HOLLAND TWP., MI (WHTC-AM/FM) – The federal tax reform package impacted the bottom line at Macatawa Bank for the last three months of the year, but 2017 overall wasn’t too bad for the Holland-based financial institution.
In its quarterly report issued after the markets closed yesterday, the bank reported a net income of 2.2 million dollars for the fourth quarter of the year, which was nearly half of what it had earned in that same time frame in 2016, but full year net income of 16.3 million dollars was around 300 thousand dollars more than the previous 12 months. Bank officials say that both numbers were reduced by 2.5 million “to record the impact of recently enacted tax reform on the value of the Company’s net deferred tax assets.” In asserting the claim of a “continued strong financial performance,” Macatawa cites pretax earnings increasing by 13 percent for the quarter and 22 percent for the year as compared to 2016, with a continued trend of increased total revenue with reduced expenses, and improvements in loan portfolio balances, bond financing to business customers, and core deposit balances.
Company President and CEO Ronald Haan said in a statement, “Our long term strategy of driving profitable growth continues to deliver results as we remain committed to operating a well-disciplined company that will deliver superior financial services to the communities of Western Michigan, while also providing strong and consistent financial performance for our shareholders.”
