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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 -
Chemical Financial in Midland, Mich., has filed a shelf registration that allows it to sell up to $100 million of securities over time.
May 23 -
The $5.8 billion-asset holding company of Chemical Bank in Midland, Mich., said Monday it has completed its $8.1 million purchase of 21 branches from Independent Bank (IBCP) in Ionia, Mich.
December 10
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.
Its earnings per share of 53 cents were 4 cents higher than the estimates of analysts polled by Bloomberg.
The $6 billion-asset Chemical' said that net interest income climbed 5%, to $49.3 million, due to a 13% rise in loans. Loans grew across all categories as economic conditions improved and the company increased its market share.
The net interest margin on a tax-equivalent basis slid 18 basis points to 3.58%. The decline was primarily driven by Chemical's
Noninterest income rose 15%, to $14.6 million, as a 29% decline in mortgage banking revenue was offset by increases across all other major categories. The Independent branch acquisition helped Chemical drive up the volume of services provided as well as revenue from fees and other sources, according to the report.
Operating expenses grew 8%, to $39.5 million, boosted in part by $600,000 in one-time expenses associated with the branch acquisition. Lower credit-related expenses were offset by an increase in compensation costs and higher operating costs associated with the branch acquisition.
Lower loan chargeoffs and continued improvement in the credit quality of Chemical's loan portfolio prompted Chemical to cut its loss provision by a third, to $3 million. Net loan chargeoffs fell 43%, to $3.7 million.
Chemical also netted $54 million in fresh capital after selling 2.2 million shares of common stock in a
