Income Statement MACATAWA

Stocks

MCBC

US5542251021

Banks

Market Closed - Nasdaq Other stock markets 00:00:00 01/08/2024 +04			5-day change	1st Jan Change
14.82 ^USD	-0.87%		-.--%	-

19/08/24	Top US regional bank deals in 2024 as consolidation gathers pace	RE
01/08/24	Wintrust Financial Corporation completed the acquisition of Macatawa Bank Corporation from White Bay Capital, LLLP and AllianceBernstein L.P.	CI

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Published financial data: MACATAWA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Interest Income On Loans	63.61M	58.72M	50.66M	47.18M	69.54M
Interest Income On Investments	12.33M	8.51M	7.97M	27.73M	44.27M
Interest Income, Total	75.94M	67.22M	58.63M	74.91M	114M
Interest On Deposits	8.85M	3.49M	915K	3.77M	25.73M
Total Interest On Borrowings	3.6M	2.2M	1.65M	987K	634K
Interest Expense, Total	12.46M	5.69M	2.56M	4.76M	26.36M
Net Interest Income	63.49M	61.54M	56.07M	70.15M	87.45M
Trust Income	3.81M	3.76M	4.33M	4.14M	4.33M
Gain (Loss) on Sale of Loans	2.35M	6.48M	4.69M	706K	65K
Gain (Loss) on Sale of Invest. & Securities - (Rev)	-	-	-	-	-
Total Other Non Interest Income	13.57M	13.74M	14.67M	15.17M	14.04M
Non Interest Income, Total	19.73M	23.98M	23.7M	20.02M	18.44M
Revenues Before Provison For Loan Losses	83.22M	85.51M	79.76M	90.16M	106M
Provision For Loan Losses	-450K	3M	-2.05M	-1.12M	550K
Total Revenues	83.66M	82.51M	81.81M	91.29M	105M
Salaries And Other Employee Benefits	24.25M	25.02M	24.53M	25.49M	27.8M
Occupancy Expense	3.99M	3.96M	3.99M	4.2M	4.21M
Federal Deposit Insurance	239K	400K	749K	789K	1.32M
Selling General & Admin Expenses, Total	8.7M	9.54M	9.84M	10.23M	11.2M
(Income) Loss on Real Estate Property	253K	115K	45K	-	-
Total Other Non Interest Expense	6.79M	6.7M	6.93M	7.52M	7.06M
Non Interest Expense, Total	44.22M	45.72M	46.09M	48.23M	51.59M
EBT, Excl. Unusual Items	39.44M	36.79M	35.72M	43.06M	53.75M
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	39.44M	36.79M	35.72M	43.06M	53.75M
Income Tax Expense	7.46M	6.62M	6.71M	8.33M	10.52M
Earnings From Continuing Operations	31.98M	30.16M	29.01M	34.73M	43.22M
Net Income to Company	31.98M	30.16M	29.01M	34.73M	43.22M
Net Income - (IS)	31.98M	30.16M	29.01M	34.73M	43.22M
Net Income to Common Incl Extra Items	31.98M	30.16M	29.01M	34.73M	43.22M
Net Income to Common Excl. Extra Items	31.98M	30.16M	29.01M	34.73M	43.22M
Per Share Items
Net EPS - Basic	0.94	0.88	0.85	1.01	1.26
Basic EPS - Continuing Operations	0.94	0.88	0.85	1.01	1.26
Basic Weighted Average Shares Outstanding	34.06M	34.12M	34.2M	34.26M	34.3M
Net EPS - Diluted	0.94	0.88	0.85	1.01	1.26
Diluted EPS - Continuing Operations	0.94	0.88	0.85	1.01	1.26
