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) announced a quarterly cash dividend of $0.08 per share, payable on February 24, 2022, to shareholders of record on February 10, 2022. This dividend reflects the company's strong financial condition and earnings performance. Macatawa Bank, headquartered in Holland, Michigan, offers a range of banking services from 26 branches in the region and is recognized for its local management and excellent service.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a net income of $29.0 million for 2021, down from $30.2 million in 2020. The fourth quarter net income was $6.2 million, a decrease from $9.0 million in Q4 2020, primarily due to lower Paycheck Protection Program (PPP) loan fees. However, the company recorded a $750,000 provision benefit for loan losses, reflecting improving economic conditions. Total deposits increased by 12% year-over-year, and the investment securities portfolio grew by $174 million in Q4 2021 as the bank strategically deployed excess liquidity.
Macatawa Bank Corporation (Nasdaq: MCBC) has declared a quarterly cash dividend of $0.08 per share on its common stock, payable on November 29, 2021, to shareholders on record as of November 11, 2021. This decision reflects the Company's strong financial stability and earnings performance amid current economic challenges. Macatawa Bank continues to offer a comprehensive range of banking and financial services across its 26 branches in West Michigan, consistently recognized as one of the region's best workplaces.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a net income of $7.2 million for Q3 2021, marginally up from $7.1 million in Q3 2020. The loan portfolio decreased by 26% due to a drop in PPP loans, while commercial loan originations rose 30% year-over-year to $114.6 million. Deposit balances increased by 18% to $2.55 billion. The Company also redeemed its $20 million trust preferred securities, saving $600,000 annually. Despite some declines in net interest income and non-interest income, credit quality remains strong with no commercial loan charge-offs reported.
Macatawa Bank Corporation (Nasdaq: MCBC) declared a quarterly cash dividend of $0.08 per share, scheduled for payment on August 26, 2021, to shareholders of record as of August 11, 2021. Despite economic challenges due to COVID-19, the Company reports strong financial performance and stability. This dividend underscores the organization's robust earnings and financial condition, reflecting its commitment to shareholder value during uncertain times.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a net income of $7.8 million for Q2 2021, up from $7.6 million in Q2 2020. The bank experienced a negative provision for loan losses of $750,000 compared to a provision expense of $1.0 million last year. There was a 21% decrease in loan portfolio balances, attributed to significant PPP loan forgiveness. However, deposits increased by $482 million (23%) year-over-year. Net interest margin decreased to 2.19%, reflecting a heightened liquidity level. The company’s capital and liquidity levels remained strong, with assets at $2.94 billion.
Macatawa Bank Corporation (Nasdaq: MCBC) announced a quarterly cash dividend of $0.08 per share, payable on May 27, 2021, to shareholders of record by May 12, 2021. This decision highlights the bank's strong financial performance despite the challenges from the COVID-19 pandemic. Macatawa Bank, based in Holland, Michigan, provides a variety of banking and financial services through 26 branches in local communities and has been recognized among the top companies to work for in West Michigan.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a 21% increase in net income for Q1 2021, totaling $7.8 million or $0.23 per diluted share, compared to $6.4 million in Q1 2020. No loan loss provision was recorded, contrasting with the $700,000 in Q1 2020. Although net interest margin decreased by 92 basis points to 2.33%, non-interest income rose 32% to $6.1 million due to higher mortgage loan sales. Total deposits surged 40% to $2.39 billion, reflecting a strong liquidity position as the bank navigates COVID-19 challenges.
Macatawa Bank Corporation (NASDAQ: MCBC) reported a net income of $9.0 million for Q4 2020, up 10% from $8.2 million in Q4 2019. Annual net income decreased 6% to $30.2 million in 2020, impacted by the pandemic. The bank set aside $800,000 for loan losses in Q4 2020, driven by economic uncertainties. Net interest margin rose to 2.69%, bolstered by $113.5 million in PPP loan forgiveness. Total deposits surged 31% year-over-year to $2.30 billion. The company maintained strong capital levels, categorizing as “well capitalized,” despite challenges posed by COVID-19.
Macatawa Bank Corporation (Nasdaq: MCBC) announced a quarterly cash dividend of $0.08 per share, payable on February 25, 2021, to shareholders on record as of February 10, 2021. Despite challenges from the COVID-19 pandemic, the Company has maintained strong financial performance, affirming its robust financial condition. This dividend reflects confidence in Macatawa's earnings and business stability.
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