HOLLAND TWP. — Macatawa Bank Corp.’s third-quarter earnings grew slightly from a year earlier amid strong deposit growth.
The Holland Township-based Macatawa Bank (Nasdaq: MCBC) on Thursday afternoon reported $7.2 million in quarterly net income, or 21 cents per diluted share, for the July-to-September period. That compares to $7.1 million, or 21 cents per diluted share, in the third quarter of 2020.
Ronald Haan
COURTESY PHOTO
Macatawa Bank grew commercial loan originations by nearly 30 percent from the year earlier, from $88.2 million to $114.6 million. Commercial loan originations grew 80 percent from the second quarter this year.
Total deposits grew by $382.6 million, or 17.6 percent, from the third quarter last year to $2.55 billion as of Sept. 30.
“Despite a challenging environment, we produced strong earnings for the third quarter of 2021. Our asset quality is strong and we are well-positioned to build on our third quarter momentum and seize more opportunities to safely deploy the excess funds our customers have entrusted us with,” President and CEO Ronald Haan said in the bank’s third quarter earnings release.
Net income through the first nine months of 2021 totaled $22.7 million, or 67 cents per diluted share. That compares to $21.1 million, or 32 cents per diluted share, in the first three quarters of 2020.
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties, and had $2.9 billion in total assets at the end of the third quarter.
