Chemical Financial Corporation ("Corporation" or "Chemical")
(NASDAQ:CHFC) today announced 2017 fourth quarter net income of
$9.4 million, or $0.13 per diluted share, compared to 2017 third
quarter net income of $40.5 million, or $0.56 per diluted share,
and 2016 fourth quarter net income of $47.2 million, or $0.66 per
diluted share. For the year ended December 31, 2017, net
income was $149.5 million, or $2.08 per diluted share, compared to
net income for the year ended December 31, 2016 of $108.0
million, or $2.17 per diluted share. Net income, excluding
significant items, a non-GAAP financial measure, which excludes the
fourth quarter of 2017 charge to income tax expense of $46.7
million resulting from the revaluation of Corporation's net
deferred tax assets completed following the signing of the Tax Cuts
and Jobs Act in December 2017, merger and restructuring expenses of
$2.6 million and fourth quarter of 2017 losses of $7.6 million on
sales of investment securities as part of the Corporation's
treasury and tax management objectives (which we collectively refer
to herein as "significant items"), was $62.7 million, or $0.87 per
diluted share, in the fourth quarter of 2017.(1) Third quarter
of 2017 net income, excluding significant items (merger and
restructuring expenses of $21.2 million) was $54.2 million, or
$0.76 per diluted share, and fourth quarter of 2016 net income,
excluding significant items (merger expenses of $18.0 million and a
$7.4 million net gain on the sale of branches) was $54.1 million,
or $0.75 per diluted share.(1) Net income for the full year 2017,
excluding significant items was $219.6 million, or $3.06 per
diluted share, compared to $143.7 million, or $2.88 per diluted
share for the full year 2016.(1) In addition, on January 23,
2018, the Board of Directors of the Corporation declared a first
quarter of 2018 dividend on its common stock of $0.28 per share.
The first quarter of 2018 dividend will be payable on March 16,
2018, to shareholders of record on March 2, 2018.
"We are pleased with our results for the
quarter, including improved efficiency resulting from our
restructuring efforts, high quality loan growth, maintaining a
stable net interest margin and making headway on new commercial
banker hires," noted David T. Provost, Chief Executive Officer of
the Corporation and Thomas C. Shafer, Vice Chairman of the
Corporation and Chief Executive Office of Chemical Bank. "We
believe the efforts that we have undergone put us in a solid
position for a successful 2018. We look forward to further growth
in our markets to be achieved through investments in expanding our
commercial lending and banking teams in high growth areas, key
operation staff adds to support our customer service enhancements
and enhancing our core systems."
The Corporation's return on average assets was
0.20% during the fourth quarter of 2017, compared to 0.86% in the
third quarter of 2017, and 1.09% in the fourth quarter of 2016. The
Corporation's return on average shareholders' equity was 1.4% in
the fourth quarter of 2017, compared to 6.1% in the third quarter
of 2017, and 7.4% in the fourth quarter of 2016. The Corporation's
return on average assets, excluding significant items, a non-GAAP
financial measure, was 1.31% in the fourth quarter of 2017,
compared to 1.15% in the third quarter of 2017, and 1.25% in the
fourth quarter of 2016.(1) The Corporation's return on average
shareholders' equity, excluding significant items, a non-GAAP
financial measure, was 9.4% in the fourth quarter of 2017, compared
to 8.2% in the third quarter of 2017, and 8.4% in the fourth
quarter of 2016.(1) The Corporation's return on average tangible
shareholders' equity was 2.5% in the fourth quarter of 2017,
compared to 10.9% in the third quarter of 2017, and 13.4% in the
fourth quarter of 2016. The Corporation's return on average
tangible equity, excluding significant items, a non-GAAP financial
measure, was 16.5% in the fourth quarter of 2017, compared to 14.6%
during the third quarter of 2017, and 15.3% in the fourth quarter
of 2016.(1)
Net interest income was $145.9 million in the
fourth quarter of 2017, $2.3 million, or 1.6%, higher than the
third quarter of 2017, and $13.5 million, or 10.2%, higher than the
fourth quarter of 2016. The higher net interest income in the
fourth quarter of 2017, compared to both the third quarter of 2017
and the fourth quarter of 2016 was primarily attributable to
increases in average loans and investment securities. The
Corporation experienced net loan growth of $321.9 million during
the fourth quarter of 2017 and $1.16 billion during the year ended
December 31, 2017.
The net interest margin was 3.39% in the fourth
quarter of 2017, compared to 3.40% in the third quarter of 2017 and
3.48% in the fourth quarter of 2016. The net interest margin, on a
tax-equivalent basis, a non-GAAP financial measure, was 3.47% in
the fourth quarter of 2017, compared to 3.48% in the third quarter
of 2017, and 3.56% in the fourth quarter of 2016.(1) The
average yield on the loan portfolio was 4.31% in both the fourth
and third quarters of 2017, compared to 4.18% in the fourth quarter
of 2016. Interest accretion from purchase accounting discounts on
acquired loans contributed 22 basis points to the Corporation's net
interest margin, on a tax-equivalent basis, in the fourth quarter
of 2017, compared to 23 basis points in the third quarter of 2017,
and 14 basis points in the fourth quarter of 2016. The
Corporation's average cost of funds was 0.56% in the fourth quarter
of 2017, compared to 0.53% in the third quarter of 2017, and 0.33%
in the fourth quarter of 2016.
Net interest income was $557.6 million for the
year ended December 31, 2017, $176.5 million, or 46.3%,
higher than the year ended December 31, 2016. The average
balance of loans outstanding during the year ended
December 31, 2017 were up $4.30 billion compared to the prior
year, with the increase driven by $4.88 billion of loans added on
August 31, 2016 from the Corporation's merger with Talmer Bancorp
Inc. ("Talmer"), and $1.16 billion of originated loan growth during
2017. The net interest margin was 3.40% in 2017 and 3.51% in 2016.
The net interest margin, on a tax equivalent basis, a non-GAAP
financial measure, was 3.48% in 2017, compared to 3.60% in
2016.(1)
The provision for loan losses was $7.5 million
in the fourth quarter of 2017, compared to $5.5 million in the
third quarter of 2017 and $6.3 million in the fourth quarter of
2016. The increase in the provision for loan losses in the fourth
quarter of 2017, compared to the third quarter of 2017 and the
fourth quarter of 2016, was primarily the result of an increase in
originated loan growth. The provision for loan losses was $23.3
million for the year ended December 31, 2017, compared to
$14.9 million for the year ended December 31, 2016, with the
increase primarily due to an increase in originated loan growth.
All acquired loans were recorded at their estimated fair value at
each respective acquisition date without a carryover of the related
allowance and, as of December 31, 2017, no allowance was
determined to be needed for this population of loans.
Net loan charge-offs were $1.4 million, or 0.04%
of average loans, in the fourth quarter of 2017, compared to $3.5
million, or 0.10% of average loans, in the third quarter of 2017
and $1.8 million, or 0.06% of average loans, in the fourth quarter
of 2016. The decrease in net loan charge-offs in the fourth quarter
of 2017, compared to the third quarter of 2017, was primarily due
to one commercial loan relationship charge-off in the third quarter
of 2017 and an increase in recoveries on commercial real estate
loans in the fourth quarter of 2017. The decrease in net loan
charge-offs in the fourth quarter of 2017, compared to the fourth
quarter of 2016, was primarily attributable to an increase in net
recoveries on commercial real estate loans in the fourth quarter of
2017. Net loan charge-offs totaled $9.7 million, or 0.07% of
average loans, during the year ended December 31, 2017, compared to
$9.9 million, or 0.11% of average loans, during the year ended
December 31, 2016.
The Corporation's nonperforming loans totaled
$63.1 million at December 31, 2017, compared to $54.3 million
at September 30, 2017 and $44.3 million at December 31,
2016. Nonperforming loans comprised 0.45% of total loans at
December 31, 2017, compared to 0.39% at September 30,
2017, and 0.34% at December 31, 2016. The increase in
nonperforming loans as a percentage of total loans at
December 31, 2017, compared to December 31, 2016, was
primarily due to previously accruing commercial troubled debt
restructurings downgraded to nonaccrual status.
The allowance for loan losses for the originated
loan portfolio was $91.9 million, or 0.94% of originated loans at
December 31, 2017, compared to $85.2 million, or 0.93% of
originated loans, at September 30, 2017 and $78.3 million, or
1.05% of originated loans, at December 31, 2016. The increase
in the allowance for loan losses for the originated portfolio
reflects organic growth in the loan portfolio and an increase in
the allowance coverage needed for loans that are individually
evaluated for impairment. The allowance for loan losses for the
originated loan portfolio as a percentage of nonperforming loans
was 145.6% at December 31, 2017, compared to 156.9% at
September 30, 2017, and 176.5% at December 31, 2016. The
third quarter of 2017 allowance for loan losses for the acquired
loan portfolio of $0.6 million was reversed during the fourth
quarter of 2017, due to improvement identified in the quarterly
re-estimation of cash flows.
Noninterest income was $32.3 million in the
fourth quarter of 2017, compared to $32.1 million in the third
quarter of 2017, and $54.3 million in the fourth quarter of 2016.
Noninterest income in the fourth quarter of 2017 was slightly
higher than the third quarter of 2017, primarily due to increases
in net gain on sale of loans and other mortgage banking revenue and
interest rate swap fee income, included within other income,
partially offset by $7.6 million of losses on sale of investment
securities incurred in the fourth quarter of 2017, as part of the
Corporation's treasury and tax management objectives. Noninterest
income in the fourth quarter of 2017 was lower than the fourth
quarter of 2016 primarily due to the losses on sales of investment
securities recognized in the fourth quarter of 2017, a decrease in
net gain on sale of loans and other mortgage banking revenue, and
the fourth quarter of 2016 gain on sale of branches. Net gain on
sale of loans and other mortgage banking revenue included a $13
thousand detriment to earnings due to a change in fair value in
loan servicing rights in the fourth quarter of 2017, compared to a
$4.0 million detriment in the third quarter of 2017, and a benefit
of $6.3 million in the fourth quarter of 2016. Noninterest income
was $144.0 million for the year ended December 31, 2017,
compared to $122.4 million in 2016, which increased primarily due
to incremental revenue resulting from the merger with
Talmer.
Operating expenses were $100.0 million in the
fourth quarter of 2017, compared to $119.5 million in the third
quarter of 2017, and $114.3 million in the fourth quarter of 2016.
Operating expenses included merger and restructuring expenses of
$2.6 million in the fourth quarter of 2017, $21.2 million in the
third quarter of 2017, and $18.0 million in the fourth quarter of
2016. Fourth quarter of 2017 included $6.2 million of impairment
related to federal historic tax credits placed into
service during the quarter, included within other operating
expense, compared to $3.1 million in the third quarter of 2017.
