Published in Breaking News

Chemical Bank reports ‘solid’ results to start 2017

BY Tuesday, April 25, 2017 05:12pm

MIDLAND — Chemical Financial Corp. doubled earnings for the first quarter, the second full three-month period for the company following its $1.7 billion acquisition of Talmer Bancorp Inc. last summer.

The Midland-based Chemical Financial (Nasdaq: CHFC) this afternoon reported net income of $47.6 million, or 67 cents per diluted share. That compares with net income of $47.1 million, or 66 cents per diluted, in the prior fourth quarter of 2016, and $23.6 million, or 60 cents per share, for the first quarter of 2016.

“We continue to make good progress towards our goal of being the preeminent Midwest community bank,” President and CEO David Ramaker said in an earnings release. “Our first quarter 2017 financial results yielded solid underlying operating results.”

Chemical Financial ended the first quarter with total assets of $17.64 billion, versus $17.36 at the end of December. The company had $9.3 billion in assets a year ago.

The bank grew total loans by $282.6 million, or 2 percent, from the prior quarter to $13.27 billion. Deposits increased at the same rate from December to $13.31 billion.

Chemical Financial has 249 offices in Michigan, northeast Ohio and northern Indiana.

Read 1160 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >