Macatawa Bank (MCBC) Misses Q1 EPS by 10c
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Macatawa Bank Corporation (Nasdaq: MCBC) reports a Q1 loss of $0.30, 10 cents worse than estimates.
Net loss amounted to $4.14 million for the first quarter of 2009 compared to net income of $2.44 million for the first quarter of 2008.
First quarter net interest income totaled $12.8 million, a decrease of $1.9 million compared to the first quarter of 2008.
Total assets were $2.09 billion at March 31, 2009 a decrease of $57.0 million compared to $2.15 billion at December 31, 2008. Total loans decreased $74.1 million since December 31, 2008 to $1.70 billion at March 31, 2009. Most of the decrease in loans occurred in the commercial loan portfolio. [SM'
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