Core operating expenses, a non-GAAP financial measure, which
excludes merger and restructuring expenses and the impairment of
federal historic tax credits, were $91.3 million in the fourth
quarter of 2017, a decrease of $3.9 million, compared to $95.2
million in the third quarter of 2017, primarily due to the impact
of the Corporation's restructuring efforts that began in the third
quarter of 2017.(1)
Operating expenses were $422.0 million for the
year ended December 31, 2017, compared to $338.4 million in
2016. Operating expenses included merger and restructuring expenses
of $28.4 million in 2017 and $61.1 million in 2016. The year ended
December 31, 2017 also included $9.3 million of impairment
related to federal historic tax credits placed into service,
included within other operating expenses. Core operating expenses,
a non-GAAP financial measure, which excludes merger and
restructuring expenses and the impairment of federal historic
tax credits, were $384.3 million in 2017, compared to $277.3
million in 2016, with the increase due primarily to incremental
expenses resulting from the merger with Talmer.(1)
The Corporation's effective tax rate was 86.6%
in the fourth quarter of 2017, compared to 20.2% in the third
quarter of 2017 and 28.7% in the fourth quarter of 2016. The tax
rate for the fourth quarter of 2017 was impacted by the $46.7
million charge to income tax expense as a result of the revaluation
of Corporation's net deferred tax assets and the benefit of
federal historic tax credits placed into service during the
quarter. The tax rate for the third quarter of 2017 benefited from
a federal historic tax credit placed into service during the
quarter. The income tax benefit from the tax credits placed into
service were partially offset by the impairment recorded on the
same tax credits included within other operating expenses. The
effective tax rate for the year ended December 31, 2017 was 41.7%,
compared to 28.0% for 2016. Excluding the impact of the revaluation
of net deferred tax assets in the fourth quarter of 2017 and the
benefit of federal historic tax credits placed into service, the
effective tax rate for the year ended December 31, 2017 was
27.1%.
The efficiency ratio is a measure of operating
expenses as a percentage of net interest income and noninterest
income. The Corporation's efficiency ratio was 56.1% in the fourth
quarter of 2017, 68.0% in the third quarter of 2017, and 61.2% in
the fourth quarter of 2016. The Corporation's efficiency ratio was
60.1% for the year ended December 31, 2017 and 67.2% for 2016. The
Corporation's adjusted efficiency ratio, a non-GAAP financial
measure, which excludes significant items, amortization of
intangibles, impairment of income tax credits, the net interest
income FTE adjustment, the change in fair value on loan servicing
rights, and losses/gains from sale of investment securities and
closed branch locations, was 47.4% in the fourth quarter of 2017,
51.2% in the third quarter of 2017 and 53.7% in the fourth quarter
of 2016. The Corporation's adjusted efficiency ratio was 51.9% for
the year ended December 31, 2017 and 54.4% for 2016.(1)
Total assets were $19.28 billion at
December 31, 2017, compared to $19.35 billion at
September 30, 2017, and $17.36 billion at December 31,
2016. The decrease in total assets during the fourth quarter of
2017 was primarily attributable to a decrease in interest-bearing
deposits with the Federal Reserve Bank and a reduction in net
deferred tax assets, included within interest receivable and other
assets, as a result of the revaluation of the net deferred tax
assets, partially offset by loan growth.
Total loans were $14.16 billion at
December 31, 2017, up $321.9 million, or 2.3%, from total
loans of $13.83 billion at September 30, 2017, and up $1.16
billion, or 9.0%, from total loans of $12.99 billion at
December 31, 2016. Originated loan growth was $591.3 million
in the fourth quarter of 2017, compared to $496.5 million in the
third quarter of 2017, and $702.5 million in the fourth quarter of
2016. The growth in the originated loan portfolio was partially
offset by run-off in the acquired loan portfolio of $269.4 million
in the fourth quarter of 2017, compared to $330.5 million in the
third quarter of 2017, and $427.5 million in the fourth quarter of
2016.
Investment securities available-for-sale were
$1.96 billion at December 31, 2017, a decrease of $66.1
million, from $2.03 billion at September 30, 2017. The
decrease was primarily the result of the sale of approximately $400
million of securities in a loss position sold late in the fourth
quarter of 2017 as part of treasury and tax management objectives
set into place associated with the passing the Tax Cuts and Jobs
Act in December of 2017, partially offset by reinvesting a portion
of the proceeds in new securities prior to year end. The sale of
these securities late in the fourth quarter of 2017 resulted in a
loss on sale of investment securities of $7.6 million.
Total deposits were $13.64 billion at
December 31, 2017, compared to $13.81 billion at
September 30, 2017, and $12.87 billion at December 31,
2016. The decrease in deposits during the fourth quarter of 2017
was primarily due to a decline in interest-bearing demand deposits.
The Corporation experienced net run-off in customer deposits of
$163.1 million during the fourth quarter of 2017 primarily due to a
seasonal decline in municipal deposits; however, the Corporation
experienced net organic growth in customer deposits of $862.6
million for the year ended December 31, 2017.
Securities sold under agreements to repurchase
with customers were $415.2 million at December 31, 2017,
compared to $414.6 million at September 30, 2017, and $343.0
million at December 31, 2016. Short-term borrowings were $2.00
billion at December 31, 2017, compared to $1.90 billion at
September 30, 2017, and $0.83 billion at December 31,
2016, and consisted of short-term FHLB advances utilized by the
Corporation to fund short-term liquidity needs. Long-term
borrowings were $372.9 million at December 31, 2017, compared
to $397.8 million at September 30, 2017, and $597.8 million at
December 31, 2016. The increase in short-term borrowings
during the year ended December 31, 2017 was primarily utilized
to fund loan growth and increase the investment securities
portfolio.
The Corporation's shareholders' equity to total
assets ratio was 13.8% at December 31, 2017, compared to 13.8%
at September 30, 2017, and 14.9% at December 31, 2016.
The Corporation's tangible shareholders' equity to assets ratio, a
non-GAAP financial measure, and total risk-based capital ratio,
were 8.3% and 10.9% (estimated), respectively, at December 31,
2017, compared to 8.3% and 11.2%, respectively, at
September 30, 2017, and 8.8% and 11.5%, respectively, at
December 31, 2016.(1) The Corporation's book value was $37.48
per share at December 31, 2017, compared to $37.57 per share
at September 30, 2017 and $36.57 per share at
December 31, 2016. The Corporation's tangible book value, a
non-GAAP financial measure, was $21.21 per share at
December 31, 2017, compared to $21.36 per share at
September 30, 2017, and $20.20 per share at December 31,
2016.(1)
(1) Please refer to the section entitled
"Non-GAAP Financial Measures" in this press release and to the
financial tables entitled "Reconciliation of Non-GAAP Financial
Measures" for a reconciliation to the most directly comparable GAAP
financial measures.
Conference Call Details
Chemical Financial Corporation will host a
conference call to discuss its fourth quarter and full year 2017
operating results on Wednesday, January 24, 2018 at 10:30 am
ET. Anyone interested may access the conference call on a live
basis by dialing toll-free at 1-888-523-1194 and entering 462654
for the conference ID. The call will also be broadcast live over
the Internet hosted at Chemical Financial Corporation's website at
www.chemicalbank.com under the "Investor Info" section. A copy
of the slide-show presentation and an audio replay of the call will
remain available on Chemical Financial Corporation's website for at
least 14 days.
About Chemical Financial Corporation
Chemical Financial Corporation is the largest
banking company headquartered and operating branch offices in
Michigan. The Corporation operates through its subsidiary bank,
Chemical Bank, with 212 banking offices located in Michigan,
northeast Ohio and northern Indiana. At December 31, 2017, the
Corporation had total assets of $19.28 billion. Chemical Financial
Corporation's common stock trades on The NASDAQ Stock Market under
the symbol CHFC and is one of the issuers comprising The NASDAQ
Global Select Market and the S&P MidCap 400 Index. More
information about the Corporation is available by visiting the
"Investor Info" section of its website at www.chemicalbank.com.
Non-GAAP Financial Measures
This press release contains references to
financial measures which are not defined in generally accepted
accounting principles ("GAAP"). Such non-GAAP financial measures
including measures that exclude significant items, net income,
diluted earnings per share, return on average assets and return on
average shareholders' equity, the Corporation's tangible equity to
tangible assets ratio, tangible book value per share, presentation
of net interest income and net interest margin on a fully taxable
equivalent (FTE) basis, core operating expenses (which excludes
merger and restructuring expenses and impairment of income tax
credits), operating expenses-efficiency ratio (which excludes
merger and restructuring expenses, impairment of
federal historic tax credits and amortization of intangibles),
and the adjusted efficiency ratio (which excludes significant
items, impairment of federal historic tax credits, loan
servicing rights change in fair value gains (losses), amortization
of intangibles, net interest income FTE adjustments, (losses) gains
from sale of investment securities and closed branch
locations).
These non-GAAP financial measures have been
included as the Corporation believes they are helpful for investors
to analyze and evaluate the Corporation's financial condition.
However, these non-GAAP financial measures have inherent
limitations and should not be considered in isolation or as a
substitute for GAAP measures. In addition, because non-GAAP
measures are not standardized, it may not be possible to compare
the non-GAAP historical measures in this press release with other
companies non-GAAP financial measures. Reconciliations of non-GAAP
financial measures to the most directly comparable GAAP financial
measure may be found in the financial tables included with this
press release.
Forward-Looking Statements
This press release contains forward-looking
statements that are based on management's beliefs, assumptions,
current expectations, estimates and projections about the financial
services industry, the economy and the Corporation. Words and
phrases such as "anticipates," "believes," "continue," "estimates,"
"expects," "forecasts," "future," "intends," "is likely,"
"judgment," "look ahead," "look forward," "on schedule," "opinion,"
"opportunity," "plans," "potential," "predicts," "probable,"
"projects," "should," "strategic," "trend," "will," and variations
of such words and phrases or similar expressions are intended to
identify such forward-looking statements. These statements include,
among others, statements related to our belief that the efforts
that we have undergone will put the Corporation in a solid position
for a successful 2018, statements about growth in the Corporation's
markets to be achieved through investments and expanding commercial
lending and banking teams, and our expectations regarding operating
expenses related to our restructuring efforts. All statements
referencing future time periods are forward-looking.
Management's determination of the provision and
allowance for loan losses; the carrying value of acquired loans,
goodwill and mortgage servicing rights; the fair value of
investment securities (including whether any impairment on any
investment security is temporary or other-than-temporary and the
amount of any impairment); and management's assumptions concerning
pension and other postretirement benefit plans involve judgments
that are inherently forward-looking. There can be no assurance that
future loan losses will be limited to the amounts estimated. All of
the information concerning interest rate sensitivity is
forward-looking. The future effect of changes in the financial and
credit markets and the national and regional economies on the
banking industry, generally, and on the Corporation, specifically,
are also inherently uncertain.
Forward-looking statements are based upon
current beliefs and expectations and involve substantial risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
Accordingly, such statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions ("risk factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from
what may be expressed or forecasted in such forward-looking
statements. The Corporation undertakes no obligation to update,
amend or clarify forward-looking statements, whether as a result of
new information, future events or otherwise. Risk factors include,
without limitation, a downturn in the economy, particularly in our
markets, volatile credit and financial markets both domestic and
foreign, potential deterioration in real estate value, regulatory
changes, excessive loan losses, the Corporation's inability to
attract and retain new commercial lenders and other bankers as well
as key operations staff in light of competition for experienced
employees in the banking industry, the Corporation's inability to
execute on its strategy to expand investments and commercial
lending, the Corporation's inability to grow its deposits while
reducing the number of physical branches that is operates, and
negative reactions to the restructuring efforts by Chemical Bank's
customers, employees and other counterparties.
