MCBC - Macatawa Bank GAAP EPS of $0.29 revenue of $24.7M

• Macatawa Bank press release ( NASDAQ: MCBC ): Q3 GAAP EPS of $0.29.
• Revenue of $24.7M (+20.8% Y/Y).
• Net income of $10.0 million in third quarter 2022 – up 53% versus $6.6 million in second quarter 2022 and up 39% versus $7.2 million in third quarter 2021
• Net interest income of $19.8 million in third quarter 2022 versus $14.8 million in second quarter 2022 and $14.3 million in third quarter 2021
• Net interest margin increased 67 basis points to 2.86% in third quarter 2022 versus second quarter 2022
• Strong credit metrics and net loan recoveries resulted in no provision for loan losses for third quarter 2022
• Continued loan portfolio growth – nearly 11% annualized growth rate, excluding PPP loans, for the third quarter 2022
• Grew investment securities portfolio by $14.9 million in third quarter 2022 to supplement loan growth and continue strategic deployment of excess liquidity

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