Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
For the full year, the company reported total interest income of $52,499,000 compared to $49,386,000 a year ago. Net interest income was $47,540,000 compared to $44,080,000 a year ago. Income before income tax was $22,182,000 compared to $18,420,000 a year ago. Net income was $15,951,000 compared to $12,794,000 a year ago. Basic and diluted earnings per common share were $0.47 compared to $0.38 a year ago. Return on average assets was 0.95% compared to 0.79% a year ago. Return on average equity was 10.06% compared to 8.68% a year ago. Book value per share as at December 31, 2016 was $4.78 compared to $4.48 a year ago. Tangible book value per share as at December 31, 2016 was $4.78 compared to $4.48 a year ago.
The company reported net charge-offs of $364,000 for the fourth quarter of 2016 compared to $614,000 a year ago.