|
|
|
(State or other jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
|
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
|||
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
Press Release dated April 27, 2023. This exhibit is furnished to, and not filed with, the Commission.
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
Dated: April 27, 2023
|
MACATAWA BANK CORPORATION
|
|
By
|
/s/ Jon W. Swets
|
|
Jon W. Swets
Chief Financial Officer
|
For Immediate Release
|
|
NASDAQ Stock Market:
|
MCBC
|
• |
Net income of $12.0 million in first quarter 2023 – an increase of 100% over $6.0 million earned in first quarter 2022 and consistent with $12.1 million in
fourth quarter 2022
|
• |
Net interest margin increased to 3.44% in first quarter 2023 versus 1.85% in first quarter 2022 and 3.34% in fourth quarter 2022
|
• |
Asset-sensitive balance sheet structure continued to produce improved net interest income and net interest margin in rising interest rate environment
|
• |
Continued loan portfolio growth – $43 million, or 15% annualized growth rate, for the first quarter 2023
|
• |
Adoption of CECL resulted in $1.5 million increase to allowance for credit losses
|
• |
Deposit portfolio balances decreased $284 million in the first quarter 2023 reflecting seasonal outflows of higher than normal seasonal inflows in the fourth
quarter of 2022
|
• |
Deposits were $2.33 billion at March 31, 2023 - $625 million higher than pre-pandemic deposit balances of $1.71 billion at March 31, 2020
|
• |
Financial condition remained solid at March 31, 2023:
|
o |
Robust capital position - $127 million in excess capital over well-capitalized minimums
|
o |
Strong credit quality metrics – non-performing assets at 0.003% of total assets and allowance coverage of 1.38%
|
o |
High liquidity levels - $391 million in overnight fund balances, short duration bond portfolio of less than 3 years, no new wholesale borrowings, and total
additional borrowing capacity of $951 million
|
Dollars in 000s
|
Q1 2023
to
Q4 2022
|
Q1 2023
to
Q1 2022
|
||||||
Salaries and other compensation
|
$
|
10
|
$
|
433
|
||||
Salary deferral from commercial loans
|
66
|
70
|
||||||
Bonus accrual
|
(81
|
)
|
(118
|
)
|
||||
Mortgage production – variable comp
|
4
|
(86
|
)
|
|||||
Brokerage – variable comp
|
(96
|
)
|
36
|
|||||
401k matching contributions
|
42
|
(1
|
)
|
|||||
Medical insurance costs
|
(111
|
)
|
75
|
|||||
Total change in salaries and benefits
|
$
|
(166
|
)
|
$
|
409
|
Dollars in 000s
|
Mar 31,
2023
|
Dec 31,
2022
|
Sept 30,
2022
|
June 30,
2022
|
Mar 31,
2022
|
|||||||||||||||
Commercial Real Estate
|
$
|
---
|
$
|
---
|
$
|
---
|
$
|
5
|
$
|
5
|
||||||||||
Commercial and Industrial
|
---
|
---
|
---
|
1
|
1
|
|||||||||||||||
Total Commercial Loans
|
---
|
---
|
---
|
6
|
6
|
|||||||||||||||
Residential Mortgage Loans
|
75
|
78
|
85
|
84
|
84
|
|||||||||||||||
