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Chemical Financial Corporation Reports 2014 Second Quarter Operating Results

MIDLAND, Mich., July 23, 2014 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2014 second quarter net income of $16.2 million, or $0.54 per diluted share, compared to 2013 second quarter net income of $14.2 million, or $0.51 per diluted share, and 2014 first quarter net income of $13.8 million, or $0.46 per diluted share. For the six months ended June 30, 2014, net income was $30.0 million, or $1.00 per diluted share, compared to net income for the six months ended June 30, 2013 of $27.4 million, or $0.99 per diluted share.

As previously announced, on June 24, 2014, the Corporation completed an underwritten public offering of 2,500,000 shares of its common stock, and on June 30, 2014 completed the sale of an additional 375,000 shares of its common stock pursuant to the underwriters' exercise of the over-allotment option, at a price of $28.00 per share to the public. After the underwriting discount and other offering related expenses, the Corporation netted proceeds of approximately $76 million from the offering. David B. Ramaker, Chairman, Chief Executive Officer and President of Chemical Financial Corporation noted that "the Company took advantage of favorable market conditions to complete the equity raise, the proceeds from which we plan to rapidly deploy into organic and acquisitive growth opportunities."

Commenting on the quarter, Ramaker said "a strengthening Michigan economy and market share gains fueled continued growth for Chemical Financial Corporation in the second quarter of 2014, driving another solid quarter of earnings. Robust, multi-sector organic loan growth, led by gains in consumer and home equity lending, was reflected in total loan growth of 5.4% year-to-date and 13.0% over the past year. The resultant 6.3% increase in net interest income over the prior year's second quarter, coupled with a lower loan loss provision reflective of improved credit quality, and continued expense controls, led to an over 14% increase in net income over the prior year's second quarter," noted Ramaker.

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