0001140361-23-002908.txt : 20230126 0001140361-23-002908.hdr.sgml : 20230126 20230126163039 ACCESSION NUMBER: 0001140361-23-002908 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230126 DATE AS OF CHANGE: 20230126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MACATAWA BANK CORP CENTRAL INDEX KEY: 0001053584 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 383391345 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25927 FILM NUMBER: 23558119 BUSINESS ADDRESS: STREET 1: 10753 MACATAWA DRIVE CITY: HOLLAND STATE: MI ZIP: 49424 BUSINESS PHONE: 616-820-1444 MAIL ADDRESS: STREET 1: 10753 MACATAWA DRIVE CITY: HOLLAND STATE: MI ZIP: 49424 8-K 1 brhc10047035_8k.htm 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the
 Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 26, 2023

MACATAWA BANK CORPORATION
 (Exact name of registrant as specified in its charter)

 Michigan
  000-25927
  38-3391345
 (State or other jurisdiction of Incorporation)
 (Commission File Number)
 (I.R.S. Employer Identification No.)

10753 Macatawa Drive, Holland, Michigan
49424
 (Address of principal executive offices)
(Zip Code)

(616) 820-1444
 (Registrant's Telephone Number, Including Area Code)

Not Applicable
 (Former name or former address, if changed since last year)

          Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered

Common stock
MCBC
NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02
Results of Operations and Financial Condition.

On January 26, 2023, Macatawa Bank Corporation issued the press release furnished with this report as Exhibit 99.1, which is here incorporated by reference. This report and the exhibit are furnished to, and not filed with, the Commission.

Item 9.01
Financial Statements and Exhibits.


(d)
Exhibits

   

 
Press Release dated January 26, 2023. This exhibit is furnished to, and not filed with, the Commission.





 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  January 26, 2023
MACATAWA BANK CORPORATION



By
/s/ Jon W. Swets


Jon W. Swets


Chief Financial Officer


EX-99.1 2 brhc10047035_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

For Immediate Release
NASDAQ Stock Market:    MCBC

Macatawa Bank Corporation Reports
Fourth Quarter and Full Year 2022 Results

HOLLAND, Mich. (January 26, 2023) – Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for Macatawa Bank (collectively, the “Company”), today announced its results for the fourth quarter 2022.

•
Full year net income of $34.7 million versus $29.0 million in the prior year
•
Net income of $12.1 million in fourth quarter 2022 – up 21% versus $10.0 million in third quarter 2022 and up 95% versus $6.2 million in fourth quarter 2021
•
Net interest margin increased 48 basis points to 3.34% in fourth quarter 2022 versus third quarter 2022 and increased 149 basis points versus fourth quarter 2021
•
Intentional asset-sensitive balance sheet structure continued to produce improved net interest income and net interest margin in rising interest rate environment
•
Continued loan portfolio growth – $39.1 million, or 14% annualized growth rate, for the fourth quarter 2022
•
Provision for loan losses of $375,000 due primarily to loan growth
•
Grew investment securities portfolio by $44.8 million in fourth quarter 2022 to supplement loan growth and continued deployment of excess liquidity
•
Deposit portfolio balances showed further growth in fourth quarter 2022

The Company reported net income of $12.1 million, or $0.35 per diluted share, in fourth quarter 2022 compared to $6.2 million, or $0.18 per diluted share, in fourth quarter 2021.    For the full year 2022, the Company reported net income of $34.7 million, or $1.01 per diluted share, compared to $29.0 million, or $0.85 per diluted share, for the full year 2021.

"We are pleased to report very strong profitability for the fourth quarter of 2022,” said Ronald L. Haan, President and CEO of the Company.  “The impact of rising interest rates on our asset-sensitive balance sheet resulted in a significant increase in revenue and bottom line for each quarter during 2022.  Net interest income for the fourth quarter 2022 was $3.1 million higher than the third quarter 2022 and was nearly double fourth quarter 2021 net interest income, up $10.0 million,  reflecting benefits from federal funds rate increases and growth in our loan and investment securities portfolios.  We remain encouraged by our commercial loan origination activity while maintaining excellent credit quality. Our deposit balances remained strong, growing during the fourth quarter 2022 by $58.9 million, and total deposit balances at the end of the quarter were higher than the level of balances a year ago at the same time.”

Macatawa Bank Corporation 4Q Results / page 2 of 7

Mr. Haan concluded:  "Despite ongoing economic uncertainty and a rapidly changing operating environment, we remain focused on our primary goal of driving consistent and profitable growth.  We achieved strong operating performance in 2022, and we believe the Company’s operations and balance sheet are very well positioned as we enter a new year.”

Operating Results
Net interest income for the fourth quarter 2022 totaled $22.9 million, an increase of $3.1 million from third quarter 2022 and an increase of $10.0 million from the fourth quarter 2021.  Net interest margin for fourth quarter 2022 was 3.34 percent, up 48 basis points from the third quarter 2022 and up 149 basis points from the fourth quarter 2021.  Net interest income for the fourth quarter 2021 included $1.2 million in fees from loans originated under the Paycheck Protection Program (“PPP”).  The remaining loans under this program received forgiveness during 2022, so net interest income for the fourth quarter 2022 did not include any such fees.  Net interest income in 2022 versus 2021 benefited from the significant increases in the federal funds rate beginning in March 2022 and through December 2022 totaling 425 basis points and the related increases in rate indices impacting the Company’s variable rate loan portfolios.  Interest on federal funds increased by $1.8 million compared to third quarter 2022 and by $6.0 million compared to fourth quarter 2021.  Net interest income also benefited from growth in the investment securities portfolio to further deploy excess liquid funds held by the Company.  Interest on investments increased by $669,000 over third quarter 2022 and by $3.0 million over fourth quarter 2021.

Non-interest income increased $146,000 in fourth quarter 2022 compared to third quarter 2022 and decreased $311,000 from fourth quarter 2021.  Brokerage income was up $356,000 in the fourth quarter 2022 compared to the third quarter 2022 and was up $335,000 compared to the fourth quarter 2021.  This offset the negative impact of the rising rate environment on mortgage loan sales gains and trust fees.  Gains on sales of mortgage loans in fourth quarter 2022 were down $134,000 compared to third quarter 2022 and were down $482,000 from fourth quarter 2021.  The Company originated $1.2 million in mortgage loans for sale in fourth quarter 2022 compared to $6.5 million in third quarter 2022 and $16.4 million in fourth quarter 2021. Trust fees were up $21,000 in fourth quarter 2022 compared to third quarter 2022 and were down $124,000 compared to fourth quarter 2021, due largely to stock market conditions.  Income from debit and credit cards was down $40,000 in fourth quarter 2022 compared to third quarter 2022 and was up $24,000 compared to fourth quarter 2021 due primarily to customer usage behavior.  Deposit service charge income, including treasury management fees, was down $186,000 in fourth quarter 2022 compared to third quarter 2022 and was down $130,000 from fourth quarter 2021 primarily due to higher earnings credits provided on treasury management accounts with the increase in deposit market interest rates.

Macatawa Bank Corporation 4Q Results / page 3 of 7

Non-interest expense was $12.4 million for fourth quarter 2022, compared to $12.1 million for third quarter 2022 and $11.3 million for fourth quarter 2021.  The largest component of non-interest expense was salaries and benefits expenses.  Salaries and benefits expenses were up $225,000 compared to third quarter 2022 and were up $840,000 compared to fourth quarter 2021.  The increase compared to third quarter 2022 was primarily due to a higher level of variable compensation for brokerage services, bonus expense and medical insurance costs, while the increase from fourth quarter 2021 was due largely to a higher level of salary and other compensation resulting from merit adjustments to base pay effective April 1, 2022, a higher level of variable compensation for brokerage services, a higher level of 401k matching contributions and a higher level of medical insurance costs, partially offset by lower mortgage sales commissions.  The table below identifies the primary components of the changes in salaries and benefits between periods.

 
Dollars in 000s
  
Q4 2022
to
Q3 2022
    
Q4 2022
to
Q4 2021
  
             
Salaries and other compensation
  
$
(9
)
  
$
332
  
Salary deferral from commercial loans
    
---
      
26
  
Bonus accrual
    
25
      
(64
)
Mortgage production – variable comp
    
(37
)
    
(93
)
Brokerage – variable comp
    
128
      
110
  
401k matching contributions
    
(18
)
    
84
  
Medical insurance costs
    
136
      
445
  
Total change in salaries and benefits
  
$
225
    
$
840
  

Occupancy expenses were down $21,000 in fourth quarter 2022 compared to third quarter 2022 and were up $5,000 compared to fourth quarter 2021.  Data processing expenses were down $19,000 in fourth quarter 2022 compared to third quarter 2022 and were up $111,000 compared to fourth quarter 2021 due to higher usage of electronic banking services and debit cards by our customers.  Outside services were up $121,000 in the fourth quarter 2022 compared to third quarter 2022 and were up by $135,000 compared to fourth quarter 2021 due to higher recruiting costs and outsourced audits.  Other categories of non-interest expense were relatively flat compared to third quarter 2022 and fourth quarter 2021 due to a continued focus on expense management.

