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 versus 3.44% in first quarter 2023 and 3.28% in fourth quarter 2023
  • Continued loan portfolio growth – $3.8 million, or 1.1% annualized growth rate, for first quarter 2024, and $121.3 million, or 9.9%, 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 of 1.30% 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 $9.8 million, or $0.29 per diluted share, in first quarter 2024 compared to $12.0 million, or $0.35 per diluted share, in first quarter 2023. 

"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 $331.4 million of overnight funds we have at the end of the first quarter, we have over $270 million of investment securities maturing over the next twelve months.  Over $100 million of that total is expected to mature in the second quarter 2024.  Deploying those funds into loans or even additional overnight funds will be accretive to our interest income.  Our liquidity, high level of capital, and excellent asset quality put us in a good position to seize loan growth opportunities in our markets.” 

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 ResultsNet interest income for the first quarter 2024 totaled $20.7 million, a decrease of $714,000 from fourth quarter 2023 and a decrease of $1.9 million from first quarter 2023. Net interest margin for first quarter 2024 was 3.26% percent, down 2 basis points from fourth quarter 2023 and down 18 basis points from first quarter 2023. Net interest income in first quarter 2024 versus first quarter 2023 was impacted by increases in deposit rates and significant shifting of deposits from noninterest bearing types to money market and certificate of deposit accounts in response to the significant increases in the federal funds rate over the past two years.   Interest on commercial loans increased $390,000 in the first quarter 2024 compared to fourth quarter 2023 and by $2.5 million compared to first quarter 2023 due to increases in both rate and average portfolio balances. Interest on federal funds in the first quarter 2024 decreased by $974,000 compared to fourth quarter 2023 and by $1.7 million compared to first quarter 2023 due to lower average balances held more than offsetting the impact of higher rates paid. Interest on investment securities in the first quarter 2024 decreased by $140,000 over fourth quarter 2023 and by $53,000 over first quarter 2023, reflecting portfolio contraction. Interest expense totaled $8.4 million in the first quarter 2024 compared to $8.2 million in fourth quarter 2023 and $4.7 million in the first quarter 2023 as rates paid on deposits increased and given the shift into interest bearing deposit types.

Non-interest income decreased $24,000 in first quarter 2024 compared to fourth quarter 2023 and increased $132,000 from first quarter 2023. Deposit service charge income, including treasury management fees, was down $33,000 in first quarter 2024 compared to fourth quarter 2023 and was up $9,000 from first quarter 2023. The decrease from fourth quarter 2023 and slight increase from first quarter 2023 was primarily due to treasury management income.  Brokerage income was down $17,000 in first quarter 2024 compared to fourth quarter 2023 and was up $33,000 compared to first quarter 2023. The higher rate environment continued to have a negative effect on gains on sales of mortgage loans in first quarter 2024, which were $8,000, down $20,000 compared to fourth quarter 2023 and down $3,000 from first quarter 2023. The Company originated $402,000 in mortgage loans for sale in first quarter 2024 compared to $1.2 million in fourth quarter 2023 and $179,000 in first quarter 2023. All three periods reflected low originations for sale as the Company intentionally shifted its fixed rate originations to hold in portfolio given the relatively high interest rates on production in those periods as well as customer preference for variable rate mortgages, which the Company holds in portfolio.  Trust fees were up $165,000 in first quarter 2024 compared to fourth quarter 2023 and were up $187,000 compared to first quarter 2023, due largely to changes in underlying trust asset valuations. Income from debit and credit cards was down $33,000 in first quarter 2024 compared to fourth quarter 2023 and was down $79,000 compared to first quarter 2023 due primarily to customer usage behavior.

Non-interest expense was $13.2 million for first quarter 2024, compared to $14.0 million for fourth quarter 2023 and $12.2 million for first quarter 2023. The largest component of non-interest expense was salaries and benefits expenses. Salaries and benefits expenses were down $1.2 million compared to fourth quarter 2023 and were up $252,000 compared to first quarter 2023. The decrease compared to fourth quarter 2023 was primarily due to $1.3 million in expenses related to the CEO retirement agreement effective November 1, 2023 incurred in the fourth quarter 2023. The table below identifies the primary components of the changes in salaries and benefits between periods.

             
    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 $51,000 in first quarter 2024 compared to fourth quarter 2023 and were down $138,000 compared to first quarter 2023. Furniture and equipment expenses were up $8,000 compared to fourth quarter 2023 and were up $31,000 compared to first quarter 2023 due primarily to costs associated with equipment and software service contracts. Legal and professional fees were up $212,000 in first quarter 2024 compared to fourth quarter 2023 and were up $316,000 compared to first quarter 2023 due to higher use of corporate counsel in the first quarter 2024, including executive management transition and other strategic matters, including fees related to the Company’s pending merger with Wintrust.  Other categories of non-interest expense were relatively flat compared to fourth quarter 2023 and first quarter 2023 due to a continued focus on expense management.

Federal income tax expense was $2.3 million for first quarter 2024, $2.3 million for fourth quarter 2023, and $3.0 million for first quarter 2023. The effective tax rate was 19.35% for first quarter 2024, compared to 19.27% for fourth quarter 2023 and 19.86% for first quarter 2023. 

Asset QualityThe 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 $1.5 million. No provision for credit losses was taken in first quarter 2024. A provision for credit losses of $400,000 was taken in fourth quarter 2023 and no provision for credit losses was taken in first quarter 2023. The provision in fourth quarter 2023 was largely driven by loan growth during the quarter.  Net loan chargeoffs for first quarter 2024 were $2,000, compared to fourth quarter 2023 net loan recoveries of $41,000 and first quarter 2023 net loan recoveries of $33,000. At March 31, 2024, the Company had experienced net loan recoveries in thirty-four of the past thirty-seven quarters. Total loans past due on payments by 30 days or more amounted to $340,000 at March 31, 2024, versus $44,000 at December 31, 2023 and $277,000 at March 31, 2023.  Further, the weighted average loan grade of the Company’s commercial loan portfolio decreased to 3.49 at December 31, 2023 and March 31, 2024, compared to 3.51 at March 31, 2023. A lower loan grade, which is more favorable, decreases the need for providing for credit losses on our portfolio.

The allowance for credit losses of $17.4 million was 1.30% of total loans at both March 31, 2024 and December 31, 2023, and $16.8 million or 1.38% at March 31, 2023. The coverage ratio of allowance for credit losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 17,440-to-1 as of March 31, 2024.

At March 31, 2024, the Company's nonperforming loans were $1,000, representing 0.00% of total loans. This compares to $1,000 (0.00% of total loans) at December 31, 2023 and $75,000 (0.01% of total loans) at March 31, 2023.   The Company sold its final other real estate owned property in first quarter 2023, recognizing a net gain of $356,000 and has had no other real estate owned since then. Total nonperforming assets, including other real estate owned and nonperforming loans, decreased by $74,000 from March 31, 2023 to March 31, 2024.

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 $2.61 billion at March 31, 2024, a decrease of $133.8 million from $2.75 billion at December 31, 2023 and a decrease of $22.2 million from $2.64 billion at March 31, 2023.

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 $792.0 million at March 31, 2024, a decrease of $48.4 million from $840.3 million at December 31, 2023 and a decrease of $82.4 million from $874.3 million at March 31, 2023. The decrease from fourth quarter 2023 and first quarter 2023 was attributable primarily to the Company's decision to pause investment purchase activity, allowing maturities and paydowns to be used to fund loan growth and provide additional liquidity in overnight funds.  The overall duration of the Company’s investment securities portfolio at March 31, 2024 was relatively short, at 2.12 years. This provides a reliable source of cash inflows as investment securities mature to support liquidity.

