This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Chemical Financial Corporation Reports Fourth Quarter And Year End 2012 Results

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."

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

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