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MCBC

Macatawa BankNasdaqGS:MCBC Stock Report

Market Cap

US$292.0m

7D

-0.6%

1Y

4.7%

Updated

03 Dec, 2021

Data

Company Financials +
MCBC fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance3/6
Financial Health6/6
Dividends4/6

MCBC Stock Overview

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides commercial and consumer banking and trust services.

Macatawa Bank Competitors

Metropolitan Bank Holding

NYSE:MCB

US$985.7m

Nicolet Bankshares

NasdaqCM:NCBS

US$886.9m

Horizon Bancorp

NasdaqGS:HBNC

US$877.8m

QCR Holdings

NasdaqGM:QCRH

US$858.6m

Price History & Performance

Summary of all time highs, changes and price drops for Macatawa Bank
Historical stock prices
Current Share PriceUS$8.54
52 Week HighUS$10.66
52 Week LowUS$7.37
Beta0.82
1 Month Change-1.27%
3 Month Change5.04%
1 Year Change4.66%
3 Year Change-8.57%
5 Year Change-13.56%
Change since IPO28.43%

Recent News & Updates

Nov 02
Macatawa Bank (NASDAQ:MCBC) Has Affirmed Its Dividend Of US$0.08

Macatawa Bank (NASDAQ:MCBC) Has Affirmed Its Dividend Of US$0.08

The board of Macatawa Bank Corporation ( NASDAQ:MCBC ) has announced that it will pay a dividend on the 29th of...

Jul 29
Macatawa Bank (NASDAQ:MCBC) Has Announced A Dividend Of US$0.08

Macatawa Bank (NASDAQ:MCBC) Has Announced A Dividend Of US$0.08

The board of Macatawa Bank Corporation ( NASDAQ:MCBC ) has announced that it will pay a dividend of US$0.08 per share...

Shareholder Returns

MCBCUS BanksUS Market
7D-0.6%-2.8%-2.7%
1Y4.7%35.5%16.6%

Return vs Industry: MCBC underperformed the US Banks industry which returned 40.8% over the past year.

Return vs Market: MCBC underperformed the US Market which returned 19.4% over the past year.

Price Volatility

Is MCBC's price volatile compared to industry and market?
MCBC volatility
MCBC Average Weekly Movement2.8%
Banks Industry Average Movement3.8%
Market Average Movement6.1%
10% most volatile stocks in US Market14.8%
10% least volatile stocks in US Market2.4%

Stable Share Price: MCBC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: MCBC's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1997321Ron Haanhttps://www.macatawabank.com

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits. Its loan products include commercial and industrial loans comprising loans to finance operations and equipment; commercial real estate loans, which consist of construction and development, and multi-family and other non-residential real estate loans; and residential mortgage loans, as well as consumer loans, including automobile loans, home equity lines of credit and installment loans, home improvement loans, deposit account loans, and other loans for household and personal purposes.

Macatawa Bank Fundamentals Summary

How do Macatawa Bank's earnings and revenue compare to its market cap?
MCBC fundamental statistics
Market CapUS$291.98m
Earnings (TTM)US$31.79m
Revenue (TTM)US$85.68m

9.2x

P/E Ratio

1.2x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MCBC income statement (TTM)
RevenueUS$85.68m
Cost of RevenueUS$0
Gross ProfitUS$85.68m
ExpensesUS$53.88m
EarningsUS$31.79m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.93
Gross Margin100.00%
Net Profit Margin37.11%
Debt/Equity Ratio35.1%

How did MCBC perform over the long term?

See historical performance and comparison

Dividends

3.7%

Current Dividend Yield

34%

Payout Ratio

Valuation

Is Macatawa Bank undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MCBC ($8.54) is trading below our estimate of fair value ($19.05)

Significantly Below Fair Value: MCBC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MCBC is good value based on its PE Ratio (9.2x) compared to the US Banks industry average (10.8x).

PE vs Market: MCBC is good value based on its PE Ratio (9.2x) compared to the US market (16.9x).


Price to Earnings Growth Ratio

PEG Ratio: MCBC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: MCBC's PB Ratio (1.2x) is in line with the US Banks industry average.


Future Growth

How is Macatawa Bank forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-10.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MCBC's earnings are forecast to decline over the next 3 years (-10.6% per year).

Earnings vs Market: MCBC's earnings are forecast to decline over the next 3 years (-10.6% per year).

High Growth Earnings: MCBC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: MCBC's revenue (0.4% per year) is forecast to grow slower than the US market (10% per year).

High Growth Revenue: MCBC's revenue (0.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MCBC's Return on Equity is forecast to be low in 3 years time (9.4%).


Past Performance

How has Macatawa Bank performed over the past 5 years?

15.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MCBC has high quality earnings.

Growing Profit Margin: MCBC's current net profit margins (37.1%) are higher than last year (36.5%).


Past Earnings Growth Analysis

Earnings Trend: MCBC's earnings have grown by 15.8% per year over the past 5 years.

Accelerating Growth: MCBC's earnings growth over the past year (8.4%) is below its 5-year average (15.8% per year).

Earnings vs Industry: MCBC earnings growth over the past year (8.4%) underperformed the Banks industry 43.1%.


Return on Equity

High ROE: MCBC's Return on Equity (12.6%) is considered low.


Financial Health

How is Macatawa Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: MCBC's Assets to Equity ratio (11.5x) is moderate.

Allowance for Bad Loans: MCBC has a sufficient allowance for bad loans (3936%).

Low Risk Liabilities: 96% of MCBC's liabilities are made up of primarily low risk sources of funding.

Loan Level: MCBC has an appropriate level of Loans to Assets ratio (39%).

Low Risk Deposits: MCBC's Loans to Deposits ratio (44%) is appropriate.

Level of Bad Loans: MCBC has an appropriate level of bad loans (0%).


Dividend

What is Macatawa Bank current dividend yield, its reliability and sustainability?

3.75%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MCBC's dividend (3.75%) is higher than the bottom 25% of dividend payers in the US market (1.35%).

High Dividend: MCBC's dividend (3.75%) is in the top 25% of dividend payers in the US market (3.61%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, MCBC has been paying a dividend for less than 10 years.

Growing Dividend: MCBC's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (34.4%), MCBC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MCBC's dividends in 3 years are forecast to be well covered by earnings (42.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

16.1yrs

Average management tenure


CEO

Ron Haan (67 yo)

12.83yrs

Tenure

US$609,508

Compensation

Mr. Ronald L. Haan, also known as Ron, has been the Chief Executive Officer and President of Macatawa Bank Corporation since August 2009. Mr. Haan serves as Chairman, President and Chief Executive Officer...


CEO Compensation Analysis

Compensation vs Market: Ron's total compensation ($USD609.51K) is below average for companies of similar size in the US market ($USD1.15M).

Compensation vs Earnings: Ron's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MCBC's management team is seasoned and experienced (16.1 years average tenure).


Board Members

Experienced Board: MCBC's board of directors are seasoned and experienced ( 11.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Macatawa Bank Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: Macatawa Bank Corporation
  • Ticker: MCBC
  • Exchange: NasdaqGS
  • Founded: 1997
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$291.981m
  • Shares outstanding: 34.19m
  • Website: https://www.macatawabank.com

Number of Employees


Location

  • Macatawa Bank Corporation
  • 10753 Macatawa Drive
  • Holland
  • Michigan
  • 49424
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/12/03 23:57
End of Day Share Price2021/12/03 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.