Macatawa Bank Corporation Reports Profitable Second Quarter, Improved Results
HOLLAND, Mich., July 29, 2010 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (Nasdaq:MCBC) today announced a return to profitability and improvements in several key capital and operational ratios in the second quarter 2010. The Company's results for the quarter included:
- Pre-tax net income of $3.1 million
- After-tax net income of $1.7 million, compared to a loss of $30.4 million in the same quarter of last year
- Net charge-offs of $6.3 million, down 54 percent from the first quarter 2010 ($13.6 million), 72 percent less than the second quarter 2009 ($22.1 million)
- Sixth consecutive quarter of improvement in net interest margin – now at 3.29 percent
- Solid improvement in capital ratios – remained categorized as "adequately capitalized" under applicable regulatory capital requirements
- Deposit accounts remain insured by the FDIC up to the maximum amount permitted by law
Macatawa reported net income available to common shares of $1.7 million, or $0.10 per diluted share, for the second quarter 2010, compared to a net loss available to common shares of $31.3 million, or ($1.82) per diluted share, for the second quarter 2009 and a net loss of $21.1 million for the first quarter 2010. For the first half of 2010, the Company's net loss available to common shares totaled $19.4 million in 2010 compared to $36.4 million for the same period in 2009.
"Eight months ago, in an extremely challenging environment, we began an all out effort to instill business discipline and sound banking principles throughout the entire organization," said Richard L. Postma, Chairman of Macatawa Bank Corporation. "The second quarter results and our first profitable period in almost two years, coupled with improvements in nearly every key capital and performance metric, certainly are positive steps, but we still have a great deal of work to do to return the Company to financial health."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV