Macatawa Bank Corporation (MCBC) Income Statement Analysis

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Complete financial analysis of Macatawa Bank Corporation (MCBC) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of Macatawa Bank Corporation, a leading company in the Banks – Regional industry within the Financial Services sector.

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Macatawa Bank Corporation (MCBC)

Industry: Banks - Regional

Sector: Financial Services

Website: https://www.macatawabank.com

About Macatawa Bank Corporation

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits. Its loan products include commercial and industrial loans comprising loans to finance operations and equipment; commercial real estate loans, which consist of construction and development, multi-family, and other non-residential real estate loans; and residential mortgage loans, as well as consumer loans, including automobile loans, home equity lines of credit and installment loans, home improvement loans, deposit account loans, and other loans for household and personal purposes. The company also offers ATM and debit card processing, cash management, trust, and brokerage services. In addition, it provides fraud protection; collection services; disbursement solutions; fund management; and investment and retirement plan services. It serves individuals, businesses, associations, churches, nonprofit organizations, financial institutions, and government authorities. As of December 31, 2021, the company had 26 full-service branches in Kent, Ottawa, and northern Allegan counties, Michigan. Macatawa Bank Corporation was incorporated in 1997 and is based in Holland, Michigan.

Metric	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Revenue	132.25M	13.67M	79.76M	85.51M	83.22M	77.13M	69.36M	66.61M	61.87M	57.61M	57.42M	63.09M	61.19M	68.59M	69.49M	76.28M	79.01M	81.59M	75.84M	62.06M	51.74M	41.67M	25.44M	18.65M	12.10M	2.71M
Cost of Revenue	113.81M	0.00	0.00	0.00	0.00	1.20M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	18.44M	13.67M	79.76M	85.51M	83.22M	75.93M	69.36M	66.61M	61.87M	57.61M	57.42M	63.09M	61.19M	68.59M	69.49M	76.28M	79.01M	81.59M	75.84M	62.06M	51.74M	41.67M	25.44M	18.65M	12.10M	2.71M
Gross Profit Ratio	13.94%	100.00%	100.00%	100.00%	100.00%	98.44%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
General & Administrative	30.43M	27.50M	25.97M	25.93M	24.92M	25.73M	25.34M	25.65M	25.81M	24.36M	24.47M	25.18M	36.92M	38.14M	43.41M	26.55M	25.50M	24.79M	22.39M	19.21M	16.37M	12.84M	8.36M	6.86M	5.41M	0.00
Selling & Marketing	803.00K	803.00K	723.00K	891.00K	919.00K	881.00K	882.00K	1.00M	951.00K	932.00K	870.00K	929.00K	834.00K	835.00K	907.00K	991.00K	1.26M	1.08M	1.63M	1.21M	946.00K	722.00K	537.00K	365.76K	266.92K	198.83K
SG&A	31.23M	28.30M	25.97M	25.93M	24.92M	25.73M	25.34M	25.65M	25.81M	24.36M	24.47M	25.18M	37.76M	38.98M	44.32M	27.54M	26.76M	25.87M	24.01M	20.42M	17.32M	13.56M	8.90M	7.23M	5.67M	198.83K
Other Expenses	-14.56M	-13.82M	-70.01M	-74.66M	-68.69M	-64.20M	-61.95M	-65.12M	-63.95M	-61.32M	-60.74M	-61.55M	-78.64M	-98.68M	-142.96M	-93.10M	-16.31M	-12.41M	-26.55M	-37.40M	-29.15M	-18.17M	-5.80M	-4.10M	-7.65M	-2.20M
Operating Expenses	14.56M	803.00K	-44.04M	-48.73M	-43.77M	-34.17M	-36.61M	-39.47M	-38.15M	-36.96M	-36.27M	-36.37M	-40.88M	-59.71M	-98.65M	-65.56M	10.45M	13.46M	-2.54M	-16.98M	-11.83M	-4.61M	3.10M	3.14M	-1.98M	-2.00M
Cost & Expenses	78.51M	803.00K	-44.04M	-48.73M	-43.77M	-34.17M	-36.61M	-39.47M	-38.15M	-36.96M	-36.27M	-36.37M	-40.88M	-59.71M	-98.65M	-65.56M	10.45M	13.46M	-2.54M	-16.98M	-11.83M	-4.61M	3.10M	3.14M	-1.98M	-2.00M
Interest Income	113.81M	74.91M	58.63M	67.22M	75.94M	69.04M	57.68M	52.50M	49.39M	46.99M	48.62M	57.28M	60.78M	76.00M	95.88M	116.08M	139.37M	133.51M	105.40M	78.33M	64.44M	57.25M	42.69M	34.34M	20.00M	6.80M
Interest Expense	634.00K	4.76M	2.57M	5.69M	12.46M	9.41M	5.73M	4.96M	5.31M	5.60M	7.34M	9.81M	14.48M	25.44M	43.09M	57.94M	76.46M	66.09M	42.56M	26.31M	22.34M	22.90M	20.93M	17.74M	9.43M	3.19M
Depreciation & Amortization	2.10M	2.30M	2.50M	2.44M	2.49M	2.49M	2.61M	2.81M	2.97M	3.14M	3.07M	2.97M	3.12M	2.96M	3.69M	3.88M	3.70M	3.39M	3.10M	2.97M	2.70M	2.37M	1.47M	1.23M	736.69K	271.46K
EBITDA	53.75M	49.38M	38.45M	39.41M	41.65M	44.32M	35.04M	29.95M	26.70M	23.78M	24.22M	29.69M	23.43M	11.84M	-25.46M	14.60M	93.16M	98.44M	76.40M	48.05M	42.61M	39.44M	30.01M	23.02M	10.86M	973.14K
EBITDA Ratio	40.64%	361.16%	48.20%	46.09%	50.05%	57.47%	50.52%	44.95%	43.14%	41.28%	42.18%	47.06%	38.28%	17.26%	-36.64%	19.14%	117.91%	120.65%	100.74%	77.43%	82.36%	94.63%	117.97%	123.42%	89.73%	35.96%
Operating Income	53.75M	47.82M	35.72M	36.79M	39.44M	41.76M	32.76M	27.14M	23.73M	20.64M	21.16M	26.72M	20.31M	8.89M	-29.16M	10.72M	89.46M	95.06M	73.30M	45.08M	39.91M	37.07M	28.54M	21.79M	10.12M	701.69K
Operating Income Ratio	40.64%	349.77%	44.79%	43.02%	47.40%	54.14%	47.23%	40.74%	38.35%	35.83%	36.84%	42.35%	33.19%	12.95%	-41.96%	14.05%	113.22%	116.50%	96.65%	72.64%	77.14%	88.95%	112.18%	116.81%	83.64%	25.93%
Total Other Income/Expenses	-1.32M	-789.00K	-749.00K	-515.00K	-492.00K	-587.00K	-604.00K	-1.78M	-4.17M	-4.81M	-6.98M	-12.48M	-14.48M	-25.44M	-43.09M	-57.94M	-76.46M	-39.17M	-42.56M	-26.31M	-22.34M	-32.11M	-14.73M	-11.47M	0.00	0.00
Income Before Tax	53.75M	43.06M	35.72M	36.79M	39.44M	32.35M	27.03M	22.18M	18.42M	15.05M	13.82M	16.91M	5.83M	-16.55M	-72.24M	-47.23M	13.01M	28.97M	30.74M	18.77M	17.57M	14.17M	7.61M	4.05M	0.00	0.00
Income Before Tax Ratio	40.64%	314.96%	44.79%	43.02%	47.40%	41.94%	38.96%	33.30%	29.77%	26.12%	24.06%	26.80%	9.53%	-24.13%	-103.96%	-61.92%	16.46%	35.50%	40.54%	30.25%	33.96%	33.99%	29.92%	21.70%	0.00%	0.00%
Income Tax Expense	10.52M	8.33M	6.71M	6.62M	7.46M	5.97M	10.73M	6.23M	5.63M	4.57M	4.27M	-18.58M	-8.60M	1.30M	-8.60M	-8.37M	3.74M	9.14M	9.85M	6.00M	5.79M	4.65M	2.50M	699.26K	9.43M	3.19M
Net Income	43.22M	34.73M	29.01M	30.17M	31.98M	26.38M	16.29M	15.95M	12.79M	10.47M	9.55M	35.49M	5.83M	-17.85M	-63.64M	-38.85M	9.27M	19.83M	20.89M	12.78M	11.78M	9.51M	5.12M	3.35M	693.27K	-2.49M
Net Income Ratio	32.68%	254.01%	36.37%	35.28%	38.43%	34.20%	23.49%	23.95%	20.68%	18.18%	16.63%	56.25%	9.53%	-26.03%	-91.58%	-50.94%	11.73%	24.30%	27.54%	20.59%	22.77%	22.83%	20.11%	17.95%	5.73%	-91.97%
EPS	1.26	1.01	0.85	0.88	0.94	0.78	0.48	0.47	0.38	0.31	-0.29	1.31	0.26	-1.01	-3.65	-2.28	0.54	1.11	0.79	0.42	0.67	0.59	0.50	0.41	0.10	-0.54
EPS Diluted	1.26	1.01	0.85	0.88	0.94	0.78	0.48	0.47	0.38	0.31	-0.29	1.31	0.26	-1.01	-3.65	-2.28	0.54	1.09	0.77	0.42	0.66	0.58	0.49	0.41	0.10	-0.54
Weighted Avg Shares Out	34.36M	34.26M	34.20M	34.12M	34.06M	34.02M	33.95M	33.92M	33.87M	33.80M	27.16M	27.09M	22.74M	17.69M	17.45M	17.03M	17.11M	17.80M	26.56M	30.33M	17.55M	16.22M	10.33M	8.09M	7.08M	4.58M
Weighted Avg Shares Out (Dil)	34.36M	34.26M	34.20M	34.12M	34.06M	34.02M	33.95M	33.92M	33.87M	33.80M	27.16M	27.09M	22.74M	17.69M	17.45M	17.04M	17.28M	18.27M	27.26M	30.91M	17.82M	16.48M	10.43M	8.19M	7.08M	4.58M

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