Macatawa Bank Corporation Financial Ratios — MCBC Stock

Profitability (USD)

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Return on Common Equity (%)	- -	- -	- -	45.13	-6.95	7.56	8.7	10.12	9.64	14.36	15.64	13.36	11.84	13.03	14.69
Return on Assets (%)	-3.2	-1.05	0.38	2.31	0.62	0.68	0.77	0.92	0.9	1.36	1.58	1.28	1.04	1.19	1.53
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	5.31	4.31	6.04	5.25	5.65	5.66	5.03	4.31	3.34	3.37	2.7	3.12	3.48	1.76	0.3
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-103.96	-24.13	11.29	29.89	25.45	27.11	31.18	34.12	39.46	42.61	48.2	43.75	45.66	48.62	51.55
Profit Margin (%)	-91.58	-26.03	11.29	62.73	17.59	18.87	21.66	24.54	23.79	34.74	39.08	35.87	37.08	39.21	41.46
Net Income to Common Margin (%)	-95.71	-26.03	11.29	62.73	-14.78	18.87	21.66	24.54	23.79	34.74	39.08	35.87	37.08	39.21	41.46
Effective Tax Rate (%)	- -	- -	- -	- -	30.9	30.39	30.54	28.09	39.72	18.46	18.92	18	18.78	19.35	19.58
Dvd Payout Ratio (%)	-1.23	- -	- -	- -	159.99	25.68	28.94	25.38	37.37	32.15	29.74	36.07	37.55	31.43	26.11
Sustainable Growth Rate (%)	- -	- -	- -	45.13	4.17	5.62	6.18	7.55	6.04	9.74	10.99	8.54	7.4	8.94	10.85

Credit (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Total Debt	321	228	191	135	131	129	137	125	133	101	81	91	85	30	30
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	321	228	191	135	131	129	137	125	133	101	81	91	85	30	30
Total Debt/EBITDA	86.9	77.21	61.43	45.36	42.79	41.21	46.28	44.71	58.36	39.52	36.45	34.57	31.2	19.26	94.94
Net Debt/EBITDA	80.21	70.01	51.5	34.06	22.01	24.8	29.74	34.84	43.07	23.7	22.01	22.56	22.52	-13.62	-7.33
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-6.27	-8.41	4.04	6.18	8.86	8.99	8.77	9.4	9.22	9.78	10.44	8.92	8.68	9.58	11.28
Long-Term Debt/Equity (%)	364.71	336.41	202.79	103.22	99.02	90.76	90.41	77.3	77.09	53.05	37.07	37.78	33.46	12.14	10.45
Long-Term Debt/Capital (%)	134.12	177.28	67.06	50.98	49.39	47.59	47.54	43.37	43.35	34.39	27.19	27.78	25.05	9.72	8.82
Long-Term Debt/Total Assets (%)	17.53	14.46	12.7	8.63	8.65	8.17	7.94	7.2	7.06	5.13	3.9	3.43	2.9	1.03	1.09
Total Debt/Equity (%)	364.71	336.41	202.79	103.22	99.02	90.76	90.41	77.3	77.09	53.05	37.07	37.78	33.46	12.14	10.45
Total Debt/Capital (%)	134.12	177.28	67.06	50.98	49.39	47.59	47.54	43.37	43.35	34.39	27.19	27.78	25.05	9.72	8.82
Total Debt/Total Assets (%)	17.53	14.46	12.7	8.63	8.65	8.17	7.94	7.2	7.06	5.13	3.9	3.43	2.9	1.03	1.09
Net Debt to Equity	336.65	305.05	170	77.51	50.95	54.62	58.1	60.23	56.89	31.81	22.38	24.66	24.15	-8.59	-0.81
Net Debt/Capital (%)	138.04	192.58	63.06	43.85	33.42	35.33	36.8	37.38	36.09	23.92	18.4	20.06	19.43	-8.24	-0.75
EBITDA	4	3	3	3	3	3	3	3	2	3	2	3	3	2	- -
EBITDA-CapEx	3	2	2	2	1	1	2	2	1	1	1	- -	2	1	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-6.27	-8.41	4.04	6.18	8.86	8.99	8.77	9.4	9.22	9.78	10.44	8.92	8.68	9.58	11.28
Long-Term Debt/Equity (%)	364.71	336.41	202.79	103.22	99.02	90.76	90.41	77.3	77.09	53.05	37.07	37.78	33.46	12.14	10.45
Long-Term Debt/Capital (%)	134.12	177.28	67.06	50.98	49.39	47.59	47.54	43.37	43.35	34.39	27.19	27.78	25.05	9.72	8.82
Long-Term Debt/Total Assets (%)	17.53	14.46	12.7	8.63	8.65	8.17	7.94	7.2	7.06	5.13	3.9	3.43	2.9	1.03	1.09
Total Debt/Equity (%)	364.71	336.41	202.79	103.22	99.02	90.76	90.41	77.3	77.09	53.05	37.07	37.78	33.46	12.14	10.45
Total Debt/Capital (%)	134.12	177.28	67.06	50.98	49.39	47.59	47.54	43.37	43.35	34.39	27.19	27.78	25.05	9.72	8.82
Total Debt/Total Assets (%)	17.53	14.46	12.7	8.63	8.65	8.17	7.94	7.2	7.06	5.13	3.9	3.43	2.9	1.03	1.09
CFO/Total Liabilities	1.43	2.22	0.86	0.94	1.18	1.15	0.89	1.07	1.33	1.66	1.61	1.27	1.34	1.31	1.78
CFO/CapEx	31.24	54.09	11.79	19.09	6.78	9.41	11.97	14.25	19.13	23.1	28.55	13.45	36.18	43.72	99.77
Altman's Z-Score	-0.04	-0.05	-0.07	-0.02	- -	0.03	0.04	0.1	0.1	0.11	0.14	0.1	0.11	0.14	0.18

Working Capital (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Accounts Receivable Turnover	9.78	13.31	13.87	16.15	16.35	16.74	16.83	16.86	15.61	15.25	16.13	16.03	16.11	15.15	12.57
Days Sales Outstanding	37.31	27.42	26.31	22.6	22.32	21.8	21.69	21.66	23.38	23.94	22.63	22.77	22.65	24.09	29.03
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Market Capitalization	28	55	39	59	102	141	161	281	275	271	323	254	278	359	381
- Cash & Cash Equivalents	25	21	31	34	64	52	49	28	35	41	32	31	24	51	32
+ Preferred Equity and Hybrid Capital	33	33	33	33	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	321	228	191	135	131	129	137	125	133	101	81	91	85	30	30
Enterprise Value	357	295	178	70	30	57	82	195	153	105	147	76	-77	-161	-130
Total Capital	239	129	286	264	266	272	289	289	308	294	297	326	339	309	340
Total Debt/Capital (%)	134.12	177.28	67.06	50.98	49.39	47.59	47.54	43.37	43.35	34.39	27.19	27.78	25.05	9.72	8.82
Total Debt / EV	0.9	0.77	1.08	1.93	4.34	2.27	1.67	0.64	0.87	0.96	0.55	1.2	-1.1	-0.19	-0.23
EV/Sales	5.14	4.3	3.45	1.24	0.56	1.03	1.39	2.99	2.23	1.39	1.79	0.9	- -	- -	- -
EV/EBITDA	96.66	99.84	57.12	23.53	9.87	18.14	27.63	69.34	66.96	41.06	66.28	28.93	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	14.28	8.8	14.65	5.18	1.85	3.43	5.86	11.49	6.72	3.55	4.93	2.48	- -	- -	- -
EV/Free Cash Flow to Firm	13.84	8.64	13.51	4.92	1.62	3.1	5.41	10.74	6.38	3.4	4.77	2.31	- -	- -	- -
Diluted Market Cap	28	55	39	59	102	141	161	281	275	271	323	254	278	359	381
Diluted Enterprise Value	357	295	233	193	170	219	249	379	374	332	372	313	339	338	379
EV per Share	20.46	16.69	7.83	2.58	1.11	1.68	2.42	5.73	4.51	3.09	4.31	2.22	- -	- -	- -
TTM Sales	69	69	52	57	54	55	59	65	68	76	82	84	78	89	104
TTM EBITDA	4	3	3	3	3	3	3	3	2	3	2	3	3	2	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	25	34	12	13	16	17	14	17	23	30	30	31	36	35	44
TTM Free Cash Flow to Firm	26	34	13	14	19	18	15	18	24	31	31	33	37	36	44

