
| Other Real Estate Owned | — | — | — | — | — | |||||||||||||||
| Total Non-Performing Assets | $ | 1 | $ | 1 | $ | 1 | $ | 72 | $ | 75 | ||||||||||
Balance Sheet, Liquidity and Capital
Total assets were
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
Total loans were
Commercial loans increased by
The composition of the commercial loan portfolio is shown in the table below:
| Mar 31, | Dec 31, | Sept 30, | June 30, | Mar 31, | ||||||||||||||||
| Dollars in 000s | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Construction and Development | $ | 112,245 | $ | 128,277 | $ | 120,892 | $ | 116,124 | $ | 120,268 | ||||||||||
| Other Commercial Real Estate | 460,524 | 456,822 | 446,393 | 443,489 | 423,080 | |||||||||||||||
| Commercial Loans Secured by Real Estate | 572,769 | 585,099 | 567,285 | 559,613 | 543,348 | |||||||||||||||
| Commercial and Industrial | 516,400 | 506,974 | 488,224 | 489,273 | 473,354 | |||||||||||||||
| Total Commercial Loans | $ | 1,089,169 | $ | 1,092,073 | $ | 1,055,509 | $ | 1,048,886 | $ | 1,016,702 | ||||||||||
Total deposits were
Macatawa’s deposit base is primarily made up of many small accounts, and balances at March 31, 2024 were comprised of
Noninterest bearing demand deposits were down
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 March 31, 2024, balances held in federal funds sold and other short-term investments amounted to
The Company's total risk-based regulatory capital ratio at March 31, 2024 was consistent with the ratio at December 31, 2023 and March 31, 2023. 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
About Macatawa Bank
Headquartered 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. In addition, forward-looking statements include statements regarding the outlook and expectations of Macatawa with respect to its planned merger with Wintrust Financial Corporation ("Wintrust") pursuant to the Agreement and Plan of Merger dated April 15, 2024 (the "Merger Agreement"), the strategic benefits and financial benefits of the merger, including the expected impact of the transaction on the combined company's future financial performance and the timing of the closing of the transaction. These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements 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, implied or forecasted in such forward-looking statements. Furthermore, Macatawa does not undertake any obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Such risks, uncertainties and assumptions, include, among others, the following:
|
Important Additional Information and Where to Find It
This communication is being made in respect of the proposed Merger between Macatawa and Wintrust. In connection with the proposed Merger, Wintrust will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement and Prospectus of Macatawa, as well as other relevant documents regarding the proposed Merger. A definitive Proxy Statement and Prospectus will be sent to Macatawa shareholders when available. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS REGARDING THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
A free copy of the Proxy Statement and Prospectus, once available, as well as other filings containing information about Macatawa, Wintrust and the proposed transaction may be obtained at the SEC’s Internet site http://www.sec.gov. You will also be able to obtain these documents, free of charge, from Macatawa under the "Investor Relations" section of its website, www.macatawabank.com (which website is not incorporated herein by reference), by clicking the "Investor Relations/SEC Filings" link. In addition, investors and security holders may obtain free copies of the documents Macatawa has filed with the SEC by directing a request to Macatawa Bank Corporation, Attn: Bryan Barker, 10753 Macatawa Drive, Holland, Michigan 49424 or by phone at (616) 494-1448, and may obtain free copies of the documents Wintrust has filed with the SEC by directing a request to Wintrust Financial Corporation, Corporate Secretary, Wintrust Financial Corporation, 9700 West Higgins Road, Suite 800, Rosemont, Illinois 60018 or by phone at (847) 939-9000.
