July 29, 2010 / 9:42 PM / 7 years ago

UPDATE 1-Macatawa Bank swings to profit after 6 quarters of loss

* Q2 EPS $0.10 vs loss of $1.82/shr yr ago

* Provisions for bad loans down 91 pct

* Shares up as much as 62 pct after the bell

July 29 (Reuters) - Macatawa Bank Corp (MCBC.O) swung to a quarterly profit, after having posted losses for six straight quarters, as provision for bad loans fell 11-fold, sending its shares up 62 percent after the bell.

Second quarter net income available to common shareholders was $1.7 million, or 10 cents a share, compared with net loss of $31.3 million, or $1.82 a share, in the year ago period.

Provision for bad loans fell to $1.8 million in the quarter from $20.6 million in the year ago period. Net interest income fell 4 percent to $12.8 million.

Shares of the Holland, Michigan-based lender were trading up 96 cents at $2.50 after the bell. The stock closed at $1.54 in regular session on Nasdaq Thursday. (Reporting by Sweta Singh in Bangalore; Editing by Maju Samuel)

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