In addition, risk factors include, but are not
limited to, the risk factors described in Item 1A of the
Corporation's Annual Report on Form 10-K for the year ended
December 31, 2016. These and other factors are representative
of the risk factors that may emerge and could cause a difference
between an ultimate actual outcome and a preceding forward-looking
statement.
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Consolidated Statements of Financial Position (Unaudited) |
Chemical
Financial Corporation |
(In
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
Assets |
|
|
|
|
|
|
Cash and cash
equivalents: |
|
|
|
|
|
|
Cash and
cash due from banks |
|
$ |
226,003 |
|
|
$ |
223,498 |
|
|
$ |
237,758 |
|
Interest-bearing deposits with the Federal Reserve Bank and other
banks and federal funds sold |
|
229,988 |
|
|
485,713 |
|
|
236,644 |
|
Total
cash and cash equivalents |
|
455,991 |
|
|
709,211 |
|
|
474,402 |
|
Investment
securities: |
|
|
|
|
|
|
Available-for-sale |
|
1,963,546 |
|
|
2,029,672 |
|
|
1,234,964 |
|
Held-to-maturity |
|
677,093 |
|
|
657,176 |
|
|
623,427 |
|
Total
investment securities |
|
2,640,639 |
|
|
2,686,848 |
|
|
1,858,391 |
|
Loans
held-for-sale |
|
52,133 |
|
|
87,198 |
|
|
81,830 |
|
Loans: |
|
|
|
|
|
|
Total
loans |
|
14,155,267 |
|
|
13,833,368 |
|
|
12,990,779 |
|
Allowance
for loan losses |
|
(91,887 |
) |
|
(85,760 |
) |
|
(78,268 |
) |
Net
loans |
|
14,063,380 |
|
|
13,747,608 |
|
|
12,912,511 |
|
Premises and
equipment |
|
126,896 |
|
|
141,550 |
|
|
145,012 |
|
Loan servicing
rights |
|
63,841 |
|
|
62,195 |
|
|
58,315 |
|
Goodwill |
|
1,134,568 |
|
|
1,134,568 |
|
|
1,133,534 |
|
Other intangible
assets |
|
34,271 |
|
|
35,797 |
|
|
40,211 |
|
Interest receivable and
other assets |
|
709,154 |
|
|
749,333 |
|
|
650,973 |
|
Total
Assets |
|
$ |
19,280,873 |
|
|
$ |
19,354,308 |
|
|
$ |
17,355,179 |
|
Liabilities |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
3,725,779 |
|
|
$ |
3,688,848 |
|
|
$ |
3,341,520 |
|
Interest-bearing |
|
9,917,024 |
|
|
10,116,397 |
|
|
9,531,602 |
|
Total
deposits |
|
13,642,803 |
|
|
13,805,245 |
|
|
12,873,122 |
|
Interest payable and
other liabilities |
|
181,203 |
|
|
163,532 |
|
|
134,637 |
|
Securities sold under
agreements to repurchase with customers |
|
415,236 |
|
|
414,597 |
|
|
343,047 |
|
Short-term
borrowings |
|
2,000,000 |
|
|
1,900,000 |
|
|
825,000 |
|
Long-term
borrowings |
|
372,882 |
|
|
397,845 |
|
|
597,847 |
|
Total
liabilities |
|
16,612,124 |
|
|
16,681,219 |
|
|
14,773,653 |
|
Shareholders'
Equity |
|
|
|
|
|
|
Preferred
stock, no par value per share |
|
— |
|
|
— |
|
|
— |
|
Common
stock, $1 par value per share |
|
71,207 |
|
|
71,152 |
|
|
70,599 |
|
Additional paid-in capital |
|
2,203,637 |
|
|
2,201,334 |
|
|
2,210,762 |
|
Retained
earnings |
|
414,885 |
|
|
425,433 |
|
|
340,201 |
|
Accumulated other comprehensive loss |
|
(20,980 |
) |
|
(24,830 |
) |
|
(40,036 |
) |
Total
shareholders' equity |
|
2,668,749 |
|
|
2,673,089 |
|
|
2,581,526 |
|
Total
Liabilities and Shareholders' Equity |
|
$ |
19,280,873 |
|
|
$ |
19,354,308 |
|
|
$ |
17,355,179 |
|
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Consolidated Statements of Income (Unaudited) |
Chemical
Financial Corporation |
(In
thousands, except per share data) |
|
Three Months Ended |
|
Year Ended |
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
Interest
Income |
|
|
|
|
|
|
|
|
|
Interest and fees on
loans |
$ |
150,558 |
|
|
$ |
148,771 |
|
|
$ |
134,463 |
|
|
$ |
573,128 |
|
|
$ |
383,545 |
|
Interest on investment
securities: |
|
|
|
|
|
|
|
|
|
Taxable |
10,289 |
|
|
9,326 |
|
|
4,687 |
|
|
31,496 |
|
|
10,989 |
|
Tax-exempt |
5,105 |
|
|
4,577 |
|
|
3,940 |
|
|
18,343 |
|
|
12,317 |
|
Dividends on
nonmarketable equity securities |
2,018 |
|
|
1,039 |
|
|
582 |
|
|
4,924 |
|
|
1,973 |
|
Interest on deposits
with the Federal Reserve Bank and other banks and federal funds
sold |
1,192 |
|
|
1,231 |
|
|
744 |
|
|
4,244 |
|
|
1,555 |
|
Total
interest income |
169,162 |
|
|
164,944 |
|
|
144,416 |
|
|
632,135 |
|
|
410,379 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Interest on
deposits |
14,303 |
|
|
12,926 |
|
|
8,866 |
|
|
46,727 |
|
|
23,021 |
|
Interest on short-term
borrowings |
7,413 |
|
|
6,591 |
|
|
875 |
|
|
20,321 |
|
|
1,660 |
|
Interest on long-term
borrowings |
1,541 |
|
|
1,799 |
|
|
2,228 |
|
|
7,509 |
|
|
4,617 |
|
Total
interest expense |
23,257 |
|
|
21,316 |
|
|
11,969 |
|
|
74,557 |
|
|
29,298 |
|
Net Interest
Income |
145,905 |
|
|
143,628 |
|
|
132,447 |
|
|
557,578 |
|
|
381,081 |
|
Provision for loan
losses |
7,522 |
|
|
5,499 |
|
|
6,272 |
|
|
23,300 |
|
|
14,875 |
|
Net
interest income after provision for loan losses |
138,383 |
|
|
138,129 |
|
|
126,175 |
|
|
534,278 |
|
|
366,206 |
|
Noninterest
Income |
|
|
|
|
|
|
|
|
|
Service charges and
fees on deposit accounts |
9,073 |
|
|
9,147 |
|
|
8,414 |
|
|
35,001 |
|
|
28,136 |
|
Wealth management
revenue |
6,539 |
|
|
6,188 |
|
|
6,034 |
|
|
25,512 |
|
|
22,601 |
|
Other charges and fees
for customer services |
7,522 |
|
|
6,624 |
|
|
9,981 |
|
|
32,771 |
|
|
30,246 |
|
Net gain on sale of
loans and other mortgage banking revenue |
7,925 |
|
|
5,241 |
|
|
14,420 |
|
|
32,205 |
|
|
21,859 |
|
(Loss) gain on sale of
investment securities |
(7,556 |
) |
|
1 |
|
|
76 |
|
|
(7,388 |
) |
|
129 |
|
Gain on sale of
branches |
— |
|
|
— |
|
|
7,391 |
|
|
— |
|
|
7,391 |
|
Other |
8,816 |
|
|
4,921 |
|
|
7,948 |
|
|
25,918 |
|
|
11,988 |
|
Total
noninterest income |
32,319 |
|
|
32,122 |
|
|
54,264 |
|
|
144,019 |
|
|
122,350 |
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
Salaries, wages and
employee benefits |
48,358 |
|
|
52,621 |
|
|
57,631 |
|
|
213,828 |
|
|
165,213 |
|
Occupancy |
7,546 |
|
|
6,871 |
|
|
7,644 |
|
|
30,554 |
|
|
23,525 |
|
Equipment and
software |
8,000 |
|
|
7,582 |
|
|
8,709 |
|
|
32,248 |
|
|
24,408 |
|
Outside processing and
service fees |
9,081 |
|
|
9,626 |
|
|
7,290 |
|
|
35,142 |
|
|
21,199 |
|
Merger expenses |
1,511 |
|
|
2,379 |
|
|
18,016 |
|
|
8,522 |
|
|
61,134 |
|
Restructuring
expenses |
1,056 |
|
|
18,824 |
|
|
— |
|
|
19,880 |
|
|
— |
|
Other |
24,470 |
|
|
21,636 |
|
|
15,012 |
|
|
81,820 |
|
|
42,939 |
|
Total
operating expenses |
100,022 |
|
|
119,539 |
|
|
114,302 |
|
|
421,994 |
|
|
338,418 |
|
Income before
income taxes |
70,680 |
|
|
50,712 |
|
|
66,137 |
|
|
256,303 |
|
|
150,138 |
|
Income tax expense |
61,234 |
|
|
10,253 |
|
|
18,969 |
|
|
106,780 |
|
|
42,106 |
|
Net
Income |
$ |
9,446 |
|
|
$ |
40,459 |
|
|
$ |
47,168 |
|
|
$ |
149,523 |
|
|
$ |
108,032 |
|
Earnings Per
Common Share: |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding-basic |
71,095 |
|
|
70,911 |
|
|
70,171 |
|
|
70,865 |
|
|
49,091 |
|
Weighted
average common shares outstanding-diluted |
71,682 |
|
|
71,505 |
|
|
71,304 |
|
|
71,513 |
|
|
49,603 |
|
Basic
earnings per common share |
$ |
0.13 |
|
|
$ |
0.57 |
|
|
$ |
0.67 |
|
|
$ |
2.11 |
|
|
$ |
2.21 |
|
Diluted
earnings per common share |
$ |
0.13 |
|
|
$ |
0.56 |
|
|
$ |
0.66 |
|
|
$ |
2.08 |
|
|
$ |
2.17 |
|
Diluted,
excluding significant items (non-GAAP) |
$ |
0.87 |
|
|
$ |
0.76 |
|
|
$ |
0.75 |
|
|
$ |
3.06 |
|
|
$ |
2.88 |
|
Cash Dividends
Declared Per Common Share |
$ |
0.28 |
|
|
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
1.10 |
|
|
$ |
1.06 |
|
Key Ratios
(annualized where applicable): |
|
|
|
|
|
|
|
|
|
Return on
average assets |
0.20 |
% |
|
0.86 |
% |
|
1.09 |
% |
|
0.81 |
% |
|
0.90 |
% |
Return on
average shareholders' equity |
1.4 |
% |
|
6.1 |
% |
|
7.4 |
% |
|
5.7 |
% |
|
7.0 |
% |
Return on
average tangible shareholders' equity, excluding significant items
(non-GAAP) |
16.5 |
% |
|
14.6 |
% |
|
15.3 |
% |
|
14.9 |
% |
|
14.9 |
% |
Net
interest margin (tax-equivalent basis) (non-GAAP) |
3.47 |
% |
|
3.48 |
% |
|
3.56 |
% |
|
3.48 |
% |
|
3.60 |
% |
Efficiency ratio - GAAP |
56.1 |
% |
|
68.0 |
% |
|
61.2 |
% |
|
60.1 |
% |
|
67.2 |
% |
Efficiency ratio - adjusted (non-GAAP) |
47.4 |
% |
|
51.2 |
% |
|
53.7 |
% |
|
51.9 |
% |
|
54.4 |
% |
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Selected
Quarterly Information (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in thousands, except per share data) |
|
4th Quarter 2017 |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
2nd Quarter 2016 |
|
1st Quarter 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
169,162 |
|
|
$ |
164,944 |
|
|
$ |
155,133 |
|
|
$ |
142,896 |
|
|
$ |
144,416 |
|
|
$ |
103,562 |
|
|
$ |
82,937 |
|
|
$ |
79,464 |
|
Interest expense |
23,257 |
|
|
21,316 |
|
|
17,185 |
|
|
12,799 |
|
|
11,969 |
|
|
6,753 |
|
|
5,442 |
|
|
5,134 |
|
Net interest
income |
145,905 |
|
|
143,628 |
|
|
137,948 |
|
|
130,097 |
|
|
132,447 |
|
|
96,809 |
|
|
77,495 |
|
|
74,330 |
|
Provision for loan
losses |
7,522 |
|
|
5,499 |
|
|
6,229 |
|
