Macatawa Bank Corporation (MCBC) Financial Statements (2024 and earlier)

Company Profile

Business Address 10753 MACATAWA DRIVE
HOLLAND, MI 49424
State of Incorp. MI
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments32,31751,21523,66931,48031,94240,526
Cash and cash equivalents32,31751,21523,66931,48031,94240,526
Total current assets:32,31751,21523,66931,48031,94240,526
Noncurrent Assets
Operating lease, right-of-use asset  625866  
Property, plant and equipment38,60440,30641,77343,25443,41744,862
Deferred income tax assets7,2029,7122,1632,0592,078
Total noncurrent assets:45,80650,64344,80245,31345,49544,862
Other undisclosed assets2,670,5762,805,0612,860,2802,565,2331,991,3331,889,736
TOTAL ASSETS:2,748,6992,906,9192,928,7512,642,0262,068,7701,975,124
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt30,000  10,000 10,000
Total current liabilities:30,000  10,000 10,000
Noncurrent Liabilities
Other undisclosed liabilities2,431,6142,659,8812,674,7462,392,1831,851,3011,774,271
Total liabilities:2,461,6142,659,8812,674,7462,402,1831,851,3011,784,271
Equity
Equity, attributable to parent287,085247,038254,005239,843217,469190,853
Common stock220,255219,578219,082218,528218,109217,783
Accumulated other comprehensive income (loss)(22,930)(31,576)(297)4,2141,544(2,278)
Retained earnings (accumulated deficit)89,76059,03635,22017,101(2,184)(24,652)
Total equity:287,085247,038254,005239,843217,469190,853
TOTAL LIABILITIES AND EQUITY:2,748,6992,906,9192,928,7512,642,0262,068,7701,975,124

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues113,55875,41363,11473,27477,67569,383
Net investment income113,49374,70758,42366,79775,32868,459
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(550)  (3,000) (450)
Gross profit:113,00875,41363,11470,27477,67568,933
Operating expenses(10,879)(10,238)(9,655)(9,725)(9,258)(9,044)
Other operating income, net
(Noninterest Income, Other Operating Income)
2,3382,7552,6893,1382,4292,082
Operating income:104,46767,93056,14863,68770,84661,971
Nonoperating income
(Bank Owned Life Insurance Income)
9038781,033874972942
Interest and debt expense(26,364)(4,760)(2,565)(5,687)(12,455)(9,411)
Income from continuing operations before equity method investments, income taxes:79,00664,04854,61658,87459,36353,502
Other undisclosed loss from continuing operations before income taxes(25,259)(20,984)(18,892)(22,086)(19,922)(21,152)
Income from continuing operations before income taxes:53,74743,06435,72436,78839,44132,350
Income tax expense(10,523)(8,333)(6,710)(6,623)(7,462)(5,971)
Income from continuing operations:43,22434,73129,01430,16531,97926,379
Income before gain (loss) on sale of properties:29,01430,16531,97926,379
Net income available to common stockholders, diluted:43,22434,73129,01430,16531,97926,379

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:43,22434,73129,01430,16531,97926,379
Comprehensive income:43,22434,73129,01430,16531,97926,379
Other undisclosed comprehensive income (loss), net of tax, attributable to parent8,646(31,279)(4,511)2,6703,822(733)
Comprehensive income, net of tax, attributable to parent:51,8703,45224,50332,83535,80125,646

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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