Welcome to our dedicated page for Macatawa Bank news (Ticker: MCBC), a resource for investors and traders seeking the latest updates and insights on Macatawa Bank stock.
Macatawa Bank Corp (NASDAQ: MCBC) is the holding company for Macatawa Bank, a true community bank headquartered in Holland, Michigan. With 26 branch offices and a lending and operational service facility, Macatawa Bank serves Kent County, Ottawa County, and northern Allegan County, providing a broad array of commercial and consumer banking and trust services.
The bank's core offerings include commercial and industrial loans, commercial real estate loans, residential mortgages, and consumer loans. Additionally, Macatawa Bank provides internet banking, debit card services, and brokerage services. The company's revenue is primarily derived from interest and dividends earned on loans, securities, and other financial instruments.
Macatawa Bank is recognized for its commitment to the communities where it operates. The bank participates in hundreds of community events, and its employees volunteer thousands of hours each year to support local non-profit organizations. This dedication to community service has earned Macatawa Bank the title of the #1 bank in West Michigan, as voted by readers of Grand Rapids Magazine and Holland Sentinel.
The company recently reported strong financial performance for the second quarter of 2023, with a net income of $10.3 million, or $0.30 per diluted share, compared to $6.6 million, or $0.19 per diluted share, for the same period in 2022. Macatawa Bank's focus on maintaining high levels of liquidity, capital, and excellent asset quality positions it well to weather economic uncertainties and seize growth opportunities in its markets.
Macatawa Bank also offers a range of non-interest income services, including debit and credit card services, brokerage services, and trust management. The bank's non-interest expenses are carefully managed, with salaries and benefits being the largest component.
For those seeking career opportunities, Macatawa Bank is an equal opportunity employer that offers a supportive and inclusive work environment. The bank has been recognized for 13 years as one of West Michigan's 101 Best and Brightest Companies to Work For.
For more information, visit www.macatawabank.com.
Macatawa Bank Corporation (Nasdaq: MCBC) declared a quarterly cash dividend of $0.08 per share, payable on February 28, 2023, to shareholders on record as of February 13, 2023. This decision underscores the bank's robust financial health and earnings performance. Macatawa Bank operates a network of 26 branches in West Michigan, offering extensive banking and financial services. The bank has been consistently recognized for its exemplary workplace culture, being named among 'West Michigan’s 101 Best and Brightest Companies to Work For' for twelve years. This dividend affirms the strong commitment to providing value to shareholders.
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.
Macatawa Bank Corporation (Nasdaq: MCBC) announced a quarterly cash dividend of $0.08 per share on October 27, 2022, to be paid on November 30, 2022, for shareholders recorded by November 15, 2022. This dividend reflects the company's strong financial condition and earnings performance. Macatawa Bank, headquartered in Holland, Michigan, operates a network of 26 branches offering various banking services to individuals and businesses, recognized for local management and excellent service.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a 53% increase in net income for Q3 2022, totaling $10 million, compared to Q2 2022, driven by a rise in net interest income, which reached $19.8 million. The net interest margin improved to 2.86%. The bank experienced strong loan portfolio growth at nearly 11% annualized, and its investment securities portfolio grew by $14.9 million. While non-interest income saw declines due to rising interest rates, overall credit metrics remained robust with no provision for loan losses. Total deposits rose to $2.56 billion, indicating a stable financial position.
Macatawa Bank Corporation (Nasdaq: MCBC) has declared a quarterly cash dividend of $0.08 per share on its common stock, payable on August 25, 2022, to shareholders on record as of August 11, 2022. This decision highlights the bank's strong financial health and performance. The bank, headquartered in Holland, Michigan, operates 26 branches and is known for excellent service. It has been recognized as one of West Michigan’s 101 Best and Brightest Companies to Work For for ten consecutive years.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a net income of $6.6 million in Q2 2022, up from $6.0 million in Q1 2022 but down from $7.8 million in Q2 2021. Net interest income increased to $14.8 million, benefiting from rising federal funds rates and an expanded investment portfolio. The bank saw growth in its loan portfolio for the third consecutive quarter and achieved significant annual interest expense savings of over $650,000 after reducing FHLB borrowings. However, total assets dropped to $2.78 billion, reflecting a decrease in customer deposits.
Macatawa Bank Corporation (Nasdaq: MCBC) announced a quarterly cash dividend of $0.08 per share, slated for payment on May 26, 2022. Shareholders of record as of May 12, 2022 will receive this dividend, reflecting the company's strong financial condition and earnings performance. The bank is recognized for its excellent service and has been named one of “West Michigan’s 101 Best and Brightest Companies to Work For” for ten consecutive years.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a net income of $6.0 million for Q1 2022, down from $7.8 million in Q1 2021. This decline is attributed to decreased Paycheck Protection Program (PPP) loan fees and lower mortgage banking income. However, the company achieved a $1.5 million provision benefit for loan losses, indicating economic improvement. Total loans, excluding PPP, increased by $28.5 million (10% annualized growth). The investment portfolio grew by $47.6 million, preparing for rising interest rates. Non-performing loans remained low at 0.01% of total loans, reflecting strong credit quality.
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