HOLLAND, Mich., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (Nasdaq:MCBC) today announced its results for the fourth quarter and full year of 2012, continuing its trend of improvement in key operating metrics and financial performance.
- Earnings of $21.2 million in the fourth quarter of 2012 and $35.5 million for the full year of 2012 were significantly higher than for the same periods in the prior year
- Earnings were positively impacted by reversal of the deferred tax asset valuation allowance of $18.9 million in the fourth quarter of 2012
- Net loan growth for the fourth quarter, the first quarterly increase in total loans since the fourth quarter of 2008
- Continued improvement in loan portfolio quality
- Strong retail banking results – growth in core deposits and high mortgage loan origination volumes
- Risk-based regulatory capital ratios at their highest levels in the Company's history and comfortably above the minimums to be categorized as "well capitalized" under applicable regulatory capital guidelines
- Significant reduction in costs associated with nonperforming assets – down 32% from the fourth quarter of 2011 and down 36% for the full year 2012 compared to 2011, although such costs continue to be elevated