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October 28 , 2021 A MACATAWA BANK® M Macatawa Bank Corporation Reports Third Quarter 2021 Results HOLLAND , Mich . , Oct. 28 , 2021 ( GLOBE NEWSWIRE ) -- Macatawa Bank Corporation ( NASDAQ : MCBC ) , the holding company for Macatawa Bank ( collectively , the " Company " ) , today announced its results for the third quarter 2021 . • Net income of $ 7.2 million in third quarter 2021 versus $ 7.1 million in third quarter 2020 • Provision for loan losses benefit of $ 550,000 in the third quarter 2021 versus $ 500,000 provision expense in the third quarter 2020 • Loan portfolio balances down by $ 405.7 million ( 26 % ) from third quarter 2020 reflecting a net decrease of $ 261.6 million in PPP loans in the same time period • New commercial loan origination activity accelerated in the third quarter 2021 - $ 114.6 million versus $ 88.2 million in third quarter 2020 and $ 62.0 million in second quarter 2021 • Deposit balances up by $ 382.6 million ( 18 % ) from third 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 $ 7.2 million , or $ 0.21 per diluted share , in the third quarter 2021 compared to $ 7.1 million , or $ 0.21 per diluted share , in the third quarter 2020 . For the first nine months of 2021 , the Company reported net income of $ 22.8 million , or $ 0.67 per diluted share , compared to $ 21.2 million , or $ 0.62 per diluted share , for the same period in 2020 . " We are pleased to report solid results for the third quarter of 2021 , " said Ronald L. Haan , President and CEO of the Company . " We are encouraged by our increase in commercial loan origination activity . Originations were up 30 percent in third quarter 2021 over third quarter 2020 and were up 85 percent over second quarter 2021. Our credit quality remains strong and we experienced no commercial loan chargeoffs during the third quarter 2021 , allowing for a provision for loan loss benefit of $ 550,000 during the third quarter 2021. " " In addition , our customers ' deposits remain high . They are continuing to retain an unprecedented level of balances with us , with total deposits having grown from $ 1.7 billion at March 31 , 2020 to over $ 2.5 billion at September 30 , 2021. This not only speaks to the strength of our customers , but their confidence in us as their banking institution . " " Our strong liquidity and capital position allowed us to redeem the remaining $ 20.0 million of trust preferred securities in the third quarter 2021. This simplifies our capital structure and will reduce interest expense by approximately $ 600,000 annually . " Mr. Haan concluded : " Despite a challenging environment , we produced strong earnings for the third quarter of 2021. Our asset quality is strong and we are well - positioned to build on