|
4,050 |
|
|
6,272 |
|
|
4,103 |
|
|
3,000 |
|
|
1,500 |
|
Net interest income
after provision for loan losses |
138,383 |
|
|
138,129 |
|
|
131,719 |
|
|
126,047 |
|
|
126,175 |
|
|
92,706 |
|
|
74,495 |
|
|
72,830 |
|
Noninterest income |
32,319 |
|
|
32,122 |
|
|
41,568 |
|
|
38,010 |
|
|
54,264 |
|
|
27,770 |
|
|
20,897 |
|
|
19,419 |
|
Operating expenses,
excluding merger and restructuring expenses and impairment of
income tax credits (non-GAAP) |
91,298 |
|
|
95,241 |
|
|
97,772 |
|
|
100,029 |
|
|
96,286 |
|
|
68,674 |
|
|
56,031 |
|
|
56,293 |
|
Merger and
restructuring expenses |
2,567 |
|
|
21,203 |
|
|
465 |
|
|
4,167 |
|
|
18,016 |
|
|
37,470 |
|
|
3,054 |
|
|
2,594 |
|
Impairment of income
tax credits |
6,157 |
|
|
3,095 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income
taxes |
70,680 |
|
|
50,712 |
|
|
75,050 |
|
|
59,861 |
|
|
66,137 |
|
|
14,332 |
|
|
36,307 |
|
|
33,362 |
|
Income tax expense |
61,234 |
|
|
10,253 |
|
|
23,036 |
|
|
12,257 |
|
|
18,969 |
|
|
2,848 |
|
|
10,532 |
|
|
9,757 |
|
Net income |
$ |
9,446 |
|
|
$ |
40,459 |
|
|
$ |
52,014 |
|
|
$ |
47,604 |
|
|
$ |
47,168 |
|
|
$ |
11,484 |
|
|
$ |
25,775 |
|
|
$ |
23,605 |
|
Significant items, net
of tax |
53,240 |
|
|
13,782 |
|
|
302 |
|
|
2,709 |
|
|
6,906 |
|
|
25,118 |
|
|
1,985 |
|
|
1,686 |
|
Net income, excluding
significant items |
$ |
62,686 |
|
|
$ |
54,241 |
|
|
$ |
52,316 |
|
|
$ |
50,313 |
|
|
$ |
54,074 |
|
|
$ |
36,602 |
|
|
$ |
27,760 |
|
|
$ |
25,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.13 |
|
|
$ |
0.57 |
|
|
$ |
0.73 |
|
|
$ |
0.67 |
|
|
$ |
0.67 |
|
|
$ |
0.23 |
|
|
$ |
0.67 |
|
|
$ |
0.61 |
|
Diluted |
0.13 |
|
|
0.56 |
|
|
0.73 |
|
|
0.67 |
|
|
0.66 |
|
|
0.23 |
|
|
0.67 |
|
|
0.60 |
|
Diluted,
excluding significant items (non-GAAP) |
0.87 |
|
|
0.76 |
|
|
0.73 |
|
|
0.70 |
|
|
0.75 |
|
|
0.73 |
|
|
0.72 |
|
|
0.65 |
|
Cash dividends
declared |
0.28 |
|
|
0.28 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.26 |
|
|
0.26 |
|
Book value -
period-end |
37.48 |
|
|
37.57 |
|
|
37.11 |
|
|
36.56 |
|
|
36.57 |
|
|
36.37 |
|
|
27.45 |
|
|
26.99 |
|
Tangible book value -
period-end |
21.21 |
|
|
21.36 |
|
|
20.89 |
|
|
20.32 |
|
|
20.20 |
|
|
19.99 |
|
|
19.68 |
|
|
19.20 |
|
Market value -
period-end |
53.47 |
|
|
52.26 |
|
|
48.41 |
|
|
51.15 |
|
|
54.17 |
|
|
44.13 |
|
|
37.29 |
|
|
35.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(taxable equivalent basis) (non-GAAP) |
3.47 |
% |
|
3.48 |
% |
|
3.48 |
% |
|
3.49 |
% |
|
3.56 |
% |
|
3.58 |
% |
|
3.70 |
% |
|
3.60 |
% |
Efficiency ratio -
adjusted (non-GAAP) |
47.4 |
% |
|
51.2 |
% |
|
52.2 |
% |
|
57.4 |
% |
|
53.7 |
% |
|
52.7 |
% |
|
54.6 |
% |
|
57.6 |
% |
Return on average
assets |
0.20 |
% |
|
0.86 |
% |
|
1.14 |
% |
|
1.09 |
% |
|
1.09 |
% |
|
0.37 |
% |
|
1.10 |
% |
|
1.02 |
% |
Return on average
shareholders' equity |
1.4 |
% |
|
6.1 |
% |
|
8.0 |
% |
|
7.4 |
% |
|
7.4 |
% |
|
2.9 |
% |
|
10.0 |
% |
|
9.3 |
% |
Average shareholders'
equity as a percent of average assets |
13.9 |
% |
|
14.0 |
% |
|
14.3 |
% |
|
14.8 |
% |
|
14.9 |
% |
|
12.7 |
% |
|
11.1 |
% |
|
11.0 |
% |
Capital ratios (period
end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity as a percent of tangible assets |
8.3 |
% |
|
8.3 |
% |
|
8.4 |
% |
|
8.8 |
% |
|
8.8 |
% |
|
8.7 |
% |
|
8.2 |
% |
|
8.2 |
% |
Total
risk-based capital ratio (1) |
10.9 |
% |
|
11.2 |
% |
|
11.1 |
% |
|
11.4 |
% |
|
11.5 |
% |
|
11.1 |
% |
|
11.4 |
% |
|
11.5 |
% |
(1)
Estimated at December 31, 2017. |
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Average
Balances, Tax Equivalent Interest and Effective Yields and Rates
(Unaudited)(1) |
Chemical
Financial Corporation |
(Dollars
in thousands) |
|
Three Months Ended |
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
AverageBalance |
|
Interest (FTE) |
|
EffectiveYield/Rate(1) |
|
Average Balance |
|
Interest (FTE) |
|
Effective Yield/Rate(1) |
|
AverageBalance |
|
Interest (FTE) |
|
Effective Yield/Rate(1) |
Assets |
|
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1)(2) |
$ |
13,954,366 |
|
|
$ |
151,413 |
|
|
4.31 |
% |
|
$ |
13,795,750 |
|
|
$ |
149,595 |
|
|
4.31 |
% |
|
$ |
12,895,557 |
|
|
$ |
135,301 |
|
|
4.18 |
% |
Taxable
investment securities |
|
1,715,494 |
|
|
|
10,289 |
|
|
2.40 |
|
|
|
1,629,344 |
|
|
|
9,326 |
|
|
2.29 |
|
|
|
1,065,453 |
|
|
|
4,687 |
|
|
1.76 |
|
Tax-exempt investment securities(1) |
|
981,299 |
|
|
|
7,830 |
|
|
3.19 |
|
|
|
896,854 |
|
|
|
7,013 |
|
|
3.13 |
|
|
|
807,093 |
|
|
|
6,047 |
|
|
3.00 |
|
Other
interest-earning assets |
|
180,098 |
|
|
|
2,018 |
|
|
4.45 |
|
|
|
180,188 |
|
|
|
1,039 |
|
|
2.29 |
|
|
|
80,202 |
|
|
|
582 |
|
|
2.89 |
|
Interest-bearing deposits with the FRB and other banks and federal
funds sold |
|
307,028 |
|
|
|
1,192 |
|
|
1.54 |
|
|
|
313,104 |
|
|
|
1,231 |
|
|
1.56 |
|
|
|
307,802 |
|
|
|
744 |
|
|
0.96 |
|
Total interest-earning
assets |
|
17,138,285 |
|
|
|
172,742 |
|
|
4.01 |
|
|
|
16,815,240 |
|
|
|
168,204 |
|
|
3.98 |
|
|
|
15,156,107 |
|
|
|
147,361 |
|
|
3.87 |
|
Less: allowance for
loan losses |
|
(86,521 |
) |
|
|
|
|
|
|
(84,640 |
) |
|
|
|
|
|
|
(74,822 |
) |
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash due from banks |
|
239,307 |
|
|
|
|
|
|
|
250,743 |
|
|
|
|
|
|
|
245,613 |
|
|
|
|
|
Premises
and equipment |
|
138,880 |
|
|
|
|
|
|
|
146,266 |
|
|
|
|
|
|
|
144,652 |
|
|
|
|
|
Interest
receivable and other assets |
|
1,777,479 |
|
|
|
|
|
|
|
1,730,539 |
|
|
|
|
|
|
|
1,793,118 |
|
|
|
|
|
Total assets |
$ |
19,207,430 |
|
|
|
|
|
|
$ |
18,858,148 |
|
|
|
|
|
$ |
17,264,668 |
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
2,709,033 |
|
|
$ |
1,242 |
|
|
0.18 |
% |
|
$ |
2,725,807 |
|
|
$ |
1,321 |
|
|
0.19 |
% |
|
$ |
2,680,241 |
|
|
$ |
1,266 |
|
|
0.19 |
% |
Savings
deposits |
|
4,023,075 |
|
|
|
4,296 |
|
|
0.42 |
|
|
|
4,012,299 |
|
|
|
3,985 |
|
|
0.39 |
|
|
|
3,490,972 |
|
|
|
1,263 |
|
|
0.14 |
|
Time
deposits |
|
3,136,655 |
|
|
|
8,765 |
|
|
1.11 |
|
|
|
3,007,109 |
|
|
|
7,620 |
|
|
1.01 |
|
|
|
3,209,695 |
|
|
|
6,337 |
|
|
0.79 |
|
Short-term borrowings |
|
2,366,571 |
|
|
|
7,413 |
|
|
1.24 |
|
|
|
2,279,998 |
|
|
|
6,591 |
|
|
1.15 |
|
|
|
949,292 |
|
|
|
875 |
|
|
0.38 |
|
Long-term
borrowings |
|
383,739 |
|
|
|
1,541 |
|
|
1.67 |
|
|
|
426,155 |
|
|
|
1,799 |
|
|
1.67 |
|
|
|
600,066 |
|
|
|
2,228 |
|
|
1.41 |
|
Total interest-bearing
liabilities |
|
12,619,073 |
|
|
|
23,257 |
|
|
0.73 |
|
|
|
12,451,368 |
|
|
|
21,316 |
|
|
0.68 |
|
|
|
10,930,266 |
|
|
|
11,969 |
|
|
0.44 |
|
Noninterest-bearing
deposits |
|
3,734,650 |
|
|
|
— |
|
|
— |
|
|
|
3,643,765 |
|
|
|
|
— |
|
|
— |
|
|
|
3,622,365 |
|
|
|
— |
|
|
— |
|
Total deposits and
borrowed funds |
|
16,353,723 |
|
|
|
23,257 |
|
|
0.56 |
|
|
|
16,095,133 |
|
|
|
21,316 |
|
|
0.53 |
|
|
|
14,552,631 |
|
|
|
11,969 |
|
|
0.33 |
|
Interest payable and
other liabilities |
|
177,678 |
|
|
|
|
|
|
|
119,782 |
|
|
|
|
|
|
|
147,094 |
|
|
|
|
|
Shareholders'
equity |
|
2,676,029 |
|
|
|
|
|
|
|
2,643,233 |
|
|
|
|
|
|
|
2,564,943 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
19,207,430 |
|
|
|
|
|
|
$ |
18,858,148 |
|
|
|
|
|
|
$ |
17,264,668 |
|
|
|
|
|
Net
Interest Spread (Average yield earned on interest-earning assets
minus average rate paid on interest-bearing liabilities) |
|
3.28 |
% |
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.43 |
% |
Net Interest Income
(FTE) |
|
|
$ |
149,485 |
|
|
|
|
|
|
$ |
146,888 |
|
|
|
|
|
|
$ |
135,392 |
|
|
|
Net
Interest Margin (Net Interest Income (FTE) divided by total average
interest-earning assets) |
|
3.47 |
% |
|
|
|
|
|
3.48 |
% |
|
|
|
|
|
3.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Reported Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income, fully taxable equivalent (non-GAAP) |
|
$ |
149,485 |
|
|
|
|
|
|
$ |
146,888 |
|
|
|
|
|
|
$ |
135,392 |
|
|
|
Adjustments
for taxable equivalent interest(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
(855 |
) |
|
|
|
|
|
|
(824 |
) |
|
|
|
|
|
|
(838 |
) |
|
|
Tax-exempt investment securities |
|
|
|
(2,725 |
) |
|
|
|
|
|
|
(2,436 |
) |
|
|
|
|
|
|
(2,107 |
) |
|
|
Total
taxable equivalent interest adjustments |
|
|
(3,580 |
) |
|
|
|
|
|
|
(3,260 |
) |
|
|
|
|
|
|
(2,945 |
) |
|
|
Net interest income
(GAAP) |
|
|
$ |
145,905 |
|
|
|
|
|
|
$ |
143,628 |
|
|
|
|
|
|
$ |
132,447 |
|
|
|
Net interest margin
(GAAP) |
|
|
|
3.39 |
% |
|
|
|
|
|
|
3.40 |
% |
|
|
|
|
|
|
3.48 |
% |
|
|
(1) Fully taxable equivalent (FTE) basis using a federal income
tax rate of 35%. The presentation of net interest income on a FTE
basis is not in accordance with GAAP, but is customary in the
banking industry.(2) Nonaccrual loans and loans held-for-sale
are included in average balances reported and are included in the
calculation of yields. Also, tax equivalent interest includes net
loan fees.
