Macatawa 2Q Income Earnings
Down By Half
Net income for the first six months of 2008 totaled $4.61 million, or 27 cents per diluted share, versus net income of $9.43 million, or 54 cents per diluted share, for the first six months of 2007.
Macatawa recorded loan loss provisions of $3.5 million in the second quarter and indicated that the elevated loan loss provision led to the reduced earnings for the current quarter when compared to the prior year’s second quarter.
“As we move through 2008, local, regional and national banks continue to report significant loan losses and contingent capital plans to respond to the struggling economy and the shift occurring within the credit markets,” said
Although elevated, the company’s loan loss provision has continued to moderate since the fourth quarter of last year, Smith pointed out. He said Macatawa remains “intensely focused upon improving loan quality.”
Total assets were $2.12 billion at both