Macatawa Bank Corporation Reports First Quarter 2020 Results
Macatawa Bank Corporation (MCBC)
Last macatawa bank corporation earnings: 10/24 04:15 pm
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Source: GlobeNewswire
HOLLAND, Mich., April 23, 2020 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the first quarter of 2020. Net income of $6.4 million in first quarter 2020 versus $7.6 million in first quarter 2019 – down 16%First quarter 2020 includes higher provision for loan losses expense for COVID-19 related general allowance buildProvision for loan losses of $700,000 in first quarter 2020, up from negative $250,000 in first quarter 2019Net interest margin of 3.25% in first quarter 2020 versus 3.54% in first quarter 2019Growth in noninterest income of $631,000 (15%) driven by increased residential mortgage volumeControlled increase in total non-interest expense – up $484,000 (4%) from first quarter 2019Loan portfolio balances up by $11 million (1%) from first quarter 2019Core deposit balances up by $88 million (5%) from first quarter 2019Capital and liquidity levels remain strong Macatawa reported net income of $6.4 million, or $0.19 per diluted sha
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