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Macatawa Bank Posts Record Year
Quarterly earnings totaled $2.91 million, or 36 cents per share, up 98 percent from the $1.47 million, or 26 cents per share, from the same period in 2001.
The Holland-based Macatawa, as it completed the acquisition Grand Bank Financial Corp. and further penetrated the Grand Rapids area market, grew annual earnings for all of 2002 at almost the same rate while racking up strong growth in deposits, loans and assets.
Macatawa Bank posted 2002 net income of $9.51 million, or $1.27 per share, up 86 percent from the $5.11 million, or $1.07 per share, a year earlier.
The corporation released its quarterly and annual earnings report last night.
“While facing significant challenges in 2002 with the integration of Grand Bank, the soft economy, and the low interest rate environment, our people came through and produced another record year for earnings and growth,” Macatawa Bank Chairman and CEO Ben Smith.
Macatawa finished 2002 with assets of $1.17 billion, which includes $313 million from the Grand Bank acquisition and $193.3 million in growth. Macatawa had assets of $670.2 million at the end of 2001.
Deposits during the year increased from $526.1 million to $920.8 million, including $152.2 million in growth and $242.5 million from the Grand Bank deal. Loans increased from $545.6 million to $961 million.
Macatawa Bank has 17 branches in Ottawa, Allegan and Kent counties and plans to open at least three new offices in 2003, including a new location at East Beltline Avenue and Knapp Street.