Consumer Loans
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||
Total Non-Performing Loans
|
$
|
75
|
$
|
78
|
$
|
85
|
$
|
90
|
$
|
90
|
Dollars in 000s
|
Mar 31,
2023
|
Dec 31,
2022
|
Sept 30,
2022
|
June 30,
2022
|
Mar 31,
2022
|
|||||||||||||||
Non-Performing Loans
|
$
|
75
|
$
|
78
|
$
|
85
|
$
|
90
|
$
|
90
|
||||||||||
Other Repossessed Assets
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||
Other Real Estate Owned
|
---
|
2,343
|
2,343
|
2,343
|
2,343
|
|||||||||||||||
Total Non-Performing Assets
|
$
|
75
|
$
|
2,421
|
$
|
2,428
|
$
|
2,433
|
$
|
2,433
|
Dollars in 000s
|
Mar 31,
2023
|
Dec 31,
2022
|
Sept 30,
2022
|
June 30,
2022
|
Mar 31,
2022
|
|||||||||||||||
Construction and Development
|
$
|
120,268
|
$
|
116,715
|
$
|
111,624
|
$
|
107,325
|
$
|
104,945
|
||||||||||
Other Commercial Real Estate
|
423,080
|
420,888
|
410,600
|
411,778
|
417,368
|
|||||||||||||||
Commercial Loans Secured
by Real Estate
|
543,348
|
537,603
|
522,224
|
519,103
|
522,313
|
|||||||||||||||
Commercial and Industrial
|
473,354
|
441,716
|
427,034
|
407,788
|
402,854
|
|||||||||||||||
Paycheck Protection Program
|
---
|
---
|
32
|
2,791
|
7,393
|
|||||||||||||||
Total Commercial Loans
|
$
|
1,016,702
|
$
|
979,319
|
$
|
949,290
|
$
|
929,682
|
$
|
932,560
|
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 “anticipates,” "believe," "expect," "may," "should," "will," ”intend,” "continue," "improving," "additional," "focus," "forward,"
"future," "efforts," "strategy," "momentum," "positioned," 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 trends in our key operating metrics and financial performance, future levels
of earnings and profitability, future levels of earning assets, future asset quality, future growth, future interest rates, future net interest margin, future economic conditions, and future levels of unrealized gains or losses in the
investement securities portfolio. 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 deferred tax assets) and other real estate owned 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 sell other real estate owned at its carrying value or at all, reduce non-performing asset expenses, utilize our deferred tax asset, successfully implement new programs
and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, improve profitability, and produce consistent
core earnings is not entirely within our control and is not assured. The future effect of changes in the real estate, financial and credit markets, interest rates and the national and regional economy on the banking industry, generally,
and Macatawa Bank Corporation, specifically, are also inherently uncertain. 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, extent, 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, 2022. 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.
|
Jon W. Swets
|
|
Chief Financial Officer
