Holland
Macatawa Bank announced Thursday its fourth-quarter and year-end financial results, including net earnings of $5.8 million for 2011.
Macatawa Bank Corp. improved earnings in both the fourth quarter and for the full year of 2011 compared to the same periods in the prior year, according to a company statement.
For the fourth quarter of 2011, Macatawa reported a net income of $1.1 million, or $0.04 per diluted share. Those figures compare to a net income of $835,000, or $0.05 per diluted share, for the fourth quarter 2010.
For the full year, the company reported a net income of $5.8 million in 2011 compared to a net loss of $17.9 million for 2010.
Richard L. Postma, chairman of the board, said in a prepared statement that in addition to recording profits, the company’s financial foundation is stronger. Total loan delinquencies were lowered by 76 percent and non-performing assets were lowered by almost 30 percent, he said.
“Our strengthened balance sheet will allow the company to begin cultivating new loan origination, which is crucial to meeting the community’s financial services needs going forward,” Postma said. “The board of directors is pleased with the progress the bank has made over the past two years, but we are not satisfied. Our primary focus in 2012 will be to increase earning assets with prudent loan portfolio growth, and to reduce our level of non-performing assets to acceptable levels.”