Chemical Financial Corp. in Midland, Mich., reported Monday that its second quarter earnings rose 150% from a year earlier, to $11 million, as credit costs fell and net interest income increased.
The $5.2 billion-asset company reported earnings of 40 cents a share, beating the average analysts' estimate by 7 cents, according to Thomson Reuters. Net interest income rose 5.6% from a year earlier, to $45.3 million.
The loan-loss provision fell 45% from a year earlier, to $7 million. Nonperforming assets fell 2.5% from a year earlier, to $160.5 million.