Macatawa Bank Corp (MCBC) has reported 27.61 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $4.46 million, or $0.13 a share in the quarter, compared with $3.50 million, or $0.10 a share for the same period last year. Revenue during the quarter grew 5.28 percent to $17.31 million from $16.45 million in the previous year period. Net interest income for the quarter rose 7.20 percent over the prior year period to $12.58 million. Non-interest income for the quarter fell 8.18 percent over the last year period to $4.23 million.
Macatawa Bank Corp has made negative provision of $0.50 million for loan losses during the quarter, compared with a negative provision of $0.10 million in the same period last year.
Net interest margin improved 17 basis points to 3.26 percent in the quarter from 3.09 percent in the last year period. Efficiency ratio for the quarter improved to 64.76 percent from 70.67 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased to report strong performance for the first quarter of 2017,” said Ronald L. Haan, president and chief executive officer of the Company. "Revenue growth, including higher net interest income, along with lower operating expenses and continued strong asset quality resulted in a 28 percent increase in net income compared to the first quarter of 2016. Net interest income and other noninterest income, on a combined basis, increased by $468,000 over the prior year while noninterest expenses declined by $663,000. Asset quality remained strong and we have now achieved nine consecutive quarters of net recoveries. We continue to execute on our strategy to drive profitable growth."
Deposits stood at $1,433.15 million as on Mar. 31, 2017, up 6.88 percent compared with $1,340.83 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $466.42 million or 32.54 percent of total deposits on Mar. 31, 2017, compared with $424.36 million or 31.65 percent of total deposits on Mar. 31, 2016.
Investments stood at $253.08 million as on Mar. 31, 2017, up 15.38 percent or $33.73 million from year-ago. Shareholders equity was at $166.14 million as on Mar. 31, 2017.
Return on average assets moved up 21 basis points to 1.05 percent in the quarter from 0.84 percent in the last year period. At the same time, return on average equity increased 180 basis points to 10.86 percent in the quarter from 9.06 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.71 percent in the quarter, down from 1.01 percent in the last year period.
Book value per share was $4.89 for the quarter, up 6.77 percent or $0.31 compared to $4.58 for the same period last year.
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