Chemical Financial Corporation ("Chemical") (NASDAQ:CHFC) today
announced 2019 first quarter net income of $62.9 million, or $0.87
per diluted share, compared to 2018 fourth quarter net income of
$73.0 million, or $1.01 per diluted share, and 2018 first quarter
net income of $71.6 million, or $0.99 per diluted share. Net
income, excluding the change in fair of value in loan servicing
rights and merger expenses (collectively, "significant items"), a
non-GAAP financial measure, was $73.3 million, or $1.02 per diluted
share, in the first quarter of 2019, compared to $75.3 million, or
$1.04 per diluted share, in the fourth quarter of 2018 and $68.6
million, or $0.95 per diluted share, in the first quarter of
2018.(1) In addition, on April 23, 2019, our Board of
Directors declared a second quarter dividend on our common stock of
$0.34 per share. The dividend will be payable on June 21,
2019, to shareholders of record on June 7, 2019.
"Results for the quarter continue the path of
our sound operating performance reflecting strong deposit growth,
low loan charge-off rates and disciplined expense management,"
noted David T. Provost, Chief Executive Officer of Chemical and
Thomas C. Shafer, Vice Chairman of Chemical and Chief Executive
Officer of Chemical Bank. "As we look forward to the remainder of
the year, we believe we have a solid loan pipeline to improve loan
growth and continue to grow our net interest income. As we combine
this loan growth with the focused control of our core operating
expenses while maintaining other solid fundamentals, we believe we
are in a solid position for a successful 2019."
Return on average assets was 1.17% for the first
quarter of 2019, compared to 1.39% for the fourth quarter of 2018
and 1.47% for the first quarter of 2018. Return on average assets,
excluding significant items, a non-GAAP financial measure, was
1.36% for the first quarter of 2019, compared to 1.44% for the
fourth quarter of 2018 and 1.41% for the first quarter of
2018.(1) Return on average tangible shareholders' equity was
14.8% for the first quarter of 2019, compared to 17.8% for the
fourth quarter of 2018 and 19.0% for the first quarter of 2018.
Return on average tangible shareholders' equity, excluding
significant items, a non-GAAP financial measure, was 17.2% for the
first quarter of 2019, compared to 18.3% for the fourth quarter of
2018 and 18.2% for the first quarter of 2018.(1)
Net interest income was $162.8 million for the
first quarter of 2019, $0.6 million, or 0.4%, lower than the fourth
quarter of 2018 and $11.0 million, or 7.2%, higher than the first
quarter of 2018. The decrease in net interest income in the first
quarter of 2019, compared to the fourth quarter of 2018, was
primarily attributable to an increase in average deposit balances
and cost of funds, partially offset by the benefit from an increase
in average balances and yields earned on loans and investment
securities. The increase in net interest income in the first
quarter of 2019, compared to the first quarter of 2018, was
primarily attributable to increases in average balances and yields
earned on loans and investment securities, partially offset by
increases in average interest-bearing deposit balances and cost of
funds. First quarter of 2019 net loan growth was $54.3 million, or
an annualized growth rate of 1.4%, and net loan growth over the
past twelve months was $1.11 billion, or 7.8%. The investment
securities portfolio grew by $277.6 million, compared to the fourth
quarter of 2018, and $949.6 million, compared to the first quarter
of 2018.
Net interest margin was 3.38% in the first
quarter of 2019, compared to 3.42% in the fourth quarter of 2018
and 3.51% in the first quarter of 2018. Net interest margin (fully
taxable equivalent (FTE)), a non-GAAP financial measure, was 3.42%
in the first quarter of 2019, compared to 3.49% in the fourth
quarter of 2018 and 3.56% in the first quarter of 2018.(1) The
decrease in net interest margin (FTE), in the first quarter of
2019, compared to both the fourth quarter of 2018 and the first
quarter of 2018, was primarily due to an increase in average
deposit balances and cost of funds, partially offset by increases
in average balances and yields earned on loans and investment
securities. Average cost of funds was 1.13% in the first quarter of
2019, compared to 1.03% in the fourth quarter of 2018 and 0.64% in
the first quarter of 2018. The average yield on the loan portfolio
increased to 4.86% in the first quarter of 2019, compared to 4.80%
in the fourth quarter of 2018 and 4.48% in the first quarter of
2018. Interest accretion from purchase accounting discounts on
acquired loans contributed 22 basis points to the net interest
margin (FTE), in the first quarter of 2019, compared to 23 basis
points in the fourth quarter of 2018 and 29 basis points in the
first quarter of 2018.
The provision for loan losses was $2.1 million
in the first quarter of 2019, compared to $8.9 million in the
fourth quarter of 2018 and $6.3 million in the first quarter of
2018. The decrease in total provision for loan losses in the first
quarter of 2019, compared to the fourth quarter of 2018, was
primarily the result of a decrease in originated loan growth, low
loan charge-off rates and recoveries in the acquired loan
portfolio. The decrease in the provision for loan losses in the
first quarter of 2019, compared to the first quarter of 2018, was
primarily the result of an improvement in overall credit
quality.
Net loan charge-offs were $1.8 million, or 0.05%
of average loans, in the first quarter of 2019, compared to $3.0
million, or 0.08% of average loans, in the fourth quarter of 2018
and $3.4 million, or 0.10% of average loans, in the first quarter
of 2018.
Nonperforming loans totaled $89.3 million at
March 31, 2019, compared to $85.4 million at December 31,
2018 and $61.8 million at March 31, 2018. Nonperforming loans
comprised 0.58% of total loans at March 31, 2019, compared to
0.56% at December 31, 2018 and 0.43% at March 31, 2018.
The increase in nonperforming loans as a percentage of total loans
at March 31, 2019, compared to March 31, 2018, was
primarily due to commercial and commercial real estate loan
relationships that were downgraded to nonaccrual status during the
second half of 2018. Each nonperforming loan is individually
evaluated for impairment, and we have either established a specific
reserve within the allowance for loan losses or charged the loan
relationship down to the value of the underlying collateral.
The allowance for loan losses on the originated
loan portfolio was $110.3 million, or 0.91% of originated loans, at
March 31, 2019, compared to $109.6 million, or 0.93% of
originated loans, at December 31, 2018 and $94.8 million, or
0.95% of originated loans, at March 31, 2018. The allowance
for loan losses on the originated loan portfolio as a percentage of
nonperforming loans decreased to 123.5% at March 31, 2019,
compared to 128.2% at December 31, 2018 and 153.3% at
March 31, 2018, primarily due to sustained low loan charge-off
rates and stable overall credit quality. 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 both March 31, 2019 and March 31, 2018, it was
determined that no allowance was needed for the acquired loan
portfolio. As of December 31, 2018, the allowance for loan
losses on the acquired loan portfolio was $420 thousand.
Noninterest income was $24.9 million in the
first quarter of 2019, compared to $32.0 million in the fourth
quarter of 2018 and $40.6 million in the first quarter of 2018.
Noninterest income in the first quarter of 2019 decreased, compared
to the fourth quarter of 2018, primarily related to the change in
fair value in loan servicing rights, included within net gain on
sale of loans and other mortgage banking revenue, and a decrease of
$1.6 million in electronic banking fees, included within other
charges and fees for customer services. Noninterest income in the
first quarter of 2019 decreased, compared to the first quarter of
2018, primarily due to the change in fair value in loan servicing
rights, included within net gain on sale of loans and other
mortgage banking revenue. Net gain on sale of loans and other
mortgage banking revenue included a $7.6 million detriment to
earnings due to a change in fair value in loan servicing rights in
the first quarter of 2019, compared to a $2.8 million detriment in
the fourth quarter of 2018 and a $3.8 million benefit in the first
quarter of 2018. The change in fair value in loan servicing rights
was a detriment of $0.09 to diluted earnings per share in the first
quarter of 2019, compared to a detriment of $0.03 in the fourth
quarter of 2018 and a $0.04 benefit in the first quarter of
2018.