|
|
616-494-7645
|
|
jswets@macatawabank.com
|
(Dollars in thousands except per share information) |
EARNINGS SUMMARY
|
1st Qtr
2023
|
4th Qtr
2022
|
1st Qtr
2022
|
|||||||||
Total interest income
|
$
|
27,266
|
$
|
25,454
|
$
|
13,143
|
||||||
Total interest expense
|
4,650
|
2,587
|
478
|
|||||||||
Net interest income
|
22,616
|
22,867
|
12,665
|
|||||||||
Provision for credit losses
|
-
|
375
|
(1,500
|
)
|
||||||||
Net interest income after provision for credit losses
|
22,616
|
22,492
|
14,165
|
|||||||||
NON-INTEREST INCOME
|
||||||||||||
Deposit service charges
|
994
|
1,077
|
1,211
|
|||||||||
Net gains on mortgage loans
|
11
|
32
|
308
|
|||||||||
Trust fees
|
1,033
|
990
|
1,088
|
|||||||||
Other
|
2,490
|
2,936
|
2,358
|
|||||||||
Total non-interest income
|
4,528
|
5,035
|
4,965
|
|||||||||
NON-INTEREST EXPENSE
|
||||||||||||
Salaries and benefits
|
6,698
|
6,864
|
6,289
|
|||||||||
Occupancy
|
1,137
|
968
|
1,172
|
|||||||||
Furniture and equipment
|
1,031
|
991
|
1,016
|
|||||||||
FDIC assessment
|
330
|
211
|
180
|
|||||||||
Other
|
2,969
|
3,414
|
3,082
|
|||||||||
Total non-interest expense
|
12,165
|
12,448
|
11,739
|
|||||||||
Income before income tax
|
14,979
|
15,079
|
7,391
|
|||||||||
Income tax expense
|
2,975
|
2,961
|
1,391
|
|||||||||
Net income
|
$
|
12,004
|
$
|
12,118
|
$
|
6,000
|
||||||
Basic earnings per common share
|
$
|
0.35
|
$
|
0.35
|
$
|
0.18
|
||||||
Diluted earnings per common share
|
$
|
0.35
|
$
|
0.35
|
$
|
0.18
|
||||||
Return on average assets
|
1.74
|
%
|
1.72
|
%
|
0.82
|
%
|
||||||
Return on average equity
|
19.19
|
%
|
20.22
|
%
|
9.54
|
%
|
||||||
Net interest margin (fully taxable equivalent)
|
3.44
|
%
|
3.34
|
%
|
1.85
|
%
|
||||||
Efficiency ratio
|
44.82
|
%
|
44.61
|
%
|
66.59
|
%
|
||||||
BALANCE SHEET DATA
Assets
|
March 31
2023
|
December 31
2022
|
March 31
2022
|
|||||||||
Cash and due from banks
|
$
|
29,402
|
$
|
51,215
|
$
|
31,957
|
||||||
Federal funds sold and other short-term investments
|
391,336
|
703,955
|
1,078,983
|
|||||||||
Debt securities available for sale
|
525,959
|
499,257
|
346,114
|
|||||||||
Debt securities held to maturity
|
348,387
|
348,765
|
254,565
|
|||||||||
Federal Home Loan Bank Stock
|
10,211
|
10,211
|
10,211
|
|||||||||
Loans held for sale
|
87
|
215
|
855
|
|||||||||
Total loans
|
1,220,939
|
1,177,748
|
1,101,902
|
|||||||||
Less allowance for credit losses
|
16,794
|
15,285
|
14,616
|
|||||||||
Net loans
|
1,204,145
|
1,162,463
|
1,087,286
|
|||||||||
Premises and equipment, net
|
40,249
|
40,306
|
41,413
|
|||||||||
Bank-owned life insurance
|
53,557
|
53,345
|
52,720
|
|||||||||
Other real estate owned
|
-
|
2,343
|
2,343
|
|||||||||
Other assets
|
33,820
|
34,844
|
23,436
|
|||||||||
Total Assets
|
$
|
2,637,153
|
$
|
2,906,919
|
$
|
2,929,883
|
||||||
Liabilities and Shareholders' Equity
|
||||||||||||
Noninterest-bearing deposits
