MCBC - Macatawa Bank: Lower Average Loan Balance To Drag Earnings This Year

• Economic recovery in Michigan will likely help the loan portfolio's trend turn around in the latter part of 2022.
• The net interest margin will likely benefit from the opportunity to improve the asset mix and a rising interest-rate environment.
• Further provisioning reversals are likely in the first half of the year. For the second half, the net provision expense is likely to trend higher.
• The December 2022 target price suggests a small upside from the current market price. Further, MCBC is offering a decent dividend yield.

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