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Average
Balances, Tax Equivalent Interest and Effective Yields and Rates
(Unaudited)(1) |
Chemical
Financial Corporation |
(Dollars
in thousands) |
|
|
|
Year Ended |
|
|
December 31, 2017 |
|
December 31, 2016 |
|
|
AverageBalance |
|
Interest (FTE) |
|
EffectiveYield/Rate(1) |
|
AverageBalance |
|
Interest (FTE) |
|
Effective Yield/Rate(1) |
Assets |
|
|
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1)(2) |
|
$ |
13,607,683 |
|
|
$ |
576,429 |
|
|
4.24 |
% |
|
$ |
9,304,573 |
|
|
$ |
386,575 |
|
|
4.15 |
% |
Taxable
investment securities |
|
1,431,167 |
|
|
31,496 |
|
|
2.20 |
|
|
706,567 |
|
|
10,989 |
|
|
1.56 |
|
Tax-exempt investment securities(1) |
|
905,831 |
|
|
28,120 |
|
|
3.10 |
|
|
595,677 |
|
|
18,929 |
|
|
3.18 |
|
Other
interest-earning assets |
|
157,738 |
|
|
4,924 |
|
|
3.12 |
|
|
55,341 |
|
|
1,973 |
|
|
3.57 |
|
Interest-bearing deposits with the FRB and other banks and federal
funds sold |
|
298,006 |
|
|
4,244 |
|
|
1.42 |
|
|
194,637 |
|
|
1,555 |
|
|
0.80 |
|
Total interest-earning
assets |
|
16,400,425 |
|
|
645,213 |
|
|
3.93 |
|
|
10,856,795 |
|
|
420,021 |
|
|
3.87 |
|
Less: allowance for
loan losses |
|
(82,644 |
) |
|
|
|
|
|
(73,136 |
) |
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash due from banks |
|
235,621 |
|
|
|
|
|
|
186,706 |
|
|
|
|
|
Premises
and equipment |
|
144,114 |
|
|
|
|
|
|
118,080 |
|
|
|
|
|
Interest
receivable and other assets |
|
1,767,640 |
|
|
|
|
|
|
948,710 |
|
|
|
|
|
Total assets |
|
$ |
18,465,156 |
|
|
|
|
|
|
$ |
12,037,155 |
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
2,753,294 |
|
|
$ |
4,870 |
|
|
0.18 |
% |
|
$ |
2,143,064 |
|
|
$ |
3,277 |
|
|
0.15 |
% |
Savings
deposits |
|
3,940,499 |
|
|
13,049 |
|
|
0.33 |
|
|
2,534,038 |
|
|
2,877 |
|
|
0.11 |
|
Time
deposits |
|
3,014,302 |
|
|
28,808 |
|
|
0.96 |
|
|
2,154,118 |
|
|
16,867 |
|
|
0.78 |
|
Short-term borrowings |
|
1,978,951 |
|
|
20,321 |
|
|
1.03 |
|
|
571,510 |
|
|
1,660 |
|
|
0.29 |
|
Long-term
borrowings |
|
455,246 |
|
|
7,509 |
|
|
1.67 |
|
|
418,636 |
|
|
4,617 |
|
|
1.10 |
|
Total interest-bearing
liabilities |
|
12,142,292 |
|
|
74,557 |
|
|
0.61 |
|
|
7,821,366 |
|
|
29,298 |
|
|
0.37 |
|
Noninterest-bearing
deposits |
|
3,547,271 |
|
|
— |
|
|
— |
|
|
2,566,342 |
|
|
— |
|
|
— |
|
Total deposits and
borrowed funds |
|
15,689,563 |
|
|
74,557 |
|
|
0.48 |
|
|
10,387,708 |
|
|
29,298 |
|
|
0.28 |
|
Interest payable and
other liabilities |
|
147,731 |
|
|
|
|
|
|
102,726 |
|
|
|
|
|
Shareholders'
equity |
|
2,627,862 |
|
|
|
|
|
|
1,546,721 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
18,465,156 |
|
|
|
|
|
|
$ |
12,037,155 |
|
|
|
|
|
Net
Interest Spread (Average yield earned on interest-earning assets
minus average rate paid on interest-bearing liabilities) |
|
|
|
3.32 |
% |
|
|
|
|
|
3.50 |
% |
Net Interest Income
(FTE) |
|
|
|
$ |
570,656 |
|
|
|
|
|
|
$ |
390,723 |
|
|
|
Net
Interest Margin (Net Interest Income (FTE) divided by total average
interest-earning assets) |
|
|
|
3.48 |
% |
|
|
|
|
|
3.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Reported Net Interest Income |
|
|
|
|
|
|
|
|
|
|
Net
interest income, fully taxable equivalent (non-GAAP) |
|
$ |
570,656 |
|
|
|
|
|
|
$ |
390,723 |
|
|
|
Adjustments for taxable
equivalent interest(1): |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
(3,301 |
) |
|
|
|
|
|
(3,030 |
) |
|
|
Tax-exempt investment securities |
|
|
|
(9,777 |
) |
|
|
|
|
|
(6,612 |
) |
|
|
Total taxable
equivalent interest adjustments |
|
|
|
(13,078 |
) |
|
|
|
|
|
(9,642 |
) |
|
|
Net interest income
(GAAP) |
|
|
|
$ |
557,578 |
|
|
|
|
|
|
$ |
381,081 |
|
|
|
Net interest margin
(GAAP) |
|
|
|
3.40 |
% |
|
|
|
|
|
3.51 |
% |
|
|
(1) Fully
taxable equivalent (FTE) basis using a federal income tax rate of
35%. The presentation of net interest income on a FTE basis is not
in accordance with GAAP, but is customary in the banking
industry.(2) Nonaccrual loans and loans held-for-sale are
included in average balances reported and are included in the
calculation of yields. Also, tax equivalent interest includes net
loan fees. |
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating
Results |
|
Noninterest Income and Operating Expenses Information
(Unaudited) |
Chemical
Financial Corporation |
(Dollars
in thousands) |
|
|
4th Quarter 2017 |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
2nd Quarter 2016 |
|
1st Quarter 2016 |
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and
fees on deposit accounts |
$ |
9,073 |
|
|
$ |
9,147 |
|
|
$ |
8,777 |
|
|
$ |
8,004 |
|
|
$ |
8,414 |
|
|
$ |
7,665 |
|
|
$ |
6,337 |
|
|
$ |
5,720 |
|
Wealth management
revenue |
6,539 |
|
|
6,188 |
|
|
6,958 |
|
|
5,827 |
|
|
6,034 |
|
|
5,584 |
|
|
5,782 |
|
|
5,201 |
|
Electronic banking
fees |
5,578 |
|
|
4,370 |
|
|
7,482 |
|
|
6,817 |
|
|
8,196 |
|
|
5,533 |
|
|
4,786 |
|
|
4,918 |
|
Net gain on sale of
loans and other mortgage banking revenue |
7,938 |
|
|
9,282 |
|
|
11,681 |
|
|
9,679 |
|
|
8,072 |
|
|
5,675 |
|
|
1,595 |
|
|
1,405 |
|
Change in fair value in
loan servicing rights(1) |
(13 |
) |
|
(4,041 |
) |
|
(1,802 |
) |
|
(519 |
) |
|
6,348 |
|
|
(1,236 |
) |
|
— |
|
|
— |
|
Other fees for customer
services |
1,944 |
|
|
2,254 |
|
|
2,252 |
|
|
2,074 |
|
|
1,785 |
|
|
1,877 |
|
|
1,677 |
|
|
1,474 |
|
(Loss) gain on sale of
investment securities |
(7,556 |
) |
|
1 |
|
|
77 |
|
|
90 |
|
|
76 |
|
|
16 |
|
|
18 |
|
|
19 |
|
Bank-owned life
insurance |
1,377 |
|
|
1,124 |
|
|
1,106 |
|
|
1,211 |
|
|
957 |
|
|
446 |
|
|
237 |
|
|
196 |
|
Gain on sale of branch
offices |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,391 |
|
|
— |
|
|
— |
|
|
— |
|
Other |
7,439 |
|
|
3,797 |
|
|
5,037 |
|
|
4,827 |
|
|
6,991 |
|
|
2,210 |
|
|
465 |
|
|
486 |
|
Total
noninterest income |
$ |
32,319 |
|
|
$ |
32,122 |
|
|
$ |
41,568 |
|
|
$ |
38,010 |
|
|
$ |
54,264 |
|
|
$ |
27,770 |
|
|
$ |
20,897 |
|
|
$ |
19,419 |
|
(1) Included within the line item "Net gain on sale of loans
and other mortgage banking revenue" in the Consolidated Statements
of Income. |
|
4th Quarter 2017 |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
2nd Quarter 2016 |
|
1st Quarter 2016 |
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
$ |
41,866 |
|
|
$ |
44,641 |
|
|
$ |
44,959 |
|
|
$ |
48,526 |
|
|
$ |
47,936 |
|
|
$ |
33,841 |
|
|
$ |
26,887 |
|
|
$ |
26,743 |
|
Employee benefits |
6,492 |
|
|
7,980 |
|
|
7,642 |
|
|
11,722 |
|
|
9,695 |
|
|
6,724 |
|
|
6,240 |
|
|
7,147 |
|
Occupancy |
7,546 |
|
|
6,871 |
|
|
8,745 |
|
|
7,392 |
|
|
7,644 |
|
|
5,462 |
|
|
5,514 |
|
|
4,905 |
|
Equipment and
software |
8,000 |
|
|
7,582 |
|
|
8,149 |
|
|
8,517 |
|
|
8,709 |
|
|
6,420 |
|
|
4,875 |
|
|
4,404 |
|
Outside processing and
service fees |
9,081 |
|
|
9,626 |
|
|
8,924 |
|
|
7,511 |
|
|
7,290 |
|
|
5,365 |
|
|
4,833 |
|
|
3,711 |
|
FDIC insurance
premiums |
4,556 |
|
|
2,768 |
|
|
2,460 |
|
|
1,406 |
|
|
2,813 |
|
|
1,849 |
|
|
1,338 |
|
|
1,407 |
|
Professional fees |
3,483 |
|
|
3,489 |
|
|
2,567 |
|
|
1,968 |
|
|
2,304 |
|
|
1,472 |
|
|
1,020 |
|
|
1,036 |
|
Intangible asset
amortization |
1,525 |
|
