0001140361-21-035762.txt : 20211028 0001140361-21-035762.hdr.sgml : 20211028 20211028163047 ACCESSION NUMBER: 0001140361-21-035762 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211028 DATE AS OF CHANGE: 20211028 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: 211358769 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 brhc10030111_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):  October 28, 2021

MACATAWA BANK CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
(State or other jurisdiction of  Incorporation)
000-25927
(Commission File Number)
38-3391345
(I.R.S. Employer  Identification No.)

10753 Macatawa Drive,Holland, Michigan
(Address of principal executive
offices)
  
49424
(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 October 28, 2021, 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 October 28, 2021. 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:  October 28, 2021
MACATAWA BANK CORPORATION
   
 
By
/s/ Jon W. Swets
   
Jon W. Swets
   
Chief Financial Officer


EX-99.1 2 brhc10030111_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


For Immediate Release
  
NASDAQ Stock Market:
MCBC

Macatawa Bank Corporation Reports
Third Quarter 2021 Results

HOLLAND, Mich. (October 28, 2021) – Macatawa Bank Corporation (NASDAQ: MCBC), the holding company for Macatawa Bank (collectively, the “Company”), today announced its results for the third quarter 2021.

•
Net income of $7.2 million in third quarter 2021 versus $7.1 million in third quarter 2020
•
Provision for loan losses benefit of $550,000 in the third quarter 2021 versus $500,000 provision expense in the third quarter 2020
•
Loan portfolio balances down by $405.7 million (26%) from third quarter 2020 reflecting a net decrease of $261.6 million in PPP loans in the same time period
•
New commercial loan origination activity accelerated in the third quarter 2021 - $114.6 million versus $88.2 million in third quarter 2020 and $62.0 million in second quarter 2021
•
Deposit balances up by $382.6 million (18%) from third quarter 2020
•
The Company redeemed its remaining $20 million trust preferred securities on July 7, 2021
•
Capital and liquidity levels increased further during the quarter and remain strong

The Company reported net income of $7.2 million, or $0.21 per diluted share, in the third quarter 2021 compared to $7.1 million, or $0.21 per diluted share, in the third quarter 2020.  For the first nine months of 2021, the Company reported net income of $22.8 million, or $0.67 per diluted share, compared to $21.2 million, or $0.62 per diluted share, for the same period in 2020.

“We are pleased to report solid results for the third quarter of 2021,” said Ronald L. Haan, President and CEO of the Company.  “We are encouraged by our increase in commercial loan origination activity.  Originations were up 30 percent in third quarter 2021 over third quarter 2020 and were up 85 percent over second quarter 2021.  Our credit quality remains strong and we experienced no commercial loan chargeoffs during the third quarter 2021, allowing for a provision for loan loss benefit of $550,000 during the third quarter 2021.”

“In addition, our customers’ deposits remain high.  They are continuing to retain an unprecedented level of balances with us, with total deposits having grown from $1.7 billion at March 31, 2020 to over $2.5 billion at September 30, 2021.  This not only speaks to the strength of our customers, but their confidence in us as their banking institution.”

“Our strong liquidity and capital position allowed us to redeem the remaining $20.0 million of trust preferred securities in the third quarter 2021.  This simplifies our capital structure and will reduce interest expense by approximately $600,000 annually.”

Macatawa Bank Corporation 3Q Results / page 2 of 7

Mr. Haan concluded:  “Despite a challenging environment, we produced strong earnings for the third quarter of 2021.  Our asset quality is strong and we are well-positioned to build on our third quarter momentum and seize more opportunities to safely deploy the excess funds our customers have entrusted us with.”

