Chemical Financial Reports Net Income of $47.6M
MIDLAND, Mich. – Chemical Financial Corp., parent of Chemical Bank, Tuesday reported first-quarter net income of $47.6 million, or 67 cents per diluted share.
This compares to fourth-quarter net income of $47.2 million, or 66 cents per diluted share, and first-quarter 2016 income of $23.6 million, or 60 cents per diluted share.
Chemical Bank has 16 offices in Trumbull and Mahoning counties in Ohio.
Key performance ratios for the quarters ended March 31 and Dec. 31 and March 31, 2015:
- Return on average assets, 1.09%, 1.09%, 1.02%.
- Return on average equity, 7.4%, 7.4%, 9.3%.
- Net interest margin, 3.41%, 3.48%, 3.50%.
- Efficiency ratio, 62.0%, 61.2%, 62.8%.
Total loans rose to $13.27 billion, up $282.6 million from the $12.99 billion reported at Dec. 31, and $5.91 billion, or up 80.2% at March 31, 2016, the result of the acquisition of Talmer Bancorp.
At the end of the first quarter, assets stood at $17.64 billion.
Net interest income for the quarter was $130.1 million, Chemical reported, $2.4 million less, or 1.8% lower than for the fourth quarter. It attributed the drop to two fewer days in the first quarter than the fourth quarter.
Noninterest income was $38.0 million compared to $54.3 million the preceding quarter and $19.4 million the year-ago quarter.
Operating or noninterest expense (includes salaries and employee benefits, data processing, rents, advertising and Federal Deposit Insurance Corp. premiums) was $104.2 million compared to $114.3 million the last quarter of 2016 and $58.9 million the year ago-quarter.
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