Diluted Weighted Average Shares Outstanding	34.06M	34.12M	34.2M	34.26M	34.3M
Normalized Basic EPS	0.72	0.67	0.65	0.79	0.98
Normalized Diluted EPS	0.72	0.67	0.65	0.79	0.98
Dividend Per Share	0.28	0.32	0.32	0.32	0.33
Payout Ratio	29.74	36.07	37.55	31.43	26.11
Supplemental Items
Effective Tax Rate - (Ratio)	18.92	18	18.78	19.35	19.58
Current Domestic Taxes	7.17M	7.32M	5.62M	7.57M	9.99M
Total Current Taxes	7.17M	7.32M	5.62M	7.57M	9.99M
Deferred Domestic Taxes	290K	-695K	1.1M	766K	535K
Total Deferred Taxes	290K	-695K	1.1M	766K	535K
Normalized Net Income	24.65M	22.99M	22.33M	26.92M	33.59M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	427K	505K	684K	703K	820K
Total Stock-Based Compensation	427K	505K	684K	703K	820K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	264M	784M	1.15B	755M	450M
Investment Securities, Total	262M	252M	468M	736M	730M
Trading Asset Securities, Total	1.8M	4.2M	3.28M	6.46M	4.86M
Mortgage Backed Securities	46.2M	64.98M	86.8M	114M	111M
Total investments	310M	321M	558M	856M	846M
Gross Loans	1.39B	1.43B	1.11B	1.18B	1.34B
Allowance For Loan Losses	-17.2M	-17.41M	-15.89M	-15.28M	-17.44M
Net Loans	1.37B	1.41B	1.09B	1.16B	1.32B
Gross Property Plant And Equipment	81.76M	82.31M	83.41M	79.72M	79.56M
Accumulated Depreciation	-38.34M	-39.05M	-40.77M	-38.79M	-40.18M
Net Property Plant And Equipment	43.42M	43.25M	42.64M	40.93M	39.38M
Investment in FHLB	11.56M	11.56M	11.56M	10.21M	10.21M
Loans Held For Sale	3.29M	5.42M	1.41M	215K	-
Accrued Interest Receivable	4.87M	5.62M	4.09M	7.61M	8.98M
Restricted Cash	8.1M	-	-	-	-
Deferred Tax Assets Long-Term (Collected)	2.08M	2.06M	2.16M	9.71M	7.2M
Other Real Estate Owned And Foreclosed	2.75M	2.54M	2.34M	2.34M	-
Other Long-Term Assets, Total	49.54M	54.79M	61.82M	62.28M	65.16M
Total Assets	2.07B	2.64B	2.93B	2.91B	2.75B
Liabilities
Accrued Expenses, Total	14.92M	7.66M	7.65M	7.65M	10.16M
Interest Bearing Deposits	1.19B	1.44B	1.66B	1.75B	1.68B
Institutional Deposits	79.12M	50.46M	28.2M	29.7M	93.4M
Non-Interest Bearing Deposits	482M	809M	886M	835M	643M
Total Deposits	1.75B	2.3B	2.58B	2.62B	2.42B
Short-Term Borrowings	1.83M	4.22M	3.28M	6.46M	4.86M
Current Portion of Long-Term Debt	-	10M	-	-	-
Current Portion of Leases	331K	411K	411K	360K	388K
Federal Home Loan Bank Debt - Long-Term	60M	60M	85M	30M	30M
Long-Term Leases	303K	685K	450K	267K	409K
Trust Preferred Securities (BS)	20.62M	20.62M	-	-	-
Other Non Current Liabilities	-	-	-	-	69K
Total Liabilities	1.85B	2.4B	2.67B	2.66B	2.46B
Common Stock, Total	218M	219M	219M	220M	220M
Retained Earnings	-2.18M	17.1M	35.22M	59.04M	89.76M
Comprehensive Income and Other	1.54M	4.21M	-297K	-31.58M	-22.93M
Total Common Equity	217M	240M	254M	247M	287M
Total Equity	217M	240M	254M	247M	287M
Total Liabilities And Equity	2.07B	2.64B	2.93B	2.91B	2.75B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	34.1M	34.2M	34.26M	34.3M	34.36M
ECS Total Common Shares Outstanding	34.1M	34.2M	34.26M	34.3M	34.36M
Book Value / Share	6.38	7.01	7.41	7.2	8.35
Tangible Book Value	217M	240M	254M	247M	287M
Tangible Book Value Per Share	6.38	7.01	7.41	7.2	8.35
Tangible Book Value Per Share (As Reported)	6.38	7.01	-	-	-
Average Assets	2.01B	2.38B	2.84B	2.87B	2.7B
Average Loans	1.37B	1.5B	1.26B	1.12B	1.25B
Total Debt	83.08M	95.93M	89.14M	37.09M	35.65M
Federal Funds Sold	241M	752M	1.13B	704M	418M
Net Debt	-183M	-692M	-1.07B	-725M	-420M
Full Time Employees	285	286	279	287	287
Part Time Employees	79	69	51	54	53
Number Of Offices	26	26	26	26	26

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	31.98M	30.16M	29.01M	34.73M	43.22M
Depreciation, Depletion & Amortization	2.21M	2.62M	2.72M	1.56M	316K
Total Depreciation, Depletion & Amortization	2.21M	2.62M	2.72M	1.56M	316K
Gain (Loss) on Sale of Loans & Receivables - (CF)	-2.35M	-6.48M	-4.69M	-706K	-65K
(Gain) Loss On Sale of Asset - (CF)	-57K	-13K	20K	-47K	-356K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	14K	32K	4K	-	-
Provision for Credit Losses	-450K	3M	-2.05M	-1.12M	550K
Stock-Based Compensation (CF)	427K	505K	684K	703K	820K
Tax Benefit from Stock Options	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Operating	-532K	4.35M	8.71M	1.9M	280K
Changes in Accrued Interest Receivable	-2.04M	-7.78M	3.64M	-6.05M	-1.68M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	1.19M	5.74M	-2.19M	3.95M	1.08M
Other Operating Activities	-682K	-1.57M	62K	-112K	-368K
Cash from Operations	29.72M	30.58M	35.92M	34.8M	43.8M
Capital Expenditure	-1.04M	-2.27M	-993K	-796K	-439K
Sale of Property, Plant, and Equipment	342K	-	-	-	-
Sale (Purchase) of Real Estate Properties (Collected)	656K	192K	170K	47K	2.7M
Investment in Marketable and Equity Securities, Total	4.36M	-15.04M	-242M	-335M	20.47M
Net (Increase) Decrease in Loans Originated / Sold - Investing	20.8M	-46.5M	321M	-68.23M	-161M
Other Investing Activities, Total	-	-	-9.09M	1.35M	-
Cash from Investing	25.12M	-63.62M	69.4M	-402M	-138M
Long-Term Debt Issued, Total	10M	10M	25M	25M	-
Total Debt Issued	10M	10M	25M	25M	-
Long-Term Debt Repaid, Total	-30.62M	-	-30.62M	-80M	-
Total Debt Repaid	-30.62M	-	-30.62M	-80M	-
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-101K	-86K	-130K	-207K	-143K
Common Dividends Paid	-9.51M	-10.88M	-10.9M	-10.92M	-11.28M
Common & Preferred Stock Dividends Paid	-9.51M	-10.88M	-10.9M	-10.92M	-11.28M
Net Increase (Decrease) in Deposit Accounts - (CF)	76.56M	545M	279M	37.18M	-199M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	46.32M	544M	263M	-28.94M	-211M