Federal income tax expense was $3.0 million for fourth quarter 2022, $2.5 million for third quarter 2022, and $1.4 million for fourth quarter 2021.  The effective tax rate was 19.6 percent for fourth quarter 2022, compared to 19.9 percent for third quarter 2022 and 18.0 percent for fourth quarter 2021.  The increase in the effective tax rate over 2021 was due to higher levels of taxable income from both growth in taxable securities held in our investment portfolio and growth in taxable income from rising interest rates while our tax-exempt income has remained relatively flat. 

Macatawa Bank Corporation 4Q Results / page 4 of 7

Asset Quality
A provision for loan losses of $375,000 was recorded in the fourth quarter 2022.  No provision for loan losses was recorded in third quarter 2022 while a provision benefit of $750,000 was recorded in fourth quarter 2021.  Net loan recoveries for fourth quarter 2022 were $89,000, compared to third quarter 2022 net loan recoveries of $190,000 and fourth quarter 2021 net loan recoveries of $107,000.  At December 31, 2022, the Company had experienced net loan recoveries in thirty of the past thirty-two quarters.  Total loans past due on payments by 30 days or more amounted to $172,000 at December 31, 2022, versus $84,000 at September 30, 2022 and $129,000 at December 31, 2021.  Delinquencies at December 31, 2022 were comprised of just three individual loans.  Delinquency as a percentage of total loans was just 0.01 percent at December 31, 2022, well below the Company’s peer level.

The allowance for loan losses of $15.3 million was 1.30 percent of total loans at December 31, 2022, compared to $14.8 million or 1.30 percent of total loans at September 30, 2022, and $15.9 million or 1.43 percent at December 31, 2021.  The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 196-to-1 as of December 31, 2022.

At December 31, 2022, the Company's nonperforming loans were $78,000, representing 0.01 percent of total loans.  This compares to $85,000 (0.01 percent of total loans) at September 30, 2022 and $92,000 (0.01 percent of total loans) at December 31, 2021.  Other real estate owned and repossessed assets were $2.3 million at December 31, 2022, unchanged from $2.3 million at September 30, 2022 and December 31, 2021.  Total nonperforming assets, including other real estate owned and nonperforming loans, decreased by $14,000 from December 31, 2021 to December 31, 2022.

A break-down of non-performing loans is shown in the table below.

 
Dollars in 000s
  
Dec 31,
2022
    
Sept 30,
2022
    
June 30,
2022
    
Mar 31,
2022
    
Dec 31,
2021
  

                             
Commercial Real Estate
  
$
---
    
$
---
    
$
5
    
$
5
    
$
5
  
Commercial and Industrial
    
---
      
---
      
1
      
1
      
1
  
Total Commercial Loans
    
---
      
---
      
6
      
6
      
6
  
Residential Mortgage Loans
    
78
      
85
      
84
      
84
      
86
  
Consumer Loans
    
---
      
---
      
---
      
---
      
---
  
Total Non-Performing Loans
  
$
78
    
$
85
    
$
90
    
$
90
    
$
92
  

Macatawa Bank Corporation 4Q Results / page 5 of 7

A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
  
Dec 31,
2022
    
Sept 30,
2022
    
June 30,
2022
    
Mar 31,
2022
    
Dec 31,
2021
  
                               
Non-Performing Loans
  
$
78
    
$
85
    
$
90
    
$
90
    
$
92
  
Other Repossessed Assets
    
---
      
---
      
---
      
---
      
---
  
Other Real Estate Owned
    
2,343
      
2,343
      
2,343
      
2,343
      
2,343
  
Total Non-Performing Assets
  
$
2,421
    
$
2,428
    
$
2,433
    
$
2,433
    
$
2,435
  

Balance Sheet, Liquidity and Capital

Total assets were $2.91 billion at December 31, 2022, an increase of $71.9 million from $2.84 billion at September 30, 2022 and a decrease of $21.8 million from $2.93 billion at December 31, 2021.

The Company continued to increase its investment portfolio to deploy some of its excess liquidity.  The Company’s investment portfolio primarily consists of U.S. treasury and agency securities, agency mortgage backed securities and various municipal securities. Total securities were $848.0 million at December 31, 2022, an increase of $44.8 million from $803.2 million at September 30, 2022 and an increase of $295.0 million from $553.1 million at December 31, 2021.

Total loans were $1.18 billion at December 31, 2022, an increase of $39.1 million from $1.14 billion at September 30, 2022 and an increase of $68.8 million from $1.11 billion at December 31, 2021.

