This Day On The Street
Continue to site
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

Chemical Financial Corporation Reports First Quarter 2013 Results

MIDLAND, Mich., April 15, 2013 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2013 first quarter net income of $13.2 million, or $0.48 per diluted share, compared to 2012 fourth quarter net income of $11.7 million, or $0.42 per diluted share, and 2012 first quarter net income of $12.4 million, or $0.45 per diluted share.

"Despite economic conditions that can best be described as tepid, we continue to post strong earnings growth as a result of the combination of lower credit-related costs and higher organic balance sheet growth," noted David B. Ramaker, Chairman, Chief Executive Officer and President of the Corporation. "While asset quality and loan loss metric improvements are expected to continue, we will increasingly look to the combination of asset growth and cost controls to drive future earnings growth. We are confident that our community-focused, relationship-oriented approach and strong financial condition will continue to make Chemical Bank the financial institution of choice for the businesses and residents in the Michigan markets we serve."

Net income of $13.2 million in the first quarter of 2013 was $1.5 million, or 13.5%, higher than the fourth quarter of 2012 largely due to a $2.0 million reduction in the provision for loan losses, which was driven by the continued improvement in the credit quality of the loan portfolio. Noninterest income increased in the first quarter of 2013 over the fourth quarter of 2012. Operating expenses were the same in both quarters. Higher operating expenses in the first quarter of 2013, largely attributable to the 21 branch banking offices acquired in December 2012 (branch acquisition transaction), were offset by lower performance-based compensation expense and the absence of acquisition-related expenses ($1.8 million incurred in the fourth quarter of 2012).

Net income in the first quarter of 2013 was $0.8 million, or 7.0%, higher than the first quarter of 2012, largely due to a reduction in the provision for loan losses of $2.0 million. The Corporation also recognized an increase of $1.5 million in net interest income and significant growth in noninterest income in the first quarter of 2013 over the first quarter of 2012. These increases were offset by higher operating costs in the first quarter of 2013, largely attributable to the branch acquisition transaction.

1 of 8

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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,123.94 -7.92 -0.05%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,832.4650 -6.1780 -0.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs