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MCBC - Macatawa Bank To Face Tough Operating Environment
Macatawa Bank Corporation
The loan portfolio of Macatawa Bank Corporation (MCBC) has declined in the first half of 2019 due to pay downs and tough lending environment. I expect the loan book to continue to decline in 2020, albeit at a lower rate, which will hit earnings next year. The bottom-line is also expected to suffer from a reduction in net interest margin following the 50bps cut in federal funds target rate. Despite the prospects of earnings decline, I'm expecting dividends to be maintained at $0.07 per share every quarter, resulting in forward dividend yield of