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MCBC - Macatawa Bank Corp.'s Loan Growth Outlook Now Less Bleak
Macatawa Bank Corporation
Macatawa Bank Corporation's (MCBC) third-quarter earnings were mostly in line with expectations. Following the third-quarter result announcement, I have updated my earnings estimates and target price for the company. As MCBC's loan portfolio growth improved slightly in 3Q FY19, and because the economic outlook is less bleak, I'm now expecting loans to decline by a lower rate than my previous assumption. Nevertheless, I'm still expecting MCBC's earnings to decline next year on the back of loan book decline and margin compression.