Operating Results
Net interest income for the third quarter 2021 totaled $14.3 million, a decrease of $161,000 from the second quarter 2021 and a decrease of $378,000 from the third quarter 2020.  Net interest margin for the third quarter 2021 was 2.04 percent, down 15 basis points from the second quarter 2021, and down 39 basis points from the third quarter 2020.  Net interest income for the third quarter 2021 benefitted from amortization of $2.8 million in fees from loans originated under the PPP, compared to $2.4 million in the second quarter 2021 and $1.2 million in the third quarter 2020.  These fees are amortized over the loans’ contractual maturity, which is 24 months or 60 months, as applicable.  Upon SBA  forgiveness, the remaining unamortized fees are recognized into interest income.  During the third quarter 2021, the Company had approved and received forgiveness disbursements from the SBA on 909 loans with balances totaling $92.4 million.  In the second quarter 2021, the Company had approved and received forgiveness disbursements from the SBA on 200 loans with balances totaling $107.7 million.  Net interest margin was negatively impacted in the third quarter 2021 versus the third quarter 2020 by our carrying significantly higher balances of federal funds sold due to the significant increase in balances held by depositors throughout the COVID-19 pandemic.  These balances, which earn only 10-15 basis points in interest, increased by $692.4 million, on average, from the third quarter 2020 and caused a 67 basis point decrease in net interest margin in the third quarter 2021 compared to third quarter 2020 and an 18 basis point decrease compared to second quarter 2021.  Floor rates established by the Company on its variable rate loans over recent years served to soften the negative impact on net interest income of the 2020 federal funds rate decreases.  Without these floors, net interest income for the quarter would have been lower than stated by approximately $1.0 million.

On July 7, 2021, the Company redeemed its remaining $20.0 million of trust preferred securities.  The Company estimates that this will save approximately $600,000 of interest expense annually, with regulatory capital remaining significantly above levels required to be categorized as well capitalized.

Non-interest income decreased $527,000 in the third quarter 2021 compared to the second quarter 2021 and decreased $450,000 from the third quarter 2020.  Gains on sales of mortgage loans in the third quarter 2021 were down $460,000 compared to the second quarter 2021 and were down $695,000 from the third quarter 2020.  The Company originated $21.3 million in mortgage loans for sale in the third quarter 2021 compared to $39.2 million in the second quarter 2021 and $40.8 million in the third quarter 2020.  Higher deposit service charge income, wealth management fees and debit card interchange income from customer usage softened the effect of a lower level of mortgage gains recognized in the quarter.

Macatawa Bank Corporation 3Q Results / page 3 of 7

Non-interest expense was $11.6 million for the third quarter 2021, compared to $11.7 million for the second quarter 2021 and $11.5 million for the third quarter 2020.  The largest component of non-interest expense was salaries and benefit expenses.  Salaries and benefit expenses were down $224,000 compared to the second quarter 2021 and were down $202,000 compared to the third quarter 2020.  The decreases compared to the second quarter 2021 and the third quarter 2020 were due largely to lower level of commissions from mortgage production as volume decreased, and were also due to lower medical insurance costs.  The table below identifies the primary components of the changes in salaries and benefits between periods.

 
Dollars in 000s
  
Q3 2021
to
Q2 2021
    
Q3 2021
to
Q3 2020
  
             
Salaries and other compensation
  
$
0
    
$
30
  
Salary deferral from commercial loans
    
65
      
25
  
Bonus accrual
    
72
      
(7
)
Mortgage production – variable comp
    
(193
)
    
(129
)
401k matching contributions
    
(5
)
    
(96
)
Medical insurance costs
    
(163
)
    
(25
)
Total change in salaries and benefits
  
$
(224
)
  
$
(202
)

FDIC assessment expense was $204,000 in the third quarter 2021 compared to $159,000 in the second quarter 2021 and $131,000 in the third quarter 2020.  FDIC assessment expense increased primarily as a result of the significant increase in deposit balances between periods.  In addition, assessment credits of $172,000 were applied in the nine months ended September 30, 2020, contributing to the increase in the 2021 periods compared to 2020.  Data processing expenses were down $15,000 in the third quarter 2021 compared to the second quarter 2021 and were up $78,000 compared to the third quarter 2020 due to higher ongoing online banking expenses from higher usage by deposit customers.  Other categories of non-interest expense were relatively flat compared to the second quarter 2021 and the third quarter 2020 due to a continued focus on expense management.

Federal income tax expense was $1.7 million for the third quarter 2021, $1.8 million for the second quarter 2021, and $1.6 million for the third quarter 2020.  The effective tax rate was 19.4 percent for the third quarter 2021, compared to 19.1 percent for the second quarter 2021 and 18.5 percent for the third quarter 2020. 

Macatawa Bank Corporation 3Q Results / page 4 of 7

Asset Quality
A provision for loan losses benefit of $550,000 was recorded in the third quarter 2021 compared to provision benefit of $750,000 in the second quarter 2021 and provision expense of $500,000 in the third quarter 2020.  Net loan recoveries for the third quarter 2021 were $276,000, compared to second quarter 2021 net loan recoveries of $104,000 and third quarter 2020 net loan recoveries of $203,000.  At September 30, 2021, the Company had experienced net loan recoveries in twenty-five of the past twenty-seven quarters.  Total loans past due on payments by 30 days or more amounted to $437,000 at September 30, 2021, up $311,000 from $126,000 at June 30, 2021 and down $87,000 from $524,000 at September 30, 2020.  Delinquencies at September 30, 2021 were comprised of just four individual loans and the increase in overall delinquencies was due primarily to one loan that went past maturity at quarter end.  Delinquency as a percentage of total loans was just 0.04 percent at September 30, 2021, well below the Company’s peer level.

The allowance for loan losses of $16.5 million was 1.45 percent of total loans at September 30, 2021, compared to $16.8 million or 1.36 percent of total loans at June 30, 2021, and $16.6 million or 1.07 percent at September 30, 2020.  The ratio at September 30, 2021, June 30, 2021 and September 30, 2020 includes PPP loans, which are fully guaranteed by the SBA and receive no allowance allocation.  The ratio excluding PPP loans was 1.56 percent at September 30, 2021, 1.57 percent at June 30, 2021 and 1.38 percent at September 30, 2020.  The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 39-to-1 as of September 30, 2021.

At September 30, 2021, the Company’s nonperforming loans were $420,000, representing 0.04 percent of total loans.  This compares to $433,000 (0.03 percent of total loans) at June 30, 2021 and $195,000 (0.01 percent of total loans) at September 30, 2020.  Other real estate owned and repossessed assets were $2.3 million at September 30, 2021, compared to $2.3 million at June 30, 2021 and $2.6 million at September 30, 2020. Total non-performing assets, including other real estate owned and nonperforming loans, were $2.8 million, or 0.10 percent of total assets, at September 30, 2021.  Total nonperforming assets, including other real estate owned and nonperforming loans, decreased by $56,000 from September 30, 2020 to September 30, 2021.

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

 
Dollars in 000s
  
Sept 30,
2021
    
June 30,
2021
    
Mar 31,
2021
    
Dec 31,
2020
    
Sept 30,
2020
  
                               
Commercial Real Estate
  
$
332
    
$
341
    
$
432
    
$
438
    
$
97
  
Commercial and Industrial
    
---
      
---
      
---
      
---
      
---
  
Total Commercial Loans
    
332
      
341
      
432
      
438
      
97
  
Residential Mortgage Loans
    
88
      
92
      
93
      
95
      
98
  
Consumer Loans
    
---
      
---
      
---
      
---
      
---
  
Total Non-Performing Loans
  
$
420
    
$
433
    
$
525
    
$
533
    
$
195
  

Macatawa Bank Corporation 3Q Results / page 5 of 7

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

 
Dollars in 000s
  
Sept 30,
2021
    
June 30,
2021
    
Mar 31,
2021
    
Dec 31,
2020
    
Sept 30,
2020
  
                               
Non-Performing Loans
  
$
420
    
$
433
    
$
525
    
$
533
    
$
195
  
Other Repossessed Assets
    
---
      
---
      
---
      
---
      
---
  
Other Real Estate Owned
    
2,343
      
2,343
      
2,371
      
2,537
      
2,624
  
Total Non-Performing Assets
  
$
2,763
    
$
2,776
    
$
2,896
    
$
3,070
    
$
2,819
  

Balance Sheet, Liquidity and Capital

Total assets were $2.90 billion at September 30, 2021, a decrease of $39.6 million from $2.94 billion at June 30, 2021 and an increase of $392.8 million from $2.51 billion at September 30, 2020.  Assets were elevated at each period due to customers holding a higher level of deposits during the COVID-19 pandemic, including balances from PPP loan proceeds.  Total loans were $1.14 billion at September 30, 2021, a decrease of $101.7 million from $1.24 billion at June 30, 2021 and a decrease of $405.7 million from $1.54 billion at September 30, 2020.

Commercial loans decreased by $350.2 million from September 30, 2020 to September 30, 2021, along with a decrease of $45.7 million in the residential mortgage portfolio, and a decrease of $9.8 million in the consumer loan portfolio.  Within commercial loans, commercial real estate loans decreased by $31.7 million and commercial and industrial loans decreased by $56.9 million.  However, the largest decrease in commercial loans was in PPP loans which decreased by $261.6 million due to forgiveness by the SBA of $388.5 million in PPP loans, partially offset by new PPP loan originations of $126.9 million.

