HOLLAND, Mich., Feb. 3, 2011 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (Nasdaq:MCBC) today announced its fourth quarter 2010 earnings, marking the Company's third consecutive quarter of profitability and continued improvements in several key capital and operational ratios. The Company's results for the fourth quarter (unaudited) included:
- Net income of $835,000, compared to a loss of $9.2 million in the same quarter of last year and net income of $703,000 in the third quarter of 2010
- Continued improvement in asset quality metrics, with nonperforming loans down 11 percent and total past due loans down 31 percent compared to third quarter 2010
- Net charge offs of $5.2 million, down 65.6 percent from $15.0 million in the fourth quarter 2009
- Year-over-year improvement in net interest margin, now at 3.38 percent
- Improvement in capital ratios
- Deposit accounts remain insured by the FDIC up to the maximum amount permitted by law
Macatawa reported net income available to common shares of $835,000, or $0.05 per diluted share, for the fourth quarter 2010, compared to a net loss available to common shares of $9.2 million, or $0.52 per diluted share, for the fourth quarter 2009 and net income of $703,000 for the third quarter 2010. For the full year 2010, the Company's net loss available to common shares totaled $17.9 million, down from a net loss of $66.5 million for the same period in 2009.
"We are pleased with our fourth quarter profit and the progress we believe we have made in 2010," said Richard L. Postma, Chairman of Macatawa Bank Corporation. "Our results continued to reflect the process improvements and disciplined approach we began to implement in 2009. The fourth quarter of 2010 represented our third consecutive quarter of profitability, along with continued improvements in several key capital and performance metrics. These are important achievements in our continued efforts to build accountability, confidence and performance in Macatawa Bank. We must continue to focus on improvement of the Bank's capital ratios, further reduction of non-performing loans and increasing sales of other-real-estate-owned. Through the collective efforts of the Board of Directors, management and our employees, we intend to continue to move the Bank toward a position of sustained profitability in order to serve West Michigan as a strong community bank."