Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Loan Charge Offs for the Fourth Quarter 2014
January 30, 2015 at 02:45 am IST
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Macatawa Bank Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $11,816,000 compared to $11,961,000 a year ago. Net interest income was $10,457,000 compared to $10,212,000 a year ago. Income before income tax was $3,277,000 compared to $3,192,000 a year ago. Net income attributable to common shareholders was $2,317,000 or $0.07 per basic and diluted share compared to net loss attributable to common shareholders of $15,340,000 or $0.56 per basic and diluted share a year ago. Return on average assets was 0.61% compared to 0.58% a year ago. Return on average equity was 6.54% compared to 6.54% a year ago. The 2013 earnings per share information reflects the impact of the exchange of all of Macatawa's outstanding preferred stock for common stock and cash completed at the end of 2013.
For the year, the company reported total interest income of $46,988,000 compared to $48,620,000 a year ago. Net interest income was $41,392,000 compared to $41,283,000 a year ago. Income before income tax was $15,046,000 compared to $13,819,000 a year ago. Net income attributable to common shareholders was $10,473,000 or $0.31 per basic and diluted share compared to net loss attributable to common shareholders of $8,026,000 or $0.29 per basic and diluted share a year ago. Return on average assets was 0.70% compared to 0.63% a year ago. Return on average equity was 7.58% compared to 7.11% a year ago. Book value per common share as at December 31, 2014 was $4.21 compared to $3.92 as at December 31, 2013. Tangible book value per common share was $4.21 compared to $3.92 as at December 31, 2013.
The company reported net loan charge offs for the fourth quarter 2014 of $67,000 compared to third quarter 2014 net loan recoveries of $330,000 and fourth quarter 2013 net loan recoveries of $526,000.
Macatawa Bank Corporation is a bank holding company of its subsidiary, Macatawa Bank (the Bank). The Bank offers a range of banking, retail and commercial lending, wealth management and e-commerce services to individuals, businesses and governmental entities. It operates a network of approximately 26 full-service branch offices providing a range of commercial and consumer banking and trust services in Kent County, Ottawa County, and northern Allegan County, Michigan. It offers loan products to business customers, including commercial and industrial and commercial real estate loans, construction and development loans, and multi-family and other non-residential real estate loans. It also offers loans products to retail customers, such as residential mortgage and consumer loans. It offers a range of deposit services, including checking accounts, savings accounts and time deposits of various types. It also offers trust services, which includes personal trust and retirement plan services.
Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Loan Charge Offs for the Fourth Quarter 2014