Chemical Financial Corp. of Midland, Mich., reported Friday that its fourth-quarter earnings fell 11% from a year earlier, to $11.2 million.
Diluted earnings per share fell 10%, to 45 cents, which missed the average estimate of analysts by 2 cents, according to Thomson Financial.
Chemical's full-year earnings fell 11%, to $46.8 million, and diluted earnings per share fell 10%, to $1.88, missing the average estimate of analysts by 2 cents. The $3.8 billion-asset company attributed the decline to a flat yield curve, the slow Michigan economy, and deposit pricing competition.
It also had a higher provision for loan losses, in part because of two large commercial real estate loans. The fourth-quarter provision jumped 95%, to $2.6 million. For the full year, it rose 21%, to $5.2 million.