|
1,526 |
|
|
1,525 |
|
|
1,513 |
|
|
1,843 |
|
|
1,292 |
|
|
1,195 |
|
|
1,194 |
|
Credit-related
expenses |
803 |
|
|
1,874 |
|
|
1,895 |
|
|
1,200 |
|
|
(1,029 |
) |
|
(371 |
) |
|
(1,331 |
) |
|
30 |
|
Merger expenses |
1,511 |
|
|
2,379 |
|
|
465 |
|
|
4,167 |
|
|
18,016 |
|
|
37,470 |
|
|
3,054 |
|
|
2,594 |
|
Restructuring
expenses |
1,056 |
|
|
18,824 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Impairment of income
tax credit |
6,157 |
|
|
3,095 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
7,946 |
|
|
8,884 |
|
|
10,906 |
|
|
10,274 |
|
|
9,081 |
|
|
6,620 |
|
|
5,460 |
|
|
5,716 |
|
Total operating
expenses |
$ |
100,022 |
|
|
$ |
119,539 |
|
|
$ |
98,237 |
|
|
$ |
104,196 |
|
|
$ |
114,302 |
|
|
$ |
106,144 |
|
|
$ |
59,085 |
|
|
$ |
58,887 |
|
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Composition of Loans and Deposits and Additional Information on
Intangible Assets (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
OrganicGrowth
-ThreeMonthsEndedDec 31, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Organic Growth - Twelve Months Ended Dec 31,
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loan
portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
3,385,642 |
|
|
$ |
3,319,965 |
|
|
2.0 |
% |
|
$ |
3,360,161 |
|
|
$ |
3,253,608 |
|
|
$ |
3,217,300 |
|
|
5.2 |
% |
Commercial real estate |
4,500,670 |
|
|
4,315,978 |
|
|
4.3 |
|
|
4,324,323 |
|
|
4,097,771 |
|
|
3,973,140 |
|
|
13.3 |
|
Real
estate construction |
574,215 |
|
|
501,413 |
|
|
14.5 |
|
|
446,678 |
|
|
453,811 |
|
|
403,772 |
|
|
42.2 |
|
Subtotal
- commercial loans |
8,460,527 |
|
|
8,137,356 |
|
|
4.0 |
|
|
8,131,162 |
|
|
7,805,190 |
|
|
7,594,212 |
|
|
11.4 |
|
Consumer loan
portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
3,252,487 |
|
|
3,221,307 |
|
|
1.0 |
|
|
3,125,397 |
|
|
3,133,465 |
|
|
3,086,474 |
|
|
5.4 |
|
Consumer
installment |
1,613,008 |
|
|
1,615,983 |
|
|
(0.2 |
) |
|
1,553,967 |
|
|
1,481,057 |
|
|
1,433,884 |
|
|
12.5 |
|
Home
equity |
829,245 |
|
|
858,722 |
|
|
(3.4 |
) |
|
856,846 |
|
|
853,680 |
|
|
876,209 |
|
|
(5.4 |
) |
Subtotal
- consumer loans |
5,694,740 |
|
|
5,696,012 |
|
|
— |
|
|
5,536,210 |
|
|
5,468,202 |
|
|
5,396,567 |
|
|
5.5 |
|
Total loans |
$ |
14,155,267 |
|
|
$ |
13,833,368 |
|
|
2.3 |
% |
|
$ |
13,667,372 |
|
|
$ |
13,273,392 |
|
|
$ |
12,990,779 |
|
|
9.0 |
% |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Organic Growth - Three Months Ended Dec 31,
2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2016 |
|
OrganicGrowth - Twelve Months Ended Dec 31,
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand |
$ |
3,725,779 |
|
|
$ |
3,688,848 |
|
|
1.0 |
% |
|
$ |
3,399,287 |
|
|
$ |
3,341,520 |
|
|
$ |
3,341,520 |
|
|
11.5 |
% |
Savings |
1,697,762 |
|
|
1,736,360 |
|
|
(2.2 |
) |
|
1,752,040 |
|
|
1,662,115 |
|
|
1,662,115 |
|
|
2.1 |
|
Interest-bearing
demand |
2,725,336 |
|
|
2,976,212 |
|
|
(8.4 |
) |
|
2,900,546 |
|
|
2,825,801 |
|
|
2,825,801 |
|
|
(3.6 |
) |
Money market
accounts |
2,276,719 |
|
|
2,289,852 |
|
|
(0.6 |
) |
|
2,161,645 |
|
|
2,033,319 |
|
|
2,033,319 |
|
|
12.0 |
|
Brokered deposits |
133,496 |
|
|
132,806 |
|
|
0.5 |
|
|
156,367 |
|
|
226,429 |
|
|
226,429 |
|
|
(41.0 |
) |
Other time
deposits |
3,083,711 |
|
|
2,981,167 |
|
|
3.4 |
|
|
2,762,462 |
|
|
2,783,938 |
|
|
2,783,938 |
|
|
10.8 |
|
Total
deposits |
$ |
13,642,803 |
|
|
$ |
13,805,245 |
|
|
(1.2 |
)% |
|
$ |
13,132,347 |
|
|
$ |
12,873,122 |
|
|
$ |
12,873,122 |
|
|
6.0 |
% |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Additional Data
- Intangibles |
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
1,134,568 |
|
|
$ |
1,134,568 |
|
|
$ |
1,133,534 |
|
|
$ |
1,133,534 |
|
|
$ |
1,133,534 |
|
Loan servicing
rights |
63,841 |
|
|
62,195 |
|
|
64,522 |
|
|
64,604 |
|
|
58,315 |
|
Core deposit
intangibles (CDI) |
34,259 |
|
|
35,747 |
|
|
37,235 |
|
|
38,723 |
|
|
40,211 |
|
Noncompete
agreements |
13 |
|
|
50 |
|
|
87 |
|
|
125 |
|
|
— |
|
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Nonperforming Assets (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Jun 30, 2016 |
|
Mar 31, 2016 |
Nonperforming
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Loans(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
19,691 |
|
|
$ |
15,648 |
|
|
$ |
18,773 |
|
|
$ |
16,717 |
|
|
$ |
13,178 |
|
|
$ |
13,742 |
|
|
$ |
14,577 |
|
|
$ |
19,264 |
|
Commercial real estate |
|
29,545 |
|
|
25,150 |
|
|
19,723 |
|
|
20,828 |
|
|
19,877 |
|
|
19,914 |
|
|
21,325 |
|
|
25,859 |
|
Real
estate construction |
|
77 |
|
|
78 |
|
|
56 |
|
|
79 |
|
|
80 |
|
|
80 |
|
|
496 |
|
|
546 |
|
Residential mortgage |
|
8,635 |
|
|
8,646 |
|
|
7,714 |
|
|
6,749 |
|
|
6,969 |
|
|
5,119 |
|
|
5,343 |
|
|
5,062 |
|
Consumer
installment |
|
842 |
|
|
875 |
|
|
757 |
|
|
755 |
|
|
879 |
|
|
378 |
|
|
285 |
|
|
360 |
|
Home
equity |
|
4,305 |
|
|
3,908 |
|
|
3,871 |
|
|
2,713 |
|
|
3,351 |
|
|
2,064 |
|
|
1,971 |
|
|
2,328 |
|
Total
nonaccrual loans(1) |
|
63,095 |
|
|
54,305 |
|
|
50,894 |
|
|
47,841 |
|
|
44,334 |
|
|
41,297 |
|
|
43,997 |
|
|
53,419 |
|
Other
real estate and repossessed assets |
|
8,807 |
|
|
10,605 |
|
|
14,582 |
|
|
16,395 |
|
|
17,187 |
|
|
20,730 |
|
|
8,440 |
|
|
9,248 |
|
Total nonperforming
assets |
|
$ |
71,902 |
|
|
$ |
64,910 |
|
|
$ |
65,476 |
|
|
$ |
64,236 |
|
|
$ |
61,521 |
|
|
$ |
62,027 |
|
|
$ |
52,437 |
|
|
$ |
62,667 |
|
Accruing loans contractually past due 90 days or more as to
interest or principal payments, excluding acquired loans accounted
for under ASC 310-30: |
|
|
|
|
Commercial |
|
$ |
— |
|
|
$ |
3,521 |
|
|
$ |
58 |
|
|
$ |
1,823 |
|
|
$ |
11 |
|
|
$ |
221 |
|
|
$ |
3 |
|
|
$ |
370 |
|
Commercial real estate |
|
13 |
|
|
144 |
|
|
262 |
|
|
700 |
|
|
277 |
|
|
739 |
|
|
3 |
|
|
— |
|
Real
estate construction |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,439 |
|
|
— |
|
|
— |
|
Residential mortgage |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
375 |
|
|
407 |
|
|
423 |
|
Home
equity |
|
1,364 |
|
|
2,367 |
|
|
2,026 |
|
|
1,169 |
|
|
995 |
|
|
628 |
|
|
1,071 |
|
|
679 |
|
Total
accruing loans contractually past due 90 days or more as to
interest or principal payments |
|
$ |
1,377 |
|
|
$ |
6,032 |
|
|
$ |
2,346 |
|
|
$ |
3,692 |
|
|
$ |
1,283 |
|
|
$ |
3,402 |
|
|
$ |
1,484 |
|
|
$ |
1,472 |
|
(1)
Acquired loans, accounted for under Accounting Standards
Codification 310-30, that are not performing in accordance with
contractual terms are not reported as nonperforming loans because
these loans are recorded in pools at their net realizable value
based on the principal and interest the Corporation expects to
collect on these loans. |
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Summary of
Loan Loss Experience (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
4th Quarter 2017 |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
2nd Quarter 2016 |
|
1st Quarter 2016 |
|
Dec 31, 2017 |
|
Dec 31, 2016 |
Allowance
for loan losses - originated portfolio |
|
|
|
|
Allowance for
loan losses - beginning of period |
$ |
85,181 |
|
|
$ |
83,797 |
|
|
$ |
78,774 |
|
|
$ |
78,268 |
|
|
$ |
73,775 |
|
|
$ |
