Exhibit 99.1
 
 
For immediate release
  
NASDAQ Stock Market:
MCBC

Macatawa Bank Corporation Reports
Fourth Quarter and Full Year 2014 Results

Holland, Michigan, (January 29, 2015) – Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the fourth quarter and full year of 2014, reflecting continued improvement in financial performance.

● Net income of $2.3 million in the fourth quarter 2014, up from fourth quarter 2013 net income of $2.2 million.  Full year net income of $10.5 million, up from $9.5 million in 2013
● Strong growth in total loans – up $63.7 million for the fourth quarter 2014 and $76.1 million for the full year 2014
● Net interest income increase aided by growth in loans
● Further expense reductions – total non-interest expense decreased by $1.9 million for 2014 compared to 2013
● Total nonperforming assets decreased by $12.5 million, or 25.4%, from 2013
● Past due loans at 0.25% of total loans at end of 2014, the lowest level in Company history
● Strong loan collection results – 2014 was the second consecutive full year of net recoveries, and net recoveries in 4 of the previous 5 quarters

Macatawa reported net income of $2.3 million, or $0.07 per diluted share, in the fourth quarter 2014 compared to net income of $2.2 million, or ($0.56) per diluted share, for the fourth quarter 2013.  For the full year of 2014, the Company reported net income of $10.5 million, or $0.31 per diluted share, compared to $9.5 million, or ($0.29) per diluted share, for the same period in 2013.  The 2013 earnings per share information reflects the impact of the exchange of all of Macatawa’s outstanding preferred stock for common stock and cash completed at the end of 2013.

"The Company is pleased to report improved earnings for both the fourth quarter and full year 2014 compared to the same periods in 2013”, said Ronald L. Haan, President and CEO of the Company.  “We had strong growth in the loan portfolio at the end of 2014 leading to higher net interest income, and our asset quality continued to improve.  We are well positioned for continued profitable growth.”

Mr. Haan continued: "Our collection efforts yielded strong loan recoveries again in 2014.  Non-interest income increased in the fourth quarter 2014 and for the full year 2014.  We made further progress towards eliminating the costs associated with holding and disposing of nonperforming assets, reducing these expenses by 44 percent in 2014.  We also reduced several other core expense categories reflecting our ongoing focus on improving earnings performance.”

Mr. Haan concluded: "We ended the year with excellent growth in our loan portfolios.  Total performing loans increased by $63.7 million in the fourth quarter of 2014, after growing by $10.9 million in the third quarter of 2014.  Our commercial loan pipeline remains strong, and we are well positioned for additional loan growth in 2015.  We believe our strong financial condition and the loan growth we are seeing will provide the foundation for a continuation of improved earnings performance for our shareholders."
 
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Macatawa Bank Corporation 4Q Results / page 2 of 4

Operating Results
Net interest income for the fourth quarter 2014 totaled $10.5 million, an increase of $153,000 from the third quarter 2014 and an increase of $245,000 from the fourth quarter 2013.  Net interest margin was 3.05 percent, up 1 basis point from the third quarter 2014 and up 10 basis points from the fourth quarter 2013.  The Company believes that loan yield compression is bottoming and that recent loan portfolio growth will continue to benefit net interest margin in future quarters.  Average interest earning assets for the fourth quarter 2014 increased $14.9 million from the third quarter 2014.

Non-interest income increased $30,000 in the fourth quarter 2014 compared to the third quarter 2014 and increased $317,000 from the fourth quarter 2013.  The increase from the third quarter 2014 was due primarily to increased debit card interchange income, offset by a decrease in gains on sales of mortgage loans. The increase from the fourth quarter 2013 was due to increases in all non-interest income categories.

Non-interest expense was $12.1 million for the fourth quarter 2014, compared to $11.4 million for the third quarter 2014 and $12.0 million for the fourth quarter 2013.  The largest fluctuations in non-interest expense related to costs associated with the administration and disposition of problem loans and non-performing assets, which decreased $8,000 compared to the third quarter 2014 and $599,000 compared to the fourth quarter 2013.  The large decrease from the fourth quarter of 2013 related to an overall general decline in non-performing assets.  Salaries and benefits were up $149,000 compared to the third quarter 2014 and were up $306,000 compared to the fourth quarter 2013 due to a higher level of claims experienced in the self-funded medical benefits plan in this current quarter compared to the prior quarters.

Federal income tax expense was $960,000 for the fourth quarter 2014 compared to $1.2 million for the third quarter 2014 and $958,000 for the fourth quarter 2013.  The effective tax rate was 29.30 percent for the fourth quarter 2014, 30.39 percent for the third quarter 2014 and 30.01 percent for the fourth quarter 2013.

Asset Quality
As a result of the consistent improvements in nonperforming loans and past due loans over the past several quarters, and the reduction in historical loan loss ratios, a negative provision for loan losses of $600,000 was recorded in the fourth quarter 2014.  Net loan charge offs for the fourth quarter 2014 were $67,000, compared to third quarter 2014 net loan recoveries of $330,000 and fourth quarter 2013 net loan recoveries of $526,000.  The Bank has experienced net loan recoveries in 4 of the past 5 quarters and for the past two full years. Total loans past due on payments by 30 days or more amounted to $2.8 million at December 31, 2014, down 45.1 percent from $5.1 million at September 30, 2014 and down 49.1 percent from $5.5 million at December 31, 2013.  Delinquency as a percentage of total loans was 0.25 percent at December 31, 2014, the lowest quarterly level in Bank history.

The allowance for loan losses of $19.0 million was 1.70 percent of total loans at December 31, 2014, compared to 1.86 percent of total loans at September 30, 2014, and 2.00 percent at December 31, 2013.    The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 225.04 percent as of December 31, 2014, compared to 232.99 percent at September 30, 2014, and 168.61 percent at December 31, 2013.

At December 31, 2014, the Company's nonperforming loans were $8.4 million, representing 0.75 percent of total loans.  This compares to $8.4 million (0.80 percent of total loans) at September 30, 2014 and $12.3 million (1.18 percent of total loans) at December 31, 2013.  Other real estate owned and repossessed assets were $28.3 million at December 31, 2014, compared to $28.8 million at September 30, 2014, and were down significantly from $36.8 million at December 31, 2013. Total nonperforming assets, including other real estate owned and nonperforming loans, have decreased by $12.5 million, or 25.4 percent, from December 31, 2013 to December 31, 2014.
 
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Macatawa Bank Corporation 4Q Results / page 3 of 4
 
A break-down of non-performing loans is shown in the table below.
 
 
Dollars in 000s
  
December 31,
2014
    
September 30,
2014
    
June 30,
2014
    
March 31,
2014
    
December 31,
2013
  
                     
Commercial Real Estate
  
$
5,605
    
$
3,499
    
$
3,955
    
$
6,299
    
$
5,706
  
Commercial and Industrial
    
2,023
      
4,372
      
3,485
      
8,077
      
5,625
  
Total Commercial Loans
    
7,628
      
7,871
      
7,440
      
14,376
      
11,331
  
Residential Mortgage Loans
    
305
      
144
      
142
      
762
      
639
  
Consumer Loans
    
493
      
410
      
483
      
410
      
365
  
Total Non-Performing Loans
  
$
8,426
    
$
8,425
    
$
8,065
    
$
15,548
    
$
12,335
  
                                         
Residential Developer Loans (a)
  
$
245
    
$
2,245
    
$
2,249
    
$
2,205
    
$
2,591
  

(a) Represents the amount of loans to residential developers secured by single family residential property which is included in non-performing commercial loans secured by real estate.

Total non-performing assets were $36.7 million, or 2.32 percent of total assets, at December 31, 2014.  A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
  
December 31,
2014
    
September 30,
2014
    
June 30,
2014
    
March 31,
2014
    
December 31,
2013
  
                     
Non-Performing Loans
  
$
8,426
    
$
8,425
    
$
8,065
    
$
15,548
    
$
12,335
  
Other Repossessed Assets
    
38
      
38
      
48
      
42
      
40
  
Other Real Estate Owned
    
28,242
      
28,763
      
31,523
      
34,035
      
36,796
  
Total Non-Performing Assets
  
$
36,706
    
$
37,226
    
$
39,636
    
$
49,625
    
$
49,171
  

Balance Sheet, Liquidity and Capital
Total assets were $1,583.8 million at December 31, 2014, an increase of $94.1 million from $1,489.7 million at September 30, 2014 and an increase of $66.4 million from $1,517.4 million at December 31, 2013.  Total loans were $1,118.5 million at December 31, 2014, an increase of $63.7 million from $1,054.8 million at September 30, 2014 and an increase of $76.1 million from $1,042.4 million at December 31, 2013.

