Chemical Financial Corp. in Midland, Mich., said an acquisition helped its first-quarter earnings were more than triple from a year earlier.
The $5.34 billion-asset company posted a profit of $9.2 million, compared with $2.3 million a year earlier. Chemical bought O.A.K. Financial Corp. on April 30, 2010.
David Ramaker, Chemical's chairman and chief executive, said in a press release Monday that while "encouraged by the positive nature of these early trends, we remain cautious as a result of the challenges that our industry and the overall economy continue to face."
Chemical's loan-loss provision of $7.5 million was nearly half that of a year earlier. Nonperforming assets rose 15.6%, to $172.2 million.