Commercial loans increased by $43.0 million from December 31, 2021 to December 31, 2022, along with an increase of $21.3 million in the residential mortgage portfolio, and an increase of $4.4 million in the consumer loan portfolio.  Within commercial loans, commercial real estate loans increased by $21.5 million and commercial and industrial loans increased by $21.5 million.  However, the largest change in commercial loans was in PPP loans which decreased by $41.9 million due to forgiveness by the SBA.  Excluding PPP loans, total commercial loans increased by $63.4 million.  The loan growth experienced in this time period was the direct result of both new loan prospecting efforts and existing customers beginning to borrow more for expansion of their businesses.

The composition of the commercial loan portfolio is shown in the table below:

 
Dollars in 000s
  
Dec 31,
2022
    
Sept 30,
2022
    
June 30,
2022
    
Mar 31,
2022
    
Dec 31,
2021
  

                             
Construction and Development
  
$
116,715
    
$
111,624
    
$
107,325
    
$
104,945
    
$
103,755
  
Other Commercial Real Estate
    
420,888
      
410,600
      
411,778
      
417,368
      
412,346
  
Commercial Loans Secured by Real Estate
    
537,603
      
522,224
      
519,103
      
522,313
      
516,101
  
Commercial and Industrial
    
441,716
      
427,034
      
407,788
      
402,854
      
378,318
  
Paycheck Protection Program
    
---
      
32
      
2,791
      
7,393
      
41,939
  
Total Commercial Loans
  
$
979,319
    
$
949,290
    
$
929,682
    
$
932,560
    
$
936,358
  

Macatawa Bank Corporation 4Q Results / page 6 of 7

Total deposits were $2.62 billion at December 31, 2022, up $59.0 million, or 2.3 percent, from $2.56 billion at September 30, 2022 and up $37.2 million, or 1.4 percent, from $2.58 billion at December 31, 2021.  Demand deposits were up $8.2 million at the end of fourth quarter 2022 compared to the end of third quarter 2022 and were down $26.9 million compared to the end of fourth quarter 2021.  Money market deposits and savings deposits were up $31.0 million from the end of third quarter 2022 and were up $56.6 million from the end of fourth quarter 2021.  Certificates of deposit were up $19.8 million at December 31, 2022 compared to September 30, 2022 and were up $7.5 million compared to December 31, 2021 as customers reacted to changes in market interest rates.  As deposit rates dropped during the pandemic, the Company experienced some shifting between deposit types.  As rates have increased, the Company has begun to see another shift to interest and higher interest earning deposit types.  The Company continues to be successful at attracting and retaining core deposit customers.  Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.

Other borrowed funds of $30.0 million at December 31, 2022 were unchanged compared to September 30, 2022 and were down $55.0 million compared to $85.0 million at December 31, 2021.  The decrease compared to the fourth quarter 2021 was largely due to the FHLB exercising its put options on a $25.0 million advance carrying a rate of 0.01% and a $10.0 million advance carrying a rate of 0.45%.  In addition, during the second quarter 2022, the Company prepaid $20.0 million in FHLB advances, with interest rates ranging from 2.91% to 3.05%.  Prepayment fees totaled $87,000 and were included in interest expense in the second quarter 2022.  Paying these advances off early will save the Company over $650,000 in annual interest expense, net of the prepayment fees incurred.

The Company's total risk-based regulatory capital ratio at December 31, 2022 was consistent with the ratio at September 30, 2022 and December 31, 2021.  Macatawa Bank’s risk-based regulatory capital ratios continue to be at levels considerably above those required to be categorized as “well capitalized” under applicable regulatory capital guidelines.  As such, the Bank was categorized as "well capitalized" at December 31, 2022.

About Macatawa Bank
Headquartered in Holland, Michigan, Macatawa Bank offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities from a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties.  The bank is recognized for its local management team and decision making, along with providing customers excellent service, a rewarding experience and superior financial products. Macatawa Bank has been recognized for twelve years as one of “West Michigan’s 101 Best and Brightest Companies to Work For”. For more information, visit www.macatawabank.com.

Macatawa Bank Corporation 4Q Results / page 7 of 7

CAUTIONARY STATEMENT:  This press release contains forward-looking statements that are based on management's current beliefs, expectations, assumptions, estimates, plans and intentions.  Forward-looking statements are identifiable by words or phrases such as “anticipates,” "believe," "expect," "may," "should," "will," ”intend,” "continue," "improving," "additional," "focus," "forward," "future," "efforts," "strategy," "momentum," "positioned," and other similar words or phrases.  Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  These statements include, among others, statements related to trends in our key operating metrics and financial performance, future levels of earnings and profitability, future levels of earning assets, future asset quality, future growth, future interest rates, future net interest margin and future economic conditions.  All statements with references to future time periods are forward-looking.  Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including deferred tax assets) and other real estate owned and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to sell other real estate owned at its carrying value or at all, reduce non-performing asset expenses, utilize our deferred tax asset, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, improve profitability, and produce consistent core earnings is not entirely within our control and is not assured.  The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence.  Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2021.  These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

Contact:
Jon W. Swets

Chief Financial Officer

616-494-7645

jswets@macatawabank.com

MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
(Dollars in thousands except per share information)

   
Quarterly
    
Twelve Months Ended
  
 
EARNINGS SUMMARY
   
4th Qtr
2022
      
3rd Qtr
2022
      
4th Qtr
2021
   
 
December 31
  
2022
    
2021
  
Total interest income
  
$
25,454
    
$
20,875
    
$
13,334
    
$
74,906
    
$
58,634
  
Total interest expense
    
2,587
      
1,104
      
508
      
4,760
      
2,565
  
Net interest income
    
22,867
      
19,771
      
12,826
      
70,146
      
56,069
  
Provision for loan losses
    
375
      
-
      
(750
)
    
(1,125
)
    
(2,050
)
Net interest income after provision for loan losses
    
22,492
      
19,771
      
13,576
      
71,271
      
58,119
  
                                         
NON-INTEREST INCOME
                                        
Deposit service charges
    
1,077
      
1,263
      
1,206
      
4,769
      
4,446
  
Net gains on mortgage loans
    
32
      
166
      
514
      
706
      
4,691
  
Trust fees
    
990
      
969
      
1,114
      
4,143
      
4,331
  
Other
    
2,936
      
2,491
      
2,512
      
10,401
      
10,227
  
Total non-interest income
    
5,035
      
4,889
      
5,346
      
20,019
      
23,695
  
                                         
NON-INTEREST EXPENSE
                                        
Salaries and benefits
    
6,864
      
6,639
      
6,024
      
26,194
      
25,216
  
Occupancy
    
968
      
989
      
963
      
4,200
      
3,986
  
Furniture and equipment
    
991
      
1,014
      
1,011
      
4,008
      
3,940
  
FDIC assessment
    
211
      
201
      
217
      
789
      
749
  
Other
    
3,414
      
3,284
      
3,122
      
13,035
      
12,199
  
Total non-interest expense
    
12,448
      
12,127
      
11,337
      
48,226
      
46,090
  
Income before income tax
    
15,079
      
12,533
      
7,585
      
43,064
      
35,724
  
Income tax expense
    
2,961
      
2,488
      
1,369
      
8,333
      
6,710
  
Net income
  
$
12,118
    
$
10,045
    
$
6,216
    
$
34,731
    
$
29,014
  
                                         
Basic earnings per common share
  
$
0.35
    
$
0.29
    
$
0.18
    
$
1.01
    
$
0.85
  
Diluted earnings per common share
  
$
0.35
    
$
0.29
    
$
0.18
    
$
1.01
    
$
0.85
  
Return on average assets
    
1.72
%
    
1.40
%
    
0.85
%
    
1.21
%
    
1.02
%
Return on average equity
    
20.22
%
    
16.41
%
    
9.84
%
    
14.19
%
    
11.74
%
Net interest margin (fully taxable equivalent)
    