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

 
Dollars in 000s
  
Sept 30,
2021
    
June 30,
2021
    
Mar 31,
2021
    
Dec 31,
2020
    
Sept 30,
2020
  
                               
Construction and Development
  
$
104,636
    
$
102,608
    
$
117,178
    
$
118,665
    
$
121,578
  
Other Commercial Real Estate
    
422,574
      
427,291
      
423,424
      
433,508
      
437,345
  
Commercial Loans Secured by Real Estate
    
527,210
      
529,899
      
540,602
      
552,173
      
558,923
  
Commercial and Industrial
    
356,812
      
359,846
      
392,208
      
436,331
      
413,702
  
Paycheck Protection Program
    
77,571
      
169,679
      
253,811
      
229,079
      
339,216
  
Total Commercial Loans
  
$
961,593
    
$
1,059,424
    
$
1,186,621
    
$
1,217,583
    
$
1,311,841
  

Bank owned life insurance was $52.8 million at September 30, 2021, up $274,000 from $52.5 million at June 30, 2021 and up $10.4 million from $42.4 million at September 30, 2020 due to an additional $10.0 million in insurance policies purchased early in the second quarter 2021 and earnings on the underlying investments.

Macatawa Bank Corporation 3Q Results / page 6 of 7

Total deposits were $2.55 billion at September 30, 2021, down $46.9 million, or 1.8 percent, from $2.60 billion at June 30, 2021 and were up $382.6 million, or 17.6 percent, from $2.17 billion at September 30, 2020.  Demand deposits were down $57.5 million in the third quarter 2021 compared to the second quarter 2021 and were up $342.2 million compared to the third quarter 2020.  Money market deposits and savings deposits were up $13.2 million from the second quarter 2021 and were up $61.2 million from the third quarter 2020.  Certificates of deposit were down $2.6 million at September 30, 2021 compared to June 30, 2021 and were down $20.8 million compared to September 30, 2020 as customers reacted to changes in market interest rates.  As deposit rates have dropped, the Company has experienced some shifting between deposit types and, overall, deposit customers are holding higher levels of liquid deposit balances in the low interest rate environment and due to uncertainty related to the COVID-19 pandemic.  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 were up $25.0 million to $85.0 million at September 30, 2021 compared to $60.0 million at June 30, 2021 and were up $15.0 million compared to $70.0 million at September 30, 2021.  The increases were due to an additional $25.0 million advance taken in the third quarter 2021.  This advance is putable quarterly by the FHLB and carries a rate of 0.01%.  Considering the additional dividend provided by the FHLB on activity based stock, this advance effectively carries a negative interest rate, resulting in positive income for the Company from the advance.

The Company’s total risk-based regulatory capital ratio at September 30, 2021 was lower than the ratio at June 30, 2021 due to the redemption of the remaining trust preferred securities in the third quarter 2021,  but remained higher than at September 30, 2020.  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 September 30, 2021.

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 ten years as “West Michigan’s 101 Best and Brightest Companies to Work For”. For more information, visit www.macatawabank.com.

Macatawa Bank Corporation 3Q 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 risks and uncertainties related to, and the impact of, the global coronavirus (COVID-19) pandemic on the business, financial condition and results of operations of our company and our customers, 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, and future net interest margin.  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, 2020.  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.
 

MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
 (Dollars in thousands except per share information)
             
 
  
Quarterly
    
Nine Months Ended
September 30
  
EARNINGS SUMMARY
  
3rd Qtr
2021
    
2nd Qtr
2021
    
3rd Qtr
2020
      
 
2021
    
2020
  
Total interest income
  
$
14,842
    
$
15,184
    
$
15,822
    
$
45,300
    
$
49,823
  
Total interest expense
    
546
      
727
      
1,148
      
2,057
      
4,799
  
Net interest income
    
14,296
      
14,457
      
14,674
      
43,243
      
45,024
  
Provision for loan losses
    
(550
)
    
(750
)
    
500
      
(1,300
)
    