Participants in Solicitation
Macatawa, Wintrust and certain of their respective directors, executive officers and other members of management or employees may be deemed to be participants in the solicitation of proxies from Macatawa shareholders in respect of the proposed Merger, which will be described in the Proxy Statement and Prospectus. Information about the directors and executive officers of Macatawa and their ownership of Macatawa common stock is also set forth in Macatawa’s definitive proxy statement for its 2023 annual meeting of shareholders, which was filed with the SEC on March 17, 2023, its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 15, 2024 and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement and Prospectus regarding the proposed Merger when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
| MACATAWA BANK CORPORATION | |||||||||||||||||||||||
| CONSOLIDATED FINANCIAL SUMMARY | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| (Dollars in thousands except per share information) | |||||||||||||||||||||||
| 1st Qtr | 4th Qtr | 1st Qtr | |||||||||||||||||||||
| EARNINGS SUMMARY | 2024 | 2023 | 2023 | ||||||||||||||||||||
| Total interest income | $ | 29,077 | $ | 29,638 | $ | 27,266 | |||||||||||||||||
| Total interest expense | 8,350 | 8,197 | 4,650 | ||||||||||||||||||||
| Net interest income | 20,727 | 21,441 | 22,616 | ||||||||||||||||||||
| Provision for credit losses | - | 400 | - | ||||||||||||||||||||
| Net interest income after provision for credit losses | 20,727 | 21,041 | 22,616 | ||||||||||||||||||||
| NON-INTEREST INCOME | |||||||||||||||||||||||
| Deposit service charges | 1,003 | 1,036 | 994 | ||||||||||||||||||||
| Net gains on mortgage loans | 8 | 28 | 11 | ||||||||||||||||||||
| Trust fees | 1,220 | 1,055 | 1,033 | ||||||||||||||||||||
| Other | 2,429 | 2,565 | 2,490 | ||||||||||||||||||||
| Total non-interest income | 4,660 | 4,684 | 4,528 | ||||||||||||||||||||
| NON-INTEREST EXPENSE | |||||||||||||||||||||||
| Salaries and benefits | 6,950 | 8,131 | 6,698 | ||||||||||||||||||||
| Occupancy | 999 | 948 | 1,137 | ||||||||||||||||||||
| Furniture and equipment | 1,062 | 1,054 | 1,031 | ||||||||||||||||||||
| FDIC assessment | 330 | 330 | 330 | ||||||||||||||||||||
| Other | 3,904 | 3,501 | 2,969 | ||||||||||||||||||||
| Total non-interest expense | 13,245 | 13,964 | 12,165 | ||||||||||||||||||||
| Income before income tax | 12,142 | 11,761 | 14,979 | ||||||||||||||||||||
| Income tax expense | 2,349 | 2,266 | 2,975 | ||||||||||||||||||||
| Net income | $ | 9,793 | $ | 9,495 | $ | 12,004 | |||||||||||||||||
| Basic earnings per common share | $ | 0.29 | $ | 0.28 | $ | 0.35 | |||||||||||||||||
| Diluted earnings per common share | $ | 0.29 | $ | 0.28 | $ | 0.35 | |||||||||||||||||
| Return on average assets | 1.48 | % | 1.41 | % | 1.74 | % | |||||||||||||||||
| Return on average equity | 13.61 | % | 13.89 | % | 19.19 | % | |||||||||||||||||
| Net interest margin (fully taxable equivalent) | 3.26 | % | 3.28 | % | 3.44 | % | |||||||||||||||||
| Efficiency ratio | 52.17 | % | 53.45 | % | 44.82 | % | |||||||||||||||||
| BALANCE SHEET DATA | March 31 | December 31 | March 31 | ||||||||||||||||||||
| Assets | 2024 | 2023 | 2023 | ||||||||||||||||||||
| Cash and due from banks | $ | 27,081 | $ | 32,317 | $ | 29,402 | |||||||||||||||||