Multiples (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Price/Free Cash Flow	1.07	1.61	2.97	4.16	5.47	7.67	10.58	15.52	11.49	8.78	10.51	7.72	7.52	10.1	8.61
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	357	295	178	70	30	57	82	195	153	105	147	76	-77	-161	-130
Low Price	1.46	1.1	2.01	2.2	2.88	4.66	4.96	5.02	8.87	8.81	9.32	6.01	7.37	8.38	6.96
EV/Sales	5.14	4.3	3.45	1.24	0.56	1.03	1.39	2.99	2.23	1.39	1.79	0.9	- -	- -	- -
EV/EBITDA	96.66	99.84	57.12	23.53	9.87	18.14	27.63	69.34	66.96	41.06	66.28	28.93	- -	- -	- -
Price/Earnings	- -	- -	6.71	1.66	- -	13.46	12.55	17.63	16.9	10.29	10.11	8.4	9.57	10.35	8.82
Price/Earnings Average	-0.53	-1.39	8.52	1.78	-12.82	12.52	10.97	12.48	16.4	11.73	9.27	7.81	9.44	8.82	7.49
Price/Earnings High	-1.05	-4.21	20.29	2.79	-20.64	18.69	16.2	22.69	22.21	16.66	12.16	12.71	12.57	11.68	9.45
Price/Earnings Low	-0.38	-1.09	7.84	1.68	-9.75	15.04	13.13	10.68	18.48	11.36	9.93	6.8	8.69	8.27	5.52
Price/Book Value	-0.24	-0.41	0.64	0.61	0.76	0.99	1.06	1.72	1.58	1.41	1.5	1.08	1.09	1.29	1.23
Price/Book Value Average	-0.31	-0.19	0.82	0.65	0.76	0.92	0.93	1.22	1.53	1.6	1.37	1	1.08	1.1	1.04
Price/Book Value High	-0.61	-0.57	1.94	1.03	1.23	1.37	1.37	2.21	2.08	2.28	1.8	1.63	1.43	1.46	1.32
Price/Book Value Low	-0.22	-0.15	0.75	0.62	0.58	1.11	1.11	1.04	1.73	1.55	1.47	0.87	0.99	1.03	0.77
Price/Tangible Book Value	0.51	1.59	0.64	0.61	0.77	0.99	1.06	1.73	1.59	1.42	1.49	1.06	1.09	1.45	1.33
Price/Tangible Book Value Average	0.65	0.72	0.81	0.65	0.78	0.92	0.92	1.23	1.54	1.62	1.36	0.98	1.08	1.24	1.13
Price/Tangible Book Value High	1.29	2.17	1.93	1.02	1.25	1.37	1.36	2.23	2.09	2.3	1.79	1.6	1.44	1.64	1.42
Price/Tangible Book Value Low	0.47	0.56	0.75	0.61	0.59	1.11	1.11	1.05	1.74	1.57	1.46	0.85	0.99	1.16	0.83
Price/Sales	0.4	0.8	0.76	1.04	1.89	2.54	2.72	4.33	4.02	3.58	3.95	3.01	3.55	4.06	3.66
Price/Sales Average	0.51	0.36	0.96	1.12	1.89	2.36	2.38	3.06	3.9	4.08	3.62	2.8	3.5	3.46	3.1
Price/Sales High	1	1.1	2.29	1.75	3.05	3.53	3.51	5.57	5.28	5.79	4.75	4.56	4.66	4.58	3.92
Price/Sales Low	0.37	0.28	0.89	1.05	1.44	2.84	2.84	2.62	4.4	3.95	3.88	2.44	3.22	3.24	2.29
Price/Cash Flow	1.1	1.64	3.22	4.38	6.28	8.48	11.47	16.61	12.09	9.16	10.87	8.29	7.73	10.33	8.7
Price/Cash Flow Average	1.42	0.74	4.09	4.68	6.31	7.89	10.03	11.76	11.73	10.44	9.98	7.7	7.62	8.8	7.39
Price/Cash Flow High	2.79	2.24	9.73	7.35	10.16	11.78	14.81	21.38	15.89	14.83	13.09	12.54	10.15	11.66	9.33
Price/Cash Flow Low	1.02	0.58	3.76	4.42	4.8	9.48	12	10.06	13.22	10.11	10.68	6.71	7.02	8.25	5.45
Price/Free Cash Flow Average	1.38	0.73	3.77	4.44	5.5	7.13	9.25	10.99	11.15	10.01	9.64	7.17	7.42	8.6	7.32
Price/Free Cash Flow High	2.71	2.2	8.97	6.98	8.85	10.65	13.66	19.98	15.1	14.22	12.64	11.67	9.88	11.4	9.23
Price/Free Cash Flow Low	0.99	0.57	3.47	4.2	4.18	8.57	11.07	9.4	12.56	9.69	10.32	6.24	6.83	8.07	5.4
EV/Sales Average	5.25	3.86	4.71	3.49	3.14	3.76	3.87	4.57	5.34	4.88	4.22	3.5	4.28	3.22	3.08
EV/Sales High	5.74	4.6	6.04	4.13	4.29	4.93	5	7.07	6.72	6.59	5.35	5.26	5.44	4.34	3.9
EV/Sales Low	5.11	3.78	4.64	3.43	2.68	4.24	4.34	4.12	5.83	4.75	4.47	3.14	4.01	3	2.27
EV/EBITDA Average	98.8	89.62	78.07	66.48	55.55	66.56	77.03	105.83	160	144.48	156.04	112.42	123.05	182.91	1,016.9
EV/EBITDA High	108.09	106.66	100.07	78.6	76.04	87.15	99.56	163.88	201.44	195.25	197.83	168.89	156.36	246.74	1,285.49
EV/EBITDA Low	96.09	87.81	76.8	65.29	47.52	74.98	86.33	95.55	174.84	140.68	165.5	100.8	115.05	170.65	748.17
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	1.58	3.11	1.72	2.18	3.77	4.17	4.74	8.29	8.11	7.98	9.49	7.43	8.12	10.49	11.11
High Price	4	4.25	5.2	3.66	6.1	5.79	6.12	10.67	10.66	12.92	11.42	11.24	10.66	11.84	11.91
Enterprise Value Average	365	265	243	197	170	209	229	297	366	370	345	295	335	285	321
Enterprise Value High	399	315	312	233	233	274	296	460	460	500	438	443	426	384	406
Enterprise Value Low	355	260	239	194	146	235	256	268	400	360	366	264	313	266	236

