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July 22 , 2021 Macatawa Bank Corporation M MACATAWA BANKⓇ Reports Second Quarter 2021 Results HOLLAND , Mich . , July 22 , 2021 ( GLOBE NEWSWIRE ) -- Macatawa Bank Corporation ( NASDAQ : MCBC ) , the holding company for Macatawa Bank ( collectively , the " Company " ) , today announced its results for the second quarter 2021 . • Net income of $ 7.8 million in second quarter 2021 versus $ 7.6 million in second quarter 2020 • Negative provision for loan losses ( benefit ) of $ 750,000 taken in the second quarter 2021 versus $ 1.0 million provision expense taken in the second quarter 2020 • Net interest margin decreased 55 basis points to 2.19 % for the second quarter 2021 compared to the second quarter 2020 reflecting a significant increase in on - balance sheet liquidity and the continued low interest rate environment • Growth in non - interest income of $ 315,000 ( 5 % ) from second quarter 2020 driven by increased wealth management and debit card interchange income • Loan portfolio balances down by $ 324 million ( 21 % ) from second quarter 2020 reflecting significant PPP loan forgiveness by the SBA • Deposit balances up by $ 482 million ( 23 % ) from second quarter 2020 • The Company redeemed its remaining $ 20 million trust preferred securities on July 7 , 2021 • Capital and liquidity levels increased further during the quarter and remain strong The Company reported net income of $ 7.8 million , or $ 0.23 per diluted share , in the second quarter 2021 compared to $ 7.6 million , or $ 0.22 per diluted share , in the second quarter 2020. For the first six months of 2021 , the Company reported net income of $ 15.6 million , or $ 0.46 per diluted share , compared to $ 14.0 million , or $ 0.41 per diluted share , for the same period in 2020 . " We are pleased to report solid results for the second quarter of 2021 , " said Ronald L. Haan , President and CEO of the Company . " While the impact of the COVID - 19 pandemic continues to pose challenges for the banking business , we remained focused on serving the financial needs of our customers and our community . We originated an additional 253 loans totaling $ 31.5 million in the second quarter 2021 in the Small Business Administration's Paycheck Protection Program ( PPP ) . These new loans were in addition to the $ 443.6 million of PPP loans previously originated since the program's inception in April 2020. The loans protect jobs and allow continued paychecks to employees in those companies and the communities we serve . In addition , we are happy to serve our customers with their deposit needs . They are retaining an unprecedented level of balances with us as evidenced by the continuing growth in our deposits . Total deposits have grown from $ 1.7 billion at March 31 , 2020 to over $ 2.6 billion at June 30 , 2021. This not only speaks to the strength of our customers , but their confidence in us as their banking institution . As a result of these high balances , our on- balance sheet liquidity is stronger than it has ever been . "