Company Quick10K Filing
Macatawa Bank
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 34 $338
10-K 2020-02-20 Annual: 2019-12-31
10-Q 2019-10-25 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-14 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-15 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-16 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-K 2016-02-18 Annual: 2015-12-31
10-Q 2015-10-22 Quarter: 2015-09-30
10-Q 2015-07-23 Quarter: 2015-06-30
10-Q 2015-04-23 Quarter: 2015-03-31
10-K 2015-02-19 Annual: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-K 2014-02-20 Annual: 2013-12-31
10-Q 2013-10-24 Quarter: 2013-09-30
10-Q 2013-07-25 Quarter: 2013-06-30
10-Q 2013-04-25 Quarter: 2013-03-31
10-K 2013-02-21 Annual: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-Q 2012-07-26 Quarter: 2012-06-30
10-Q 2012-04-26 Quarter: 2012-03-31
10-K 2012-03-07 Annual: 2011-12-31
10-Q 2011-10-27 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-10-28 Quarter: 2010-09-30
10-Q 2010-07-29 Quarter: 2010-06-30
10-Q 2010-04-29 Quarter: 2010-03-31
10-K 2010-03-30 Annual: 2009-12-31
8-K 2020-01-27 Regulation FD, Other Events, Exhibits
8-K 2020-01-23 Earnings, Exhibits
8-K 2019-12-31 Other Events
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-07 Shareholder Vote
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-18 Other Events
8-K 2019-03-21 Officers
8-K 2019-02-05 Officers
8-K 2019-01-24 Earnings, Exhibits
8-K 2018-10-29 Regulation FD, Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-01-29 Regulation FD, Other Events, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-09

Macatawa Bank Financials

MCBC Metrics, Comps, Filings

Annual | Quarterly

Business

As used in this report, the terms "we," "us," "our," "Macatawa" and "Company" mean Macatawa Bank Corporation and its subsidiaries, unless the context indicates another meaning. The term "Bank" means Macatawa Bank.

Macatawa Bank Corporation is a Michigan corporation, incorporated in 1997, and is a registered bank holding company. It wholly-owns Macatawa Bank, Macatawa Statutory Trust I and Macatawa Statutory Trust II. Macatawa Bank is a Michigan chartered bank with depository accounts insured by the FDIC. The Bank operates twenty-six branch offices and a lending and operational service facility, providing a full range of commercial and consumer banking and trust services in Kent County, Ottawa County, and northern Allegan County, Michigan. Macatawa Statutory Trusts I and II are grantor trusts and have issued $20.0 million each of pooled trust preferred securities. These trusts are not consolidated in our Consolidated Financial Statements. For further information regarding consolidation, see the Notes to the Consolidated Financial Statements.

At December 31, 2018, we had total assets of $1.98 billion, total loans of $1.41 billion, total deposits of $1.68 billion and shareholders' equity of $190.9 million. We recognized net income of $26.4 million in 2018 compared to net income of $16.3 million in 2017. Earnings in 2017 were reduced by $2.5 million to record the impact of tax reform enacted in 2017 on the value of the Company's net deferred tax assets. Earnings before income tax in 2018 and 2017 improved over their respective previous years through growth in total revenue, primarily net interest income, while holding noninterest expenses flat. As of December 31, 2018, the Company's and the Bank's risk-based regulatory capital ratios were significantly above those required under the regulatory standards and the Bank continued to be categorized as "well capitalized" at December 31, 2018.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Stockholders' Equity

Income Statement ($BB Annual)

Revenue, Gross Profit, Net Income

Cash Flow ($BB Annual)

Operating, Investing, Financing

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Bar Harbor Bankshares (BHB) 372 0% 6.5 1% 3,612 3,218 16 0 26 80 521
Old Second Bancorp (OSBC) 376 5.8 1% 2,614 2,344 0 0 30 56 322
Southern National Bancorp of Virginia (SONA) 380 5.1 1% 2,699 2,328 0 0 32 65 331
Cambridge Bancorp (CATC) 368 6.1 1% 2,842 2,599 0 0 23 49 299
Bridgewater Bancshares (BWB) 361 5.0 1% 2,232 1,996 0 0 31 54 272
Civista Bancshares (CIVB) 374 0% 7.8 1% 2,269 1,940 14 0 34 48 374
Guaranty Bancshares (GNTY) 366 7.4 1% 2,326 2,070 0 0 19 41 308
West Bancorporation (WTBA) 357 5.8 1% 2,457 2,253 0 0 28 66 380
Business First Bancshares (BFST) 337 0% 6.7 1% 2,221 1,940 3 0 18 41 273
Metropolitan Bank Holding (MCB) 349 -1.2 1% 3,243 2,952 0 0 29 75 -87
Citizens & Northern (CZNC) 354 9.0 1% 1,643 1,400 0 0 20 33 303
Enterprise Bancorp (EBTC) 360 4.3 1% 3,139 2,848 0 0 32 64 278
Macatawa Bank (MCBC) 355 8.6 1% 2,144 1,933 0 0 31 46 396
Summit Financial Group (SMMF) 329 4.8 1% 2,324 2,081 0 0 24 57 277
BSB Bancorp (BLMT) 323 2.5 1% 3,030 2,828 0 0 23 71 179
Spirit of Texas Bancshares (STXB) 347 6.9 1% 1,960 1,663 0 0 17 39 270
Peoples Financial Services (PFIS) 340 7.0 1% 2,373 2,077 0 0 27 48 342
Marlin Business Services (MRLN) 300 0% 2.7 2% 1,247 1,039 12 0 25 59 160
Republic First Bancorp (FRBK) 265 0% 8.6 0% 3,086 2,835 6 0 1 31 265
SmartFinancial (SMBK) 305 2.8 1% 2,390 2,084 0 0 20 48 134

Balance Sheet ($MM)2011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash2435455667
Accounts Receivable
Inventory
PP&E5554545351504745
Assets1,5081781741841932041,8901,975
Accounts Payable
Long-Term Debt4141414141414141
Liabilities1,41348414141411,7171,784
Stockholders' Equity94131133143152162173191
Income Statement ($MM)2011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Revenue
Cost of Revenue
Gross Profit
R&D
SG&A11111111
Tax0-2-1046116
Net Income635101013161626
Cash Flow ($MM)2011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash Operating12-1-14652330
Cash Investing7300000-83-77
Cash Financing-780-6-3-4-413257