3.34
%
    
2.86
%
    
1.85
%
    
2.56
%
    
2.09
%
Efficiency ratio
    
44.61
%
    
49.18
%
    
62.39
%
    
53.49
%
    
57.78
%
                                         

BALANCE SHEET DATA
  
December 31
    
September 30
    
December 31
  
Assets
  
2022
    
2022
    
2021
  
Cash and due from banks
  
$
51,215
    
$
33,205
    
$
23,669
  
Federal funds sold and other short-term investments
    
703,955
      
733,347
      
1,128,119
  
Debt securities available for sale
    
499,257
      
453,728
      
416,063
  
Debt securities held to maturity
    
348,765
      
349,481
      
137,003
  
Federal Home Loan Bank Stock
    
10,211
      
10,211
      
11,558
  
Loans held for sale
    
215
      
234
      
1,407
  
Total loans
    
1,177,748
      
1,138,645
      
1,108,993
  
Less allowance for loan loss
    
15,285
      
14,821
      
15,889
  
Net loans
    
1,162,463
      
1,123,824
      
1,093,104
  
Premises and equipment, net
    
40,306
      
40,670
      
41,773
  
Bank-owned life insurance
    
53,345
      
53,193
      
52,468
  
Other real estate owned
    
2,343
      
2,343
      
2,343
  
Other assets
    
34,844
      
34,802
      
21,244
  
                         
Total Assets
  
$
2,906,919
    
$
2,835,038
    
$
2,928,751
  
                         
Liabilities and Shareholders' Equity
                        
Noninterest-bearing deposits
  
$
834,879
    
$
855,744
    
$
886,115
  
Interest-bearing deposits
    
1,780,263
      
1,700,453
      
1,691,843
  
Total deposits
    
2,615,142
      
2,556,197
      
2,577,958
  
Other borrowed funds
    
30,000
      
30,000
      
85,000
  
Long-term debt
    
-
      
-
      
-
  
Other liabilities
    
14,739
      
12,287
      
11,788
  
Total Liabilities
    
2,659,881
      
2,598,484
      
2,674,746
  
                         
Shareholders' equity
    
247,038
      
236,554
      
254,005
  
                         
Total Liabilities and Shareholders' Equity
  
$
2,906,919
    
$
2,835,038
    
$
2,928,751
  

MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands except per share information)

   
Quarterly
    
Year to Date
  

 
4th Qtr
2022
  
3rd Qtr
2022
  
2nd Qtr
2022
  
1st Qtr
2022
  
4th Qtr
2021
  
2022

2021
 
EARNINGS SUMMARY
  
   
   
   
   
   
   

Net interest income
  
$
22,867
    
$
19,771
    
$
14,843
    
$
12,665
    
$
12,826
    
$
70,146
    
$
56,069
  
Provision for loan losses
    
375
      
-
      
-
      
(1,500
)
    
(750
)
    
(1,125
)
    
(2,050
)
Total non-interest income
    
5,035
      
4,889
      
5,131
      
4,965
      
5,346
      
20,019
      
23,695
  
Total non-interest expense
    
12,448
      
12,127
      
11,913
      
11,739
      
11,337
      
48,226
      
46,090
  
Federal income tax expense
    
2,961
      
2,488
      
1,493
      
1,391
      
1,369
      
8,333
      
6,710
  
Net income
  
$
12,118
    
$
10,045
    
$
6,568
    
$
6,000
    
$
6,216
    
$
34,731
    
$
29,014
  
                                                         
Basic earnings per common share
  
$
0.35
    
$
0.29
    
$
0.19
    
$
0.18
    
$
0.18
    
$
1.01
    
$
0.85
  
Diluted earnings per common share
  
$
0.35
    
$
0.29
    
$
0.19
    
$
0.18
    
$
0.18
    
$
1.01
    
$
0.85
  
                                                         
MARKET DATA
                                                        
Book value per common share
  
$
7.20
    
$
6.91
    
$
7.10
    
$
7.17
    
$
7.41
    
$
7.20
    
$
7.41
  
Tangible book value per common share
  
$
7.20
    
$
6.91
    
$
7.10
    
$
7.17
    
$
7.41
    
$
7.20
    
$
7.41
  
Market value per common share
  
$
11.03
    
$
9.26
    
$
8.84
    
$
9.01
    
$
8.82
    
$
11.03
    
$
8.82
  
Average basic common shares
    
34,277,839
      
34,251,792
      
34,253,846
      
34,254,772
      
34,229,664
      
34,259,604
      
34,202,179
  
Average diluted common shares
    
34,277,839
      
34,251,792
      
34,253,846
      
34,254,772
      
34,229,664
      
34,259,604
      
34,202,179
  
Period end common shares
    
34,298,640
      
34,251,485
      
34,253,147
      
34,253,962
      
34,259,945
      
34,298,640
      
34,259,945
  
                                                         
PERFORMANCE RATIOS
                                                        
Return on average assets
    
1.72
%
    
1.40
%
    
0.92
%
    
0.82
%
    
0.85
%
    
1.21
%
    
1.02
%
Return on average equity
    
20.22
%
    
16.41
%
    
10.80
%
    
9.54
%
    
9.84
%
    
14.19
%
    
11.74
%
Efficiency ratio
    
44.61
%
    
49.18
%
    
59.64
%
    
66.59
%
    
62.39
%
    
53.49
%
    
57.78
%
Full-time equivalent employees (period end)
    