| Federal funds sold and other short-term investments | 331,400 | 418,035 | 391,336 | ||||||||||||||||||||
| Debt securities available for sale | 491,214 | 508,798 | 525,959 | ||||||||||||||||||||
| Debt securities held to maturity | 300,751 | 331,523 | 348,387 | ||||||||||||||||||||
| Federal Home Loan Bank Stock | 10,211 | 10,211 | 10,211 | ||||||||||||||||||||
| Loans held for sale | - | - | 87 | ||||||||||||||||||||
| Total loans | 1,342,208 | 1,338,386 | 1,220,939 | ||||||||||||||||||||
| Less allowance for credit losses | 17,440 | 17,442 | 16,794 | ||||||||||||||||||||
| Net loans | 1,324,768 | 1,320,944 | 1,204,145 | ||||||||||||||||||||
| Premises and equipment, net | 38,971 | 38,604 | 40,249 | ||||||||||||||||||||
| Bank-owned life insurance | 54,535 | 54,249 | 53,557 | ||||||||||||||||||||
| Other real estate owned | - | - | - | ||||||||||||||||||||
| Other assets | 35,975 | 34,018 | 33,820 | ||||||||||||||||||||
| Total Assets | $ | 2,614,906 | $ | 2,748,699 | $ | 2,637,153 | |||||||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 614,325 | $ | 643,035 | $ | 690,444 | |||||||||||||||||
| Interest-bearing deposits | 1,670,076 | 1,772,695 | 1,640,451 | ||||||||||||||||||||
| Total deposits | 2,284,401 | 2,415,730 | 2,330,895 | ||||||||||||||||||||
| Other borrowed funds | 20,000 | 30,000 | 30,000 | ||||||||||||||||||||
| Long-term debt | - | - | - | ||||||||||||||||||||
| Other liabilities | 17,532 | 15,884 | 15,690 | ||||||||||||||||||||
| Total Liabilities | 2,321,933 | 2,461,614 | 2,376,585 | ||||||||||||||||||||
| Shareholders' equity | 292,973 | 287,085 | 260,568 | ||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,614,906 | $ | 2,748,699 | $ | 2,637,153 | |||||||||||||||||
| MACATAWA BANK CORPORATION | |||||||||||||||||||||||
| SELECTED CONSOLIDATED FINANCIAL DATA | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| (Dollars in thousands except per share information) | |||||||||||||||||||||||
| Quarterly | |||||||||||||||||||||||
| 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |||||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||
| EARNINGS SUMMARY | |||||||||||||||||||||||
| Net interest income | $ | 20,727 | $ | 21,441 | $ | 22,244 | $ | 21,146 | $ | 22,616 | |||||||||||||
| Provision for credit losses | - | 400 | (150 | ) | 300 | - | |||||||||||||||||
| Total non-interest income | 4,660 | 4,684 | 4,616 | 4,613 | 4,528 | ||||||||||||||||||
| Total non-interest expense | 13,245 | 13,964 | 12,789 | 12,673 | 12,165 | ||||||||||||||||||
| Federal income tax expense | 2,349 | 2,266 | 2,808 | 2,474 | 2,975 | ||||||||||||||||||
| Net income | $ | 9,793 | $ | 9,495 | $ | 11,413 | $ | 10,312 | $ | 12,004 | |||||||||||||
| Basic earnings per common share | $ | 0.29 | $ | 0.28 | $ | 0.33 | $ | 0.30 | $ | 0.35 | |||||||||||||
| Diluted earnings per common share | $ | 0.29 | $ | 0.28 | $ | 0.33 | $ | 0.30 | $ | 0.35 | |||||||||||||
| MARKET DATA | |||||||||||||||||||||||
| Book value per common share | $ | 8.53 | $ | 8.35 | $ | 7.87 | $ | 7.69 | $ | 7.60 | |||||||||||||
| Tangible book value per common share | $ | 8.53 | $ | 8.35 | $ | 7.87 | $ | 7.69 | $ | 7.60 | |||||||||||||
| Market value per common share | $ | 9.79 | $ | 11.28 | $ | 8.96 | $ | 9.28 | $ | 10.22 | |||||||||||||