Operating expenses were $109.0 million in the
first quarter of 2019, compared to $108.4 million in the fourth
quarter of 2018 and $101.6 million in the first quarter of 2018.
Operating expenses, core, a non-GAAP financial measure that
excludes the impact of merger expenses and federal historic tax
credits, were $103.6 million for the first quarter of 2019,
compared to $102.6 million for the fourth quarter of 2018 and
$100.0 million for the first quarter of 2018.(1) The $1.0
million increase in operating expenses, core, in the first quarter
of 2019, compared to the fourth quarter of 2018, was primarily due
to an increase in salaries, wages and employee benefits impacted by
a decrease in the deferral of loan origination costs due to lower
loan production and an increase in payroll taxes due to the
beginning of a new tax year. The $3.6 million increase in operating
expenses, core, in the first quarter of 2019, compared to the first
quarter of 2018, was primarily due to an increase in salaries,
wages and employee benefits impacted by increases in staff to
support the strategic focus on commercial lending growth and an
increase in outside processing and service fees due to the
substantial enhancements to our core operating systems. First
quarter of 2019 included $5.4 million of merger related expenses,
resulting in a detriment of $0.06 to diluted earnings per share.
Impairment related to federal historic tax credits, included within
other operating expense in our Consolidated Statements of Income,
totaled $5.8 million in the fourth quarter of 2018 and $1.6 million
in the first quarter of 2018. Expense related to our efforts to
implement upgrades to our core operating systems totaled $1.6
million in the fourth quarter of 2018 and $1.0 million in the first
quarter of 2018.
The efficiency ratio is a measure of operating
expenses as a percentage of net interest income and noninterest
income. The efficiency ratio was 58.1% in the first quarter of
2019, compared to 55.4% in the fourth quarter of 2018 and 52.8% in
the first quarter of 2018. The adjusted efficiency ratio, a
non-GAAP financial measure, which excludes, as applicable, the
significant items defined above, amortization of intangibles,
impairment of federal income tax credits, the net interest income
FTE adjustment and gains from sale of investment securities, was
51.7% in the first quarter of 2019, compared to 50.4% in the fourth
quarter of 2018 and 51.6% in the first quarter of 2018.(1)
The effective tax rate was 17.8% in the first
quarter of 2019, compared to 6.6% in the fourth quarter of 2018 and
15.3% in the first quarter of 2018. The tax rate for the fourth
quarter of 2018 and first quarter of 2018 benefited from federal
historic tax credits of $5.8 million and $1.5 million,
respectively. The income tax benefit from the tax credits placed
into service was partially offset by the impairment recorded on the
same tax credits included within other operating expenses. The
effective tax rate for the fourth quarter of 2018 also benefited
from adjustments to tax provisional amounts related to the one year
measurement period provided by Staff Accounting Bulletin No. 118 in
order to finalize items that were not available in the enactment
period associated with the passing of the Tax Cuts and Jobs Act and
by certain changes in estimates associated with the filing of our
final 2017 tax return.
Total assets were $21.80 billion at
March 31, 2019, compared to $21.50 billion at
December 31, 2018 and $19.76 billion at March 31, 2018.
The increase in total assets during the first quarter of 2019 and
the twelve months ended March 31, 2019 was primarily
attributable to net loan growth and additions to the investment
securities portfolio.
Total loans were $15.32 billion at
March 31, 2019, an increase of $54.3 million, from total loans
of $15.27 billion at December 31, 2018 and an increase of
$1.11 billion, from total loans of $14.22 billion at March 31,
2018. Originated loan growth was $297.5 million during the first
quarter of 2019, compared to $699.3 million in the fourth quarter
of 2018 and $265.1 million in the first quarter of 2018. Growth in
the originated loan portfolio was partially offset by run-off in
the acquired loan portfolio of $243.2 million in the first quarter
of 2019, compared to $225.8 million in the fourth quarter of 2018
and $201.6 million in the first quarter of 2018.
The investment securities portfolio totaled
$3.92 billion at March 31, 2019, an increase of $277.6
million, compared to $3.65 billion at December 31, 2018, and
an increase of $949.6 million, compared to $2.97 billion at
March 31, 2018. The increase in the investment securities
portfolio in both the first quarter of 2019 and the twelve months
ended March 31, 2019 reflects our long-term plan to increase
our investment securities portfolio as a percentage of total
assets.
Total deposits increased to $16.06 billion at
March 31, 2019, compared to $15.59 billion at
December 31, 2018 and $13.97 billion at March 31, 2018.
The increase in deposits during the first quarter of 2019 was
primarily due to an increase in customer deposits of $419.3
million, with increases across all categories, and an increase in
brokered deposits of $49.4 million. The increase in deposits during
the twelve months ended March 31, 2019 was primarily due to
increases of $1.71 billion in customer deposits and $383.1 million
in brokered deposits. Collateralized customer deposits were $413.2
million at March 31, 2019, compared to $382.7 million at
December 31, 2018 and $490.1 million at March 31, 2018.
Loans, as a percentage of deposits plus collateralized customer
deposits, were 93.0% at March 31, 2019, compared to 95.6% at
December 31, 2018 and 98.3% at March 31, 2018.
Short-term borrowings were $1.74 billion at
March 31, 2019, compared to $2.04 billion at December 31,
2018 and $2.05 billion at March 31, 2018. Short-term
borrowings include short-term FHLB advances that we used to fund
our short-term liquidity needs. Long-term borrowings were $426.0
million at both March 31, 2019 and December 31, 2018,
compared to $372.9 million at March 31, 2018.
Shareholders' equity to total assets ratio was
13.3% at March 31, 2019, compared to 13.2% at
December 31, 2018 and 13.7% at March 31, 2018. Tangible
shareholders' equity to tangible assets ratio, a non-GAAP financial
measure, and total risk-based capital ratio were 8.5% and 11.7%
(estimated), respectively, at March 31, 2019, compared to 8.3%
and 11.5%, respectively, at December 31, 2018 and 8.3% and
11.2%, respectively, at March 31, 2018.(1) Book value
was $40.50 per share at March 31, 2019, compared to $39.69 per
share at December 31, 2018 and $37.91 per share at
March 31, 2018. Tangible book value, a non-GAAP financial
measure, was $24.39 per share at March 31, 2019, compared to
$23.54 per share at December 31, 2018 and $21.68 per share at
March 31, 2018.(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 first quarter of 2019 operating results
on Wednesday, April 24, 2019, at 10:30 a.m. ET. Anyone
interested may access the conference call on a live basis by
dialing toll-free at 888-378-4398 and entering 911188 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 Information"
section. A copy of the slide-show presentation can be accessed
on Chemical Financial Corporation's website 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. We operate through our subsidiary bank, Chemical Bank,
with 212 banking offices located primarily in Michigan, northeast
Ohio and northern Indiana. At March 31, 2019, we had total
consolidated assets of $21.80 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 Chemical Financial Corporation is available by
visiting the "Investor Information" section of our website at
www.chemicalbank.com.
Non-GAAP Financial Measures
This press release contains references to
financial measures that are not defined in generally accepted
accounting principles ("GAAP"). Such non-GAAP financial measures
include net income (excluding significant items), diluted earnings
per share (excluding significant items), return on average assets,
return on average shareholders' equity and return on average
tangible shareholders' equity (each excluding significant items),
tangible book value per share, tangible shareholders' equity to
tangible assets, the presentation of net interest income and net
interest margin on a FTE basis, core operating expenses, operating
expenses-efficiency ratio, and the adjusted efficiency ratio.
Management used non-GAAP financial measures as
follows; in the preparation of our operating budgets, monthly
financial performance reporting, and in our presentation to
investors of our performance. We believe these non-GAAP financial
measures are helpful for investors to analyze and evaluate our
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
Statements included in this press release which
are not historical in nature are intended to be, and hereby are
identified as, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include, but are not limited to,
statements regarding our loan pipeline, future loan growth,
increases in net interest income, and the belief that we are in a
solid position for a successful 2019. Words and phrases such as
"anticipates," "believes," "plans," "continue," "estimates,"
"expects," "forecasts," "future," "intends," "is likely,"
"judgment," "look ahead," "look forward," "on schedule," "opinion,"
"opportunity," "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.
Management's determination of the provision and
allowance for loan losses; the carrying value of acquired loans,
goodwill and loan 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. The future effect of changes in the
financial and credit markets and the national and regional
economies on the banking industry, generally, and on Chemical,
specifically, are also inherently uncertain.
Forward-looking statements are subject to risks,
uncertainties and assumptions that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence,
which could cause actual results to differ materially from
anticipated results. Such risks, uncertainties and assumptions,
include, among others, the following:
- our 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;
- operational and regulatory challenges associated with our
information technology systems and policies and procedures in light
of our rapid growth and systems conversion in 2018;
- our inability to grow deposits;
- our ability to execute on our strategy to expand investments
and commercial lending;
- our inability to efficiently manage our operating
expenses;
- the possibility that our previously announced merger with TCF
Financial Corporation ("TCF") does not close when expected or at
all because required regulatory, shareholder or other approvals and
other conditions to closing are not received or satisfied on a
timely basis or at all;
- the occurrence of any event, change or other circumstance that
could give rise to the right of Chemical, TCF or both to terminate
the merger agreement;
- the outcome of pending or threatened litigation or of matters
before regulatory agencies, whether currently existing or
commencing in the future, including litigation related to our
proposed merger with TCF;
- potential difficulty in maintaining relationships with clients,
employees or business partners as a result of our proposed merger
with TCF;
- the possibility that the anticipated benefits of our proposed
merger with TCF, including anticipated cost savings and strategic
gains, are not realized when expected or at all, including as a
result of the impact of, or problems arising from, the integration
of the two companies or as a result of the strength of the economy,
competitive factors in the areas where Chemical and TCF do
business, or as a result of other unexpected factors or
events;
- the impact of purchase accounting with respect to the proposed
merger with TCF, or any change in the assumptions used regarding
the assets purchased and liabilities assumed to determine their
fair value;
- diversion of management's attention from ongoing business
operations and opportunities as a result of the proposed merger
with TCF;
- potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the proposed merger with TCF;
- economic conditions (both generally and in our markets) may be
less favorable than expected, which could result in, among other
things, a deterioration in credit quality, a reduction in demand
for credit and a decline in real estate values;
- a general decline in the real estate and lending markets,
particularly in our market areas, could negatively affect our
financial results;
- increased cybersecurity risk, including potential network
breaches, business disruptions, or financial losses;
- increases in competitive pressure in the banking and financial
services industry;
- increased capital requirements, other regulatory requirements
or enhanced regulatory supervision;
- our inability to sustain revenue and earnings growth;
- the timing of when historic tax credits are placed into service
could impact operating expenses;
- our inability to efficiently manage operating expenses;
- current or future restrictions or conditions imposed by our
regulators on our operations may make it more difficult for us to
achieve our goals;
- legislative or regulatory changes, including changes in
accounting standards and compliance requirements, may adversely
affect us;
- changes in the interest rate environment may reduce margins or
the volumes or values of the loans we make or have acquired;
and
- economic, governmental, or other factors may prevent the
projected population, residential, and commercial growth in the
markets in which we operate.
Additional factors that could cause results to
differ materially from those described above can be found in the
risk factors described in Item 1A of Chemical’s Annual Report on
Form 10-K filed with the SEC for the year ended December 31,
2018 and Quarterly Reports on Form 10-Q. Annualized, pro forma,
projected and estimated numbers are used for illustrative purpose
only, are not forecasts and may not reflect actual results.
Chemical disclaims any obligation to update or revise any
forward-looking statements contained in this press release, which
speak only as of the date hereof, whether as a result of new
information, future events or otherwise, except as required by
law.
|
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Consolidated
Statements of Financial Position (Unaudited) |
Chemical
Financial Corporation |
(In
thousands, except per share data) |
|
|
|
|
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash
equivalents: |
|
|
|
|
|
Cash and
cash due from banks |
$ |
206,372 |
|
|
$ |
228,527 |
|
|
$ |
174,173 |
|
Interest-bearing deposits with the Federal Reserve Bank and other
banks and federal funds sold |
311,204 |
|
|
267,312 |
|
|
379,320 |
|
Total
cash and cash equivalents |
517,576 |
|
|
495,839 |
|
|
553,493 |
|
Investment
securities: |
|
|
|
|
|
Carried
at fair value |
3,301,054 |
|
|
3,021,832 |
|
|
2,297,123 |
|
Held-to-maturity |
622,519 |
|
|
624,099 |
|
|
676,847 |
|
Total
investment securities |
3,923,573 |
|
|
3,645,931 |
|
|
2,973,970 |
|
Loans
held-for-sale |
23,535 |
|
|
85,030 |
|
|
31,636 |
|
Loans: |
|
|
|
|
|
Total
loans |
15,324,048 |
|
|
15,269,779 |
|
|
14,218,747 |
|
Allowance
for loan losses |
(110,284 |
) |
|
(109,984 |
) |
|
(94,762 |
) |
Net
loans |
15,213,764 |
|
|
15,159,795 |
|
|
14,123,985 |
|
Premises and
equipment |
122,452 |
|
|
123,442 |
|
|
126,251 |
|
Loan servicing
rights |
64,701 |
|
|
71,013 |
|
|
68,837 |
|
Goodwill |
1,134,568 |
|
|
1,134,568 |
|
|
1,134,568 |
|
Core deposit
intangibles |
27,195 |
|
|
28,556 |
|
|
32,833 |
|
Interest receivable and
other assets |
772,949 |
|
|
754,167 |
|
|
711,937 |
|
Total
Assets |
$ |
21,800,313 |
|
|
$ |
21,498,341 |
|
|
$ |
19,757,510 |
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing |
$ |
3,835,427 |
|
|
$ |
3,809,252 |
|
|
$ |
3,801,125 |
|
Interest-bearing |
12,226,572 |
|
|
11,784,030 |
|
|
10,166,692 |
|
Total
deposits |
16,061,999 |
|
|
15,593,282 |
|
|
13,967,817 |
|
Collateralized customer
deposits |
413,199 |
|
|
382,687 |
|
|
490,107 |
|
Short-term
borrowings |
1,740,000 |
|
|
2,035,000 |
|
|
2,050,000 |
|
Long-term
borrowings |
426,035 |
|
|
426,002 |
|
|
372,908 |
|
Interest payable and
other liabilities |
261,571 |
|
|
225,110 |
|
|
171,975 |
|
Total liabilities |
18,902,804 |
|
|
18,662,081 |
|
|
17,052,807 |
|
Shareholders'
Equity |
|
|
|
|
|
Preferred
stock, no par value per share |
— |
|
|
— |
|
|
— |
|
Common
stock, $1 par value per share |
71,551 |
|
|
71,460 |
|
|
71,350 |
|
Additional paid-in capital |
2,209,860 |
|
|
2,209,761 |
|
|
2,201,803 |
|
Retained
earnings |
654,605 |
|
|
616,149 |
|
|
472,604 |
|
Accumulated other comprehensive loss |
(38,507 |
) |
|
(61,110 |
) |
|
(41,054 |
) |
Total shareholders' equity |
2,897,509 |
|
|
2,836,260 |
|
|
