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
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments32,31740,68740,25529,40251,21533,205
Cash and cash equivalents32,31740,68740,25529,40251,21533,205
Total current assets:32,31740,68740,25529,40251,21533,205
Noncurrent Assets
Operating lease, right-of-use asset     625 
Property, plant and equipment38,60439,39939,76640,24940,30640,670
Deferred income tax assets7,20210,2269,6368,4719,71210,185
Total noncurrent assets:45,80649,62549,40248,72050,64350,855
Other undisclosed assets2,670,5762,669,3982,540,5972,559,0312,805,0612,750,978
TOTAL ASSETS:2,748,6992,759,7102,630,2542,637,1532,906,9192,835,038
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt30,00030,00030,00030,000  
Total current liabilities:30,00030,00030,00030,000  
Noncurrent Liabilities
Other undisclosed liabilities2,431,6142,459,8332,336,4352,346,5852,659,8812,598,484
Total liabilities:2,461,6142,489,8332,366,4352,376,5852,659,8812,598,484
Equity
Equity, attributable to parent287,085269,877263,819260,568247,038236,554
Common stock220,255220,089219,909219,733219,578219,583
Accumulated other comprehensive loss(22,930)(33,561)(30,760)(26,257)(31,576)(32,677)
Retained earnings89,76083,34974,67067,09259,03649,648
Total equity:287,085269,877263,819260,568247,038236,554
TOTAL LIABILITIES AND EQUITY:2,748,6992,759,7102,630,2542,637,1532,906,9192,835,038

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

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Revenues29,56429,71227,07027,21225,44320,988
Net investment income29,53629,70727,04927,20125,41020,822
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
 (400) (300)   
Gross profit:29,16429,71226,77027,21225,44320,988
Operating expenses(2,669)(2,729)(2,702)(2,781)(2,506)(2,566)
Other operating income, net
(Noninterest Income, Other Operating Income)
7055274776291,060550
Operating income:27,20027,51024,54525,06023,99718,972
Nonoperating income
(Bank Owned Life Insurance Income)
243239221199191217
Interest and debt expense (8,197)(7,543)(5,974)(4,650)(2,587)(1,104)
Income from continuing operations before equity method investments, income taxes:19,24620,20618,79220,60921,60118,085
Other undisclosed loss from continuing operations before income taxes(7,485)(5,985)(6,006)(5,630)(6,523)(5,552)
Income from continuing operations before income taxes:11,76114,22112,78614,97915,07812,533
Income tax expense(2,266)(2,808)(2,474)(2,975)(2,961)(2,488)
Income from continuing operations:9,49511,41310,31212,00412,11710,045
Income before gain (loss) on sale of properties:10,045
Net income available to common stockholders, diluted:9,49511,41310,31212,00412,11710,045

Comprehensive Income ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Net income:9,49511,41310,31212,00412,11710,045
Comprehensive income:9,49511,41310,31212,00412,11710,045
Other undisclosed comprehensive income (loss), net of tax, attributable to parent10,631(2,801)(4,503)5,3191,101(13,998)
Comprehensive income (loss), net of tax, attributable to parent:20,1268,6125,80917,32313,218(3,953)

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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