Total loans were $1.34 billion at March 31, 2024, an increase of $3.8 million from $1.34 billion at December 31, 2023 and an increase of $121.3 million from $1.22 billion at March 31, 2023.

Commercial loans increased by $72.5 million from March 31, 2023 to March 31, 2024, along with an increase of $47.2 million in the residential mortgage portfolio and an increase of $1.6 million in the consumer loan portfolio. Within commercial loans, commercial real estate loans increased by $29.4 million and commercial and industrial loans increased by $43.0 million. The loan growth experienced in this time period was the direct result of both new loan prospecting efforts and existing customers beginning to draw more on existing lines and borrow more for expansion of their businesses.

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 $2.28 billion at March 31, 2024, down $131.3 million, or 5.4%, from $2.42 billion at December 31, 2023 and down $46.5 million, or 2.0%, from $2.33 billion at March 31, 2023. While the Company experienced an overall decline in deposit balances compared to the prior year, some of this was attributable to balances moving into wealth management accounts at the Bank, so these balances should continue to benefit the Company. 

Macatawa’s deposit base is primarily made up of many small accounts, and balances at March 31, 2024 were comprised of 46% personal customers and 54% business customers. Core deposits - which Management defines as deposits sourced within its local markets - represented 100% of total deposits at March 31, 2024. Total deposit balances of $2.28 billion at March 31, 2024 remained elevated, reflecting a $579.0 million increase, or 34%, over pre-pandemic totals of $1.71 billion as of March 31, 2020.

Noninterest bearing demand deposits were down $28.7 million at the end of first quarter 2024 compared to the end of fourth quarter 2023 and were down $76.1 million compared to the end of first quarter 2023. Interest bearing demand deposits, money market deposits and savings deposits were down $98.8 million from the end of fourth quarter 2023 and were down $106.5 million from the end of first quarter 2023. Certificates of deposit were down $3.8 million at March 31, 2024 compared to December 31, 2023 and were up $136.1 million compared to March 31, 2023 as customers reacted to increases in market interest rates. All certificates of deposit are to local customers as the Company does not have any brokered deposits at March 31, 2024. The Company continues to be successful at attracting and retaining core local deposit customers. Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.

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 $331.4 million. In addition, the Company had total additional borrowing capacity of approximately $373.4 million as of March 31, 2024. Because Management has maintained the discipline of buying shorter-term bond durations in the investment securities portfolio, there are $411.0 million in bond maturities and paydowns coming into the Company in the next 24 months ending March 31, 2026.

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 $151.3 million in excess capital over well capitalized minimums at March 31, 2024.

About Macatawa BankHeadquartered 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:
  • the failure to obtain necessary regulatory approvals when expected or at all (and the risk that such approvals may result in a materially burdensome regulatory condition (as defined in the Merger Agreement));
  • the failure of Macatawa to obtain shareholder approval, or for either party to satisfy any of the other closing conditions to the transaction on a timely basis or at all;
  • the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the Merger Agreement;
  • the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where Macatawa and Wintrust do business, or as a result of other unexpected factors or events;
  • the impact of purchase accounting with respect to the transaction, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;
  • diversion of management’s attention from ongoing business operations and opportunities;
  • potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; and
  • the outcome of any legal proceedings that may be instituted against Macatawa or Wintrust.
Additional risk factors include, but are not limited to, the risk factors described in Item 1A in Macatawa's Annual Report on Form 10-K for the year ended December 31, 2023 and in any of Macatawa's subsequent SEC filings, and in Item 1A in Wintrust's Annual Report on Form 10-K for the year ended December 31, 2023 and in any of Wintrust's subsequent SEC filings.
 

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   1744000.00%   1744200.00%   1700100.00%   23762.50%   22392.00%
                     
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  
                     
Contact:
Bryan L. Barker
Chief Financial Officer
616-494-1448
bbarker@macatawabank.com
Macatawa Bank (NASDAQ:MCBC)
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