Macatawa Bank Corporation Financials

$360.5 M

Mkt cap, 20-Apr-2018
Net income (FY, 2017)16.3 M
EBIT (FY, 2017)53.3 M
Cash, 31-Dec-2017161.5 M
EV240.3 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

64.8 m63.2 m49.4 m52.5 m

Revenue growth, %

(2%)(22%)6%

Cost of goods sold

5.3 m5 m5.7 m

Gross profit

44.1 m47.5 m

Gross profit Margin, %

89%91%

Sales and marketing expense

24.9 m24.8 m

R&D expense

2.8 m2.8 m

Operating expense total

27.7 m27.6 m

EBIT

45.5 m44.7 m47.6 m48.9 m53.3 m

EBIT margin, %

70%71%96%93%

Interest expense

7.3 m5.6 m

Pre tax profit

13.8 m15 m18.4 m22.2 m27 m

Income tax expense

4.3 m4.6 m5.6 m6.2 m10.7 m

Net Income

9.5 m10.5 m12.8 m16 m16.3 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

16.8 m16.9 m17.6 m17.4 m18.2 m18.1 m18.5 m18.9 m

Cost of goods sold

1.4 m1.3 m1.3 m1.3 m1.2 m1.3 m1.3 m1.5 m

Gross profit

15.4 m15.6 m16.3 m16.1 m17 m16.8 m17.2 m17.4 m

Gross profit Margin, %

92%92%93%93%93%93%93%92%

Sales and marketing expense

6.1 m6.2 m6.2 m6.2 m6.2 m6 m6.2 m6.2 m

R&D expense

648 k619 k659 k688 k741 k682 k731 k655 k

Operating expense total

6.8 m6.8 m6.8 m6.9 m6.9 m6.7 m6.9 m6.9 m

EBIT

11.3 m11.4 m11.8 m12.4 m12.2 m13.1 m13.2 m13.5 m

EBIT margin, %

68%67%67%71%67%72%71%71%

Pre tax profit

4.6 m4.6 m4.9 m5.4 m6 m6.4 m6.9 m7 m

Income tax expense

1.4 m1.4 m1.4 m1.7 m1.4 m2 m2.1 m2.2 m

Net Income

2.2 m2.6 m2.8 m2.8 m2.8 m3.2 m3.2 m3.5 m3.7 m4.6 m4.5 m4.8 m4.9 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

156.9 m129.5 m181.5 m89.8 m161.5 m

Accounts Receivable

3.2 m3.4 m3.6 m4.1 m

Inventories

Total Assets

1.5 b1.6 b1.7 b1.7 b1.9 b

Accounts Payable

1.4 b1.6 b

Short-term debt

Long-term debt

41.2 m41.2 m41.2 m41.2 m41.2 m

Total Debt

41.2 m41.2 m

Total Liabilities

1.6 b1.7 b

Preferred Stock

Retained Earnings

(81.8 m)(74 m)(64.9 m)(53 m)(42.8 m)

Total Equity

132.5 m142.5 m152 m162.2 m173 m

Debt to Equity Ratio

0.3 x

Debt to Assets Ratio

0 x

Financial Leverage

11.5 x11.1 x11.4 x10.7 x10.9 x

Quarterly

USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

141.6 m123.8 m94.6 m124.9 m57.8 m113.7 m145.3 m159.9 m

Total Assets

1.6 b1.7 b1.6 b1.7 b1.7 b1.7 b1.8 b1.8 b

Accounts Payable

1.3 b1.4 b1.3 b1.4 b1.4 b1.4 b1.5 b1.5 b

Long-term debt

41.2 m41.2 m41.2 m41.2 m41.2 m41.2 m41.2 m41.2 m

Total Debt

41.2 m41.2 m41.2 m41.2 m41.2 m41.2 m41.2 m41.2 m

Total Liabilities

1.5 b1.5 b1.5 b1.5 b1.5 b1.6 b1.6 b1.6 b

Retained Earnings

(69.6 m)(67.4 m)(62.4 m)(59.7 m)(56.1 m)(49.9 m)(46.5 m)(43.3 m)

Total Equity

146.8 m149.7 m155.2 m158.5 m162.2 m166.1 m170.2 m173.5 m

Financial Leverage

11 x11.1 x10.6 x10.5 x10.2 x10.5 x10.3 x10.4 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

9.5 m10.5 m12.8 m16 m16.3 m

Depreciation and Amortization

3.1 m3.1 m3 m2.8 m2.3 m

Accounts Receivable

Inventories

Accounts Payable

(3.7 m)

Cash From Operating Activities

16.3 m16.6 m14 m16.9 m22.8 m

Purchases of PP&E

(42.6 m)(43.9 m)(59.8 m)(89.2 m)(62.1 m)

Cash From Investing Activities

(41 m)(95.8 m)(95.3 m)(105.3 m)(83.2 m)

Dividends Paid

(2.7 m)(3.7 m)(4 m)(6.1 m)

Cash From Financing Activities

(44.8 m)51.8 m133.3 m(3.2 m)132 m

Interest Paid

11.9 m5.6 m5.3 m5 m5.4 m

Income Taxes Paid

120 k90 k4.3 m6.2 m4.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Net Income

7.3 m2.6 m5.4 m8.2 m2.8 m6.1 m9.3 m3.5 m7.2 m11.8 m4.5 m9.2 m14.1 m

Depreciation and Amortization

2.3 m774 k1.6 m2.4 m684 k1.5 m2.2 m659 k1.4 m2.1 m537 k973 k1.4 m

Accounts Payable

1.6 m

Cash From Operating Activities

16 m6.8 m10.8 m13.1 m727 k2.2 m7.8 m5.1 m9.9 m13.7 m5.4 m10.3 m18.9 m

Purchases of PP&E

(34.5 m)(13.5 m)(21.2 m)(35 m)(10.6 m)(19.6 m)(34.5 m)(21.8 m)(43.6 m)(72.1 m)(8.9 m)(14.7 m)(48.4 m)

Cash From Investing Activities

(26.8 m)(1.5 m)(13.1 m)(32.8 m)(18.3 m)(18.6 m)(79.4 m)5 m7.3 m(45.4 m)16.9 m38 m10.1 m

Dividends Paid

(2 m)(677 k)(1.7 m)(2.7 m)(1 m)(2 m)(3 m)(1.4 m)(2.7 m)(4.4 m)

Cash From Financing Activities

(1.7 m)(35 m)(36.7 m)(37.7 m)22.2 m28.5 m65.9 m(97 m)(73.8 m)(92 m)1.7 m7.2 m41 m

Interest Paid

7.5 m1.5 m2.9 m4.3 m1.3 m2.8 m4.1 m1.3 m2.5 m3.8 m1.3 m2.6 m3.8 m

Income Taxes Paid

95 k50 k90 k1.6 m3.7 m4.3 m3.2 m5 m825 k3.5 m

Ratios

USDY, 2017

EV/EBIT

4.5 x

EV/CFO

10.5 x

Financial Leverage

10.9 x
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Operating Metrics

Macatawa Bank Corporation's Total Loans was reported to be $1.3b in Q2, 2017.
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