| Average basic common shares | 34,361,562 | 34,325,743 | 34,291,487 | 34,292,179 | 34,297,221 | ||||||||||||||||||
| Average diluted common shares | 34,361,562 | 34,325,743 | 34,291,487 | 34,292,179 | 34,297,221 | ||||||||||||||||||
| Period end common shares | 34,361,562 | 34,361,562 | 34,291,487 | 34,291,487 | 34,292,294 | ||||||||||||||||||
| PERFORMANCE RATIOS | |||||||||||||||||||||||
| Return on average assets | 1.48 | % | 1.41 | % | 1.66 | % | 1.57 | % | 1.74 | % | |||||||||||||
| Return on average equity | 13.61 | % | 13.89 | % | 17.14 | % | 15.70 | % | 19.19 | % | |||||||||||||
| Efficiency ratio | 52.17 | % | 53.45 | % | 47.61 | % | 49.20 | % | 44.82 | % | |||||||||||||
| Full-time equivalent employees (period end) | 313 | 314 | 313 | 322 | 317 | ||||||||||||||||||
| YIELDS AND COST OF FUNDS RATIOS | |||||||||||||||||||||||
| Federal funds sold and other short-term investments | 5.42 | % | 5.41 | % | 5.36 | % | 5.05 | % | 4.58 | % | |||||||||||||
| Total securities (fully taxable equivalent) | 2.50 | % | 2.50 | % | 2.47 | % | 2.43 | % | 2.40 | % | |||||||||||||
| Commercial loans | 5.78 | % | 5.73 | % | 5.66 | % | 5.58 | % | 5.40 | % | |||||||||||||
| Residential mortgage loans | 4.53 | % | 4.41 | % | 4.20 | % | 3.93 | % | 3.73 | % | |||||||||||||
| Consumer loans | 8.15 | % | 8.15 | % | 8.00 | % | 7.63 | % | 7.20 | % | |||||||||||||
| Total loans | 5.70 | % | 5.65 | % | 5.57 | % | 5.47 | % | 5.28 | % | |||||||||||||
| Total yield on interest earning assets (fully taxable equivalent) | 4.58 | % | 4.54 | % | 4.48 | % | 4.31 | % | 4.15 | % | |||||||||||||
| Interest bearing demand deposits | 0.48 | % | 0.53 | % | 0.45 | % | 0.48 | % | 0.43 | % | |||||||||||||
| Savings and money market accounts | 2.06 | % | 1.97 | % | 1.90 | % | 1.64 | % | 1.35 | % | |||||||||||||
| Time deposits | 4.35 | % | 4.19 | % | 3.86 | % | 3.23 | % | 2.22 | % | |||||||||||||
| Total interest bearing deposits | 1.94 | % | 1.85 | % | 1.69 | % | 1.42 | % | 1.05 | % | |||||||||||||
| Total deposits | 1.43 | % | 1.35 | % | 1.21 | % | 1.01 | % | 0.74 | % | |||||||||||||
| Other borrowed funds | 1.99 | % | 2.08 | % | 2.08 | % | 2.08 | % | 2.08 | % | |||||||||||||
| Total average cost of funds on interest bearing liabilities | 1.94 | % | 1.86 | % | 1.69 | % | 1.43 | % | 1.07 | % | |||||||||||||
| Net interest margin (fully taxable equivalent) | 3.26 | % | 3.28 | % | 3.35 | % | 3.36 | % | 3.44 | % | |||||||||||||
| ASSET QUALITY | |||||||||||||||||||||||
| Gross charge-offs | $ | 32 | $ | 31 | $ | 41 | $ | 22 | $ | 21 | |||||||||||||
| Net charge-offs/(recoveries) | $ | 2 | $ | (41 | ) | $ | (42 | ) | $ | (15 | ) | $ | (33 | ) | |||||||||
| Net charge-offs to average loans (annualized) | 0.00 | % | -0.01 | % | -0.01 | % | 0.00 | % | -0.01 | % | |||||||||||||
| Nonperforming loans | $ | 1 | $ | 1 | $ | 1 | $ | 72 | $ | 75 | |||||||||||||
| Other real estate and repossessed assets | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
| Nonperforming loans to total loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | |||||||||||||
| Nonperforming assets to total assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||
| Allowance for credit losses | $ | 17,440 | $ | 17,442 | $ | 17,001 | $ | 17,109 | $ | 16,794 | |||||||||||||
| Allowance for credit losses to total loans | 1.30 | % | 1.30 | % | 1.32 | % | 1.35 | % | 1.38 | % | |||||||||||||
| Allowance for credit losses to nonperforming loans | |||||||||||||||||||||||
| CAPITAL | |||||||||||||||||||||||
| Average equity to average assets | 10.87 | % | 10.16 | % | 9.71 | % | 10.01 | % | 9.07 | % | |||||||||||||
| Common equity tier 1 to risk weighted assets (Consolidated) | 18.16 | % | 17.70 | % | 17.66 | % | 17.16 | % | 17.08 | % | |||||||||||||
| Tier 1 capital to average assets (Consolidated) | 11.83 | % | 11.35 | % | 10.91 | % | 11.08 | % | 10.26 | % | |||||||||||||
| Total capital to risk-weighted assets (Consolidated) | 19.16 | % | 18.69 | % | 18.65 | % | 18.16 | % | 18.08 | % | |||||||||||||
| Common equity tier 1 to risk weighted assets (Bank) | 17.67 | % | 17.18 | % | 17.14 | % | 16.66 | % | 16.58 | % | |||||||||||||
| Tier 1 capital to average assets (Bank) | 11.52 | % | 11.02 | % | 10.59 | % | 10.75 | % | 9.96 | % | |||||||||||||
| Total capital to risk-weighted assets (Bank) | 18.67 | % | 18.18 | % | 18.13 | % | 17.66 | % | 17.58 | % | |||||||||||||
| Common equity to assets | 11.20 | % | 10.44 | % | 9.78 | % | 10.03 | % | 9.88 | % | |||||||||||||
| Tangible common equity to assets | 11.20 | % | 10.44 | % | 9.78 | % | 10.03 | % | 9.88 | % | |||||||||||||
| END OF PERIOD BALANCES | |||||||||||||||||||||||
| Total portfolio loans | $ | 1,342,208 | $ | 1,338,386 | $ | 1,291,290 | $ | 1,271,576 | $ | 1,220,939 | |||||||||||||
| Earning assets | 2,507,502 | 2,637,111 | 2,648,445 | 2,518,396 | 2,531,184 | ||||||||||||||||||
| Total assets | 2,614,906 | 2,748,699 | 2,759,710 | 2,630,254 | 2,637,153 | ||||||||||||||||||
| Deposits | 2,284,401 | 2,415,730 | 2,445,586 | 2,321,545 | 2,330,895 | ||||||||||||||||||
| Total shareholders' equity | 292,973 | 287,085 | 269,877 | 263,819 | 260,568 | ||||||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||||||
| Federal funds sold and other short-term investments | $ | 340,396 | $ | 407,278 | $ | 467,434 | $ | 360,023 | $ | 555,670 | |||||||||||||
| Total securities | 853,489 | 875,067 | 879,379 | 900,724 | 898,691 | ||||||||||||||||||
| Total portfolio loans | 1,334,254 | 1,295,545 | 1,274,344 | 1,246,217 | 1,186,684 | ||||||||||||||||||
| Earning assets | 2,537,801 | 2,587,704 | 2,630,894 | 2,516,837 | 2,650,972 | ||||||||||||||||||
| Total assets | 2,648,257 | 2,691,336 | 2,743,069 | 2,625,334 | 2,757,594 | ||||||||||||||||||
| Non-interest bearing deposits | 609,090 | 648,084 | 692,436 | 674,565 | 732,434 | ||||||||||||||||||
| Total interest bearing deposits | 1,706,640 | 1,721,910 | 1,737,579 | 1,641,857 | 1,727,883 | ||||||||||||||||||
| Total deposits | 2,315,731 | 2,369,994 | 2,430,015 | 2,316,422 | 2,460,318 | ||||||||||||||||||
| Borrowings | 25,615 | 30,000 | 30,000 | 30,000 | 30,000 | ||||||||||||||||||
| Total shareholders' equity | 287,742 | 273,525 | 266,339 | 262,764 | 250,160 | ||||||||||||||||||
FAQ
What was Macatawa Bank 's net income in the first quarter of 2024?
What was the net interest margin for Macatawa Bank in the first quarter of 2024?
Did Macatawa Bank enter into a merger agreement in the first quarter of 2024?
How did Macatawa Bank 's total loans change in the first quarter of 2024?
What was the total deposit balance change for Macatawa Bank in the first quarter of 2024?
