Macatawa Sees Earnings Hike

October 21, 2003
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HOLLAND — Macatawa Bank Corp. reported a 12 percent increase in earnings for the third quarter, with strong gains in assets and loans.

The Holland-based Macatawa Bank on Monday night reported third-quarter net income of $3.06 million, or 37 cents per share. That compares with net income of $2.73 million, or 33 cents per share, during the same period a year ago.

Year to date, net income totaled $8.8 million, or $1.05 per share, up 33 percent from the $6.5 million, or 88 cents per share, during the first nine months of 2002.

Total assets from a year ago are up 16.6 percent, from $1.11 billion to $1.29 billion as of Sept. 30. Total loans grew from $924.3 million a year ago to $1.08 billion, and increased in the third quarter alone by about 5 percent, or $51 million.

“We continued to generate significant growth in our core banking,” Macatawa Bank Chairman and CEO Ben Smith said.

“Our strategy has been to become the primary banking service provider in our markets,” said Smith. “We have had outstanding success winning new customers because of the attitude and customer focus philosophy of our employees.”           

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