HOLLAND – Macatawa Bank Corp. A higher result was reported for the first quarter as the profits from mortgages tripled year-on-year and were able to more than compensate for lower interest income.
Holland-based Macatawa Bank (Nasdaq: MCBC) on Thursday reported net earnings of nearly $ 7.8 million, or 23 cents per diluted share, for the first three months of 2021. This translates into net earnings of $ 6.4 million, or 19 cents per diluted share, for the first quarter of 2020.
President and CEO Ronald Haan
The quarter included fees of $ 2 million on 747 loans totaling $ 96.9 million granted in the first quarter under the federal government’s paycheck protection program and no quarterly loan loss provisions.
“We continue to monitor the challenges related to the impact of COVID-19 on our customers and our business. We are encouraged by the distribution of vaccines and additional economic stimulus and look forward to returning to a more normal operating environment at some point, ”President and CEO Ronald Haan said in a statement. “In the meantime, we are working to continue serving the communities we serve and believe that our strong track record should provide the strength and stability to survive the rest of these troubled times.”
Macatawa Bank’s commercial lending increased $ 66.4 million year over year to a total of $ 1.18 billion as last year PPP lending of $ 253.8 million offset declines in other areas. Total loans decreased $ 12.4 million to $ 1.38 billion.
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with total assets of $ 2.73 billion. The bank had total deposits of $ 2.38 billion as of the end of the first quarter, an increase of $ 682.6 million, or 40 percent, year over year.