318
      
316
      
315
      
311
      
311
      
318
      
311
  
                                                         
YIELDS AND COST OF FUNDS RATIOS
                                                        
Federal funds sold and other short-term investments
    
3.72
%
    
2.27
%
    
0.79
%
    
0.19
%
    
0.15
%
    
1.53
%
    
0.13
%
Debt securities (fully taxable equivalent)
    
2.25
%
    
2.07
%
    
1.87
%
    
1.66
%
    
1.78
%
    
1.99
%
    
1.99
%
Commercial loans
    
4.93
%
    
4.30
%
    
3.79
%
    
3.88
%
    
4.01
%
    
4.22
%
    
4.05
%
Residential mortgage loans
    
3.53
%
    
3.39
%
    
3.27
%
    
3.22
%
    
3.29
%
    
3.36
%
    
3.41
%
Consumer loans
    
6.22
%
    
5.18
%
    
4.09
%
    
3.89
%
    
3.95
%
    
4.88
%
    
4.05
%
Total loans
    
4.83
%
    
4.24
%
    
3.74
%
    
3.81
%
    
3.93
%
    
4.16
%
    
3.98
%
Total yield on interest earning assets (fully taxable equivalent)
    
3.72
%
    
3.02
%
    
2.28
%
    
1.92
%
    
1.92
%
    
2.73
%
    
2.19
%
Interest bearing demand deposits
    
0.34
%
    
0.14
%
    
0.03
%
    
0.02
%
    
0.02
%
    
0.14
%
    
0.03
%
Savings and money market accounts
    
0.73
%
    
0.29
%
    
0.07
%
    
0.03
%
    
0.03
%
    
0.28
%
    
0.03
%
Time deposits
    
0.84
%
    
0.29
%
    
0.20
%
    
0.23
%
    
0.31
%
    
0.40
%
    
0.49
%
Total interest bearing deposits
    
0.57
%
    
0.22
%
    
0.06
%
    
0.04
%
    
0.04
%
    
0.23
%
    
0.06
%
Other borrowed funds
    
2.08
%
    
2.08
%
    
2.53
%
    
1.51
%
    
1.50
%
    
1.96
%
    
1.77
%
Total average cost of funds on interest bearing liabilities
    
0.60
%
    
0.26
%
    
0.14
%
    
0.11
%
    
0.11
%
    
0.28
%
    
0.15
%
Net interest margin (fully taxable equivalent)
    
3.34
%
    
2.86
%
    
2.19
%
    
1.85
%
    
1.85
%
    
2.56
%
    
2.09
%
                                                         
ASSET QUALITY
                                                        
Gross charge-offs
  
$
23
    
$
46
    
$
60
    
$
35
    
$
22
    
$
164
    
$
124
  
Net charge-offs/(recoveries)
  
$
(89
)
  
$
(190
)
  
$
(15
)
  
$
(227
)
  
$
(107
)
  
$
(521
)
  
$
(531
)
Net charge-offs to average loans (annualized)
    
-0.03
%
    
-0.07
%
    
-0.01
%
    
-0.08
%
    
-0.04
%
    
-0.05
%
    
-0.04
%
Nonperforming loans
  
$
78
    
$
85
    
$
90
    
$
90
    
$
92
    
$
78
    
$
92
  
Other real estate and repossessed assets
  
$
2,343
    
$
2,343
    
$
2,343
    
$
2,343
    
$
2,343
    
$
2,343
    
$
2,343
  
Nonperforming loans to total loans
    
0.01
%
    
0.01
%
    
0.01
%
    
0.01
%
    
0.01
%
    
0.01
%
    
0.01
%
Nonperforming assets to total assets
    
0.08
%
    
0.09
%
    
0.09
%
    
0.08
%
    
0.08
%
    
0.08
%
    
0.08
%
Allowance for loan losses
  
$
15,285
    
$
14,821
    
$
14,631
    
$
14,616
    
$
15,889
    
$
15,285
    
$
15,889
  
Allowance for loan losses to total loans
    
1.30
%
    
1.30
%
    
1.32
%
    
1.33
%
    
1.43
%
    
1.30
%
    
1.43
%
Allowance for loan losses to total loans (excluding PPP loans)
    
1.30
%
    
1.30
%
    
1.32
%
    
1.34
%
    
1.49
%
    
1.30
%
    
1.49
%
Allowance for loan losses to nonperforming loans
    
19596.15
%
    
17436.47
%
    
16256.67
%
    
16240.00
%
    
17270.65
%
    
19596.15
%
    
17270.65
%
                                                         
CAPITAL
                                                        
Average equity to average assets
    
8.49
%
    
8.52
%
    
8.55
%
    
8.62
%
    
8.66
%
    
8.55
%
    
8.71
%
Common equity tier 1 to risk weighted assets (Consolidated)
    
