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Acquisitions boost earnings for Chemical Financial

BY MiBiz Staff Monday, January 25, 2016 04:59pm

Two acquisitions that closed during the year lifted earnings at Chemical Financial Corp. for 2015.

The Midland-based Chemical Financial (Nasdaq: CHFC) today reported full-year net income of $86.8 million, or $2.39 per diluted share, which compares with $62.1 million, or $1.97 per diluted share, from a year ago.

During the past year, Chemical Financial Corp. acquired Monarch Community Bank in Coldwater and Holland-based Lake Michigan Financial Corp., the former parent company of The Bank of Holland and The Bank of Northern Michigan.

In reporting quarterly and annual results, Chairman, President and CEO David Ramaker repeated that Chemical Financial remains in acquisition mode as it near a milestone of $10 billion in assets.

“Looking ahead to the future, we see opportunities to extend our franchise even further,” Ramaker said. “As we continue our recent pattern of growth to the $10-billion asset level and beyond, we are mindful of the increased regulatory burden we will face, and of the need to forge through — as opposed to merely cross over — that threshold.”

Chemical Financial, which has 185 offices in the Lower Peninsula, ended with year with assets of $9.18 billion, versus $7.32 billion at the end of 2014.

Minus the acquisition-related expenses that Chemical Financial incurred in the fourth quarter, annual net income totaled $92.3 million, or $2.54 per diluted share.

The bank reported net income of $25.5 million, or 66 cents per share, for the fourth quarter. Quarterly net income for the same period a year earlier totaled $15.3 million, or 46 cents per diluted share.

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