* 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 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) Keywords: MACATAWA/ (sweta.singh@thomsonreuters.com ; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sweta.singh.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Provisions for bad loans down 91 pct
* Shares up as much as 62 pct after the bell
July 29 (Reuters) - Macatawa Bank Corp 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) Keywords: MACATAWA/ (sweta.singh@thomsonreuters.com ; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sweta.singh.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.