secwatch.observer — SEC 8-K summary
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Issuer:     MACATAWA BANK CORP (—)
CIK:        0001053584
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001437749-24-013246
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Macatawa Bank Q1 net income $9.8M ($0.29 EPS), down from $12.0M; announces merger with Wintrust
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- Net income $9.8M ($0.29 diluted) in Q1 2024 vs $12.0M ($0.35) in Q1 2023; net interest margin 3.26% vs 3.44%.
- Entered definitive merger agreement with Wintrust Financial Corp on April 15, 2024; $300K merger-related expenses incurred.
- Loan portfolio grew $3.8M (1.1% annualized) in Q1 2024; total loans $1.34B at quarter end.
- Deposits decreased $131.3M in Q1 2024 due to seasonal municipal and business deposit fluctuations.
- Non-performing assets below $1,000; allowance for credit losses at 1.30% of loans; no provision needed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1053584/000143774924013246/0001437749-24-013246-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1053584/000143774924013246/mcbc20240223_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-013246

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