|
$
|
690,444
|
$
|
834,879
|
$
|
918,907
|
||||||
Interest-bearing deposits
|
1,640,451
|
1,780,263
|
1,663,390
|
|||||||||
Total deposits
|
2,330,895
|
2,615,142
|
2,582,297
|
|||||||||
Other borrowed funds
|
30,000
|
30,000
|
85,000
|
|||||||||
Long-term debt
|
-
|
-
|
-
|
|||||||||
Other liabilities
|
15,690
|
14,739
|
16,984
|
|||||||||
Total Liabilities
|
2,376,585
|
2,659,881
|
2,684,281
|
|||||||||
Shareholders' equity
|
260,568
|
247,038
|
245,602
|
|||||||||
Total Liabilities and Shareholders' Equity
|
$
|
2,637,153
|
$
|
2,906,919
|
$
|
2,929,883
|
(Dollars in thousands except per share information) |
Quarterly
|
||||||||||||||||||||
1st Qtr
2023
|
4th Qtr
2022
|
3rd Qtr
2022
|
2nd Qtr
2022
|
1st Qtr
2022
|
||||||||||||||||
EARNINGS SUMMARY
|
||||||||||||||||||||
Net interest income
|
$
|
22,616
|
$
|
22,867
|
$
|
19,771
|
$
|
14,843
|
$
|
12,665
|
||||||||||
Provision for credit losses
|
-
|
375
|
-
|
-
|
(1,500
|
)
|
||||||||||||||
Total non-interest income
|
4,528
|
5,035
|
4,889
|
5,131
|
4,965
|
|||||||||||||||
Total non-interest expense
|
12,165
|
12,448
|
12,127
|
11,913
|
11,739
|
|||||||||||||||
Federal income tax expense
|
2,975
|
2,961
|
2,488
|
1,493
|
1,391
|
|||||||||||||||
Net income
|
$
|
12,004
|
$
|
12,118
|
$
|
10,045
|
$
|
6,568
|
$
|
6,000
|
||||||||||
Basic earnings per common share
|
$
|
0.35
|
$
|
0.35
|
$
|
0.29
|
$
|
0.19
|
$
|
0.18
|
||||||||||
Diluted earnings per common share
|
$
|
0.35
|
$
|
0.35
|
$
|
0.29
|
$
|
0.19
|
$
|
0.18
|
||||||||||
MARKET DATA
|
||||||||||||||||||||
Book value per common share
|
$
|
7.60
|
$
|
7.20
|
$
|
6.91
|
$
|
7.10
|
$
|
7.17
|
||||||||||
Tangible book value per common share
|
$
|
7.60
|
$
|
7.20
|
$
|
6.91
|
$
|
7.10
|
$
|
7.17
|
||||||||||
Market value per common share
|
$
|
10.22
|
$
|
11.03
|
$
|
9.26
|
$
|
8.84
|
$
|
9.01
|
||||||||||
Average basic common shares
|
34,297,221
|
34,277,839
|
34,251,792
|
34,253,846
|
34,254,772
|
|||||||||||||||
Average diluted common shares
|
34,297,221
|
34,277,839
|
34,251,792
|
34,253,846
|
34,254,772
|
|||||||||||||||
Period end common shares
|
34,292,294
|
34,298,640
|
34,251,485
|
34,253,147
|
34,253,962
|
|||||||||||||||
PERFORMANCE RATIOS
|
||||||||||||||||||||
Return on average assets
|
1.74
|
%
|
1.72
|
%
|
1.40
|
%
|
0.92
|
%
|
0.82
|
%
|
||||||||||
Return on average equity
|
19.19
|
%
|
20.22
|
%
|
16.41
|
%
|
10.80
|
%
|
9.54
|
%
|
||||||||||
Efficiency ratio
|
44.82
|
%
|
44.61
|
%
|
49.18
|
%
|
59.64
|
%
|
66.59
|
%
|
||||||||||
Full-time equivalent employees (period end)
|
317
|
318
|
316
|
315
|
311
|
|||||||||||||||
YIELDS AND COST OF FUNDS RATIOS
|
||||||||||||||||||||
Federal funds sold and other short-term investments
|
4.58
|
%
|
3.72
|
%
|
2.27
|
%
|
0.79
|
%
|
0.19
|
%
|
||||||||||
Debt securities (fully taxable equivalent)
|
2.40
|
%
|
2.25
|
%
|
2.07
|
%
|
1.87
|
%
|
1.66
|
%
|
||||||||||
Commercial loans
|
5.40
|
%
|
4.93
|
%
|
4.30
|
%
|
3.79
|
%
|
3.88
|
%
|
||||||||||
Residential mortgage loans
|
3.73
|
%
|
3.53
|
%
|
3.39
|
%
|
3.27
|
%
|
3.22
|
%
|
||||||||||
Consumer loans
|
7.20
|
%
|
6.22
|
%
|
5.18
|
%
|
4.09
|
%
|
3.89
|
%
|
||||||||||
Total loans
|
5.28
|
%
|
4.83
|
%
|
4.24
|
%
|
3.74
|
%
|
3.81
|
%
|
||||||||||
Total yield on interest earning assets (fully taxable equivalent)
|
4.15
|
%
|
3.72
|
%
|
3.02
|
%
|
2.28
|
%
|
1.92
|
%
|
||||||||||
Interest bearing demand deposits
|
0.43
|
%
|
0.34
|
%
|
0.14
|
%
|
0.03
|
%
|
0.02
|
%
|
||||||||||
Savings and money market accounts
|
1.35
|
%
|
0.73
|
%
|
0.29
|
%
|
0.07
|
%
|
0.03
|
%
|
||||||||||
Time deposits
|
2.22
|
%
|
0.84
|
%
|
0.29
|
%
|
0.20
|
%
|
0.23
|
%
|
||||||||||
Total interest bearing deposits
|
1.05
|
%
|
0.57
|
%
|
0.22
|
%
|
0.06
|
%
|
0.04
|
%
|
||||||||||
Other borrowed funds
|
2.08
|
%
|
2.08
|
%
|
2.08
|
%
|
2.53
|
%
|
1.51
|
%
|
||||||||||
Total average cost of funds on interest bearing liabilities
|
1.07
|
%
|
0.60
|
%
|
0.26
|
%
|
0.14
|
%
|
0.11
|
%
|
||||||||||
Net interest margin (fully taxable equivalent)
|
3.44
|
%
|
3.34
|
%
|
2.86
|
%
|
2.19
|
%
|
1.85
|
%
|
||||||||||
ASSET QUALITY
|
||||||||||||||||||||
Gross charge-offs
|
$
|
21
|
$
|
23
|
$
|
46
|
$
|
60
|
$
|
35
|
||||||||||
Net charge-offs/(recoveries)
|
$
|
(33
|
)
|
$
|
(89
|
)
|
$
|
(190
|
)
|
$
|
(15
|
)
|
$
|
(227
|
)
|
|||||
Net charge-offs to average loans (annualized)
|
-0.01
|
%
|
-0.03
|
%
|
-0.07
|
%
|
-0.01
|
%
|
-0.08
|
%
|
||||||||||
Nonperforming loans
|
$
|
75
|
$
|
78
|
$
|
85
|
$
|
90
|
$
|
90
|
||||||||||
Other real estate and repossessed assets
|
$
|
-
|
$
|
2,343
|
$
|
2,343
|
$
|
2,343
|
$
|
2,343
|
||||||||||
Nonperforming loans to total loans
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.00
|
%
|
0.08
|
%
|
0.09
|
%
|
0.09
|
%
|
0.08
|
%
|
||||||||||
Allowance for credit losses
|
$
|
16,794
|
$
|
15,285
|
$
|
14,821
|
$
|
14,631
|
$
|
14,616
|
||||||||||
Allowance for credit losses to total loans
|
1.38
|
%
|
1.30
|
%
|
1.30
|
%
|
1.32
|
%
|
1.33
|
%
|
||||||||||
Allowance for credit losses to total loans (excluding PPP loans)
|
1.38
|
%
|
1.30
|
%
|
1.30
|
%
|
1.32
|
%
|
1.34
|
%
|
||||||||||
Allowance for credit losses to nonperforming loans
|
22392.00
|
%
|
19596.15
|
%
|
17436.47
|
%
|
16256.67
|
%
|
16240.00
|
%
|
||||||||||
CAPITAL
|
||||||||||||||||||||
Average equity to average assets
|
9.07
|
%
|
8.49
|
%
|
8.52
|
%
|
8.55
|
%
|
8.62
|
%
|
||||||||||
Common equity tier 1 to risk weighted assets (Consolidated)
|
17.08
|
%
|
16.94
|
%
|
16.72
|
%
|
16.54
|
%
|
16.92
|
%
|
||||||||||
Tier 1 capital to average assets (Consolidated)
|
10.26
|
%
|
9.73
|
%
|
9.29
|
%
|
9.13
|
%
|
8.82
|
%
|
||||||||||
Total capital to risk-weighted assets (Consolidated)
|
18.08
|
%
|
17.87
|
%
|
17.64
|
%
|
17.47
|
%
|
17.88
|
%
|
||||||||||
Common equity tier 1 to risk weighted assets (Bank)
|
16.58
|
%
|
16.44
|
%
|
16.24
|
%
|
16.04
|
%
|
16.39
|
%
|
||||||||||
Tier 1 capital to average assets (Bank)
|
9.96
|
%
|
9.44
|
%
|
9.02
|
%
|
8.85
|
%
|
8.55
|
%
|
||||||||||
Total capital to risk-weighted assets (Bank)
|
17.58
|
%
|
17.37
|
%
|
17.16
|
%
|
16.97
|
%
|
17.35
|
%
|
||||||||||
Common equity to assets
|
9.88
|
%
|
8.50
|
%
|
8.34
|
%
|
8.74
|
%
|
8.38
|
%
|
||||||||||
Tangible common equity to assets
|
9.88
|
%
|
8.50
|
%
|
8.34
|
%
|
8.74
|
%
|
8.38
|
%
|
||||||||||
END OF PERIOD BALANCES
|
||||||||||||||||||||
Total portfolio loans
|
$
|
1,220,939
|
$
|
1,177,748
|
$
|
1,138,645
|
$
|
1,111,915
|
$
|
1,101,902
|
||||||||||
Earning assets
|
2,531,184
|
2,781,515
|
2,727,924
|
2,655,706
|
2,802,498
|
|||||||||||||||
Total assets
|
2,637,153
|
2,906,919
|
2,835,038
|
2,781,208
|
2,929,883
|
|||||||||||||||
Deposits
|
2,330,895
|
2,615,142
|
2,556,197
|
2,494,583
|
2,582,297
|
|||||||||||||||
Total shareholders' equity
|
260,568
|
247,038
|
236,554
|
243,109
|
245,602
|
|||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Federal funds sold and other short-term investments
|
$
|
555,670
|
$
|
681,489
|
$
|
803,082
|
$
|
858,545
|
$
|
1,111,216
|
||||||||||
Total debt securities
|
898,691
|
862,613
|
808,477
|
751,411
|
572,708
|
|||||||||||||||
Total portfolio loans
|
1,186,684
|
1,159,449
|
1,124,950
|
1,103,955
|
1,092,673
|
|||||||||||||||
Earning assets
|
2,650,972
|
2,713,294
|
2,746,975
|
2,724,714
|
2,788,254
|
|||||||||||||||
Total assets
|
2,757,594
|
2,822,770
|
2,874,343
|
2,847,381
|
2,917,462
|
|||||||||||||||
Non-interest bearing deposits
|
732,434
|
847,752
|
917,552
|
897,727
|
875,223
|
|||||||||||||||
Total interest bearing deposits
|
1,727,883
|
1,687,693
|
1,668,613
|
1,639,384
|
1,694,092
|
|||||||||||||||
Total deposits
|
2,460,318
|
2,535,446
|
2,586,165
|
2,537,111
|
2,569,315
|
|||||||||||||||
Borrowings
|
30,000
|
30,000
|
30,000
|
54,305
|
85,002
|
|||||||||||||||
Total shareholders' equity
|
250,160
|
239,684
|
244,857
|
243,352
|
251,600
|
/R+1439CRHG=9"1ELEB.",5Z%4;00LLBM%&5D.7!4 M8;Z^O05)6,YJ222M_2*2L%%%%9E!1110 4444 %%%% !1110 4444 %%%% ' "_]D! end
Document and Entity Information |
Apr. 27, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 27, 2023 |
Entity File Number | 000-25927 |
Entity Registrant Name | MACATAWA BANK CORPORATION |
Entity Central Index Key | 0001053584 |
Entity Incorporation, State or Country Code | MI |
Entity Tax Identification Number | 38-3391345 |
Entity Address, Address Line One | 10753 Macatawa Drive |
Entity Address, City or Town | Holland |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 49424 |
City Area Code | 616 |
Local Phone Number | 820-1444 |
Title of 12(b) Security | Common stock |
Trading Symbol | MCBC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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