MIDLAND, Mich., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2012 fourth quarter net income of $11.7 million, or $0.42 per diluted share, compared to 2012 third quarter net income of $13.1 million, or $0.48 per diluted share, and 2011 fourth quarter net income of $11.2 million, or $0.41 per diluted share. For the twelve months ended December 31, 2012, net income was $51.0 million, or $1.85 per diluted share, compared to net income for the twelve months ended December 31, 2011 of $43.1 million, or $1.57 per diluted share.
Included in the fourth quarter and year-end 2012 results were $1.8 million and $2.9 million, respectively, of transaction costs related to the acquisition of 21 branch offices from Independent Bank, a subsidiary of Independent Bank Corporation. These transaction costs reduced 2012 fourth quarter and year-end diluted earnings per share by $0.05 and $0.07, respectively. The Corporation completed the branch acquisition on December 7, 2012. Accordingly, results of the operations of the 21 branches are included in 2012 fourth quarter and year-end results since the acquisition date. The branch acquisition resulted in increases in the Corporation's total assets of $404 million, including total loans of $44 million, and total deposits of $404 million as of the acquisition date.
"2012 was a good year for Chemical Financial, as we posted improved operating performance and increased earnings per share nearly 18% over 2011. While general economic conditions continued to be challenging, we were able to grow our balance sheet through both acquisitive and organic means, as our community-focused, relationship-oriented approach and strong financial condition translated into steady demand for mortgage, consumer and business loans across the markets we serve," said David B. Ramaker, Chairman, Chief Executive Officer and President of the Corporation. "Increased net interest income, noninterest income and a lower provision for loan losses further drove earnings, while key asset quality and loan loss metrics improved materially over the course of the year."
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