Commercial loans increased by $71.8 million during the full year of 2014, and the Company also had an increase of $4.3 million in our residential mortgage and consumer loan portfolios.  Commercial real estate loans increased by $18.2 million and commercial and industrial loans increased by $53.6 million during the same period as the Company continues its efforts to increase this segment of the commercial loan portfolio.

The composition of the commercial loan portfolio is shown in the table below:

 
Dollars in 000s
  
December 31,
2014
    
September 30,
2014
    
June 30,
2014
    
March 31,
2014
    
December 31,
2013
  
                     
Construction and Development
  
$
81,296
    
$
82,485
    
$
84,448
    
$
84,875
    
$
86,413
  
Other Commercial Real Estate
    
409,235
      
385,432
      
380,146
      
378,322
      
385,927
  
Commercial Loans Secured by Real Estate
    
490,531
      
467,917
      
464,594
      
463,197
      
472,340
  
Commercial and Industrial
    
327,674
      
285,833
      
284,152
      
271,924
      
274,099
  
Total Commercial Loans
  
$
818,205
    
$
753,750
    
$
748,746
    
$
735,121
    
$
746,439
  
                                         
Residential Developer Loans (a)
  
$
29,804
    
$
32,441
    
$
33,622
    
$
33,970
    
$
35,164
  

(a) Represents the amount of loans to residential developers secured by single family residential property which is included in commercial loans secured by real estate.
 
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Macatawa Bank Corporation 4Q Results / page 4 of 4

Total deposits were $1,306.3 million at December 31, 2014, up $56.6 million from $1,249.7 million at December 31, 2013. Since December 31, 2013, balances in noninterest checking increased by $59.6 million, interest bearing checking increased by $52.6 million, savings and money market accounts decreased $27.3 million and certificates of deposit decreased $28.3 million.  The Bank continues to be successful at attracting and retaining core deposit customers.  Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.

At December 31, 2014, the Bank's regulatory capital continued to be at levels among the highest in Bank history, comfortably above levels required to be categorized as “well capitalized” under applicable regulatory capital guidelines.  The Bank was categorized as "well capitalized" at December 31, 2014.

About Macatawa Bank
Headquartered in Holland, Michigan, Macatawa Bank Corporation is the parent company for Macatawa Bank.  Through its banking subsidiary, the Company offers a full range of banking, investment and trust services to individuals, businesses, and governmental entities from a network of 26 full service branches located in communities in Kent County, Ottawa County, and northern Allegan County.  Services include commercial, consumer and real estate financing, business and personal deposit services, ATM's and Internet banking services, trust and employee benefit plan services, and various investment services.  The Company emphasizes its local management team and decision making, along with providing customers excellent service and superior financial products.
 
 
 
CAUTIONARY STATEMENT:  This press release contains forward-looking statements that are based on management's current beliefs, expectations, assumptions, estimates, plans and intentions.  Forward-looking statements are identifiable by words or phrases such as "believe," "may," "will," "continue," "improving," "additional," "focus," "future," "well positioned," and other similar words or phrases.  Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  These statements include, among others, statements related to trends in our key operating metrics and financial performance, future levels of earnings and profitability, future levels of earning assets, future asset quality, future growth, future yield compression and future net interest margin.  All statements with references to future time periods are forward-looking.  Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including deferred tax assets) and other real estate owned and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to sell other real estate owned at its carrying value or at all, utilize our deferred tax asset, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, improve profitability, and produce consistent core earnings is not entirely within our control and is not assured.  The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence.  Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
 
Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2013.  These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.
 