16.94
%
    
16.72
%
    
16.54
%
    
16.92
%
    
17.24
%
    
16.94
%
    
17.24
%
Tier 1 capital to average assets (Consolidated)
    
9.73
%
    
9.29
%
    
9.13
%
    
8.82
%
    
8.72
%
    
9.73
%
    
8.72
%
Total capital to risk-weighted assets (Consolidated)
    
17.87
%
    
17.64
%
    
17.47
%
    
17.88
%
    
18.32
%
    
17.87
%
    
18.32
%
Common equity tier 1 to risk weighted assets (Bank)
    
16.44
%
    
16.24
%
    
16.04
%
    
16.39
%
    
16.70
%
    
16.44
%
    
16.70
%
Tier 1 capital to average assets (Bank)
    
9.44
%
    
9.02
%
    
8.85
%
    
8.55
%
    
8.44
%
    
9.44
%
    
8.44
%
Total capital to risk-weighted assets (Bank)
    
17.37
%
    
17.16
%
    
16.97
%
    
17.35
%
    
17.77
%
    
17.37
%
    
17.77
%
Common equity to assets
    
8.50
%
    
8.34
%
    
8.74
%
    
8.38
%
    
8.67
%
    
8.50
%
    
8.67
%
Tangible common equity to assets
    
8.50
%
    
8.34
%
    
8.74
%
    
8.38
%
    
8.67
%
    
8.50
%
    
8.67
%
                                                         
END OF PERIOD BALANCES
                                                        
Total portfolio loans
  
$
1,177,748
    
$
1,138,645
    
$
1,111,915
    
$
1,101,902
    
$
1,108,993
    
$
1,177,748
    
$
1,108,993
  
Earning assets
    
2,781,515
      
2,727,924
      
2,655,706
      
2,802,498
      
2,803,853
      
2,781,515
      
2,803,853
  
Total assets
    
2,906,919
      
2,835,038
      
2,781,208
      
2,929,883
      
2,928,751
      
2,906,919
      
2,928,751
  
Deposits
    
2,615,142
      
2,556,197
      
2,494,583
      
2,582,297
      
2,577,958
      
2,615,142
      
2,577,958
  
Total shareholders' equity
    
247,038
      
236,554
      
243,109
      
245,602
      
254,005
      
247,038
      
254,005
  
                                                         
AVERAGE BALANCES
                                                        
Federal funds sold and other short-term investments
  
$
681,489
    
$
923,153
    
$
858,545
    
$
1,111,216
    
$
1,230,618
    
$
862,240
    
$
1,067,237
  
Total debt securities
    
862,613
      
711,765
      
751,411
      
572,708
      
426,871
      
749,787
      
362,972
  
Total portfolio loans
    
1,159,449
      
1,124,950
      
1,103,955
      
1,092,673
      
1,109,863
      
1,120,453
      
1,253,706
  
Earning assets
    
2,713,294
      
2,746,975
      
2,724,714
      
2,788,254
      
2,780,236
      
2,743,141
      
2,698,846
  
Total assets
    
2,822,770
      
2,874,343
      
2,847,381
      
2,917,462
      
2,917,569
      
2,865,254
      
2,836,627
  
Noninterest bearing deposits
    
847,752
      
917,552
      
897,727
      
875,223
      
899,670
      
884,579
      
885,838
  
Total interest bearing deposits
    
1,687,693
      
1,668,613
      
1,639,384
      
1,694,092
      
1,665,292
      
1,672,417
      
1,604,999
  
Total deposits
    
2,535,446
      
2,586,165
      
2,537,111
      
2,569,315
      
2,564,961
      
2,556,996
      
2,490,838
  
Borrowings
    
30,000
      
56,234
      
54,305
      
85,002
      
85,000
      
49,622
      
84,810
  
Total shareholders' equity
    
239,684
      
244,857
      
243,352
      
251,600
      
252,606
      
244,841
      
247,075
  


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Document and Entity Information
Jan. 26, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 26, 2023
Entity File Number 000-25927
Entity Registrant Name MACATAWA BANK CORPORATION
Entity Central Index Key 0001053584
Entity Incorporation, State or Country Code MI
Entity Tax Identification Number 38-3391345
Entity Address, Address Line One 10753 Macatawa Drive
Entity Address, City or Town Holland
Entity Address, State or Province MI
Entity Address, Postal Zip Code 49424
City Area Code 616
Local Phone Number 820-1444
Title of 12(b) Security Common stock
Trading Symbol MCBC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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