Macatawa Bank Corporation Reports Third Quarter 2023 Results
Macatawa Bank Corporation (MCBC)
Last macatawa bank corporation earnings: 10/24 04:15 pm
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US:NASDAQ Investor Relations:
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Source: GlobeNewswire
HOLLAND, Mich., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for Macatawa Bank (collectively, the “Company”), today announced its results for the third quarter 2023. Net income of $11.4 million in third quarter 2023 – an increase of 13.6% over $10.0 million earned in third quarter 2022 and up 10.7% from $10.3 million earned in second quarter 2023Net interest margin increased to 3.35% in third quarter 2023 versus 2.86% in third quarter 2022 and decreased slightly from 3.36% in second quarter 2023Continued loan portfolio growth – $19.7 million, or 6% annualized growth rate, for the third quarter 2023, and $152.6 million, or 13.4%, in the last 12 monthsDeposit portfolio balances increased $124.0 million in the third quarter 2023, all in core deposits primarily due to seasonal inflows from municipal customersStrong credit quality metrics – non-performing assets at 0.00004% of total assets, allowance to total loans coverage of 1.32%, an
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