Last $4.81 USD
Change Today -0.05 / -1.03%
Volume 5.5K
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As of 10:32 AM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

macatawa bank corp (MCBC) Key Developments

Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Announces Net Charge-Offs for the First Quarter of 2014

Macatawa Bank Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. Net interest income for the first quarter 2014 totaled $10.5 million, an increase of $263,000 from the fourth quarter 2013 and a decrease of $8,000 from the first quarter 2013. The company has reported net income of $2.6 million, or $0.08 per diluted share, in the first quarter 2014 compared to net income of $2.5 million, or $0.09 per diluted share, for the first quarter 2013. Income before income tax was $3,816,000 against $3,615,000 a year ago. Return on average assets was 0.71% against 0.66% a year ago. Return on average equity was 7.85% against 7.50% a year ago. Book value per common share at March 31, 2014 was $4.00 against $3.68 at March 31, 2013. Net income for the first quarter 2014 reflected continued improvement in core operating results. Net charge-offs were $585,000 against $498,000 a year ago.

Macatawa Bank Corp., Annual General Meeting, May 06, 2014

Macatawa Bank Corp., Annual General Meeting, May 06, 2014., at 10:00 US Eastern Standard Time. Location: The Pinnacle Center. Agenda: To consider election of four directors to hold office for a three year term; to consider advisory approval of executive compensation; to consider ratification of appointment of BDO USA, LLP as independent auditors for the year ending December 31, 2014 and also conduct any other business that properly comes before the meeting or at any adjournment of the meeting.

Macatawa Bank Corporation Declares Quarterly Cash Dividend, Payable on March 28, 2014

Macatawa Bank Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.02 per share of its common stock to be paid on March 28, 2014 to shareholders of record on March 7, 2014.

Macatawa Bank Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Macatawa Bank Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of USD 11.961 million compared to USD 13.009 million a year ago. Net interest income was USD 10.212 million compared to USD 10.968 million a year ago. Income before income taxes was USD 3.192 million compared to USD 2.376 million a year ago. Net income was USD 2.234 million compared to USD 21.234 million a year ago. Net loss available to common shareholders was USD 15.340 million compared to net income available to common shareholders of USD 21.234 million a year ago. Diluted loss per share were USD 0.5 compared to diluted earnings per share of USD 0.78 a year ago. Return on average assets was 0.58% compared to 5.75% negative a year ago. Return on average equity was 6.54% compared to 76.30% a year ago. Book value per common share was USD 3.92 compared to USD 3.59 a year ago. Tangible book value per common share was USD 3.92 compared to USD 3.59 a year ago. For the full year, the company reported total interest income of USD 48.620 million compared to USD 57.276 million a year ago. Net interest income was USD 41.283 million compared to USD 47.462 million a year ago. Income before income taxes was USD 13.819 million compared to USD 16.907 million a year ago. Net income was USD 9.549 million compared to USD 35.490 million a year ago. Net loss available to common shareholders was USD 8.026 million compared to net income available to common shareholders of USD 35.490 million a year ago. Diluted loss per share were USD 0.29 compared to diluted earnings per share of USD 1.31 a year ago. Return on average assets was 0.63% compared to 2.37% negative a year ago. Return on average equity was 7.11% compared to 34.39% a year ago. Book value per common share was USD 3.92 compared to USD 3.59 a year ago. Tangible book value per common share was USD 3.92 compared to USD 3.59 a year ago.

Macatawa Bank Corp. Announces Consolidated Unaudited Earnings Results for Third Quarter and Nine Months Ended Sept. 30, 2013

Macatawa Bank Corp. announced consolidated unaudited earnings results for third quarter and nine months ended Sept. 30, 2013. For the quarter, the company reported total interest income of $11,919,000, income before income tax of $3,213,000, net income available to common shares of $2,238,000 or $0.08 basic and diluted per share, return on average assets of 0.59% and return on average equity of 6.67% compared to the total interest income of $16,269,000, income before income tax of $6,860,000, net income available to common shares of $6,585,000 or $0.24 basic and diluted per share, return on average assets of 1.74% and return on average equity of 25.18 % for the same quarter a year ago. Net interest income was $10,124,000 against $13,892,000 a year ago. For the year to date, the company reported total interest income of $36,659,000, income before income tax of $10,628,000, net income available to common shares of $7,315,000 or $0.27 basic and diluted per share, return on average assets of 0.65% return on average equity of 7.30% compared to the total interest income of $44,267,000, income before income tax of $14,531,000, net income available to common shares of $14,256,000 or $0.53 basic and diluted per share, return on average assets of 1.26% return on average equity of 18.92% for the same period a year ago. Net interest income was $31,071,000 against $36,494,000 a year ago.

 

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