STOCK-BASED COMPENSATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION |
NOTE 13 – STOCK-BASED COMPENSATION
On May 5, 2015, the Company’s shareholders approved the Macatawa Bank Corporation Stock Incentive Plan of 2015 (the 2015 Plan). The 2015 Plan provides for grant
of up to 1,500,000 shares of Macatawa common stock in the form of stock options or restricted stock awards to employees and
directors. There were 973,550 shares under the “2015 Plan” available for future issuance as of December 31, 2022. The Company
issues new shares under the 2015 Plan from its authorized but unissued shares.
Restricted Stock Awards
Restricted stock awards have vesting periods of three years
with vesting at the rate of each year. Restricted stock awards have no other performance conditions required for
vesting. A
summary of changes in the Company’s nonvested restricted stock awards for the year follows:
Compensation cost related to restricted stock awards totaled $703,000
and $684,000 for 2022 and 2021, respectively.
As of December 31, 2022, there was $1.4 million of
total remaining unrecognized compensation cost related to nonvested restricted stock awards granted under the Company’s stock-based compensation plans. The cost is expected to be recognized over a weighted-average period of 1.42 years. The total grant date fair value of restricted stock awards vested during 2022 was $732,000. The total grant date fair value of restricted stock awards vested during 2021 was $660,000.
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