Net Change in Cash	101M	511M	368M	-397M	-305M
Supplemental Items
Cash Interest Paid	12.44M	5.96M	2.74M	4.72M	25.58M
Cash Income Tax Paid (Refund)	7.2M	5.32M	5.65M	6.5M	9.6M
Net Debt Issued / Repaid	-20.62M	10M	-5.62M	-55M	-

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.58	1.28	1.04	1.19	1.53
Return On Equity %	15.66	13.19	11.75	13.86	16.18
Return on Common Equity	15.66	13.19	11.75	13.86	16.18
Shareholders Value Added	7.48M	2.73M	-617K	4.67M	11.18M
Margin Analysis
SG&A Margin	44.16	46.68	46.89	43.73	41.02
Net Interest Income / Total Revenues %	75.88	74.58	68.53	76.84	83.02
EBT Excl. Non-Recurring Items Margin %	47.14	44.58	43.66	47.17	51.02
Income From Continuing Operations Margin %	38.22	36.56	35.46	38.04	41.03
Net Income Margin %	38.22	36.56	35.46	38.04	41.03
Net Avail. For Common Margin %	38.22	36.56	35.46	38.04	41.03
Normalized Net Income Margin	29.46	27.87	27.29	29.48	31.89
Asset quality
Nonperforming Loans / Total Loans %	0.01	0.04	0.01	0.01	0
Nonperforming Loans / Total Assets %	0.01	0.02	0	0	0
Nonperforming Assets / Total Assets %	0.14	0.12	0.08	0.08	0
NPAs / Loans and OREO	0.21	0.21	0.22	0.21	0
NPAs / Equity	1.36	1.28	0.96	0.98	0
Allowance for Credit Losses / Net Charge-offs %	-2.22K	623.5	-2.99K	-2.93K	-13.31K
Allowance for Credit Losses / Nonperforming Loans %	8.47K	3.27K	17.27K	19.6K	1.74M
Allowance for Credit Losses / Total Loans %	1.24	1.22	1.43	1.3	1.3
Net Charge-offs / Total Average Loans %	-0.06	0.19	-0.04	-0.05	-0.01
Provision for Loan Losses / Net Charge-offs %	58.14	107.45	386.06	215.93	-419.85
Earning Assets / IBL	142.84	152.41	159.71	159.3	149.45
Interest Income / Average Assets	3.78	2.83	2.07	2.61	4.21
Interest Expense / Average Assets	0.62	0.24	0.09	0.17	0.97
Net Interest Income / Average Assets	3.16	2.59	1.98	2.45	3.23
Non Interest Income / Average Assets	0.98	1.01	0.84	0.7	0.68
Non Interest Expense / Average Asset	2.2	1.92	1.62	1.68	1.91
Capital And Funding
Total Average Common Equity / Total Average Assets %	10.1	9.71	8.86	8.59	9.44
Total Average Equity / Total Average Assets %	10.1	9.71	8.86	8.59	9.44
Total Equity + Allowance for Loan Losses / Total Loans %	16.94	18	24.34	22.27	22.75
Gross Loans / Total Deposits %	79.03	62.18	43.02	45.04	55.4
Net Loans / Total Deposits %	78.05	61.43	42.4	44.45	54.68
Tier 1 Capital Ratio %	14.7	17.1	17.2	16.9	17.7
Total Capital Ratio %	15.8	18.3	18.3	17.9	18.7
Core Tier 1 Capital Ratio	13.5	15.8	17.2	16.9	17.7
Coverage Ratio	124.05	163.93	211.12	218.14	-
Leverage Ratio %	11.5	9.9	8.7	9.7	11.4
Fixed Charges Coverage
EBT + Interest on Borrowings / Interest on Borrowings	11.95	17.73	22.65	44.63	85.77
EBT + Interest Expense / Interest Expense	4.17	7.47	14.93	10.05	3.04
