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."

Since taking the helm as chairman in late 2009 and with the full support of the Board of Directors, Mr. Postma has navigated the Company during a critical transition period. Under this leadership, the Bank implemented improved business and banking principles, added experienced personnel, bolstered the Bank's risk management functions by adding key individuals in its Special Assets and Loan Review departments, and implemented new and more disciplined lending and loan risk management policies and new procedures for loan administration and loan review. Macatawa continued this momentum during the second quarter by accelerating workout strategies with some of its more stressed loan customers and making significant progress towards completing an independent loan review of all commercial credits. 

In addition to its focus on improving asset quality, the Company continued to implement strategic initiatives to improve core operating performance. "Our quarterly net interest margin continues to improve and is currently at its highest level in the past three years, while our quarterly controllable overhead costs are at their lowest level in over two years. In addition, we continue to efficiently manage our balance sheet. We have reduced out-of-market funding on our balance sheet by nearly $200 million as we continue to scale the organization to the current realities," commented Postma. "Even though the operating environment for banking is far from normal, we are confident that we are establishing a well-disciplined banking culture which will help us return to consistent and sustained profitability. However, it is realistic to expect that as the Company strives to return to sustained positive performance, it will experience uneven results on a quarterly basis. No one should assume that the second quarter results mean that the Company's problems are fully resolved. It is a very good start, but just that, a start. We have a long road to travel to regain our shareholder and depositor confidence," said Postma.     

Operating Results

Net interest income for the second quarter 2010 totaled $12.8 million, a decrease of $210,000 from the first quarter 2010 and a decrease of $580,000 from the second quarter 2009. However, net interest margin increased to 3.29 percent, up 7 basis points from 3.22 percent on a consecutive quarter basis and up 50 basis points from 2.79 percent in the second quarter 2009. 

"Future margin expansion will be dampened by the sale of the Company's securities portfolio but margin should be positively impacted by the continued payoff of higher costing wholesale funds," said Postma. "The sale of our securities portfolio was an important step at firming up our capital position during this depressed economic cycle, and despite this impact on margin in the short-term, we expect continued momentum toward margin expansion over the longer term."

Average interest earning assets for the second quarter 2010 declined $93.7 million from the first quarter 2010 and declined $385.0 million from the second quarter 2009, negatively impacting net interest income. However, the decline in assets continues to reflect the Bank's focus on liquidity improvement, capital ratio maintenance and reduction in credit exposure within certain segments. 

Non-interest income of $6.3 million for the second quarter 2010 was up $2.9 million from the first quarter 2010 and up $2.1 million from the second quarter 2009. The increase was primarily driven by the $2.7 million in gains on sales of securities in the quarter, offset by continued reductions in income from mortgage banking activities. Mortgage loan sales volumes have decreased significantly from levels in the second quarter 2009, when mortgage refinancing activity was strong as a result of low interest rates. 

Non-interest expense was $14.3 million for the second quarter 2010, compared to $17.9 million for the first quarter 2010 and $21.3 million for the second quarter 2009. Last year's second quarter total was unusually high as it included $5.5 million in expense associated with the Trade Partners litigation settlement. In the most recent quarter costs associated with the administration and disposition of problem loans and non-performing assets were $2.5 million compared to $5.5 million in the first quarter 2010 and $2.4 million in the second quarter 2009. FDIC insurance assessments remain elevated at $1.2 million in the most recent quarter compared to $1.3 million in the first quarter 2010 and $1.7 million in the second quarter 2009, as a result of higher assessment rates implemented by the FDIC. 

When excluding nonperforming asset costs and FDIC assessments, non-interest expense was $10.6 million for the  most recent quarter, down from $11.1 million in the first quarter 2010 and $17.1 million in the second quarter 2009. Salaries and employee benefits were down $104,000 compared to the first quarter 2010 and down $678,000 from the prior year quarter as a result of a reduction in overall staffing levels due to the Company scaling its operations to respond to the impact of the prolonged economic weakness.

Asset Quality

The provision for loan losses of $1.8 million for the second quarter 2010 declined 90 percent or $17.9 million, from the first quarter 2010 and, even more dramatically, down $18.8 million from the second quarter 2009.   Net charge-offs were $6.3 million compared to $13.5 million for the first quarter 2010 and $22.1 million for the second quarter 2009. During the fourth quarter 2009 and into 2010, the Company continued to complete a full, independent re-evaluation of its loan portfolio at the direction of the Board of Directors. The elevated levels of provisions for loan losses and net charge-offs in the first quarter 2010 reflect these efforts.

The loan loss reserve of $56.3 million was 4.12 percent of total loans at June 30, 2010, compared with 4.23 percent at March 31, 2010 and 2.32 percent at June 30, 2009. The loan loss reserve coverage to nonperforming loans remains elevated at 59.2 percent of non-performing loans at June 30, 2010, compared to 59.3 percent at March 31, 2010 and 39.1 percent at June 30, 2009.

At June 30, 2010, the Company's non-performing loans were $95.1 million (6.96% of total loans) compared to $102.5 million (7.13% of total loans) at March 31, 2010 and $103.9 million (6.88% of total loans) at December 31, 2009. Sales of foreclosed properties continued to improve as compared to 2009, with the Bank selling nearly $10 million of real estate in the first six months of 2010 compared to sales of $7.5 million for all of 2009.

"We intend to continue to maintain a prudent and conservative level of loan loss reserves until we see a clear trend of significant reductions in our charge-off and non-performing loan levels. That being said, we are seeing signs of stabilization in the valuations of properties securing our assets, allowing us to accelerate sales and reduce non-performing asset expenses. We also are encouraged by our efforts to find workable solutions with our challenging accounts to mitigate the impact on our loan losses and are achieving credit upgrades in some instances. Going forward, our approach to loan loss reserves will be cautious as we remain focused on reflecting the values of these assets at appropriate levels and moving the non-performing assets out of the Bank," said Postma. 

A break-down of non-performing loans is shown in the table below.  
Dollars in 000s June 30, 2010 March 31, 2010 December 31,  2009 September 30, 2009 June 30,  2009
           
Commercial Real Estate  $ 81,319  $ 81,669  $  87,321  $  77,461  $  87,337
Commercial and Industrial   10,418   17,782    12,713     8,477    5,657
Total Commercial Loans  91,737  99,451  100,034  85,938  92,994
Residential Mortgage Loans  1,976  1,849  2,719  917  1,702
Consumer Loans   1,345   1,248   1,132   1,305     1,468
Total Non-Performing Loans  $ 95,058  $ 102,548  $  103,885  $  88,160  $  96,164
           
Residential Developer Loans (a)  $ 37,939  $ 36,594  $  50,002  $  43,989  $  52,403
           
(a) Represents the amount of loans to residential developers secured by single family residential property which is included in non-performing commercial loans secured by real estate  

Total non-performing assets were $143.8 million, or 8.71 percent of total assets, at June 30, 2010. A break-down of non-performing assets is shown in the table below.
Dollars in 000s June 30, 2010 March 31, 2010 December 31,  2009 September 30, 2009 June 30,  2009
           
Non-Performing Loans  $ 95,058  $ 102,548  $ 103,885  $ 88,160  $ 96,164
Other Repossessed Assets  81  84  124  224  339
Other Real Estate Owned    48,672    45,790     37,184    33,419   23,516
Total Non-Performing Assets  $  143,811  $  148,422  $  141,193  $  121,803  $  120,019
                   

Balance Sheet, Liquidity and Capital

Total assets were $1.65 billion at June 30, 2010, a decrease of $179.1 million from $1.83 billion at December 31, 2009. Total loans were $1.36 billion at June 30, 2010, down $145.9 million from $1.51 billion at December 31, 2009.

