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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Chemical Financial Corporation Reports Second Quarter Of 2013 Results

Stocks in this article: CHFC

MIDLAND, Mich., July 17, 2013 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2013 second quarter net income of $14.2 million, or $0.51 per diluted share, compared to 2013 first quarter net income of $13.2 million, or $0.48 per diluted share, and 2012 second quarter net income of $13.9 million, or $0.50 per diluted share. For the six months ended June 30, 2013, net income was $27.4 million, or $0.99 per diluted share, compared to net income for the six months ended June 30, 2012 of $26.2 million, or $0.95 per diluted share.

"We turned in a solid performance in the second quarter of 2013, largely attributable to strong loan growth and improving asset quality that resulted in lower credit-related costs," noted David B. Ramaker, Chairman, Chief Executive Officer and President of the Corporation. "On a go forward basis, we continue to look to these factors and a focused cost discipline to drive earnings growth, but also remain well positioned to capitalize on two longer-term trends: the anticipated rising rate environment and ongoing consolidation in Michigan's banking industry. In addition, we are well positioned to benefit from any broader economic recovery, as our community-focused, relationship-oriented approach and strong financial condition make Chemical Bank the financial institution of choice in the Michigan markets we serve," Ramaker added.

Net income of $14.2 million in the second quarter of 2013 was $1.0 million, or 7.3%, higher than the first quarter of 2013, with higher net interest income and lower operating expenses in the second quarter of 2013 partially offset by lower noninterest income.

Net income in the second quarter of 2013 was $0.3 million, or 2.4%, higher than the second quarter of 2012, attributable to a combination of higher net interest income, higher noninterest income and a lower provision for loan losses, all of which were partially offset by higher operating expenses. The Corporation had increases of $2.0 million in both net interest income and noninterest income in the second quarter of 2013 over the second quarter of 2012, while the provision for loan losses was $1.0 million lower in the second quarter of 2013, compared to the second quarter of 2012. Operating costs in the second quarter of 2013 were $4.8 million higher than the second quarter of 2012, which was partially attributable to the 21 branch banking offices acquired in December 2012 (branch acquisition transaction).

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • 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