Macatawa Bank Corporation Reports Fourth Quarter and Full Year 2022 Results
Macatawa Bank Corporation (NASDAQ: MCBC) reported a strong financial performance for Q4 2022, achieving net income of $12.1 million, a 95% increase from Q4 2021. Full-year net income reached $34.7 million, up from $29.0 million in 2021. The company's net interest margin improved to 3.34%, up 48 basis points from the previous quarter. Loan growth was notable at $39.1 million, contributing to a 14% annualized growth rate. Despite economic uncertainties, the bank's asset-sensitive balance sheet and strong deposit growth of $58.9 million in Q4 2022 position it well for continued profitability in 2023. The effective tax rate was reported at 19.6% for the quarter.
- Net income increased to $12.1 million in Q4 2022, up 95% from Q4 2021.
- Full-year net income rose to $34.7 million, a 19% increase from the previous year.
- Net interest margin improved to 3.34%, a 149 basis point increase compared to Q4 2021.
- Loan portfolio grew by $39.1 million, reflecting a 14% annualized growth rate.
- Deposit balances increased by $58.9 million in Q4 2022.
- Provision for loan losses amounted to $375,000 in Q4 2022 due to loan growth.
- Non-interest income decreased by $311,000 from Q4 2021, primarily due to lower mortgage loan sales gains.
HOLLAND, Mich., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for Macatawa Bank (collectively, the “Company”), today announced its results for the fourth quarter 2022.
- Full year net income of
$34.7 million versus$29.0 million in the prior year - Net income of
$12.1 million in fourth quarter 2022 – up21% versus$10.0 million in third quarter 2022 and up95% versus$6.2 million in fourth quarter 2021 - Net interest margin increased 48 basis points to
3.34% in fourth quarter 2022 versus third quarter 2022 and increased 149 basis points versus fourth quarter 2021 - Intentional asset-sensitive balance sheet structure continued to produce improved net interest income and net interest margin in rising interest rate environment
- Continued loan portfolio growth –
$39.1 million , or14% annualized growth rate, for the fourth quarter 2022 - Provision for loan losses of
$375,000 due primarily to loan growth - Grew investment securities portfolio by
$44.8 million in fourth quarter 2022 to supplement loan growth and continued deployment of excess liquidity - Deposit portfolio balances showed further growth in fourth quarter 2022
The Company reported net income of
"We are pleased to report very strong profitability for the fourth quarter of 2022,” said Ronald L. Haan, President and CEO of the Company. “The impact of rising interest rates on our asset-sensitive balance sheet resulted in a significant increase in revenue and bottom line for each quarter during 2022. Net interest income for the fourth quarter 2022 was
Mr. Haan concluded: "Despite ongoing economic uncertainty and a rapidly changing operating environment, we remain focused on our primary goal of driving consistent and profitable growth. We achieved strong operating performance in 2022, and we believe the Company’s operations and balance sheet are very well positioned as we enter a new year.”
Operating Results
Net interest income for the fourth quarter 2022 totaled
Non-interest income increased
Non-interest expense was
Dollars in 000s | Q4 2022 to Q3 2022 | Q4 2022 to Q4 2021 | |||||
| Salaries and other compensation | $ | (9 | ) | $ | 332 | ||
| Salary deferral from commercial loans | --- | 26 | |||||
| Bonus accrual | 25 | (64 | ) | ||||
| Mortgage production – variable comp | (37 | ) | (93 | ) | |||
| Brokerage – variable comp | 128 | 110 | |||||
| 401k matching contributions | (18 | ) | 84 | ||||
| Medical insurance costs | 136 | 445 | |||||
| Total change in salaries and benefits | $ | 225 | $ | 840 | |||
Occupancy expenses were down
Federal income tax expense was
Asset Quality
A provision for loan losses of
The allowance for loan losses of
At December 31, 2022, the Company's nonperforming loans were
A break-down of non-performing loans is shown in the table below.
| Dollars in 000s | Dec 31, 2022 | Sept 30, 2022 | June 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | ||||||||||||||
| Commercial Real Estate | $ | --- | $ | --- | $ | 5 | $ | 5 | $ | 5 | |||||||||
| Commercial and Industrial | --- | --- | 1 | 1 | 1 | ||||||||||||||
| Total Commercial Loans | --- | --- | 6 | 6 | 6 | ||||||||||||||
| Residential Mortgage Loans | 78 | 85 | 84 | 84 | 86 | ||||||||||||||
| Consumer Loans | --- | --- | --- | --- | --- | ||||||||||||||
| Total Non-Performing Loans | $ | 78 | $ | 85 | $ | 90 | $ | 90 | $ | 92 | |||||||||
A break-down of non-performing assets is shown in the table below.
| Dollars in 000s | Dec 31, 2022 | Sept 30, 2022 | June 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | ||||||||||||||
| Non-Performing Loans | $ | 78 | $ | 85 | $ | 90 | $ | 90 | $ | 92 | |||||||||
| Other Repossessed Assets | --- | --- | --- | --- | --- | ||||||||||||||
| Other Real Estate Owned | 2,343 | 2,343 | 2,343 | 2,343 | 2,343 | ||||||||||||||
| Total Non-Performing Assets | $ | 2,421 | $ | 2,428 | $ | 2,433 | $ | 2,433 | $ | 2,435 | |||||||||
Balance Sheet, Liquidity and Capital
Total assets were
The Company continued to increase its investment portfolio to deploy some of its excess liquidity. The Company’s investment 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:
| Dollars in 000s | Dec 31, 2022 | Sept 30, 2022 | June 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | ||||||||||||||
| Construction and Development | $ | 116,715 | $ | 111,624 | $ | 107,325 | $ | 104,945 | $ | 103,755 | |||||||||
| Other Commercial Real Estate | 420,888 | 410,600 | 411,778 | 417,368 | 412,346 | ||||||||||||||
| Commercial Loans Secured by Real Estate | 537,603 | 522,224 | 519,103 | 522,313 | 516,101 | ||||||||||||||
| Commercial and Industrial | 441,716 | 427,034 | 407,788 | 402,854 | 378,318 | ||||||||||||||
| Paycheck Protection Program | --- | 32 | 2,791 | 7,393 | 41,939 | ||||||||||||||
| Total Commercial Loans | $ | 979,319 | $ | 949,290 | $ | 929,682 | $ | 932,560 | $ | 936,358 | |||||||||
Total deposits were
Other borrowed funds of
The Company's total risk-based regulatory capital ratio at December 31, 2022 was consistent with the ratio at September 30, 2022 and December 31, 2021. 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" at December 31, 2022.
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 twelve 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 and future economic conditions. 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, 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, 2021. 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 | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Total interest income | $ | 25,454 | $ | 20,875 | $ | 13,334 | $ | 74,906 | $ | 58,634 | |||||||||
| Total interest expense | 2,587 | 1,104 | 508 | 4,760 | 2,565 | ||||||||||||||
| Net interest income | 22,867 | 19,771 | 12,826 | 70,146 | 56,069 | ||||||||||||||
| Provision for loan losses | 375 | - | (750 | ) | (1,125 | ) | (2,050 | ) | |||||||||||
| Net interest income after provision for loan losses | 22,492 | 19,771 | 13,576 | 71,271 | 58,119 | ||||||||||||||
| NON-INTEREST INCOME | |||||||||||||||||||
| Deposit service charges | 1,077 | 1,263 | 1,206 | 4,769 | 4,446 | ||||||||||||||
| Net gains on mortgage loans | 32 | 166 | 514 | 706 | 4,691 | ||||||||||||||
| Trust fees | 990 | 969 | 1,114 | 4,143 | 4,331 | ||||||||||||||
| Other | 2,936 | 2,491 | 2,512 | 10,401 | 10,227 | ||||||||||||||
| Total non-interest income | 5,035 | 4,889 | 5,346 | 20,019 | 23,695 | ||||||||||||||
| NON-INTEREST EXPENSE | |||||||||||||||||||
| Salaries and benefits | 6,864 | 6,639 | 6,024 | 26,194 | 25,216 | ||||||||||||||
| Occupancy | 968 | 989 | 963 | 4,200 | 3,986 | ||||||||||||||
| Furniture and equipment | 991 | 1,014 | 1,011 | 4,008 | 3,940 | ||||||||||||||
| FDIC assessment | 211 | 201 | 217 | 789 | 749 | ||||||||||||||
| Other | 3,414 | 3,284 | 3,122 | 13,035 | 12,199 | ||||||||||||||
| Total non-interest expense | 12,448 | 12,127 | 11,337 | 48,226 | 46,090 | ||||||||||||||
| Income before income tax | 15,079 | 12,533 | 7,585 | 43,064 | 35,724 | ||||||||||||||
| Income tax expense | 2,961 | 2,488 | 1,369 | 8,333 | 6,710 | ||||||||||||||
| Net income | $ | 12,118 | $ | 10,045 | $ | 6,216 | $ | 34,731 | $ | 29,014 | |||||||||
| Basic earnings per common share | $ | 0.35 | $ | 0.29 | $ | 0.18 | $ | 1.01 | $ | 0.85 | |||||||||
| Diluted earnings per common share | $ | 0.35 | $ | 0.29 | $ | 0.18 | $ | 1.01 | $ | 0.85 | |||||||||
| Return on average assets | 1.72 | % | 1.40 | % | 0.85 | % | 1.21 | % | 1.02 | % | |||||||||
| Return on average equity | 20.22 | % | 16.41 | % | 9.84 | % | 14.19 | % | 11.74 | % | |||||||||
| Net interest margin (fully taxable equivalent) | 3.34 | % | 2.86 | % | 1.85 | % | 2.56 | % | 2.09 | % | |||||||||
| Efficiency ratio | 44.61 | % | 49.18 | % | 62.39 | % | 53.49 | % | 57.78 | % | |||||||||
| BALANCE SHEET DATA | December 31 | September 30 | December 31 | ||||||||||||||||
| Assets | 2022 | 2022 | 2021 | ||||||||||||||||
| Cash and due from banks | $ | 51,215 | $ | 33,205 | $ | 23,669 | |||||||||||||
| Federal funds sold and other short-term investments | 703,955 | 733,347 | 1,128,119 | ||||||||||||||||
| Debt securities available for sale | 499,257 | 453,728 | 416,063 | ||||||||||||||||
| Debt securities held to maturity | 348,765 | 349,481 | 137,003 | ||||||||||||||||
| Federal Home Loan Bank Stock | 10,211 | 10,211 | 11,558 | ||||||||||||||||
| Loans held for sale | 215 | 234 | 1,407 | ||||||||||||||||
| Total loans | 1,177,748 | 1,138,645 | 1,108,993 | ||||||||||||||||
| Less allowance for loan loss | 15,285 | 14,821 | 15,889 | ||||||||||||||||
| Net loans | 1,162,463 | 1,123,824 | 1,093,104 | ||||||||||||||||
| Premises and equipment, net | 40,306 | 40,670 | 41,773 | ||||||||||||||||
| Bank-owned life insurance | 53,345 | 53,193 | 52,468 | ||||||||||||||||
| Other real estate owned | 2,343 | 2,343 | 2,343 | ||||||||||||||||
| Other assets | 34,844 | 34,802 | 21,244 | ||||||||||||||||
| Total Assets | $ | 2,906,919 | $ | 2,835,038 | $ | 2,928,751 | |||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||
| Noninterest-bearing deposits | $ | 834,879 | $ | 855,744 | $ | 886,115 | |||||||||||||
| Interest-bearing deposits | 1,780,263 | 1,700,453 | 1,691,843 | ||||||||||||||||
| Total deposits | 2,615,142 | 2,556,197 | 2,577,958 | ||||||||||||||||
| Other borrowed funds | 30,000 | 30,000 | 85,000 | ||||||||||||||||
| Long-term debt | - | - | - | ||||||||||||||||
| Other liabilities | 14,739 | 12,287 | 11,788 | ||||||||||||||||
| Total Liabilities | 2,659,881 | 2,598,484 | 2,674,746 | ||||||||||||||||
| Shareholders' equity | 247,038 | 236,554 | 254,005 | ||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,906,919 | $ | 2,835,038 | $ | 2,928,751 | |||||||||||||
| 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 | |||||||||||||||||||||||
| 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
| EARNINGS SUMMARY | |||||||||||||||||||||||||||
| Net interest income | $ | 22,867 | $ | 19,771 | $ | 14,843 | $ | 12,665 | $ | 12,826 | $ | 70,146 | $ | 56,069 | |||||||||||||
| Provision for loan losses | 375 | - | - | (1,500 | ) | (750 | ) | (1,125 | ) | (2,050 | ) | ||||||||||||||||
| Total non-interest income | 5,035 | 4,889 | 5,131 | 4,965 | 5,346 | 20,019 | 23,695 | ||||||||||||||||||||
| Total non-interest expense | 12,448 | 12,127 | 11,913 | 11,739 | 11,337 | 48,226 | 46,090 | ||||||||||||||||||||
| Federal income tax expense | 2,961 | 2,488 | 1,493 | 1,391 | 1,369 | 8,333 | 6,710 | ||||||||||||||||||||
| Net income | $ | 12,118 | $ | 10,045 | $ | 6,568 | $ | 6,000 | $ | 6,216 | $ | 34,731 | $ | 29,014 | |||||||||||||
| Basic earnings per common share | $ | 0.35 | $ | 0.29 | $ | 0.19 | $ | 0.18 | $ | 0.18 | $ | 1.01 | $ | 0.85 | |||||||||||||
| Diluted earnings per common share | $ | 0.35 | $ | 0.29 | $ | 0.19 | $ | 0.18 | $ | 0.18 | $ | 1.01 | $ | 0.85 | |||||||||||||
| MARKET DATA | |||||||||||||||||||||||||||
| Book value per common share | $ | 7.20 | $ | 6.91 | $ | 7.10 | $ | 7.17 | $ | 7.41 | $ | 7.20 | $ | 7.41 | |||||||||||||
| Tangible book value per common share | $ | 7.20 | $ | 6.91 | $ | 7.10 | $ | 7.17 | $ | 7.41 | $ | 7.20 | $ | 7.41 | |||||||||||||
| Market value per common share | $ | 11.03 | $ | 9.26 | $ | 8.84 | $ | 9.01 | $ | 8.82 | $ | 11.03 | $ | 8.82 | |||||||||||||
| Average basic common shares | 34,277,839 | 34,251,792 | 34,253,846 | 34,254,772 | 34,229,664 | 34,259,604 | 34,202,179 | ||||||||||||||||||||
| Average diluted common shares | 34,277,839 | 34,251,792 | 34,253,846 | 34,254,772 | 34,229,664 | 34,259,604 | 34,202,179 | ||||||||||||||||||||
| Period end common shares | 34,298,640 | 34,251,485 | 34,253,147 | 34,253,962 | 34,259,945 | 34,298,640 | 34,259,945 | ||||||||||||||||||||
| PERFORMANCE RATIOS | |||||||||||||||||||||||||||
| Return on average assets | 1.72 | % | 1.40 | % | 0.92 | % | 0.82 | % | 0.85 | % | 1.21 | % | 1.02 | % | |||||||||||||
| Return on average equity | 20.22 | % | 16.41 | % | 10.80 | % | 9.54 | % | 9.84 | % | 14.19 | % | 11.74 | % | |||||||||||||
| Efficiency ratio | 44.61 | % | 49.18 | % | 59.64 | % | 66.59 | % | 62.39 | % | 53.49 | % | 57.78 | % | |||||||||||||
| Full-time equivalent employees (period end) | 318 | 316 | 315 | 311 | 311 | 318 | 311 | ||||||||||||||||||||
| YIELDS AND COST OF FUNDS RATIOS | |||||||||||||||||||||||||||
| Federal funds sold and other short-term investments | 3.72 | % | 2.27 | % | 0.79 | % | 0.19 | % | 0.15 | % | 1.53 | % | 0.13 | % | |||||||||||||
| Debt securities (fully taxable equivalent) | 2.25 | % | 2.07 | % | 1.87 | % | 1.66 | % | 1.78 | % | 1.99 | % | 1.99 | % | |||||||||||||
| Commercial loans | 4.93 | % | 4.30 | % | 3.79 | % | 3.88 | % | 4.01 | % | 4.22 | % | 4.05 | % | |||||||||||||
| Residential mortgage loans | 3.53 | % | 3.39 | % | 3.27 | % | 3.22 | % | 3.29 | % | 3.36 | % | 3.41 | % | |||||||||||||
| Consumer loans | 6.22 | % | 5.18 | % | 4.09 | % | 3.89 | % | 3.95 | % | 4.88 | % | 4.05 | % | |||||||||||||
| Total loans | 4.83 | % | 4.24 | % | 3.74 | % | 3.81 | % | 3.93 | % | 4.16 | % | 3.98 | % | |||||||||||||
| Total yield on interest earning assets (fully taxable equivalent) | 3.72 | % | 3.02 | % | 2.28 | % | 1.92 | % | 1.92 | % | 2.73 | % | 2.19 | % | |||||||||||||
| Interest bearing demand deposits | 0.34 | % | 0.14 | % | 0.03 | % | 0.02 | % | 0.02 | % | 0.14 | % | 0.03 | % | |||||||||||||
| Savings and money market accounts | 0.73 | % | 0.29 | % | 0.07 | % | 0.03 | % | 0.03 | % | 0.28 | % | 0.03 | % | |||||||||||||
| Time deposits | 0.84 | % | 0.29 | % | 0.20 | % | 0.23 | % | 0.31 | % | 0.40 | % | 0.49 | % | |||||||||||||
| Total interest bearing deposits | 0.57 | % | 0.22 | % | 0.06 | % | 0.04 | % | 0.04 | % | 0.23 | % | 0.06 | % | |||||||||||||
| Other borrowed funds | 2.08 | % | 2.08 | % | 2.53 | % | 1.51 | % | 1.50 | % | 1.96 | % | 1.77 | % | |||||||||||||
| Total average cost of funds on interest bearing liabilities | 0.60 | % | 0.26 | % | 0.14 | % | 0.11 | % | 0.11 | % | 0.28 | % | 0.15 | % | |||||||||||||
| Net interest margin (fully taxable equivalent) | 3.34 | % | 2.86 | % | 2.19 | % | 1.85 | % | 1.85 | % | 2.56 | % | 2.09 | % | |||||||||||||
| ASSET QUALITY | |||||||||||||||||||||||||||
| Gross charge-offs | $ | 23 | $ | 46 | $ | 60 | $ | 35 | $ | 22 | $ | 164 | $ | 124 | |||||||||||||
| Net charge-offs/(recoveries) | $ | (89 | ) | $ | (190 | ) | $ | (15 | ) | $ | (227 | ) | $ | (107 | ) | $ | (521 | ) | $ | (531 | ) | ||||||
| Net charge-offs to average loans (annualized) | -0.03 | % | -0.07 | % | -0.01 | % | -0.08 | % | -0.04 | % | -0.05 | % | -0.04 | % | |||||||||||||
| Nonperforming loans | $ | 78 | $ | 85 | $ | 90 | $ | 90 | $ | 92 | $ | 78 | $ | 92 | |||||||||||||
| Other real estate and repossessed assets | $ | 2,343 | $ | 2,343 | $ | 2,343 | $ | 2,343 | $ | 2,343 | $ | 2,343 | $ | 2,343 | |||||||||||||
| Nonperforming loans to total loans | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||
| Nonperforming assets to total assets | 0.08 | % | 0.09 | % | 0.09 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | |||||||||||||
| Allowance for loan losses | $ | 15,285 | $ | 14,821 | $ | 14,631 | $ | 14,616 | $ | 15,889 | $ | 15,285 | $ | 15,889 | |||||||||||||
| Allowance for loan losses to total loans | 1.30 | % | 1.30 | % | 1.32 | % | 1.33 | % | 1.43 | % | 1.30 | % | 1.43 | % | |||||||||||||
| Allowance for loan losses to total loans (excluding PPP loans) | 1.30 | % | 1.30 | % | 1.32 | % | 1.34 | % | 1.49 | % | 1.30 | % | 1.49 | % | |||||||||||||
| Allowance for loan losses to nonperforming loans | 19596.15 | % | 17436.47 | % | 16256.67 | % | 16240.00 | % | 17270.65 | % | 19596.15 | % | 17270.65 | % | |||||||||||||
| CAPITAL | |||||||||||||||||||||||||||
| Average equity to average assets | 8.49 | % | 8.52 | % | 8.55 | % | 8.62 | % | 8.66 | % | 8.55 | % | 8.71 | % | |||||||||||||
| Common equity tier 1 to risk weighted assets (Consolidated) | 16.94 | % | 16.72 | % | 16.54 | % | 16.92 | % | 17.24 | % | 16.94 | % | 17.24 | % | |||||||||||||
| Tier 1 capital to average assets (Consolidated) | 9.73 | % | 9.29 | % | 9.13 | % | 8.82 | % | 8.72 | % | 9.73 | % | 8.72 | % | |||||||||||||
| Total capital to risk-weighted assets (Consolidated) | 17.87 | % | 17.64 | % | 17.47 | % | 17.88 | % | 18.32 | % | 17.87 | % | 18.32 | % | |||||||||||||
| Common equity tier 1 to risk weighted assets (Bank) | 16.44 | % | 16.24 | % | 16.04 | % | 16.39 | % | 16.70 | % | 16.44 | % | 16.70 | % | |||||||||||||
| Tier 1 capital to average assets (Bank) | 9.44 | % | 9.02 | % | 8.85 | % | 8.55 | % | 8.44 | % | 9.44 | % | 8.44 | % | |||||||||||||
| Total capital to risk-weighted assets (Bank) | 17.37 | % | 17.16 | % | 16.97 | % | 17.35 | % | 17.77 | % | 17.37 | % | 17.77 | % | |||||||||||||
| Common equity to assets | 8.50 | % | 8.34 | % | 8.74 | % | 8.38 | % | 8.67 | % | 8.50 | % | 8.67 | % | |||||||||||||
| Tangible common equity to assets | 8.50 | % | 8.34 | % | 8.74 | % | 8.38 | % | 8.67 | % | 8.50 | % | 8.67 | % | |||||||||||||
| END OF PERIOD BALANCES | |||||||||||||||||||||||||||
| Total portfolio loans | $ | 1,177,748 | $ | 1,138,645 | $ | 1,111,915 | $ | 1,101,902 | $ | 1,108,993 | $ | 1,177,748 | $ | 1,108,993 | |||||||||||||
| Earning assets | 2,781,515 | 2,727,924 | 2,655,706 | 2,802,498 | 2,803,853 | 2,781,515 | 2,803,853 | ||||||||||||||||||||
| Total assets | 2,906,919 | 2,835,038 | 2,781,208 | 2,929,883 | 2,928,751 | 2,906,919 | 2,928,751 | ||||||||||||||||||||
| Deposits | 2,615,142 | 2,556,197 | 2,494,583 | 2,582,297 | 2,577,958 | 2,615,142 | 2,577,958 | ||||||||||||||||||||
| Total shareholders' equity | 247,038 | 236,554 | 243,109 | 245,602 | 254,005 | 247,038 | 254,005 | ||||||||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||||||||||
| Federal funds sold and other short-term investments | $ | 681,489 | $ | 923,153 | $ | 858,545 | $ | 1,111,216 | $ | 1,230,618 | $ | 862,240 | $ | 1,067,237 | |||||||||||||
| Total debt securities | 862,613 | 711,765 | 751,411 | 572,708 | 426,871 | 749,787 | 362,972 | ||||||||||||||||||||
| Total portfolio loans | 1,159,449 | 1,124,950 | 1,103,955 | 1,092,673 | 1,109,863 | 1,120,453 | 1,253,706 | ||||||||||||||||||||
| Earning assets | 2,713,294 | 2,746,975 | 2,724,714 | 2,788,254 | 2,780,236 | 2,743,141 | 2,698,846 | ||||||||||||||||||||
| Total assets | 2,822,770 | 2,874,343 | 2,847,381 | 2,917,462 | 2,917,569 | 2,865,254 | 2,836,627 | ||||||||||||||||||||
| Noninterest bearing deposits | 847,752 | 917,552 | 897,727 | 875,223 | 899,670 | 884,579 | 885,838 | ||||||||||||||||||||
| Total interest bearing deposits | 1,687,693 | 1,668,613 | 1,639,384 | 1,694,092 | 1,665,292 | 1,672,417 | 1,604,999 | ||||||||||||||||||||
| Total deposits | 2,535,446 | 2,586,165 | 2,537,111 | 2,569,315 | 2,564,961 | 2,556,996 | 2,490,838 | ||||||||||||||||||||
| Borrowings | 30,000 | 56,234 | 54,305 | 85,002 | 85,000 | 49,622 | 84,810 | ||||||||||||||||||||
| Total shareholders' equity | 239,684 | 244,857 | 243,352 | 251,600 | 252,606 | 244,841 | 247,075 | ||||||||||||||||||||
FAQ
What were Macatawa Bank's financial results for Q4 2022?
How did Macatawa Bank's net interest margin change in Q4 2022?
What was the annual net income of Macatawa Bank for 2022?
How much did Macatawa Bank's loan portfolio grow in Q4 2022?
What was the change in deposit balances for Macatawa Bank in Q4 2022?