 
 
 
 
MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
 
(Dollars in thousands except per share information)
   
Three Months Ended
December 31
    
Twelve Months Ended
December 31
  
EARNINGS SUMMARY
  
2014
    
2013
    
2014
    
2013
  
Total interest income
  
$
11,816
    
$
11,961
    
$
46,988
    
$
48,620
  
Total interest expense
    
1,359
      
1,749
      
5,596
      
7,337
  
Net interest income
    
10,457
      
10,212
      
41,392
      
41,283
  
Provision for loan losses
    
(600
)
    
(1,000
)
    
(3,350
)
    
(4,250
)
Net interest income after provision for loan losses
    
11,057
      
11,212
      
44,742
      
45,533
  
                                 
NON-INTEREST INCOME
                                
Deposit service charges
    
1,115
      
1,088
      
4,334
      
4,129
  
Net gains on mortgage loans
    
534
      
409
      
1,939
      
2,554
  
Trust fees
    
699
      
615
      
2,701
      
2,413
  
Other
    
1,985
      
1,904
      
7,240
      
7,045
  
Total non-interest income
    
4,333
      
4,016
      
16,214
      
16,141
  
                                 
NON-INTEREST EXPENSE
                                
Salaries and benefits
    
5,959
      
5,653
      
23,137
      
23,012
  
Occupancy
    
1,003
      
997
      
3,840
      
3,756
  
Furniture and equipment
    
796
      
810
      
3,190
      
3,224
  
FDIC assessment
    
284
      
325
      
1,218
      
1,458
  
Administration and disposition of problem assets
    
853
      
1,452
      
3,071
      
5,524
  
Other
    
3,218
      
2,799
      
11,454
      
10,881
  
Total non-interest expense
    
12,113
      
12,036
      
45,910
      
47,855
  
Income before income tax
    
3,277
      
3,192
      
15,046
      
13,819
  
Income tax expense
    
960
      
958
      
4,573
      
4,270
  
Net income
  
$
2,317
    
$
2,234
    
$
10,473
    
$
9,549
  
Net income attributable to common shareholders
  
$
2,317
    
$
(15,340
)
  
$
10,473
    
$
(8,026
)
                                 
Basic earnings per common share
  
$
0.07
    
$
(0.56
)
  
$
0.31
    
$
(0.29
)
Diluted earnings per common share
  
$
0.07
    
$
(0.56
)
  
$
0.31
    
$
(0.29
)
Return on average assets
    
0.61
%
    
0.58
%
    
0.70
%
    
0.63
%
Return on average equity
    
6.54
%
    
6.54
%
    
7.58
%
    
7.11
%
Net interest margin
    
3.05
%
    
2.95
%
    
3.07
%
    
3.05
%
Efficiency ratio
    
81.90
%
    
84.59
%
    
79.70
%
    
83.34
%

BALANCE SHEET DATA
Assets
  
December 31
2014
    
December 31
2013
  
Cash and due from banks
  
$
31,503
    
$
38,714
  
Federal funds sold and other short-term investments
    
97,952
      
118,178
  
Interest-bearing time deposits in other financial institutions
    
20,000
      
25,000
  
Securities available for sale
    
161,874
      
139,659
  
Securities held to maturity
    
31,585
      
19,248
  
Federal Home Loan Bank Stock
    
11,238
      
11,236
  
Loans held for sale
    
2,347
      
1,915
  
Total loans
    
1,118,483
      
1,042,377
  
Less allowance for loan loss
    
18,962
      
20,798
  
Net loans
    
1,099,521
      
1,021,579
  
Premises and equipment, net
    
52,894
      
53,641
  
Bank-owned life insurance
    
28,195
      
27,517
  
Other real estate owned
    
28,242
      
36,796
  
Other assets
    
18,495
      
23,922
  
                 
Total Assets
  
$
1,583,846
    
$
1,517,405
  
                 
Liabilities and Shareholders' Equity
                
Noninterest-bearing deposits
  
$
404,143
    
$
344,550
  
Interest-bearing deposits
    
902,182
      
905,184
  
Total deposits
    
1,306,325
      
1,249,734
  
Other borrowed funds
    
88,107
      
89,991
  
Long-term debt
    
41,238
      
41,238
  
Other liabilities
    
5,657
      
3,920
  
Total Liabilities
    
1,441,327
      
1,384,883
  
                 
Shareholders' equity
    
142,519
      
132,522
  
                 
Total Liabilities and Shareholders' Equity
  
$
1,583,846
    
$
1,517,405
  
 
 
MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)

(Dollars in thousands except per share information)

   
Quarterly
    
Year to Date
  
                             
   
4th Qtr
2014
    
3rd Qtr
2014
    
2nd Qtr
2014
    
1st Qtr
2014
    
4th Qtr
2013
    
2014
    
2013
  
EARNINGS SUMMARY
                            
Net interest income
  
$
10,457
    
$
10,304
    
$
10,156
    
$
10,475
    
$
10,212
    
$
41,392
    
$
41,283
  
Provision for loan losses
    
(600
)
    
(750
)
    
(1,000
)
    
(1,000
)
    
(1,000
)
    
(3,350
)
    
(4,250
)
Total non-interest income
    
4,333
      
4,303
      
4,068
      
3,510
      
4,016
      
16,214
      
16,141
  
Total non-interest expense
    
12,113
      
11,389
      
11,238
      
11,169
      
12,036
      
45,910
      
47,855
  
Federal income tax expense (benefit)
    
960
      
1,206
      
1,231
      
1,177
      
958
      
4,573
      
4,270
  
Net income
  
$
2,317
    
$
2,762
    
$
2,755
    
$
2,639
    
$
2,234
    
$
10,473
    
$
9,549
  
                                                         
Basic earnings per common share
  
$
0.07
    
$
0.08
    
$
0.08
    
$
0.08
    
$
(0.56
)
  
$
0.31
    
$
(0.29
)
Diluted earnings per common share
  
$
0.07
    
$
0.08
    
$
0.08
    
$
0.08
    
$
(0.56
)
  
$
0.31
    
$
(0.29
)
                                                         
MARKET DATA
                                                        
Book value per common share
  
$
4.21
    
$
4.15
    
$
4.09
    
$
4.00
    
$
3.92
    
$
4.21
    
$
3.92
  
Tangible book value per common share
  
$
4.21
    
$
4.15
    
$
4.09
    
$
4.00
    
$
3.92
    
$
4.21
    
$
3.92
  
Market value per common share
  
$
5.44
    
$
4.80
    
$
5.07
    
$
5.04
    
$
5.00
    
$
5.44
    
$
5.00
  
Average basic common shares
    
33,837,334
      
33,795,384
      
33,788,431
      
33,790,542
      
27,276,722
      
33,803,030
      
27,161,888
  
Average diluted common shares
    
33,837,334
      
33,795,384
      
33,788,431
      
33,790,542
      
27,276,722
      
33,803,030
      
27,161,888
  
Period end common shares
    
33,866,789
      
33,803,823
      
33,788,431
      
33,788,431
      
33,801,097
      
33,866,789
      
33,801,097
  
                                                         
PERFORMANCE RATIOS
                                                        
Return on average assets
    
0.61
%
    
0.74
%
    
0.75
%
    
0.71
%
    
0.58
%
    
0.70
%
    
0.63
%
Return on average equity
    
6.54
%
    
7.94
%
    
8.03
%
    
7.85
%
    
6.54
%
    
7.58
%
    
7.11
%
Net interest margin (fully taxable equivalent)
    
3.05
%
    
3.04
%
    
3.06
%
    
3.15
%
    
2.95
%
    
3.07
%
    
3.05
%
Efficiency ratio
    
81.90
%
    
77.97
%
    
79.01
%
    
79.86
%
    
84.59
%
    
79.70
%
    
83.34
%
Full-time equivalent employees (period end)
    
355
      
352
      
348
      
354
      
361
      
355
      
361
  
                                                         
ASSET QUALITY
                                                        
Gross charge-offs
  
$
382
    
$
120
    
$
92
    
$
82
    
$
508
    
$
676
    
$
2,203
  
Net charge-offs
  
$
67
    
$
(330
)
  
$
(666
)
  
$
(585
)
  
$
(526
)
  
$
(1,514
)
  
$
(1,309
)
Net charge-offs to average loans (annualized)
    