Commercial loans decreased by $125.2 million representing the majority of the decrease since December 31, 2009. The commercial real estate portfolio was reduced by $69.7 million as the Company continues its efforts to reduce exposure in these segments. Commercial and industrial loans declined by $55.4 million due in part to a general decline in business activity. 

Of the decline in commercial real estate loans, $33.0 million of the decrease was in loans to residential developers, the portfolio that has caused the majority of stress within the Company's loan portfolio. 

The composition of the commercial loan portfolio is shown in the table below: 
Dollars in 000s June 30, 2010 March 31, 2010 December 31, 2009 September 30, 2009 June 30, 2009
           
Construction and development  $ 150,443  $ 156,867  $ 162,615 $  195,712 $ 211,247
Other commercial real estate   582,882   611,904   640,437  638,952  653,058
Commercial Loans Secured by Real Estate    733,325    768,771    803,052    834,664    864,305
Commercial and Industrial   314,087   344,294   369,523  375,636  404,660
Total Commercial Loans   $ 1,047,412  $  1,113,065  $ 1,172,575  $ 1,210,300  $ 1,268,965
           
Residential Developer Loans (a)  $  120,344  $  130,727  $  153,327 $ 164,852 $ 178,319
           
(a) Represents the amount of loans to residential developers secured by single family residential property which is included in commercial loans secured by real estate  

The reduction in loans since year end 2009 allowed the Company to reduce wholesale funding, including out-of-market deposits acquired through brokers, by $93.2 million and to reduce other borrowed funds by $56.0 million. Total deposits were $1.31 billion at June 30, 2010, down $103.6 million from $1.42 billion at December 31, 2009, primarily from the run-off of brokered deposits. Customer deposit accounts remain fully insured to the highest levels available under the FDIC insurance programs. 

Two of the three regulatory capital ratios for Macatawa Bank, including the tier one risk-based capital ratio and the tier one leverage capital ratio, were maintained at levels in excess of those ordinarily required to be categorized as "well capitalized" under applicable regulatory capital guidelines. Despite these ratios, the Bank was categorized as "adequately capitalized" as its total risk-based capital ratio of 8.71 percent was below the 10.0 percent minimum to be categorized as "well capitalized." In addition, because the Bank is subject to the Consent Order, the Bank cannot be categorized as "well capitalized" regardless of actual capital levels. At June 30, 2010, the Bank did not have capital at levels required by the Consent Order.

"Our goal remains to return to 'well-capitalized' status, and we continue to work closely with our regulators in our efforts to comply with the terms of the Consent Order. While we are encouraged by the results of the quarter and are cautiously optimistic about the prospects for the rest of 2010, we remain committed to building back profitability and improving our valuation. Although improvements in our operating results may be uneven during 2010, we continue to expect the overall profit trend to be positive," Postma said. "The Board of Directors and management team are determined to restore Macatawa Bank to sustained profitability and return to a position of capital strength. The second quarter was an important step in that direction."

About Macatawa Bank                                                                  

Headquartered in Holland, Michigan, Macatawa Bank Corporation is the parent company for Macatawa Bank. Through its banking subsidiary, the Company offers a full range of banking, investment and trust services to individuals, businesses, and governmental entities from a network of 26 full service branches located in communities in Kent County, Ottawa County, and northern Allegan County. Services include commercial, consumer and real estate financing; business and personal deposit services, ATMs and Internet banking services, trust and employee benefit plan services, and various investment services. The Company emphasizes its local management team and decision making, along with providing customers excellent service and superior financial products.

"CAUTIONARY STATEMENT": This press release contains forward-looking statements that are based on management's current beliefs, expectations, assumptions, estimates, plans and intentions. Forward-looking statements are identifiable by words or phrases such as "will," "expect," "strategic," "strives," "assume," "long road to travel," "future," "longer term," "continue," "intend," "until," "going-forward," "prospects" and other similar words or phrases. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to the effect of new policies and practices, future net interest margin, trends in real estate valuations, conditions in the real estate markets, future levels of non-performing loans, the rate of asset dispositions, adequacy of our capital, future capital levels, capital raising activities, future growth and funding sources, future liquidity levels, future profitability levels, the effects on earnings of changes in interest rates and the future level of other revenue sources. All statements with references to future time periods are forward-looking. Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including goodwill, mortgage servicing rights and deferred tax assets) and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to fully comply with our Consent Order, improve regulatory capital ratios, successfully implement new programs and initiatives, increase efficiencies, address regulatory issues, improve internal controls over financial reporting, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, continue as a going concern and improve profitability is not entirely within our control and is not assured. The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain. Failure to comply with the agreements in our Consent Order could result in further regulatory action which could have a material adverse effect on Macatawa Bank Corporation and its shareholders. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed  in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2009 and in "Part II, Item 1A – Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010; changes in market interest rates, changes in FDIC assessment rates, changes in banking laws and regulations; changes in property values, asset quality, and the financial capability of borrowers; actions of bank regulatory authorities; changes in tax laws; changes in prices, levies and assessments; the impact of technological advances and issues; the impact of possible future litigation; governmental and regulatory policy changes; changes in the quality and composition of our loan portfolio; changes in value and credit quality of investment securities; the local and global effects of current and future military actions; and current uncertainties and fluctuations in the financial markets and stocks of financial services providers due to concerns about credit availability and concerns about the Michigan economy in particular. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
         
(Dollars in thousands except per share information)
  Three Months Ended Six Months Ended
  June 30 June 30
EARNINGS SUMMARY 2010 2009 2010 2009
Total interest income  $ 19,537  $ 24,531  $ 40,475  $ 49,655
Total interest expense  6,719  11,133  14,629  23,461
 Net interest income  12,818  13,398  25,846  26,194
Provision for loan loss  1,800  20,630  21,510  31,160
 Net interest income after provision for loan loss  11,018  (7,232)  4,336  (4,966)
         
NON-INTEREST INCOME        
Deposit service charges  1,063  1,210  2,128  2,439
Net gains on mortgage loans  399  501  580  2,123
Trust fees  797  984  1,686  1,917
Net gains on security sales  2,715  --   2,715  -- 
Other   1,348  1,529  2,681  3,068
 Total non-interest income  6,322  4,224  9,790  9,547
         
NON-INTEREST EXPENSE        
Salaries and benefits  5,554  6,232  11,005  12,375
Occupancy  989  1,056  2,041  2,212
Furniture and equipment  888  1,018  1,869  2,046
FDIC assessment  1,192  1,707  2,450  2,478
Administration and disposition of problem assets  2,464  2,439  7,999  4,598
Trade Partners litigation settlement  --   5,533  --   5,533
Other  3,202  3,279  6,851  6,503
 Total non-interest expense  14,289  21,264  32,215  35,745
Income (loss) before income tax  3,051  (24,272)  (18,089)  (31,164)
Income tax expense (benefit)  1,303  6,134  1,303  3,384
         
Net income (loss)  $ 1,748  $ (30,406)  $ (19,392)  $ (34,548)
Dividends declared on preferred shares  --  939  --   1,878
Net income (loss) available to common shares  $ 1,748  $ (31,345)  $ (19,392)  $ (36,426)
         
Basic earnings per common share  $ 0.10  $ (1.82)  $ (1.10)  $ (2.12)
Diluted earnings per common share  $ 0.10  $ (1.82)  $ (1.10)  $ (2.12)
Return on average assets  0.41% -5.87% -2.23% -3.49%
Return on average equity 10.32% -86.53% -51.25% -50.03%
Net interest margin 3.29% 2.79% 3.26% 2.72%
Efficiency ratio 74.66% 120.67% 90.40% 100.01%
         