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	6.48	-3.07	-8.89	25.11	24.66
Non Interest Income, 1 Yr. Growth %	12.71	21.53	-1.17	-15.51	-7.88
Provision For Loan Losses, 1 Yr. Growth %	-200	-766.67	-168.33	-45.12	-148.89
Total Revenues, 1 Yr. Growth %	9.11	-1.38	-0.85	11.58	15.39
Earnings From Cont. Operations, 1 Yr. Growth %	21.23	-5.67	-3.82	19.7	24.45
Net Income, 1 Yr. Growth %	21.23	-5.67	-3.82	19.7	24.45
Normalized Net Income, 1 Yr. Growth %	21.92	-6.73	-2.89	20.55	24.81
Diluted EPS Before Extra, 1 Yr. Growth %	21.09	-6.28	-3.6	19.06	24.75
Dividend Per Share, 1 Yr. Growth %	12	14.29	0	0	3.12
Gross Loans, 1 Yr. Growth %	-1.43	3.15	-22.41	6.2	13.64
Allowance For Loan Losses, 1 Yr. Growth %	1.92	1.21	-8.73	-3.8	14.11
Net Loans, 1 Yr. Growth %	-1.47	3.18	-22.58	6.35	13.63
Non Performing Loans, 1 Yr. Growth %	-84.43	162.56	-82.74	-15.22	-98.72
Non Performing Assets, 1 Yr. Growth %	-37	4.03	-20.68	-0.58	-99.96
Total Assets, 1 Yr. Growth %	4.74	27.71	10.85	-0.75	-5.44
Total Deposits, 1 Yr Growth %	4.57	31.1	12.15	1.44	-7.63
Tangible Book Value, 1 Yr. Growth %	13.95	10.29	5.9	-2.74	16.21
Average Interest Earning Assets, 1 Yr. Growth %	6.4	19.12	20.06	1.64	-5.34
Average Interest Bearing Liabilities, 1 Yr. Growth %	6.97	11.64	14.57	1.91	0.89
Common Equity, 1 Yr. Growth %	13.95	10.29	5.9	-2.74	16.21
Total Equity, 1 Yr. Growth %	13.95	10.29	5.9	-2.74	16.21
Compound Annual Growth Rate Over Two Years
Net Interest Income, 2 Yr. CAGR %	10.55	1.59	-6.02	6.77	24.89
Non Interest Income, 2 Yr. CAGR %	6.42	17.04	9.59	-8.62	-11.78
Provision For Loan Losses, 2 Yr. CAGR %	-42.26	158.2	113.44	-38.76	-48.2
Total Revenues, 2 Yr. CAGR %	8.77	3.73	-1.11	5.18	13.47
Earnings From Cont. Operations, 2 Yr. CAGR %	40.1	6.94	-4.75	7.3	22.06
Net Income, 2 Yr. CAGR %	40.1	6.94	-4.75	7.3	22.06
Normalized Net Income, 2 Yr. CAGR %	20.81	6.64	-4.83	8.19	22.66
Diluted EPS Before Extra, 2 Yr. CAGR %	39.88	6.53	-4.95	7.13	21.87
Dividend Per Share, 2 Yr. CAGR %	24.72	13.14	6.9	0	1.55
Gross Loans, 2 Yr. CAGR %	2.44	0.84	-10.54	-9.23	9.86
Allowance For Loan Losses, 2 Yr. CAGR %	1.79	1.56	-3.89	-6.3	4.77
Net Loans, 2 Yr. CAGR %	2.45	0.83	-10.62	-9.26	9.93
Non Performing Loans, 2 Yr. CAGR %	-28.31	-36.07	-32.68	-61.75	-89.57
Non Performing Assets, 2 Yr. CAGR %	-30.86	-19.04	-9.16	-11.2	-97.98
Total Assets, 2 Yr. CAGR %	4.62	15.66	18.98	4.89	-3.12
Total Deposits, 2 Yr CAGR %	5.37	17.08	21.26	6.66	-3.2
Tangible Book Value, 2 Yr. CAGR %	12.12	12.1	8.07	1.49	6.31
Average Interest Earning Assets, 2 Yr. CAGR %	7.69	12.58	19.59	10.47	-1.91
Average Interest Bearing Liabilities, 2 Yr. CAGR %	8.99	9.28	13.1	8.05	1.4
Common Equity, 2 Yr. CAGR %	12.12	12.1	8.07	1.49	6.31
Total Equity, 2 Yr. CAGR %	12.12	12.1	8.07	1.49	6.31
Compound Annual Growth Rate Over Three Years
Net Interest Income, 3 Yr. CAGR %	10.12	5.81	-2.03	3.38	12.43
Non Interest Income, 3 Yr. CAGR %	1.65	11.24	10.62	0.49	-8.38
Provision For Loan Losses, 3 Yr. CAGR %	-30.66	30.5	65.77	35.72	-43.19
Total Revenues, 3 Yr. CAGR %	7.33	5.28	2.18	2.95	8.48
Earnings From Cont. Operations, 3 Yr. CAGR %	26.09	22.79	3.22	2.79	12.74
Net Income, 3 Yr. CAGR %	26.09	22.79	3.22	2.79	12.74
Normalized Net Income, 3 Yr. CAGR %	21.68	10.83	3.36	2.97	13.47
Diluted EPS Before Extra, 3 Yr. CAGR %	25.95	22.4	3.04	2.46	12.71
Dividend Per Share, 3 Yr. CAGR %	32.64	21.14	8.58	4.55	1.03
Gross Loans, 3 Yr. CAGR %	2.66	2.68	-7.6	-5.27	-2.17
Allowance For Loan Losses, 3 Yr. CAGR %	0.47	1.6	-1.99	-3.86	0.07
Net Loans, 3 Yr. CAGR %	2.69	2.69	-7.67	-5.29	-2.2
Non Performing Loans, 3 Yr. CAGR %	-12.21	10.5	-58.68	-27.3	-87.67
Non Performing Assets, 3 Yr. CAGR %	-38.28	-20.77	-19.59	-6.39	-93.12
Total Assets, 3 Yr. CAGR %	5.92	11.81	14.03	12.01	1.33
Total Deposits, 3 Yr CAGR %	6.57	13.33	15.42	14.26	1.67
Tangible Book Value, 3 Yr. CAGR %	10.26	11.51	10	4.34	6.18
Average Interest Earning Assets, 3 Yr. CAGR %	6.82	11.37	15.02	13.28	4.92
Average Interest Bearing Liabilities, 3 Yr. CAGR %	7.5	9.87	11.02	9.24	5.61
Common Equity, 3 Yr. CAGR %	10.26	11.51	10	4.34	6.18
Total Equity, 3 Yr. CAGR %	10.26	11.51	10	4.34	6.18
Compound Annual Growth Rate Over Five Years
Net Interest Income, 5 Yr. CAGR %	8.93	6.9	3.36	6.19	7.96
Non Interest Income, 5 Yr. CAGR %	4	6.15	4.75	2.82	1.05
Provision For Loan Losses, 5 Yr. CAGR %	-33.07	-3.04	8.71	-3.58	4.1
Total Revenues, 5 Yr. CAGR %	6.54	4.77	3.87	5.24	6.56
Earnings From Cont. Operations, 5 Yr. CAGR %	25.01	18.71	12.71	16.35	10.38
Net Income, 5 Yr. CAGR %	25.01	18.71	12.71	16.35	10.38
Normalized Net Income, 5 Yr. CAGR %	20.44	14.84	10.29	9.77	10.69
Diluted EPS Before Extra, 5 Yr. CAGR %	24.83	18.43	12.54	16.05	10.2
Dividend Per Share, 5 Yr. CAGR %	28.47	23.81	21.67	12.2	5.71
Gross Loans, 5 Yr. CAGR %	4.38	3.6	-2.84	-2.26	-0.98
Allowance For Loan Losses, 5 Yr. CAGR %	-1.93	0.38	-1.3	-1.64	0.66
Net Loans, 5 Yr. CAGR %	4.47	3.64	-2.86	-2.27	-1
Non Performing Loans, 5 Yr. CAGR %	-52.53	-6.75	-21.05	-27.71	-76.19
Non Performing Assets, 5 Yr. CAGR %	-39.6	-30.05	-27.96	-17.07	-81.56
Total Assets, 5 Yr. CAGR %	5.49	8.84	10.96	8.99	6.83
Total Deposits, 5 Yr CAGR %	6.06	9.87	12.22	10.62	7.58
Tangible Book Value, 5 Yr. CAGR %	8.82	9.55	9.38	7.39	8.51
Average Interest Earning Assets, 5 Yr. CAGR %	6.85	8.66	11.76	11.01	7.92
Average Interest Bearing Liabilities, 5 Yr. CAGR %	5.9	6.64	9.71	9.14	7.06
Common Equity, 5 Yr. CAGR %	8.82	9.55	9.38	7.39	8.51
Total Equity, 5 Yr. CAGR %	8.82	9.55	9.38	7.39	8.51