71,506 |
|
|
$ |
70,318 |
|
|
$ |
73,328 |
|
|
$ |
78,268 |
|
|
$ |
73,328 |
|
Provision
for loan losses |
8,101 |
|
|
4,920 |
|
|
6,229 |
|
|
4,050 |
|
|
6,272 |
|
|
4,103 |
|
|
3,000 |
|
|
1,500 |
|
|
23,300 |
|
|
14,875 |
|
Net loan
charge-offs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
(613 |
) |
|
(2,348 |
) |
|
(239 |
) |
|
(1,999 |
) |
|
(336 |
) |
|
(150 |
) |
|
(1,153 |
) |
|
(3,115 |
) |
|
(5,199 |
) |
|
(4,754 |
) |
Commercial real estate |
783 |
|
|
(174 |
) |
|
(205 |
) |
|
730 |
|
|
(280 |
) |
|
(154 |
) |
|
(187 |
) |
|
(440 |
) |
|
1,134 |
|
|
(1,061 |
) |
Real
estate construction |
(1 |
) |
|
— |
|
|
— |
|
|
(9 |
) |
|
36 |
|
|
(31 |
) |
|
— |
|
|
(11 |
) |
|
(10 |
) |
|
(6 |
) |
Residential mortgage |
(142 |
) |
|
(44 |
) |
|
19 |
|
|
(567 |
) |
|
(236 |
) |
|
(304 |
) |
|
8 |
|
|
(172 |
) |
|
(734 |
) |
|
(704 |
) |
Consumer
installment |
(1,318 |
) |
|
(857 |
) |
|
(747 |
) |
|
(1,310 |
) |
|
(823 |
) |
|
(1,137 |
) |
|
(486 |
) |
|
(602 |
) |
|
(4,232 |
) |
|
(3,048 |
) |
Home
equity |
(104 |
) |
|
(113 |
) |
|
(34 |
) |
|
(389 |
) |
|
(140 |
) |
|
(58 |
) |
|
6 |
|
|
(170 |
) |
|
(640 |
) |
|
(362 |
) |
Net loan
charge-offs |
(1,395 |
) |
|
(3,536 |
) |
|
(1,206 |
) |
|
(3,544 |
) |
|
(1,779 |
) |
|
(1,834 |
) |
|
(1,812 |
) |
|
(4,510 |
) |
|
(9,681 |
) |
|
(9,935 |
) |
Allowance for loan
losses - end of period |
$ |
91,887 |
|
|
$ |
85,181 |
|
|
$ |
83,797 |
|
|
$ |
78,774 |
|
|
$ |
78,268 |
|
|
$ |
73,775 |
|
|
$ |
71,506 |
|
|
$ |
70,318 |
|
|
$ |
91,887 |
|
|
$ |
78,268 |
|
Allowance
for loan losses - acquired loan portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses - beginning of period |
579 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Provision
for loan losses |
(579 |
) |
|
579 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Allowance
for loan losses - end of period |
— |
|
|
579 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total allowance for
loan losses |
$ |
91,887 |
|
|
$ |
85,760 |
|
|
$ |
83,797 |
|
|
$ |
78,774 |
|
|
$ |
78,268 |
|
|
$ |
73,775 |
|
|
$ |
71,506 |
|
|
$ |
70,318 |
|
|
$ |
91,887 |
|
|
$ |
78,268 |
|
Net loan charge-offs as
a percent of average loans (quarterly amounts annualized) |
0.04 |
% |
|
0.10 |
% |
|
0.04 |
% |
|
0.11 |
% |
|
0.06 |
% |
|
0.08 |
% |
|
0.10 |
% |
|
0.25 |
% |
|
0.07 |
% |
|
0.11 |
% |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Originated loans |
$ |
9,747,429 |
|
|
$ |
9,156,096 |
|
|
$ |
8,659,622 |
|
|
$ |
7,959,769 |
|
|
$ |
7,458,401 |
|
Acquired loans |
4,407,838 |
|
|
4,677,272 |
|
|
5,007,750 |
|
|
5,313,623 |
|
|
5,532,378 |
|
Total loans |
$ |
14,155,267 |
|
|
$ |
13,833,368 |
|
|
$ |
13,667,372 |
|
|
$ |
13,273,392 |
|
|
$ |
12,990,779 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses as a percent of: |
|
|
|
|
Total
originated loans |
0.94 |
% |
|
0.93 |
% |
|
0.97 |
% |
|
0.99 |
% |
|
1.05 |
% |
Nonperforming loans |
145.6 |
% |
|
156.9 |
% |
|
164.7 |
% |
|
177.7 |
% |
|
176.5 |
% |
Credit mark as a
percent of unpaid principal balance on acquired loans |
2.4 |
% |
|
2.7 |
% |
|
2.6 |
% |
|
2.8 |
% |
|
3.1 |
% |
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in thousands) |
|
|
4th Quarter 2017 |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
2nd Quarter 2016 |
|
1st Quarter 2016 |
|
Year Ended |
|
|
|
|
|
|
|
|
|
Dec 31, 2017 |
|
Dec 31, 2016 |
Non-GAAP Operating Results |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, as
reported |
$ |
9,446 |
|
|
$ |
40,459 |
|
|
$ |
52,014 |
|
|
$ |
47,604 |
|
|
$ |
47,168 |
|
|
$ |
11,484 |
|
|
$ |
25,775 |
|
|
$ |
23,605 |
|
|
$ |
149,523 |
|
|
$ |
108,032 |
|
Merger and
restructuring expenses |
|
2,567 |
|
|
|
21,203 |
|
|
|
465 |
|
|
|
4,167 |
|
|
|
18,016 |
|
|
|
37,470 |
|
|
|
3,054 |
|
|
|
2,594 |
|
|
|
28,402 |
|
|
|
61,134 |
|
Gain on sales of branch
offices |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,391 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,391 |
) |
Losses on sales of
investment securities(1) |
|
7,556 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,556 |
|
|
|
— |
|
Significant items |
|
10,123 |
|
|
|
21,203 |
|
|
|
465 |
|
|
|
4,167 |
|
|
|
10,625 |
|
|
|
37,470 |
|
|
|
3,054 |
|
|
|
2,594 |
|
|
|
35,958 |
|
|
|
53,743 |
|
Income tax benefit
(2) |
|
(3,543 |
) |
|
|
(7,421 |
) |
|
|
(163 |
) |
|
|
(1,458 |
) |
|
|
(3,719 |
) |
|
|
(12,352 |
) |
|
|
(1,069 |
) |
|
|
(908 |
) |
|
|
(12,585 |
) |
|
|
(18,048 |
) |
Revaluation of net
deferred tax assets |
|
46,660 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,660 |
|
|
|
— |
|
Significant items, net
of tax |
|
53,240 |
|
|
|
13,782 |
|
|
|
302 |
|
|
|
2,709 |
|
|
|
6,906 |
|
|
|
25,118 |
|
|
|
1,985 |
|
|
|
1,686 |
|
|
|
70,033 |
|
|
|
35,695 |
|
Net income, excluding
significant items |
$ |
62,686 |
|
|
$ |
54,241 |
|
|
$ |
52,316 |
|
|
$ |
50,313 |
|
|
$ |
54,074 |
|
|
$ |
36,602 |
|
|
$ |
27,760 |
|
|
$ |
25,291 |
|
|
$ |
219,556 |
|
|
$ |
143,727 |
|
Diluted Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share, as reported |
$ |
0.13 |
|
|
$ |
0.56 |
|
|
$ |
0.73 |
|
|
$ |
0.67 |
|
|
$ |
0.66 |
|
|
$ |
0.23 |
|
|
$ |
0.67 |
|
|
$ |
0.60 |
|
|
$ |
2.08 |
|
|
$ |
2.17 |
|
Effect of significant
items, net of tax |
|
0.74 |
|
|
|
0.20 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.09 |
|
|
|
0.50 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.98 |
|
|
|
0.71 |
|
Diluted earnings per
share, excluding significant items |
$ |
0.87 |
|
|
$ |
0.76 |
|
|
$ |
0.73 |
|
|
$ |
0.70 |
|
|
$ |
0.75 |
|
|
$ |
0.73 |
|
|
$ |
0.72 |
|
|
$ |
0.65 |
|
|
$ |
3.06 |
|
|
$ |
2.88 |
|
Return on
Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, as reported |
|
0.20 |
% |
|
|
0.86 |
% |
|
|
1.14 |
% |
|
|
1.09 |
% |
|
|
1.09 |
% |
|
|
0.37 |
% |
|
|
1.10 |
% |
|
|
1.02 |
% |
|
|
0.81 |
% |
|
|
0.90 |
% |
Effect of significant
items, net of tax |
|
1.11 |
|
|
|
0.29 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.16 |
|
|
|
0.83 |
|
|
|
0.09 |
|
|
|
0.07 |
|
|
|
0.38 |
|
|
|
0.29 |
|
Return on average
assets, excluding significant items |
|
1.31 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.25 |
% |
|
|
1.20 |
% |
|
|
1.19 |
% |
|
|
1.09 |
% |
|
|
1.19 |
% |
|
|
1.19 |
% |
Return on Average Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity, as reported |
|
1.4 |
% |
|
|
6.1 |
% |
|
|
8.0 |
% |
|
|
7.4 |
% |
|
|
7.4 |
% |
|
|
2.9 |
% |
|
|
10.0 |
% |
|
|
9.3 |
% |
|
|
5.7 |
% |
|
|
7.0 |
% |
Effect of significant
items, net of tax |
|
8.0 |
|
|
|
2.1 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
1.0 |
|
|
|
6.5 |
|
|
|
0.7 |
|
|
|
0.6 |
|
|
|
2.7 |
|
|
|
2.3 |
|
Return on average
shareholders' equity, excluding significant items |
|
9.4 |
% |
|
|
8.2 |
% |
|
|
8.0 |
% |
|
|
7.8 |
% |
|
|
8.4 |
% |
|
|
9.4 |
% |
|
|
10.7 |
% |
|
|
9.9 |
% |
|
|
8.4 |
% |
|
|
9.3 |
% |
Return on Average Tangible Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity, as reported |
$ |
2,676,029 |
|
|
$ |
2,643,233 |
|
|
$ |
2,606,517 |
|
|
$ |
2,584,501 |
|
|
$ |
2,564,943 |
|
|
$ |
1,559,668 |
|
|
$ |
1,033,014 |
|
|
$ |
1,017,929 |
|
|
$ |
2,627,862 |
|
|
$ |
1,546,721 |
|
Average goodwill, CDI
and noncompete agreements, net of tax |
|
1,156,122 |
|
|
|
1,153,394 |
|
|
|
1,154,229 |
|
|
|
1,155,177 |
|
|
|
1,153,598 |
|
|
|
585,393 |
|
|
|
295,882 |
|
|
|
299,685 |
|
|
|
1,155,734 |
|
|
|
582,536 |
|
Average tangible
shareholders' equity |
|
1,519,907 |
|
|
|
1,489,839 |
|
|
|
1,452,288 |
|
|
|
1,429,324 |
|
|
|
1,411,345 |
|
|
|
974,275 |
|
|
|
737,132 |
|
|
|
718,244 |
|
|
|
1,472,128 |
|
|
|
964,185 |
|
Return on average
tangible shareholders' equity |
|
2.5 |
% |
|
|
10.9 |
% |
|
|
14.3 |
% |
|
|
13.3 |
% |
|
|
13.4 |
% |
|
|
4.7 |
% |
|
|
14.0 |
% |
|
|
13.1 |
% |
|
|
10.2 |
% |
|
|
11.2 |
% |
Effect of significant
items, net of tax |
|
14.0 |
|
|
|
3.7 |
|
|
|
0.1 |
|
|
|
0.8 |
|
|
|
1.9 |
|
|
|
10.3 |
|
|
|
1.1 |
|
|
|
1.0 |
|
|
|
4.7 |
|
|
|
3.7 |
|
Return on average
tangible shareholders' equity, excluding significant items |
|
16.5 |
% |
|
|
14.6 |
% |
|
|
14.4 |
% |
|
|
14.1 |
% |
|
|
15.3 |
% |
|
|
15.0 |
% |
|
|
15.1 |
% |
|
|
14.1 |
% |
|
|
14.9 |
% |
|
|
14.9 |
% |
(1)
Represents losses on sales of investment securities in the fourth
quarter of 2017 as part of the Corporation's treasury and tax
management objectives.(2) Assumes transaction expenses and other
significant items are deductible at an income tax rate of 35%,
except for the impact of estimated nondeductible expenses incurred
in periods when the Corporation completes merger and acquisition
transactions. |
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in thousands, except per share data) |
|
|
4th Quarter 2017 |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
2nd Quarter 2016 |
|
1st Quarter 2016 |
|
Year Ended |
|
|
|
|
|
|
|
|
|
Dec 31, 2017 |
|
Dec 31, 2016 |
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
145,905 |
|
|
$ |
143,628 |
|
|
$ |
137,948 |
|
|
$ |
130,097 |
|
|
$ |
132,447 |
|
|
$ |
96,809 |
|
|
$ |
77,495 |
|
|
$ |
74,330 |
|
|
$ |
557,578 |
|
|
$ |
381,081 |
|
Noninterest income |
32,319 |
|
|
32,122 |
|
|
41,568 |
|
|
38,010 |
|
|
54,264 |
|
|
27,770 |
|
|
20,897 |
|
|
19,419 |
|
|
144,019 |
|
|
122,350 |
|
Total revenue -
GAAP |
178,224 |
|
|
175,750 |
|
|
179,516 |
|
|
168,107 |
|
|
186,711 |
|
|
124,579 |
|
|
98,392 |
|
|
93,749 |
|
|
701,597 |
|
|
503,431 |
|
Net interest income FTE
adjustment |
3,580 |
|
|
3,260 |
|
|
3,169 |
|
|
3,068 |
|
|
2,945 |
|
|
2,426 |
|
|
2,138 |
|
|
2,133 |
|
|
13,077 |
|
|
9,642 |
|
Loan servicing rights
change in fair value (gains)losses |
13 |
|
|
4,041 |
|
|
1,802 |
|
|
519 |
|
|
(6,348 |
) |
|
1,236 |
|
|
— |
|
|
— |
|
|
6,375 |
|
|
(5,112 |
) |
Gains on sales of
branches |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,391 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,391 |
) |
Losses (gains) from
sale of investment securities and closed branch locations |
7,556 |
|
|
(1 |
) |
|
(77 |
) |
|
(90 |
) |
|
(76 |
) |
|
(301 |
) |
|
(123 |
) |
|
(169 |
) |
|
7,388 |
|
|
(669 |
) |
Total revenue -
Non-GAAP |
$ |
189,373 |
|
|
$ |
183,050 |
|
|
$ |
184,410 |
|
|
$ |
171,604 |
|
|
$ |
175,841 |
|
|
$ |
127,940 |
|
|
$ |
100,407 |
|
|
$ |
95,713 |
|
|
$ |
728,437 |
|
|
$ |
499,901 |
|
Operating expenses -
GAAP |
$ |
100,022 |
|
|
$ |
119,539 |
|
|
$ |
98,237 |
|
|
$ |
104,196 |
|
|
$ |
114,302 |
|
|
$ |
106,144 |
|
|
$ |
59,085 |
|
|
$ |
58,887 |
|
|
$ |
421,994 |
|
|
$ |
338,418 |
|
Merger and
restructuring expenses |
(2,567 |
) |
|
(21,203 |
) |
|
(465 |
) |
|
(4,167 |
) |
|
(18,016 |
) |
|
(37,470 |
) |
|
(3,054 |
) |
|
(2,594 |
) |
|
(28,402 |
) |
|
(61,134 |
) |
Impairment of income
tax credits |
(6,157 |
) |
|
(3,095 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,252 |
) |
|
— |
|
Operating expense, core
- Non-GAAP |
91,298 |
|
|
95,241 |
|
|
97,772 |
|
|
100,029 |
|
|
96,286 |
|
|
68,674 |
|
|
56,031 |
|
|
56,293 |
|
|
384,340 |
|
|
277,284 |
|
Amortization of
intangibles |
(1,525 |
) |
|
(1,526 |
) |
|
(1,525 |
) |
|
(1,513 |
) |
|
(1,843 |
) |
|
(1,292 |
) |
|
(1,195 |
) |
|
(1,194 |
) |
|
(6,089 |
) |
|
(5,524 |
) |
Operating expenses,
efficiency ratio - Non-GAAP |
$ |
89,773 |
|
|
$ |
93,715 |
|
|
$ |
96,247 |
|
|
$ |
98,516 |
|
|
$ |
94,443 |
|
|
$ |
67,382 |
|
|
$ |
54,836 |
|
|
$ |
55,099 |
|
|
$ |
378,251 |
|
|
$ |
271,760 |
|
Efficiency ratio -
GAAP |
56.1 |
% |
|
68.0 |
% |
|
54.7 |
% |
|
62.0 |
% |
|
61.2 |
% |
|
85.2 |
% |
|
60.1 |
% |
|
62.8 |
% |
|
60.1 |
% |
|
67.2 |
% |
Efficiency ratio -
adjusted Non-GAAP |
47.4 |
% |
|
51.2 |
% |
|
52.2 |
% |
|
57.4 |
% |
|
53.7 |
% |
|
52.7 |
% |
|
54.6 |
% |
|
57.6 |
% |
|
51.9 |
% |
|
54.4 |
% |
Chemical Financial Corporation Announces
Fourth Quarter and Full Year 2017 Operating Results |
|
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in thousands, except per share data) |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Jun 30, 2016 |
|
Mar 31, 2016 |
Tangible Book
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity,
as reported |
$ |
2,668,749 |
|
|
$ |
2,673,089 |
|
|
$ |
2,639,442 |
|
|
$ |
2,600,051 |
|
|
$ |
2,581,526 |
|
|
$ |
2,563,666 |
|
|
$ |
1,050,299 |
|
|
$ |
1,032,291 |
|
Goodwill, CDI and
noncompete agreements, net of tax |
|
(1,158,738 |
) |
|
|
(1,153,576 |
) |
|
|
(1,153,595 |
) |
|
|
(1,154,915 |
) |
|
|
(1,155,528 |
) |
|
|
(1,154,121 |
) |
|
|
(297,044 |
) |
|
|
(297,821 |
) |
Tangible shareholders'
equity |
$ |
1,510,011 |
|
|
$ |
1,519,513 |
|
|
$ |
1,485,847 |
|
|
$ |
1,445,136 |
|
|
$ |
1,425,998 |
|
|
$ |
1,409,545 |
|
|
$ |
753,255 |
|
|
$ |
734,470 |
|
Common shares
outstanding |
|
71,207 |
|
|
|
71,152 |
|
|
|
71,131 |
|
|
|
71,118 |
|
|
|
70,599 |
|
|
|
70,497 |
|
|
|
38,267 |
|
|
|
38,248 |
|
Book value per share
(shareholders' equity, as reported, divided by common shares
outstanding) |
$ |
37.48 |
|
|
$ |
37.57 |
|
|
$ |
37.11 |
|
|
$ |
36.56 |
|
|
$ |
36.57 |
|
|
$ |
36.37 |
|
|
$ |
27.45 |
|
|
$ |
26.99 |
|
Tangible book value per
share (tangible shareholders' equity divided by common shares
outstanding) |
$ |
21.21 |
|
|
$ |
21.36 |
|
|
$ |
20.89 |
|
|
$ |
20.32 |
|
|
$ |
20.20 |
|
|
$ |
19.99 |
|
|
$ |
19.68 |
|
|
$ |
19.20 |
|
Tangible Shareholders' Equity to Tangible
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets, as
reported |
$ |
19,280,873 |
|
|
$ |
19,354,308 |
|
|
$ |
18,781,405 |
|
|
$ |
17,636,973 |
|
|
$ |
17,355,179 |
|
|
$ |
17,383,637 |
|
|
$ |
9,514,172 |
|
|
$ |
9,303,632 |
|
Goodwill, CDI and
noncompete agreements, net of tax |
|
(1,158,738 |
) |
|
|
(1,153,576 |
) |
|
|
(1,153,595 |
) |
|
|
(1,154,915 |
) |
|
|
(1,155,528 |
) |
|
|
(1,154,121 |
) |
|
|
(297,044 |
) |
|
|
(297,821 |
) |
Tangible assets |
$ |
18,122,135 |
|
|
$ |
18,200,732 |
|
|
$ |
17,627,810 |
|
|
$ |
16,482,058 |
|
|
$ |
16,199,651 |
|
|
$ |
16,229,516 |
|
|
$ |
9,217,128 |
|
|
$ |
9,005,811 |
|
Shareholders' equity to
total assets |
|
13.8 |
% |
|
|
13.8 |
% |
|
|
14.1 |
% |
|
|
14.7 |
% |
|
|
14.9 |
% |
|
|
14.7 |
% |
|
|
11.0 |
% |
|
|
11.1 |
% |
Tangible shareholders'
equity to tangible assets |
|
8.3 |
% |
|
|
8.3 |
% |
|
|
8.4 |
% |
|
|
8.8 |
% |
|
|
8.8 |
% |
|
|
8.7 |
% |
|
|
8.2 |
% |
|
|
8.2 |
% |
For further information:David T.
Provost, CEODennis L. Klaeser, CFO989-839-5350
Chemical Financial (NASDAQ:CHFC)
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