BALANCE SHEET DATA    June 30 December 31 June 30
Assets   2010 2009 2009
Cash and due from banks    $ 26,311  $ 24,687  $ 23,057
Federal funds sold and other short-term investments    118,825  54,062  96,013
Securities available for sale    20,112  129,090  159,194
Securities held to maturity    83  414  656
Federal Home Loan Bank Stock    12,275  12,275  12,275
Loans held for sale    1,431  649  811
Total loans    1,364,881  1,510,816  1,621,895
Less allowance for loan loss    56,286  54,623  37,621
 Net loans    1,308,595  1,456,193  1,584,274
Premises and equipment, net    59,770  61,015  62,327
Bank-owned life insurance    24,675  24,395  23,932
Other real estate owned    48,672  37,183  23,516
Other assets    28,998  30,209  25,884
         
Total Assets    $ 1,649,747  $ 1,830,172  $ 2,011,939
         
Liabilities and Shareholders' Equity        
Noninterest-bearing deposits    $ 263,324  $ 221,470  $ 219,229
Interest-bearing deposits    1,049,377  1,194,867  1,356,823
 Total deposits    1,312,701  1,416,337  1,576,052
Other borrowed funds    222,003  278,023  268,690
Surbordinated debt    1,650  1,650  950
Long-term debt    41,238  41,238  41,238
Other liabilities    5,915  4,933  8,375
Total Liabilities    1,583,507  1,742,181  1,895,305
         
Shareholders' equity    66,240  87,991  116,634
         
Total Liabilities and Shareholders' Equity    $ 1,649,747  $ 1,830,172  $ 2,011,939

 
MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
               
(Dollars in thousands except per share information)
  Quarterly Year to Date
               
  2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr    
  2010 2010 2009 2009 2009 2010 2009
EARNINGS SUMMARY              
Net interest income  $ 12,818  $ 13,028  $ 13,406  $ 13,194  $ 13,398  $ 25,846  $ 26,194
Provision for loan loss  1,800  19,710  21,600  21,580  20,630  21,510  31,160
Total non-interest income  6,322  3,468  3,515  3,634  4,224  9,790  9,547
Total non-interest expense  14,289  17,926  15,915  15,731  21,264  32,215  35,745
Federal income tax expense (benefit)  1,303  --   (11,385)  (600)  6,134  1,303  3,384
Net income (loss)  1,748  (21,140)  (9,209)  (19,883)  (30,406)  (19,392)  (34,548)
Dividends declared on preferred shares  --  --  --  991  939  --  1,878
Net income (loss) available to common shares  $ 1,748  $ (21,140)  $ (9,209)  $ (20,874)  $ (31,345)  $ (19,392)  $ (36,426)
               
Basic earnings per common share  $ 0.10  $ (1.19)  $ (0.52)  $ (1.18)  $ (1.82)  $ (1.10)  $ (2.12)
Diluted earnings per common share  $ 0.10  $ (1.19)  $ (0.52)  $ (1.18)  $ (1.82)  $ (1.10)  $ (2.12)
               
MARKET DATA              
Book value per common share  $ 1.87  $ 1.91  $ 3.10  $ 3.64  $ 4.74  $ 1.87  $ 4.74
Tangible book value per common share  $ 1.85  $ 1.88  $ 3.07  $ 3.62  $ 4.71  $ 1.85  $ 4.71
Market value per common share  $ 1.20  $ 1.75  $ 2.09  $ 2.60  $ 2.82  $ 1.20  $ 2.82
Average basic common shares  17,692,231  17,696,922  17,699,552 17,669,440 17,260,269 17,694,269 17,211,524
Average diluted common shares  17,692,231  17,696,922  17,699,552 17,669,440 17,260,269 17,694,269 17,211,524
Period end common shares  17,682,458  17,696,423  17,698,108  17,701,817  17,659,264  17,682,458  17,659,264
               
