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Chemical Financial Corp. (CHFC) in Midland, Mich., said Monday that its third-quarter earnings rose 14% from the same quarter last year, to $15 million, thanks largely to revenue gains generated by its acquisition of 21 Independent Bank (IBCP) branches in December 2012.
October 28 -
Chemical Financial (CHFC) in Midland, Mich., could raise up to $57.5 million through its recently announced stock offering, according to pricing information released Friday.
September 13 -
The $5.8 billion-asset Chemical has begun a public offering of its common stock that seeks to raise $50 million, it announced Wednesday after the market closed. All of the shares are being offered by the company.
September 11 -
The Michigan company is set to raise up to $100 million if the right acquisition is available. Analysts say in an erratic M&A market, it is better to be ready to raise capital than to raise it and wait.
May 31
Chemical Financial in Midland, Mich.,
The $6.2 billion-asset Chemical Financial's earnings per share of 48 cents fell one cent short of what analysts polled by Bloomberg had projected. Its shares were trading at $30.27 at midday, virtually unchanged from Friday.
Chief Executive David Ramaker attributed the bank's higher profit to balance sheet growth, improving credit quality metrics and cost control.
"While we remain confident in our prospects going forward, it is important to remember that future earnings improvement will be driven increasingly by overall balance sheet and fee-income growth coupled with vigilant cost discipline, as opposed to credit quality improvements and cost cutting," Ramaker said in a news release Monday.
Net interest income was $51.3 million for the fourth quarter of 2013, a 6.9% jump from the fourth quarter of 2012. Total loans increased 11.5% year over year, to $4.6 billion, and fueled the rise in interest income.
Noninterest income dipped 7.5% from the fourth quarter of 2012; lower mortgage banking revenue, caused by declines in the volume of loans sold in the secondary market, was the main culprit. Net interest margin declined by 11 basis points, to 3.63%, largely because of the repricing of loans.
Provision for loan losses decreased 60% to $2 million in the fourth quarter, thanks to continued improvement in the overall credit quality of Chemical Financial's loan portfolio. Net loan chargeoffs fell to 0.39% of average loans from 0.51% of average loans in the fourth quarter of 2012. Operating expenses remained steady at $42.4 million for the fourth quarter of 2013, slightly up from $42 million a year earlier.