0.02
%
    
-0.13
%
    
-0.26
%
    
-0.23
%
    
-0.20
%
    
-0.14
%
    
-0.13
%
Nonperforming loans
  
$
8,426
    
$
8,425
    
$
8,065
    
$
15,548
    
$
12,335
    
$
8,426
    
$
12,335
  
Other real estate and repossessed assets
  
$
28,280
    
$
28,801
    
$
31,571
    
$
34,077
    
$
36,836
    
$
28,280
    
$
36,836
  
Nonperforming loans to total loans
    
0.75
%
    
0.80
%
    
0.77
%
    
1.51
%
    
1.18
%
    
0.75
%
    
1.18
%
Nonperforming assets to total assets
    
2.32
%
    
2.50
%
    
2.66
%
    
3.33
%
    
3.24
%
    
2.32
%
    
3.24
%
Allowance for loan losses
  
$
18,962
    
$
19,629
    
$
20,049
    
$
20,383
    
$
20,798
    
$
18,962
    
$
20,798
  
Allowance for loan losses to total loans
    
1.70
%
    
1.86
%
    
1.92
%
    
1.98
%
    
2.00
%
    
1.70
%
    
2.00
%
Allowance for loan losses to nonperforming loans
    
225.04
%
    
232.99
%
    
248.59
%
    
131.10
%
    
168.61
%
    
225.04
%
    
168.61
%
                                                         
CAPITAL
                                                        
Average equity to average assets
    
9.40
%
    
9.29
%
    
9.29
%
    
9.01
%
    
8.95
%
    
9.25
%
    
8.90
%
Tier 1 capital to average assets
    
11.61
%
    
11.55
%
    
11.43
%
    
11.06
%
    
10.61
%
    
11.61
%
    
10.61
%
Total capital to risk-weighted assets
    
15.55
%
    
16.27
%
    
16.33
%
    
16.11
%
    
15.69
%
    
15.55
%
    
15.69
%
Tier 1 capital to average assets (Bank)
    
11.41
%
    
11.36
%
    
11.26
%
    
10.99
%
    
10.45
%
    
11.41
%
    
10.45
%
Total capital to risk-weighted assets (Bank)
    
15.27
%
    
15.98
%
    
16.06
%
    
16.00
%
    
15.45
%
    
15.27
%
    
15.45
%
Tangible common equity to assets
    
9.05
%
    
9.49
%
    
9.34
%
    
9.15
%
    
8.82
%
    
9.05
%
    
8.82
%
                                                         
END OF PERIOD BALANCES
                                                        
Total portfolio loans
  
$
1,118,483
    
$
1,054,788
    
$
1,043,529
    
$
1,030,111
    
$
1,042,377
    
$
1,118,483
    
$
1,042,377
  
Earning assets
    
1,442,651
      
1,355,635
      
1,340,438
      
1,337,512
      
1,359,686
      
1,442,651
      
1,359,686
  
Total assets
    
1,583,845
      
1,489,664
      
1,491,142
      
1,490,899
      
1,517,405
      
1,583,845
      
1,517,405
  
Deposits
    
1,306,325
      
1,216,089
      
1,215,724
      
1,216,778
      
1,249,734
      
1,306,325
      
1,249,734
  
Total shareholders' equity
    
142,519
      
140,469
      
138,092
      
135,188
      
132,522
      
142,519
      
132,522
  
                                                         
AVERAGE BALANCES
                                                        
Total portfolio loans
  
$
1,072,585
    
$
1,043,774
    
$
1,040,413
    
$
1,037,678
    
$
1,026,603
    
$
1,048,496
    
$
1,030,766
  
Earning assets
    
1,373,157
      
1,358,219
      
1,337,822
      
1,349,971
      
1,380,510
      
1,354,865
      
1,355,853
  
Total assets
    
1,508,441
      
1,497,386
      
1,477,114
      
1,493,201
      
1,527,910
      
1,494,086
      
1,509,840
  
Deposits
    
1,232,343
      
1,224,041
      
1,205,194
      
1,223,928
      
1,255,221
      
1,221,407
      
1,234,598
  
Total shareholders' equity
    
141,720
      
139,107
      
137,163
      
134,488
      
136,718
      
138,142
      
134,341