Shares Outstanding	18	18	27	27	34	34	34	34	34	34	34	34	34	34	34
Diluted Weighted Avg Shares	17	18	23	27	27	34	34	34	34	34	34	34	34	34	34
Basic Weighted Avg Shares	17	18	23	27	27	34	34	34	34	34	34	34	34	34	34
Revenue per Share	3.98	3.88	2.27	2.09	2	1.64	1.74	1.92	2.02	2.23	2.4	2.46	2.29	2.59	3.04
EBITDA per Share	0.21	0.17	0.14	0.11	0.11	0.09	0.09	0.08	0.07	0.08	0.06	0.08	0.08	0.05	0.01
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-3.81	-1.01	0.26	1.31	-0.3	0.31	0.38	0.47	0.48	0.78	0.94	0.88	0.85	1.01	1.26
Basic EPS from Cont Ops	-3.65	-1.01	0.26	1.31	0.35	0.31	0.38	0.47	0.48	0.78	0.94	0.88	0.85	1.01	1.26
Diluted EPS, GAAP	-3.81	-1.01	0.26	1.31	-0.3	0.31	0.38	0.47	0.48	0.78	0.94	0.88	0.85	1.01	1.26
Diluted EPS from Cont Ops	-3.65	-1.01	0.26	1.31	0.35	0.31	0.38	0.47	0.48	0.78	0.94	0.88	0.85	1.01	1.26
Dividend per Share	0.21	- -	- -	- -	0.17	0.08	0.11	0.12	0.18	0.25	0.28	0.32	0.32	0.32	0.33
Cash Flow per Share	1.43	1.9	0.53	0.5	0.6	0.49	0.41	0.5	0.67	0.87	0.87	0.9	1.05	1.02	1.28
Free Cash Flow per Basic Share	1.39	1.86	0.49	0.47	0.51	0.44	0.38	0.46	0.64	0.83	0.84	0.83	1.02	0.99	1.26
Cash & Equivalents per Share	1.41	1.2	3.77	5.8	7.49	6.31	6.37	6.25	7.53	7.86	7.55	7.86	12.86	16.07	15.78
Book Value per Share	-6.58	-7.5	2.68	3.56	4.95	4.21	4.48	4.83	5.13	5.68	6.34	6.91	7.44	8.13	9.04
Tangible Book Value per Share	3.11	1.96	2.69	3.59	4.88	4.22	4.49	4.78	5.1	5.61	6.39	7.03	7.43	7.21	8.37

Macatawa Bank Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)