Macatawa Bank Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SECURITIES (Tables)

SECURITIES (Tables)

12 Months Ended

Dec. 31, 2012

Amortized cost and fair value of securities

The amortized cost and fair value of securities at year-end were as follows (dollars in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2012
Available for Sale
U.S. Treasury and federal agency securities	$	42,245	$	340	$	(21	)	$	42,564
U.S. Agency MBS and CMOs		23,495		272		(6	)		23,761
Tax-exempt state and municipal bonds		20,598		244		(49	)		20,793
Taxable state and municipal bonds		26,726		619		(49	)		27,296
Corporate bonds		7,456		77		(7	)		7,526
Other equity securities		1,500		57		---			1,557

	$	122,020	$	1,609	$	(132	)	$	123,497
Held to Maturity
State and municipal bonds	$	4,300	$	1	$	---		$	4,301

December 31, 2011
Available for Sale
U.S. Treasury and federal agency securities	$	27,408	$	205	$	---		$	27,613
U.S. Agency MBS and CMOs		3,853		33		---			3,886
Tax-exempt state and municipal bonds		4,292		116		---			4,408
Taxable state and municipal bonds		16,531		239		(54	)		16,716
Corporate bonds		1,081		1		(1	)		1,081
Other equity securities		1,000		42		---			1,042

	$	54,165	$	636	$	(55	)	$	54,746
Held to Maturity
State and municipal bonds	$	300	$	---	$	---		$	300

Securities in continuous unrealized loss position

Securities with unrealized losses at year-end 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (dollars in thousands):

	Less than 12 Months					12 Months or More				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

December 31, 2012
U.S. Treasury and federal agency securities	$	10,977	$	(21	)	$	---	$	---	$	10,977	$	(21	)
U.S. Agency MBS and CMOs		3,373		(6	)		---		---		3,373		(6	)
Tax-exempt state and municipal bonds		4,613		(49	)		---		---		4,613		(49	)
Taxable state and municipal bonds		4,661		(49	)		---		---		4,661		(49	)
Corporate bonds		3,945		(7	)		---		---		3,945		(7	)
Other equity securities		---		---			---		---		---		---

Total temporarily impaired	$	27,569	$	(132	)	$	---	$	---	$	27,569	$	(132	)

Securities with unrealized losses at year-end 2011, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (dollars in thousands):

	Less than 12 Months					12 Months or More				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

December 31, 2011
U.S. Treasury and federal agency securities	$	---	$	---		$	---	$	---	$	---	$	---
U.S. Agency MBS and CMOs		---		---			---		---		---		---
Tax-exempt state and municipal bonds		---		---			---		---		---		---
Taxable state and municipal bonds		6,196		(54	)		---		---		6,196		(54	)
Corporate bonds		539		(1	)		---		---		539		(1	)
Other equity securities		---		---			---		---		---		---

Total temporarily impaired	$	6,735	$	(55	)	$	---	$	---	$	6,735	$	(55	)

Contractual maturities of debt securities

Contractual maturities of debt securities at December 31, 2012 were as follows (dollars in thousands):

	Held-to-Maturity Securities				Available-for-Sale Securities
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in one year or less	$	4,000	$	4,001	$	302	$	301
Due from one to five years		---		---		48,619		49,503
Due from five to ten years		---		---		37,128		37,376
Due after ten years		300		300		34,471		34,760

	$	4,300	$	4,301	$	120,520	$	121,940