2,200
  
Net interest income after provision for loan losses
    
14,846
      
15,207
      
14,174
      
44,543
      
42,824
  
                                         
NON-INTEREST INCOME
                                        
Deposit service charges
    
1,183
      
1,065
      
987
      
3,240
      
2,957
  
Net gains on mortgage loans
    
851
      
1,311
      
1,546
      
4,177
      
4,045
  
Trust fees
    
1,079
      
1,133
      
921
      
3,217
      
2,801
  
Other
    
2,529
      
2,660
      
2,638
      
7,715
      
7,101
  
Total non-interest income
    
5,642
      
6,169
      
6,092
      
18,349
      
16,904
  
                                         
NON-INTEREST EXPENSE
                                        
Salaries and benefits
    
6,278
      
6,502
      
6,480
      
19,192
      
18,937
  
Occupancy
    
992
      
994
      
1,026
      
3,023
      
2,984
  
Furniture and equipment
    
1,014
      
978
      
967
      
2,929
      
2,704
  
FDIC assessment
    
204
      
159
      
131
      
532
      
207
  
Other
    
3,062
      
3,085
      
2,929
      
9,077
      
8,927
  
Total non-interest expense
    
11,550
      
11,718
      
11,533
      
34,753
      
33,759
  
Income before income tax
    
8,938
      
9,658
      
8,733
      
28,139
      
25,969
  
Income tax expense
    
1,736
      
1,840
      
1,613
      
5,341
      
4,800
  
Net income
  
$
7,202
    
$
7,818
    
$
7,120
    
$
22,798
    
$
21,169
  
                                         
Basic earnings per common share
  
$
0.21
    
$
0.23
    
$
0.21
    
$
0.67
    
$
0.62
  
Diluted earnings per common share
  
$
0.21
    
$
0.23
    
$
0.21
    
$
0.67
    
$
0.62
  
Return on average assets
    
0.98
%
    
1.11
%
    
1.12
%
    
1.08
%
    
1.22
%
Return on average equity
    
11.52
%
    
12.79
%
    
12.29
%
    
12.40
%
    
12.48
%
Net interest margin (fully taxable equivalent)
    
2.04
%
    
2.19
%
    
2.43
%
    
2.18
%
    
2.77
%
Efficiency ratio
    
57.93
%
    
56.81
%
    
55.54
%
    
56.42
%
    
54.51
%
                                         
BALANCE SHEET DATA
Assets
                  
September 30
2021
    
June 30
2021
    
September 30
2020
  
Cash and due from banks
                  
$
30,413
    
$
31,051
    
$
28,294
  
Federal funds sold and other short-term investments
                    
1,239,525
      
1,189,266
      
504,706
  
Debt securities available for sale
                    
241,475
      
239,955
      
229,928
  
Debt securities held to maturity
                    
137,569
      
121,867
      
91,394
  
Federal Home Loan Bank Stock
                    
11,558
      
11,558
      
11,558
  
Loans held for sale
                    
2,635
      
4,752
      
3,508
  
Total loans
                    
1,136,613
      
1,238,327
      
1,542,335
  
Less allowance for loan loss
                    
16,532
      
16,806
      
16,558
  
Net loans
                    
1,120,081
      
1,221,521
      
1,525,777
  
Premises and equipment, net
                    
42,343
      
42,906
      
43,733
  
Bank-owned life insurance
                    
52,781
      
52,507
      
42,368
  
Other real estate owned
                    
2,343
      
2,343
      
2,624
  
Other assets
                    
20,777
      
23,360
      
24,828
  
                                         
Total Assets
                  
$
2,901,500
    
$
2,941,086
    
$
2,508,718
  
                                         
Liabilities and Shareholders’ Equity
                                        
Noninterest-bearing deposits
                  
$
934,477
    
$
956,961
    
$
738,471
  
Interest-bearing deposits
                    
1,618,698
      
1,643,115
      
1,432,108
  
Total deposits
                    
2,553,175
      
2,600,076
      
2,170,579
  
Other borrowed funds
                    
85,000
      
60,000
      
70,000
  
Long-term debt
                    
-
      
20,619
      
20,619
  
Other liabilities
                    
11,112
      
12,174
      
13,655
  
Total Liabilities
                    
2,649,287
      
2,692,869
      
2,274,853
  
                                         
Shareholders’ equity
                    
252,213
      
248,217
      
233,865
  
                                         
Total Liabilities and Shareholders’ Equity
                  
$
2,901,500
    
$
2,941,086
    
$
2,508,718
  

MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
    (Dollars in thousands except per share information)     
             
   
Quarterly
    
Year to Date
  
                                           
   
3rd Qtr
2021
    
2nd Qtr
2021
    
1st Qtr
2021
    
4th Qtr
2020
    
3rd Qtr
2020
    
2021
    
2020
  
EARNINGS SUMMARY
                                          
Net interest income
  
$
14,296
    
$
14,457
    
$
14,490
    
$
16,513
    
$
14,674
    
$
43,243
    
$
45,024
  
Provision for loan losses
    
(550
)
    
(750
)
    
-
      
800
      
500
      
(1,300
)
    
2,200
  
Total non-interest income
    
5,642
      
6,169
      
6,539
      
7,072
      
6,092
      
18,349
      
16,904
  
Total non-interest expense
    
11,550
      
11,718
      
11,485
      
11,966
      
11,533
      
34,753
      
33,759
  
Federal income tax expense
    
1,736
      
1,840
      
1,766
      
1,822
      
1,613
      
5,341
      
4,800
  
Net income
  
$
7,202
    
$
7,818
    
$
7,778
    
$
8,997
    
$
7,120
    
$
22,798
    
$
21,169
  
                                                         
Basic earnings per common share
  
$
0.21
    
$
0.23
    
$
0.23
    
$
0.26
    
$
0.21
    
$
0.67
    
$
0.62
  
Diluted earnings per common share
  
$
0.21
    
$
0.23
    
$
0.23
    
$
0.26
    
$
0.21
    
$
0.67
    
$
0.62
  
                                                         
MARKET DATA
                                                        
Book value per common share
  
$
7.38
    
$
7.26
    
$
7.09
    
$
7.01
    
$
6.86
    
$
7.38
    
$
6.86
  
Tangible book value per common share
  
$
7.38
    
$
7.26
    
$
7.09
    
$
7.01
    
$
6.86
    
$
7.38
    
$
6.86
  
Market value per common share
  
$
8.03
    
$
8.75
    
$
9.95
    
$
8.37
    
$
6.53
    
$
8.03
    
$
6.53
  
Average basic common shares
    
34,190,264
      
34,193,016
      
34,195,526
      
34,154,820
      
34,109,901
      
34,192,916
      
34,108,676
  
Average diluted common shares
    
34,190,264
      
34,193,016
      
34,195,526
      
34,154,820
      
34,109,901
      
34,192,916
      
34,108,676
  
Period end common shares
    
34,189,799
      
34,192,317
      
34,193,132
      
34,197,519
      
34,101,320
      
34,189,799
      
34,101,320
  
                                                         
PERFORMANCE RATIOS
                                                        
Return on average assets
    
0.98
%
    
1.11
%
    
1.17
%
    
1.39
%
    
1.12
%
    
1.08
%
    
1.22
%
Return on average equity
    
11.52
%
    
12.79
%
    
12.91
%
    
15.24
%
    
12.29
%
    
12.40
%
    
12.48
%
Net interest margin (fully taxable equivalent)
    
2.04
%
    
2.19
%
    
2.33
%
    
2.69
%
    
2.43
%
    
2.18
%
    
2.77
%
Efficiency ratio
    
57.93
%
    
56.81
%
    
54.62
%
    
50.74
%
    
55.54
%
    
56.42
%
    
54.51
%
Full-time equivalent employees (period end)
    
318
      
321
      
327
      
328
      
327
      
318
      
327
  
                                                         
ASSET QUALITY
                                                        
Gross charge-offs
  
$
22
    
$
30
    
$
50
    
$
22
    
$
24
    
$
102
    
$
4,246
  
Net charge-offs/(recoveries)
  
$
(276
)
  
$
(104
)
  
$
(44
)
  
$
(50
)
  
$
(203
)
  
$
(424
)
  
$
2,842
  
Net charge-offs to average loans
(annualized)
    
-0.09
%
    
-0.03
%
    
-0.01
%
    
-0.01
%
    
-0.05
%
    
-0.04
%
    
0.25
%
Nonperforming loans
  
$
420
    
$
433
    
$
525
    
$
533
    
$
195
    
$
420
    
$
195
  
Other real estate and repossessed assets
  
$
2,343
    
$
2,343
    
$
2,371
    
$
2,537
    
$
2,624
    
$
2,343
    
$
2,624
  
Nonperforming loans to total loans
    
0.04
%
    
0.03
%
    
0.04
%
    
0.04
%
    
0.01
%
    
0.04
%
    
0.01
%
Nonperforming assets to total assets
    
0.10
%
    
0.09
%
    
0.11
%
    
0.12
%
    
0.11
%
    
0.10
%
    
0.11
%
Allowance for loan losses
  
$
16,532
    
$
16,806
    
$
17,452
    
$
17,408
    
$
16,558
    
$
16,532
    
$
16,558
  
Allowance for loan losses to total loans
    
1.45
%
    
1.36
%
    
1.26
%
    
1.22
%
    
1.07
%
    
1.45
%
    
1.07
%
Allowance for loan losses to
total loans (excluding PPP loans)
    
1.56
%
    
1.57
%
    
1.55
%
    
1.45
%
    
1.38
%
    
1.56
%
    
1.38
%
Allowance for loan losses to
nonperforming loans
    
3936.19
%
    
3881.29
%
    
3324.19
%
    
3266.04
%
    
8491.28
%
    
3936.19
%
    
8491.28
%
                                                         
CAPITAL
                                                        
Average equity to average assets
    
8.48
%
    
8.70
%
    
9.04
%
    
9.11
%
    
9.07
%
    
8.73
%
    
9.82
%
Common equity tier 1 to risk
weighted assets (Consolidated)
    
17.43
%
    
17.10
%
    
16.73
%
    
15.79
%
    
15.30
%
    
17.43
%
    
15.30
%
Tier 1 capital to average assets (Consolidated)
    
8.51
%
    
9.48
%
    
9.80
%
    
9.89
%
    
9.78
%
    
8.51
%
    
9.78
%
Total capital to risk-weighted
assets (Consolidated)
    
18.58
%
    
19.66
%
    
19.33
%
    
18.29
%
    
17.74
%
    
18.58
%
    
17.74
%
Common equity tier 1 to risk
weighted assets (Bank)
    
16.88
%
    
16.57
%
    
17.60
%
    
16.67
%
    
16.18
%
    
16.88
%
    
16.18
%
Tier 1 capital to average assets (Bank)
    
8.24
%
    
8.49
%
    
9.52
%
    
9.63
%
    
9.52
%
    
8.24
%
    
9.52
%
Total capital to risk-weighted assets (Bank)
    
18.02
%
    
17.73
%
    
18.81
%
    
17.84
%
    
17.28
%
    
18.02
%
    
17.28
%
Common equity to assets
    
8.69
%
    
8.44
%
    
8.87
%
    
9.08
%
    
9.32
%
    
8.69
%
    
9.32
%
Tangible common equity to assets
    
8.69
%
    
8.44
%
    
8.87
%
    
9.08
%
    
9.32
%
    
8.69
%
    
9.32
%
                                                         
END OF PERIOD BALANCES
                                                        
Total portfolio loans
  
$
1,136,613
    
$
1,238,327
    
$
1,382,951
    
$
1,429,331
    
$
1,542,335
    
$
1,136,613
    
$
1,542,335
  
Earning assets
    
2,768,507
      
2,803,634
      
2,611,093
      
2,510,882
      
2,376,943
      
2,768,507
      
2,376,943
  
Total assets
    
2,901,500
      
2,941,086
      
2,734,341
      
2,642,026
      
2,508,718
      
2,901,500
      
2,508,718
  
Deposits
    
2,553,175
      
2,600,076
      
2,387,945
      
2,298,587
      
2,170,579
      
2,553,175
      
2,170,579
  
Total shareholders’ equity
    
252,213
      
248,217
      
242,379
      
239,843
      
233,865
      
252,213
      
233,865
  
                                                         
AVERAGE BALANCES
                                                        
Total portfolio loans
  
$
1,182,633
    
$
1,324,915
    
$
1,401,399
    
$
1,481,054
    
$
1,542,838
    
$
1,302,181
    
$
1,499,774
  
Earning assets
    
2,804,157
      
2,669,862
      
2,537,300
      
2,457,746
      
2,416,072
      
2,671,417
      
2,177,374
  
Total assets
    
2,948,664
      
2,809,487
      
2,666,802
      
2,590,875
      
2,554,198
      
2,809,350
      
2,304,551
  
Deposits
    
2,605,043
      
2,468,398
      
2,321,012
      
2,249,679
      
2,215,509
      
2,465,858
      
1,975,799
  
Total shareholders’ equity
    
249,994
      
244,516
      
241,023
      
236,127
      
231,702
      
245,211
      
226,196
  


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Document and Entity Information
Oct. 28, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 28, 2021
Entity Registrant Name MACATAWA BANK CORPORATION
Entity Incorporation, State or Country Code MI
Entity File Number 000-25927
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001053584
Title of 12(b) Security Common stock
Trading Symbol MCBC
Security Exchange Name NASDAQ
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