Macatawa Bank Q1 net income $9.8M ($0.29 EPS), down from $12.0M; announces merger with Wintrust

MACATAWA BANK CORP

Net income $9.8M ($0.29 diluted) in Q1 2024 vs $12.0M ($0.35) in Q1 2023; net interest margin 3.26% vs 3.44%.
Entered definitive merger agreement with Wintrust Financial Corp on April 15, 2024; $300K merger-related expenses incurred.
Loan portfolio grew $3.8M (1.1% annualized) in Q1 2024; total loans $1.34B at quarter end.
Deposits decreased $131.3M in Q1 2024 due to seasonal municipal and business deposit fluctuations.
Non-performing assets below $1,000; allowance for credit losses at 1.30% of loans; no provision needed.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MACATAWA BANK CORP reported first quarter 2024 results: net income $9.8 million, EPS $0.29 per diluted share.

Period: first quarter 2024
Net income: $9.8 million
EPS: $0.29 per diluted share
Result: reported results

Exact text from the filing

The Company reported net income of $9.8 million, or $0.29 per diluted share, in first quarter 2024

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Source: SEC EDGAR

accession 0001437749-24-013246

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