Macatawa Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015
For the full year, the company reported total interest income of $49,386,000 compared to $46,988,000 a year ago. Net interest income was $44,080,000 compared to $41,392,000 a year ago. Income before income tax was $18,420,000 compared to $15,046,000 a year ago. Basic and diluted earnings per common share were $0.38 compared to $0.31 a year ago. Return on average assets was 0.79% compared to 0.70% a year ago. Return on average equity was 8.68% compared to 7.58% a year ago. Net income was $12,794,000 compared to $10,473,000 a year ago. Book value per share as at December 31, 2015 was $4.48 compared to $4.21 a year ago. Tangible book value per share as at December 31, 2015 was $4.48 compared to $4.21 a year ago.
The company reported net charge-offs of $614,000 for the fourth quarter of 2015 compared to net recoveries of $67,000 a year ago.