Macatawa Bank reports Q3 EPS 33c, consensus 31c

“We are pleased to report strong profitability and good balance sheet results for the third quarter 2023,” said Jon Swets, incoming President and CEO of the Company. “Net interest income for third quarter 2023 was up $2.5 million from third quarter 2022, reflecting benefits from federal funds rate increases and growth in our loan and investment securities portfolios. Solid loan origination activity continued in the third quarter 2023 while we maintained excellent credit quality. We had no loan delinquencies at September 30, 2023. On the funding side of the balance sheet we continue to see shifting in our deposits to higher interest bearing types which has a downward impact on net interest margin, but are encouraged by the strength of our core deposit base. Our core deposit balances remain well above pre-pandemic levels and increased in the third quarter 2023.”