Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 26, 2017 at 04:15 pm
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Macatawa Bank Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $13,496,000 compared to $12,709,000 a year ago. Net interest income was $12,292,000 compared to $11,461,000 a year ago. Income before income tax was $5,910,000 compared to $5,099,000 a year ago. Net income was $4,108,000 compared to $3,538,000 a year ago. Basic and diluted earnings per common share were $0.12 compared to $0.10 a year ago. Return on average assets was 0.97% compared to 0.85% a year ago. Return on average equity was 10.08% compared to 9.40% a year ago.
For the full year, the company reported total interest income of $52,499,000 compared to $49,386,000 a year ago. Net interest income was $47,540,000 compared to $44,080,000 a year ago. Income before income tax was $22,182,000 compared to $18,420,000 a year ago. Net income was $15,951,000 compared to $12,794,000 a year ago. Basic and diluted earnings per common share were $0.47 compared to $0.38 a year ago. Return on average assets was 0.95% compared to 0.79% a year ago. Return on average equity was 10.06% compared to 8.68% a year ago. Book value per share as at December 31, 2016 was $4.78 compared to $4.48 a year ago. Tangible book value per share as at December 31, 2016 was $4.78 compared to $4.48 a year ago.
The company reported net charge-offs of $364,000 for the fourth quarter of 2016 compared to $614,000 a year ago.
Macatawa Bank Corporation is a bank holding company of its subsidiary, Macatawa Bank (the Bank). The Bank offers a range of banking, retail and commercial lending, wealth management and e-commerce services to individuals, businesses and governmental entities. It operates a network of approximately 26 full-service branch offices providing a range of commercial and consumer banking and trust services in Kent County, Ottawa County, and northern Allegan County, Michigan. It offers loan products to business customers, including commercial and industrial and commercial real estate loans, construction and development loans, and multi-family and other non-residential real estate loans. It also offers loans products to retail customers, such as residential mortgage and consumer loans. It offers a range of deposit services, including checking accounts, savings accounts and time deposits of various types. It also offers trust services, which includes personal trust and retirement plan services.
Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016