This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Chemical Financial Corporation Reports Third Quarter 2010 Earnings

MIDLAND, Mich., Oct. 25, 2010 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2010 third quarter net income of $8.9 million, or $0.32 per diluted share, compared to net income of $4.4 million, or $0.17 per diluted share, in the second quarter of 2010 and $2.5 million, or $0.10 per diluted share, in the third quarter of 2009. Net income was $15.6 million, or $0.60 per diluted share, for the nine months ended September 30, 2010, compared to $7.5 million, or $0.31 per diluted share, for the nine months ended September 30, 2009.

"We are pleased with our reported third quarter earnings, which benefited from higher net interest income, as well as a lower provision for loan losses, partially offset by higher expenses. The quarter's improvements were attributable, in part, to our acquisition of O.A.K. Financial Corporation (OAK), parent company of Byron Bank, which became accretive to earnings this quarter," said David B. Ramaker, Chairman, Chief Executive Officer and President. "The acquisition has given Chemical Financial Corporation a much larger presence in the attractive Grand Rapids market, which will serve our franchise well in the months and years ahead. During the quarter, we completed the integration of Byron Bank into Chemical Bank, which, we are happy to report, went smoothly for all stakeholders involved."

"The Michigan economy continues to struggle and has yet to show signs of sustainable growth. Consequently, credit quality concerns will remain paramount and key credit quality metrics will likely remain at elevated levels. Signs of stabilization in our loan portfolio resulted in a decline in the provision for loan losses from $12.7 million in the second quarter of 2010 to $8.6 million in the third quarter," Ramaker said.

"With modest loan demand and the challenges of the Michigan economy, we will continue to opportunistically pursue various strategies, including acquisitions, as a means to grow our core banking franchise. Our dedication to Michigan, capital strength, and focus on small and middle-market commercial lending, positions us well to take advantage of opportunities in the markets we serve," said Ramaker. 

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs