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Last $5.30 USD
Change Today 0.00 / 0.00%
Volume 28.8K
MCBC On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 03/26/15 All times are local (Market data is delayed by at least 15 minutes).

macatawa bank corp (MCBC) Key Developments

Macatawa Bank Corp. Declares Quarterly Cash Dividend Payable on February 27, 2015

Macatawa Bank Corp. announced that its Board of Directors has declared a quarterly cash dividend of $0.02 per share on its common stock to be paid on February 27, 2015 to shareholders of record on February 12, 2015.

Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Loan Charge Offs for the Fourth Quarter 2014

Macatawa Bank Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $11,816,000 compared to $11,961,000 a year ago. Net interest income was $10,457,000 compared to $10,212,000 a year ago. Income before income tax was $3,277,000 compared to $3,192,000 a year ago. Net income attributable to common shareholders was $2,317,000 or $0.07 per basic and diluted share compared to net loss attributable to common shareholders of $15,340,000 or $0.56 per basic and diluted share a year ago. Return on average assets was 0.61% compared to 0.58% a year ago. Return on average equity was 6.54% compared to 6.54% a year ago. The 2013 earnings per share information reflects the impact of the exchange of all of Macatawa's outstanding preferred stock for common stock and cash completed at the end of 2013. For the year, the company reported total interest income of $46,988,000 compared to $48,620,000 a year ago. Net interest income was $41,392,000 compared to $41,283,000 a year ago. Income before income tax was $15,046,000 compared to $13,819,000 a year ago. Net income attributable to common shareholders was $10,473,000 or $0.31 per basic and diluted share compared to net loss attributable to common shareholders of $8,026,000 or $0.29 per basic and diluted share a year ago. Return on average assets was 0.70% compared to 0.63% a year ago. Return on average equity was 7.58% compared to 7.11% a year ago. Book value per common share as at December 31, 2014 was $4.21 compared to $3.92 as at December 31, 2013. Tangible book value per common share was $4.21 compared to $3.92 as at December 31, 2013. The company reported net loan charge offs for the fourth quarter 2014 of $67,000 compared to third quarter 2014 net loan recoveries of $330,000 and fourth quarter 2013 net loan recoveries of $526,000.

Macatawa Bank Corporation Declares Quarterly Dividend, Payable on November 28, 2014

Macatawa Bank Corporation announced that its board of directors has declared a quarterly cash dividend of $0.02 per share on its common stock to be paid on November 28, 2014 to shareholders of record on November 6, 2014.

Macatawa Bank Corp. Reports Un-Audited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Net Charge of for the Third Quarter 2014

Macatawa Bank Corp. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net interest income of $10.3 million, an increase of $148,000 from the second quarter 2014 and an increase of $180,000 from $10,124,000 in the third quarter 2013. The company reported total interest income of $11,674,000 compared to $11,919,000, income before income tax of $3,968,000 compared to $3,213,000, net income attributable to common shareholders of $2,762,000 or $0.08 per diluted common share compared to $2,238,000 or $0.08 per diluted common share, return on average assets of 0.74% compared to 0.59% and return on average equity of 7.94% compared to 6.67% for the last year. Book value per share was $4.15 as on September 30, 2014 compared to $3.77 per share as on September 30, 2013. For the nine months, the company reported net interest income of $30.9 million compared to $31.1 million, total interest income of $35,172,000 compared to $36,659,000, income before income tax of $11,769,000 compared to $10,628,000, net income attributable to common shareholders of $8,155,000 or $0.24 per diluted common share compared to $7,315,000 or $0.27 per diluted common share, return on average assets of 0.73% compared to 0.65% and return on average equity of 7.94% compared to 7.30% for the last year. For the third quarter, the company announced net charge of $330,000 compared to $523,000 for the last year.

Macatawa Bank Plans To Dispose Of Nonperforming Assets

Macatawa Bank Corp. (NasdaqGS:MCBC) continues to make progress towards eliminating the costs associated with holding and disposing of nonperforming assets, and also reduced several other core expense categories reflecting our ongoing focus on improving earnings performance.

 

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Industry Analysis

MCBC

Industry Average

Valuation MCBC Industry Range
Price/Earnings 17.1x
Price/Sales 2.9x
Price/Book 1.3x
Price/Cash Flow 17.1x
TEV/Sales NM Not Meaningful
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