PERFORMANCE RATIOS              
Return on average assets 0.41% -4.74% -1.95% -3.97% -5.87% -2.23% -3.49%
Return on average equity 10.32% -101.04% -38.85% -67.58% -86.53% -51.25% -50.03%
Net interest margin (fully taxable equivalent) 3.29% 3.22% 3.04% 2.83% 2.79% 3.26% 2.72%
Efficiency ratio 74.66% 108.67% 94.05% 93.48% 120.67% 90.40% 100.01%
Full-time equivalent employees (period end) 391 375 380 395 400 391 400
               
ASSET QUALITY              
Gross charge-offs  $ 6,851  $ 14,235  $ 15,563  $ 11,758  $ 22,317  $ 21,087  $ 32,621
Net charge-offs  $ 6,296  $ 13,550  $ 15,026  $ 11,152  $ 22,105  $ 19,847  $ 31,801
Net charge-offs to average loans (annualized) 1.79% 3.68% 3.91% 2.79% 5.27% 2.75% 3.73%
Nonperforming loans  $ 95,058  $ 102,548  $ 103,885  $ 88,160  $ 96,164  $ 95,058  $ 96,164
Other real estate and repossessed assets  $ 48,753  $ 45,874  $ 37,308  $ 33,643  $ 23,885  $ 48,753  $ 23,855
Nonperforming loans to total loans 6.96% 7.13% 6.88% 5.66% 5.93% 6.96% 5.93%
Nonperforming assets to total assets 8.72% 8.64% 7.71% 6.15% 5.97% 8.72% 5.97%
Allowance for loan loss  $ 56,286  $ 60,782  $ 54,623  $ 48,049  $ 37,621  $ 56,286  $ 37,621
Allowance for loan loss to total loans 4.12% 4.23% 3.62% 3.09% 2.32% 4.12% 2.32%
Allowance for loan loss to nonperforming loans 59.21% 59.27% 52.58% 54.50% 39.12% 59.21% 39.12%
               
CAPITAL & LIQUIDITY              
Average equity to average assets (Consolidated) 4.02% 4.69% 5.01% 5.94% 6.79% 4.36% 6.99%
Tier 1 capital to average assets (Consolidated) 5.25% 4.80% 6.01% 6.30% 7.44% 5.25% 7.44%
Total capital to risk-weighted assets (Consolidated) 8.81% 8.27% 9.23% 9.46% 10.33% 8.81% 10.33%
Tier 1 capital to average assets (Bank) 6.31% 5.83% 6.58% 6.70% 7.43% 6.31% 7.43%
Total capital to risk-weighted assets (Bank) 8.70% 8.14% 9.07% 9.32% 10.16% 8.70% 10.16%
               
END OF PERIOD BALANCES              
Total portfolio loans  $ 1,364,881  $ 1,438,107  $ 1,510,816  $ 1,556,903  $ 1,621,895  $ 1,364,881  $ 1,621,895
Interest earning assets  1,517,318  1,589,670  1,702,227  1,857,467  1,887,636  1,517,318  1,887,636
Total assets  1,649,747  1,718,429  1,830,172  1,981,772  2,011,939  1,649,747  2,011,939
Deposits  1,312,701  1,370,767  1,416,337  1,546,311  1,576,052  1,312,701  1,576,052
Total shareholders' equity  66,240  66,917  87,991  97,674  116,634  66,240  116,634
               
AVERAGE BALANCES              
Total portfolio loans  $ 1,408,672  $ 1,473,337  $ 1,538,038  $ 1,598,743  $ 1,678,648  $ 1,440,826  $ 1,707,035
Interest earning assets  1,555,372  1,649,121  1,769,242  1,870,995  1,940,364  1,601,988  1,949,809
Total assets  1,686,311  1,785,286  1,893,275  2,001,415  2,071,098  1,735,525  2,084,530
Deposits  1,341,243  1,394,701  1,467,497  1,554,127  1,611,922  1,367,824  1,616,018
Total shareholders' equity  67,733  83,692  94,819  117,687  140,556  75,669  145,623
CONTACT:  Macatawa Bank Corporation          Jon Swets, SVP and CFO          616.494.7645

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