2,704,703 |
|
Total
Liabilities and Shareholders' Equity |
$ |
21,800,313 |
|
|
$ |
21,498,341 |
|
|
$ |
19,757,510 |
|
|
Chemical Financial Corporation Announces
2019 First Quarter Operating Results |
|
|
Consolidated Statements of Income (Unaudited) |
Chemical
Financial Corporation |
(In
thousands, except per share data) |
|
Three Months Ended |
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
Interest
Income |
|
|
|
|
|
Interest and fees on
loans |
$ |
183,292 |
|
|
$ |
180,983 |
|
|
$ |
156,818 |
|
Interest on investment
securities: |
|
|
|
|
|
Taxable |
20,501 |
|
|
18,746 |
|
|
12,419 |
|
Tax-exempt |
7,170 |
|
|
6,554 |
|
|
5,556 |
|
Dividends on
nonmarketable equity securities |
1,738 |
|
|
2,419 |
|
|
1,901 |
|
Interest on deposits
with the Federal Reserve Bank and other banks and federal funds
sold |
1,280 |
|
|
1,401 |
|
|
1,240 |
|
Total interest income |
213,981 |
|
|
210,103 |
|
|
177,934 |
|
Interest
Expense |
|
|
|
|
|
Interest on
deposits |
38,998 |
|
|
34,106 |
|
|
15,917 |
|
Interest on
collateralized customer deposits |
627 |
|
|
721 |
|
|
524 |
|
Interest on short-term
borrowings |
9,178 |
|
|
9,426 |
|
|
8,166 |
|
Interest on long-term
borrowings |
2,354 |
|
|
2,398 |
|
|
1,464 |
|
Total interest expense |
51,157 |
|
|
46,651 |
|
|
26,071 |
|
Net Interest
Income |
162,824 |
|
|
163,452 |
|
|
151,863 |
|
Provision for loan
losses |
2,059 |
|
|
8,894 |
|
|
6,256 |
|
Net interest income after provision for loan
losses |
160,765 |
|
|
154,558 |
|
|
145,607 |
|
Noninterest
Income |
|
|
|
|
|
Service charges and
fees on deposit accounts |
7,967 |
|
|
8,654 |
|
|
9,434 |
|
Wealth management
revenue |
5,872 |
|
|
6,457 |
|
|
6,311 |
|
Other charges and fees
for customer services |
4,824 |
|
|
6,506 |
|
|
4,783 |
|
Net gain on sale of
loans and other mortgage banking revenue |
894 |
|
|
3,977 |
|
|
12,535 |
|
Net gain on sale of
investment securities |
87 |
|
|
221 |
|
|
— |
|
Other |
5,213 |
|
|
6,232 |
|
|
7,491 |
|
Total noninterest income |
24,857 |
|
|
32,047 |
|
|
40,554 |
|
Operating
Expenses |
|
|
|
|
|
Salaries, wages and
employee benefits |
60,017 |
|
|
56,828 |
|
|
55,557 |
|
Occupancy |
8,277 |
|
|
7,360 |
|
|
8,011 |
|
Equipment and
software |
6,979 |
|
|
7,641 |
|
|
7,659 |
|
Outside processing and
service fees |
11,726 |
|
|
11,698 |
|
|
10,356 |
|
Merger expenses |
5,424 |
|
|
— |
|
|
— |
|
Other |
16,592 |
|
|
24,839 |
|
|
20,027 |
|
Total operating expenses |
109,015 |
|
|
108,366 |
|
|
101,610 |
|
Income before
income taxes |
76,607 |
|
|
78,239 |
|
|
84,551 |
|
Income tax expense |
13,665 |
|
|
5,200 |
|
|
12,955 |
|
Net
Income |
$ |
62,942 |
|
|
$ |
73,039 |
|
|
$ |
71,596 |
|
Earnings Per
Common Share: |
|
|
|
|
|
Weighted
average common shares outstanding-basic |
71,474 |
|
|
71,445 |
|
|
71,231 |
|
Weighted
average common shares outstanding-diluted |
72,141 |
|
|
72,079 |
|
|
71,906 |
|
Basic
earnings per share |
$ |
0.88 |
|
|
$ |
1.02 |
|
|
$ |
1.01 |
|
Diluted
earnings per share |
0.87 |
|
|
1.01 |
|
|
0.99 |
|
Diluted
earnings per share, excluding significant items (non-GAAP) |
1.02 |
|
|
1.04 |
|
|
0.95 |
|
Cash Dividends
Declared Per Common Share |
0.34 |
|
|
0.34 |
|
|
0.28 |
|
Key Ratios
(annualized where applicable): |
|
|
|
|
|
Return on
average assets |
1.17 |
% |
|
1.39 |
% |
|
1.47 |
% |
Return on
average tangible shareholders' equity, excluding significant items
(non-GAAP) |
17.2 |
% |
|
18.3 |
% |
|
18.2 |
% |
Net
interest margin (tax-equivalent basis) (non-GAAP) |
3.42 |
% |
|
3.49 |
% |
|
3.56 |
% |
Efficiency ratio - GAAP |
58.1 |
% |
|
55.4 |
% |
|
52.8 |
% |
Efficiency ratio - adjusted (non-GAAP) |
51.7 |
% |
|
50.4 |
% |
|
51.6 |
% |
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Selected
Quarterly Information (Unaudited) |
Chemical
Financial Corporation |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
1st Quarter 2019 |
|
4th Quarter 2018 |
|
3rd Quarter 2018 |
|
2nd Quarter 2018 |
|
1st Quarter 2018 |
Summary of
Operations |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
213,981 |
|
|
$ |
210,103 |
|
|
$ |
198,377 |
|
|
$ |
189,582 |
|
|
$ |
177,934 |
|
Interest expense |
|
51,157 |
|
|
46,651 |
|
|
38,896 |
|
|
32,045 |
|
|
26,071 |
|
Net interest
income |
|
162,824 |
|
|
163,452 |
|
|
159,481 |
|
|
157,537 |
|
|
151,863 |
|
Provision for loan
losses |
|
2,059 |
|
|
8,894 |
|
|
6,028 |
|
|
9,572 |
|
|
6,256 |
|
Net interest income
after provision for loan losses |
|
160,765 |
|
|
154,558 |
|
|
153,453 |
|
|
147,965 |
|
|
145,607 |
|
Noninterest income |
|
24,857 |
|
|
32,047 |
|
|
37,917 |
|
|
38,018 |
|
|
40,554 |
|
Operating expenses,
excluding merger expenses and impairment of income tax credits
(non-GAAP) |
|
103,591 |
|
|
102,594 |
|
|
106,499 |
|
|
102,845 |
|
|
99,976 |
|
Merger expenses |
|
5,424 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Impairment of income
tax credits |
|
— |
|
|
5,772 |
|
|
3,162 |
|
|
1,716 |
|
|
1,634 |
|
Income before income
taxes |
|
76,607 |
|
|
78,239 |
|
|
81,709 |
|
|
81,422 |
|
|
84,551 |
|
Income tax expense |
|
13,665 |
|
|
5,200 |
|
|
11,312 |
|
|
12,434 |
|
|
12,955 |
|
Net income |
$ |
62,942 |
|
|
$ |
73,039 |
|
|
$ |
70,397 |
|
|
$ |
68,988 |
|
|
$ |
71,596 |
|
Significant items, net
of tax |
|
10,326 |
|
|
2,233 |
|
|
(735 |
) |
|
23 |
|
|
(2,964 |
) |
Net income, excluding
significant items |
$ |
73,268 |
|
|
$ |
75,272 |
|
|
$ |
69,662 |
|
|
$ |
69,011 |
|
|
$ |
68,632 |
|
|
|
|
|
|
|
|
|
|
|
Per Common
Share Data |
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.88 |
|
|
$ |
1.02 |
|
|
$ |
0.99 |
|
|
$ |
0.97 |
|
|
$ |
1.01 |
|
Diluted |
|
0.87 |
|
|
1.01 |
|
|
0.98 |
|
|
0.96 |
|
|
0.99 |
|
Diluted,
excluding significant items (non-GAAP) |
|
1.02 |
|
|
1.04 |
|
|
0.97 |
|
|
0.96 |
|
|
0.95 |
|
Cash dividends
declared |
|
0.34 |
|
|
0.34 |
|
|
0.34 |
|
|
0.28 |
|
|
0.28 |
|
Book value -
period-end |
|
40.50 |
|
|
39.69 |
|
|
39.04 |
|
|
38.52 |
|
|
37.91 |
|
Tangible book value -
period-end (non-GAAP) |
|
24.39 |
|
|
23.54 |
|
|
22.87 |
|
|
22.33 |
|
|
21.68 |
|
Market value -
period-end |
|
41.16 |
|
|
36.61 |
|
|
53.40 |
|
|
55.67 |
|
|
54.68 |
|
|
|
|
|
|
|
|
|
|
|
Key
Ratios (annualized where applicable) |
|
|
|
|
|
|
|
|
Net interest margin
(taxable equivalent basis) (non-GAAP) |
|
3.42 |
% |
|
3.49 |
% |
|
3.48 |
% |
|
3.59 |
% |
|
3.56 |
% |
Efficiency ratio -
adjusted (non-GAAP) |
|
51.7 |
% |
|
50.4 |
% |
|
52.8 |
% |
|
51.2 |
% |
|
51.6 |
% |
Return on average
assets |
|
1.17 |
% |
|
1.39 |
% |
|
1.37 |
% |
|
1.39 |
% |
|
1.47 |
% |
Return on average
assets, excluding significant items (non-GAAP) |
|
1.36 |
% |
|
1.44 |
% |
|
1.36 |
% |
|
1.39 |
% |
|
1.41 |
% |
Return on average
shareholders' equity |
|
8.8 |
% |
|
10.4 |
% |
|
10.2 |
% |
|
10.2 |
% |
|
10.7 |
% |
Return on average
tangible shareholders' equity (non-GAAP) |
|
14.8 |
% |
|
17.8 |
% |
|
17.5 |
% |
|
17.8 |
% |
|
19.0 |
% |
Return on average
tangible shareholders' equity, excluding significant items
(non-GAAP) |
|
17.2 |
% |
|
18.3 |
% |
|
17.3 |
% |
|
17.8 |
% |
|
18.2 |
% |
Average shareholders'
equity as a percent of average assets |
|
13.3 |
% |
|
13.4 |
% |
|
13.5 |
% |
|
13.6 |
% |
|
13.7 |
% |
Capital ratios (period
end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity as a percent of tangible assets
(non-GAAP) |
|
8.5 |
% |
|
8.3 |
% |
|
8.3 |
% |
|
8.3 |
% |
|
8.3 |
% |
Total
risk-based capital ratio (1) |
|
11.7 |
% |
|
11.5 |
% |
|
11.7 |
% |
|
11.4 |
% |
|
11.2 |
% |
(1) Estimated at March 31, 2019.
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Average
Balances, Fully Tax Equivalent (FTE) Interest and Effective Yields
and Rates(1) (Unaudited) |
Chemical
Financial Corporation |
(Dollars in
thousands) |
|
Three
Months Ended |
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
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) |
$ |
15,323,704 |
|
|
$ |
184,058 |
|
|
4.86 |
% |
|
$ |
15,058,271 |
|
|
$ |
181,765 |
|
4.80 |
% |
|
$ |
14,224,926 |
|
|
$ |
157,568 |
|
4.48 |
% |
Taxable
investment securities |
2,631,161 |
|
|
20,501 |
|
|
3.12 |
|
|
2,399,177 |
|
|
|
18,746 |
|
|
3.13 |
|
|
1,781,995 |
|
|
|
12,419 |
|
|
2.79 |
|
Tax-exempt investmentsecurities(1) |
1,154,348 |
|
|
9,066 |
|
|
3.14 |
|
|
1,075,377 |
|
|
|
8,286 |
|
|
3.08 |
|
|
1,010,092 |
|
|
|
7,033 |
|
|
2.79 |
|
Other
interest-earning assets |
193,326 |
|
|
1,738 |
|
|
3.65 |
|
|
193,333 |
|
|
|
2,419 |
|
|
4.97 |
|
|
180,084 |
|
|
|
1,901 |
|
|
4.28 |
|
Interest-bearing deposits with the FRB and other banks and federal
funds sold |
221,116 |
|
|
1,280 |
|
|
2.35 |
|
|
230,142 |
|
|
|
1,401 |
|
|
2.41 |
|
|
262,910 |
|
|
|
1,240 |
|
|
1.91 |
|
Total interest-earning
assets |
19,523,655 |
|
|
216,643 |
|
|
4.48 |
|
|
18,956,300 |
|
|
|
212,617 |
|
|
4.46 |
|
|
17,460,007 |
|
|
|
180,161 |
|
|
4.17 |
|
Less: allowance for
loan losses |
(110,852 |
) |
|
|
|
|
|
(105,767 |
) |
|
|
|
|
|
(92,648 |
) |
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash due from banks |
186,849 |
|
|
|
|
|
|
191,985 |
|
|
|
|
|
|
226,660 |
|
|
|
|
|
Premises
and equipment |
123,470 |
|
|
|
|
|
|
123,993 |
|
|
|
|
|
|
126,742 |
|
|
|
|
|
Interest
receivable and other assets |
1,791,876 |
|
|
|
|
|
|
1,789,195 |
|
|
|
|
|
|
1,737,116 |
|
|
|
|
|
Total assets |
$ |
21,514,998 |
|
|
|
|
|
|
$ |
20,955,706 |
|
|
|
|
|
|
$ |
19,457,877 |
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
3,375,841 |
|
|
$ |
6,721 |
|
|
0.81 |
% |
|
$ |
3,072,237 |
|
|
$ |
4,791 |
|
|
0.62 |
% |
|
$ |
2,767,267 |
|
|
$ |
1,225 |
|
|
0.18 |
% |
Savings
deposits |
4,532,107 |
|
|
11,257 |
|
|
1.01 |
|
|
4,436,212 |
|
|
|
10,209 |
|
|
0.91 |
|
|
4,047,004 |
|
|
|
4,937 |
|
|
0.49 |
|
Time
deposits |
4,287,346 |
|
|
21,020 |
|
|
1.99 |
|
|
4,029,519 |
|
|
|
19,106 |
|
|
1.88 |
|
|
3,262,568 |
|
|
|
9,755 |
|
|
1.21 |
|
Collateralized customer deposits |
359,230 |
|
|
627 |
|
|
0.71 |
|
|
383,457 |
|
|
|
721 |
|
|
0.75 |
|
|
409,077 |
|
|
|
524 |
|
|
0.52 |
|
Short-term borrowings |
1,653,222 |
|
|
9,178 |
|
|
2.25 |
|
|
1,693,750 |
|
|
|
9,426 |
|
|
2.21 |
|
|
2,055,556 |
|
|
|
8,166 |
|
|
1.61 |
|
Long-term
borrowings |
426,011 |
|
|
2,354 |
|
|
2.24 |
|
|
428,425 |
|
|
|
2,398 |
|
|
2.22 |
|
|
372,886 |
|
|
|
1,464 |
|
|
1.59 |
|
Total interest-bearing
liabilities |
14,633,757 |
|
|
51,157 |
|
|
1.42 |
|
|
14,043,600 |
|
|
|
46,651 |
|
|
1.32 |
|
|
12,914,358 |
|
|
|
26,071 |
|
|
0.82 |
|
Noninterest-bearing
deposits |
3,753,929 |
|
|
— |
|
|
— |
|
|
3,892,517 |
|
|
|
— |
|
|
— |
|
|
3,688,581 |
|
|
|
— |
|
|
— |
|
Total deposits and
borrowed funds |
18,387,686 |
|
|
51,157 |
|
|
1.13 |
|
|
17,936,117 |
|
|
|
46,651 |
|
|
1.03 |
|
|
16,602,939 |
|
|
|
26,071 |
|
|
0.64 |
|
Interest payable and
other liabilities |
271,597 |
|
|
|
|
|
|
221,091 |
|
|
|
|
|
|
186,613 |
|
|
|
|
|
Shareholders'
equity |
2,855,715 |
|
|
|
|
|
|
2,798,498 |
|
|
|
|
|
|
2,668,325 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
21,514,998 |
|
|
|
|
|
|
$ |
20,955,706 |
|
|
|
|
|
|
$ |
19,457,877 |
|
|
|
|
|
Net
Interest Spread (Average yield earned on interest-earning assets
minus average rate paid on interest-bearing liabilities) |
|
3.06 |
% |
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
3.35 |
% |
Net Interest Income
(FTE) |
|
|
$ |
165,486 |
|
|
|
|
|
|
$ |
165,966 |
|
|
|
|
|
$ |
154,090 |
|
|
Net
Interest Margin (Net Interest Income (FTE) divided by total average
interest-earning assets) |
|
3.42 |
% |
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
3.56 |
% |
Reconciliation to Reported Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income, fully taxable equivalent (non-GAAP) |
|
$ |
165,486 |
|
|
|
|
|
|
$ |
165,966 |
|
|
|
|
|
$ |
154,090 |
|
|
Adjustments
for taxable equivalent interest (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
(766 |
) |
|
|
|
|
|
|
(782 |
) |
|
|
|
|
|
|
(750 |
) |
|
|
Tax-exempt investment securities |
|
|
(1,896 |
) |
|
|
|
|
|
|
(1,732 |
) |
|
|
|
|
|
|
(1,477 |
) |
|
|
Total
taxable equivalent interest adjustments |
|
(2,662 |
) |
|
|
|
|
|
|
(2,514 |
) |
|
|
|
|
|
|
(2,227 |
) |
|
|
Net interest income
(GAAP) |
|
|
$ |
162,824 |
|
|
|
|
|
|
$ |
163,452 |
|
|
|
|
|
$ |
151,863 |
|
|
Net interest margin
(GAAP) |
|
|
3.38 |
% |
|
|
|
|
|
|
3.42 |
% |
|
|
|
|
|
|
3.51 |
% |
|
|
(1) Fully taxable equivalent (FTE) basis using a federal income
tax rate of 21%. 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. Tax equivalent interest also includes net loan fees.
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Noninterest
Income and Operating Expenses Information (Unaudited) |
Chemical
Financial Corporation |
(Dollars in
thousands) |
|
|
1st Quarter 2019 |
|
4th Quarter 2018 |
|
3rd Quarter 2018 |
|
2nd Quarter 2018 |
|
1st Quarter 2018 |
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
Service charges and
fees on deposit accounts |
$ |
7,967 |
|
|
$ |
8,654 |
|
|
$ |
9,319 |
|
|
$ |
9,690 |
|
|
$ |
9,434 |
|
Wealth management
revenue |
5,872 |
|
|
6,457 |
|
|
6,040 |
|
|
7,188 |
|
|
6,311 |
|
Other fees for customer
services(1) |
1,372 |
|
|
1,379 |
|
|
1,067 |
|
|
1,050 |
|
|
1,164 |
|
Electronic banking
fees(1) |
3,452 |
|
|
5,127 |
|
|
4,282 |
|
|
3,749 |
|
|
3,619 |
|
Net gain on sale of
loans and other mortgage banking revenue(2) |
8,540 |
|
|
6,804 |
|
|
8,905 |
|
|
8,874 |
|
|
8,783 |
|
Change in fair value in
loan servicing rights(2) |
(7,646 |
) |
|
(2,827 |
) |
|
932 |
|
|
(30 |
) |
|
3,752 |
|
Gain (loss) on sale of
investment securities |
87 |
|
|
221 |
|
|
— |
|
|
3 |
|
|
— |
|
Bank-owned life
insurance(3) |
1,709 |
|
|
273 |
|
|
1,167 |
|
|
1,669 |
|
|
891 |
|
Other(3) |
3,504 |
|
|
5,959 |
|
|
6,205 |
|
|
5,825 |
|
|
6,600 |
|
Total
noninterest income |
$ |
24,857 |
|
|
$ |
32,047 |
|
|
$ |
37,917 |
|
|
$ |
38,018 |
|
|
$ |
40,554 |
|
(1) Included within the line item "Other charges and fees for
customer services" in the Consolidated Statements of Income.(2)
Included within the line item "Net gain on sale of loans and other
mortgage banking revenue" in the Consolidated Statements of
Income.(3) Included within the line item "Other" noninterest income
in the Consolidated Statements of Income.
|
1st Quarter 2019 |
|
4th Quarter 2018 |
|
3rd Quarter 2018 |
|
2nd Quarter 2018 |
|
1st Quarter 2018 |
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
Salaries and
wages(1) |
$ |
50,131 |
|
|
$ |
48,486 |
|
|
$ |
49,182 |
|
|
$ |
47,810 |
|
|
$ |
45,644 |
|
Employee
benefits(1) |
9,886 |
|
|
8,342 |
|
|
7,712 |
|
|
8,338 |
|
|
9,913 |
|
Occupancy |
8,277 |
|
|
7,360 |
|
|
8,620 |
|
|
7,679 |
|
|
8,011 |
|
Equipment and
software |
6,979 |
|
|
7,641 |
|
|
8,185 |
|
|
8,276 |
|
|
7,659 |
|
Outside processing and
service fees |
11,726 |
|
|
11,698 |
|
|
12,660 |
|
|
10,673 |
|
|
10,356 |
|
FDIC insurance
premiums(2) |
3,323 |
|
|
3,583 |
|
|
4,823 |
|
|
4,473 |
|
|
5,629 |
|
Professional
fees(2) |
2,743 |
|
|
3,758 |
|
|
3,399 |
|
|
3,004 |
|
|
2,458 |
|
Intangible asset
amortization(2) |
1,361 |
|
|
1,426 |
|
|
1,426 |
|
|
1,425 |
|
|
1,439 |
|
Credit-related
expenses(2) |
660 |
|
|
829 |
|
|
1,239 |
|
|
1,467 |
|
|
1,306 |
|
Merger expenses |
5,424 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Impairment of income
tax credit(2) |
— |
|
|
5,772 |
|
|
3,162 |
|
|
1,716 |
|
|
1,634 |
|
Other(2) |
8,505 |
|
|
9,471 |
|
|
9,253 |
|
|
9,700 |
|
|
7,561 |
|
Total operating
expenses |
$ |
109,015 |
|
|
$ |
108,366 |
|
|
$ |
109,661 |
|
|
$ |
104,561 |
|
|
$ |
101,610 |
|
(1) Included within the line item "Salaries, wages and employee
benefits" in the Consolidated Statements of Income.(2) Included
within the line item "Other" operating expenses in the Consolidated
Statements of Income.
|
Chemical Financial Corporation Announces
2019 First Quarter Operating Results |
|
|
Composition of Loans and Deposits and Additional Information on
Intangible Assets (Unaudited) |
Chemical
Financial Corporation |
(Dollars
in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Growth(1) |
|
|
|
|
|
|
|
Loan Growth |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Three Months Ended March 31, 2019 |
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Twelve Months Ended March 31,
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loan
portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
4,054,072 |
|
|
$ |
4,002,568 |
|
|
5.1 |
% |
|
$ |
3,719,922 |
|
|
$ |
3,576,438 |
|
|
$ |
3,427,285 |
|
|
18.3 |
% |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner-occupied |
2,050,430 |
|
|
2,059,557 |
|
|
(1.8 |
) |
|
1,897,934 |
|
|
1,863,563 |
|
|
1,832,824 |
|
|
11.9 |
|
Non-owner
occupied |
2,736,320 |
|
|
2,785,020 |
|
|
(7.0 |
) |
|
2,739,700 |
|
|
2,728,103 |
|
|
2,680,801 |
|
|
2.1 |
|
Vacant
land |
48,419 |
|
|
67,510 |
|
|
(113.1 |
) |
|
73,987 |
|
|
79,606 |
|
|
74,751 |
|
|
(35.2 |
) |
Total
commercial real estate |
4,835,169 |
|
|
4,912,087 |
|
|
(6.3 |
) |
|
4,711,621 |
|
|
4,671,272 |
|
|
4,588,376 |
|
|
5.4 |
|
Real
estate construction |
622,590 |
|
|
597,212 |
|
|
17.0 |
|
|
622,147 |
|
|
618,985 |
|
|
559,780 |
|
|
11.2 |
|
Subtotal
- commercial loans |
9,511,831 |
|
|
9,511,867 |
|
|
— |
|
|
9,053,690 |
|
|
8,866,695 |
|
|
8,575,441 |
|
|
10.9 |
|
Consumer loan
portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
3,549,617 |
|
|
3,458,666 |
|
|
10.5 |
|
|
3,391,987 |
|
|
3,325,277 |
|
|
3,264,620 |
|
|
8.7 |
|
Consumer
installment |
1,504,441 |
|
|
1,521,074 |
|
|
(4.4 |
) |
|
1,560,265 |
|
|
1,587,327 |
|
|
1,572,240 |
|
|
(4.3 |
) |
Home
equity |
758,159 |
|
|
778,172 |
|
|
(10.3 |
) |
|
790,310 |
|
|
800,394 |
|
|
806,446 |
|
|
(6.0 |
) |
Subtotal
- consumer loans |
5,812,217 |
|
|
5,757,912 |
|
|
3.8 |
|
|
5,742,562 |
|
|
5,712,998 |
|
|
5,643,306 |
|
|
3.0 |
|
Total loans |
$ |
15,324,048 |
|
|
$ |
15,269,779 |
|
|
1.4 |
% |
|
$ |
14,796,252 |
|
|
$ |
14,579,693 |
|
|
$ |
14,218,747 |
|
|
7.8 |
% |
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Growth(1) |
|
|
|
|
|
|
|
Deposit Growth |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Three Months Ended March 31, 2019 |
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Twelve Months Ended March 31,
2019 |
Composition of
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand |
$ |
3,835,427 |
|
|
$ |
3,809,252 |
|
|
2.7 |
% |
|
$ |
4,015,323 |
|
|
$ |
3,894,259 |
|
|
$ |
3,801,125 |
|
|
0.9 |
% |
Savings and money
market accounts |
4,197,044 |
|
|
4,092,082 |
|
|
10.3 |
|
|
4,220,658 |
|
|
3,841,540 |
|
|
3,774,975 |
|
|
11.2 |
|
Interest-bearing
checking |
3,418,864 |
|
|
3,316,278 |
|
|
12.4 |
|
|
3,037,289 |
|
|
2,514,232 |
|
|
2,701,055 |
|
|
26.6 |
|
Brokered deposits |
1,034,929 |
|
|
985,522 |
|
|
20.1 |
|
|
915,348 |
|
|
1,087,959 |
|
|
651,846 |
|
|
58.8 |
|
Other time
deposits |
3,575,735 |
|
|
3,390,148 |
|
|
21.9 |
|
|
3,256,234 |
|
|
3,213,546 |
|
|
3,038,816 |
|
|
17.7 |
|
Total
deposits |
$ |
16,061,999 |
|
|
$ |
15,593,282 |
|
|
12.0 |
% |
|
$ |
15,444,852 |
|
|
$ |
14,551,536 |
|
|
$ |
13,967,817 |
|
|
15.0 |
% |
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
Additional Data -
Intangibles |
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
1,134,568 |
|
|
$ |
1,134,568 |
|
|
$ |
1,134,568 |
|
|
$ |
1,134,568 |
|
|
$ |
1,134,568 |
|
Loan servicing rights |
64,701 |
|
|
71,013 |
|
|
72,707 |
|
|
70,364 |
|
|
68,837 |
|
Core deposit intangibles (CDI) |
27,195 |
|
|
28,556 |
|
|
29,981 |
|
|
31,407 |
|
|
32,833 |
|
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Nonperforming
Assets (Unaudited) |
Chemical
Financial Corporation |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
Nonperforming
Assets |
|
|
|
|
|
|
|
|
|
Nonperforming Loans
(1): |
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
33,715 |
|
|
$ |
30,139 |
|
|
$ |
25,328 |
|
|
$ |
20,741 |
|
|
$ |
20,000 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Owner-occupied |
18,234 |
|
|
16,056 |
|
|
14,936 |
|
|
16,103 |
|
|
19,855 |
|
Non-owner
occupied |
19,430 |
|
|
23,021 |
|
|
8,991 |
|
|
9,168 |
|
|
5,489 |
|
Vacant
land |
2,153 |
|
|
3,337 |
|
|
4,711 |
|
|
3,135 |
|
|
4,829 |
|
Total
commercial real estate |
39,817 |
|
|
42,414 |
|
|
28,638 |
|
|
28,406 |
|
|
30,173 |
|
Real
estate construction |
3,663 |
|
|
12 |
|
|
28,477 |
|
|
5,704 |
|
|
77 |
|
Residential mortgage |
7,665 |
|
|
7,988 |
|
|
9,611 |
|
|
7,974 |
|
|
7,621 |
|
Consumer
installment |
1,191 |
|
|
1,276 |
|
|
1,350 |
|
|
945 |
|
|
922 |
|
Home
equity |
3,273 |
|
|
3,604 |
|
|
3,269 |
|
|
2,972 |
|
|
3,039 |
|
Total
nonaccrual loans(1) |
89,324 |
|
|
85,433 |
|
|
96,673 |
|
|
66,742 |
|
|
61,832 |
|
Other
real estate and repossessed assets |
9,106 |
|
|
6,256 |
|
|
6,584 |
|
|
5,828 |
|
|
7,719 |
|
Total nonperforming
assets |
$ |
98,430 |
|
|
$ |
91,689 |
|
|
$ |
103,257 |
|
|
$ |
72,570 |
|
|
$ |
69,551 |
|
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 |
$ |
544 |
|
|
$ |
— |
|
|
$ |
632 |
|
|
$ |
472 |
|
|
$ |
322 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Owner-occupied |
— |
|
|
52 |
|
|
47 |
|
|
461 |
|
|
— |
|
Non-owner
occupied |
— |
|
|
887 |
|
|
— |
|
|
— |
|
|
— |
|
Vacant
land |
— |
|
|
— |
|
|
— |
|
|
16 |
|
|
— |
|
Total
commercial real estate |
— |
|
|
939 |
|
|
47 |
|
|
477 |
|
|
— |
|
Real
estate construction |
— |
|
|
— |
|
|
38 |
|
|
— |
|
|
— |
|
Residential mortgage |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Consumer
installment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Home
equity |
— |
|
|
488 |
|
|
475 |
|
|
713 |
|
|
913 |
|
Total
accruing loans contractually past due 90 days or more as to
interest or principal payments |
$ |
544 |
|
|
$ |
1,427 |
|
|
$ |
1,192 |
|
|
$ |
1,662 |
|
|
$ |
1,235 |
|
(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 we expect to collect on these
loans.
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Summary of
Allowance and Loan Loss Experience (Unaudited) |
Chemical
Financial Corporation |
(Dollars in
thousands) |
|
|
1st Quarter
2019 |
|
4th Quarter
2018 |
|
3rd Quarter
2018 |
|
2nd Quarter
2018 |
|
1st Quarter
2018 |
|
Allowance for loan losses - originated loan
portfolio |
Allowance for loan
losses - beginning of period |
$ |
109,564 |
|
|
$ |
103,071 |
|
|
$ |
100,015 |
|
|
$ |
94,762 |
|
|
$ |
91,887 |
|
Provision
for loan losses |
2,479 |
|
|
9,444 |
|
|
5,058 |
|
|
9,572 |
|
|
6,256 |
|
Net loan (charge-offs) recoveries: |
|
|
|
|
|
|
|
|
Commercial |
(287 |
) |
|
(627 |
) |
|
(564 |
) |
|
(517 |
) |
|
(1,252 |
) |
Commercial real estate: |
|
|
|
|
|
|
|
|
Owner-occupied |
(532 |
) |
|
(153 |
) |
|
255 |
|
|
(1,656 |
) |
|
341 |
|
Non-owner occupied |
219 |
|
|
(544 |
) |
|
392 |
|
|
92 |
|
|
(456 |
) |
Vacant land |
(13 |
) |
|
— |
|
|
2 |
|
|
(921 |
) |
|
(448 |
) |
Total
commercial real estate |
(326 |
) |
|
(697 |
) |
|
649 |
|
|
(2,485 |
) |
|
(563 |
) |
Real
estate construction |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26 |
|
Residential mortgage |
(76 |
) |
|
(243 |
) |
|
(773 |
) |
|
(88 |
) |
|
(53 |
) |
Consumer
installment |
(1,133 |
) |
|
(1,293 |
) |
|
(1,410 |
) |
|
(994 |
) |
|
(997 |
) |
Home
equity |
63 |
|
|
(91 |
) |
|
96 |
|
|
(235 |
) |
|
(542 |
) |
Net loan
charge-offs |
(1,759 |
) |
|
(2,951 |
) |
|
(2,002 |
) |
|
(4,319 |
) |
|
(3,381 |
) |
Allowance
for loan losses - end of period |
110,284 |
|
|
109,564 |
|
103,071 |
|
|
100,015 |
|
|
94,762 |
|
Allowance for loan losses - acquired loan
portfolio |
|
|
Allowance
for loan losses - beginning of period |
420 |
|
|
970 |
|
|
— |
|
|
— |
|
|
— |
|
Provision
for loan losses |
(420 |
) |
|
(550 |
) |
|
970 |
|
|
— |
|
|
— |
|
Allowance
for loan losses - end of period |
— |
|
|
420 |
|
|
970 |
|
|
— |
|
|
— |
|
Total allowance for
loan losses |
$ |
110,284 |
|
|
$ |
109,984 |
|
|
$ |
104,041 |
|
|
$ |
100,015 |
|
|
$ |
94,762 |
|
Net loan charge-offs as
a percent of average loans (annualized) |
0.05 |
% |
|
0.08 |
% |
|
0.05 |
% |
|
0.12 |
% |
|
0.10 |
% |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
March 31, 2018 |
Originated loans |
$ |
12,142,274 |
|
|
$ |
11,844,756 |
|
|
$ |
11,145,442 |
|
|
$ |
10,696,533 |
|
|
$ |
10,012,516 |
|
Acquired loans |
3,181,774 |
|
|
3,425,023 |
|
|
3,650,810 |
|
|
3,883,160 |
|
|
4,206,231 |
|
Total loans |
$ |
15,324,048 |
|
|
$ |
15,269,779 |
|
|
$ |
14,796,252 |
|
|
$ |
14,579,693 |
|
|
$ |
14,218,747 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses (originated loan portfolio) as a percent of: |
Total
originated loans |
0.91 |
% |
|
0.93 |
% |
|
0.93 |
% |
|
0.94 |
% |
|
0.95 |
% |
Nonperforming loans |
123.5 |
% |
|
128.2 |
% |
|
106.6 |
% |
|
149.9 |
% |
|
153.3 |
% |
Credit mark as a
percent of unpaid principal balance on acquired loans |
1.5 |
% |
|
1.7 |
% |
|
1.7 |
% |
|
1.8 |
% |
|
1.8 |
% |
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
Chemical
Financial Corporation |
(Amounts in
thousands) |
|
|
1st Quarter
2019 |
|
4th Quarter
2018 |
|
3rd Quarter
2018 |
|
2nd Quarter
2018 |
|
1st Quarter
2018 |
|
|
|
|
|
Non-GAAP Operating Results |
|
|
|
|
Net
Income |
|
|
|
|
|
|
|
|
|
Net income, as
reported |
$ |
62,942 |
|
|
$ |
73,039 |
|
|
$ |
70,397 |
|
|
$ |
68,988 |
|
|
$ |
71,596 |
|
Merger
expenses |
|
5,424 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loan
servicing rights change in fair value (gains) losses |
|
7,646 |
|
|
|
2,827 |
|
|
|
(932 |
) |
|
|
30 |
|
|
|
(3,752 |
) |
Significant items |
|
13,070 |
|
|
|
2,827 |
|
|
|
(932 |
) |
|
|
30 |
|
|
|
(3,752 |
) |
Income tax
benefit(1) |
|
(2,744 |
) |
|
|
(594 |
) |
|
|
197 |
|
|
|
(7 |
) |
|
|
788 |
|
Significant items, net
of tax |
|
10,326 |
|
|
|
2,233 |
|
|
|
(735 |
) |
|
|
23 |
|
|
|
(2,964 |
) |
Net income, excluding
significant items |
$ |
73,268 |
|
|
$ |
75,272 |
|
|
$ |
69,662 |
|
|
$ |
69,011 |
|
|
$ |
68,632 |
|
Diluted Earnings Per Share |
|
|
|
|
|
|
|
|
Diluted earnings per
share, as reported |
$ |
0.87 |
|
|
$ |
1.01 |
|
|
$ |
0.98 |
|
|
$ |
0.96 |
|
|
$ |
0.99 |
|
Effect of significant
items, net of tax |
|
0.15 |
|
|
|
0.03 |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.04 |
) |
Diluted earnings per
share, excluding significant items |
$ |
1.02 |
|
|
$ |
1.04 |
|
|
$ |
0.97 |
|
|
$ |
0.96 |
|
|
$ |
0.95 |
|
Return on
Average Assets |
|
|
|
|
|
|
|
|
|
Return on average
assets, as reported |
|
1.17 |
% |
|
|
1.39 |
% |
|
|
1.37 |
% |
|
|
1.39 |
% |
|
|
1.47 |
% |
Effect of significant
items, net of tax |
|
0.19 |
|
|
|
0.05 |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.06 |
) |
Return on average
assets, excluding significant items |
|
1.36 |
% |
|
|
1.44 |
% |
|
|
1.36 |
% |
|
|
1.39 |
% |
|
|
1.41 |
% |
Return on Average Shareholders' Equity |
|
|
|
|
|
|
Return on average
shareholders' equity, as reported |
|
8.8 |
% |
|
|
10.4 |
% |
|
|
10.2 |
% |
|
|
10.2 |
% |
|
|
10.7 |
% |
Effect of significant
items, net of tax |
|
1.5 |
|
|
|
0.4 |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.4 |
) |
Return on average
shareholders' equity, excluding significant items |
|
10.3 |
% |
|
|
10.8 |
% |
|
|
10.1 |
% |
|
|
10.2 |
% |
|
|
10.3 |
% |
Return on Average Tangible Shareholders'
Equity |
|
|
|
|
|
|
Average shareholders'
equity |
$ |
2,855,715 |
|
$ |
2,798,498 |
|
|
$ |
2,769,101 |
|
$ |
2,707,346 |
|
$ |
2,668,325 |
Average goodwill and
core deposit intangibles, net of tax |
|
1,153,275 |
|
|
1,154,469 |
|
|
|
1,155,679 |
|
|
1,156,877 |
|
|
1,158,084 |
Average tangible
shareholders' equity |
$ |
1,702,440 |
|
$ |
1,644,029 |
|
|
$ |
1,613,422 |
|
$ |
1,550,469 |
|
$ |
1,510,241 |
Return on average
tangible shareholders' equity |
|
14.8 |
% |
|
|
17.8 |
% |
|
|
17.5 |
% |
|
|
17.8 |
% |
|
|
19.0 |
% |
Effect of significant
items, net of tax |
|
2.4 |
|
|
|
0.5 |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.8 |
) |
Return on average
tangible shareholders' equity, excluding significant items |
|
17.2 |
% |
|
|
18.3 |
% |
|
|
17.3 |
% |
|
|
17.8 |
% |
|
|
18.2 |
% |
(1) Assumes significant items are deductible at an income tax
rate of 21%.
|
Chemical Financial Corporation Announces 2019
First Quarter Operating Results |
|
|
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
Chemical
Financial Corporation |
(Amounts in
thousands, except per share data) |
|
|
1st Quarter
2019 |
|
4th Quarter
2018 |
|
3rd Quarter
2018 |
|
2nd Quarter
2018 |
|
1st Quarter
2018 |
Efficiency Ratio and Operating Expense, Core |
|
|
|
|
|
|
|
|
Net interest income |
$ |
162,824 |
|
|
$ |
163,452 |
|
|
$ |
159,481 |
|
|
$ |
157,537 |
|
|
$ |
151,863 |
|
Noninterest income |
24,857 |
|
|
32,047 |
|
|
37,917 |
|
|
38,018 |
|
|
40,554 |
|
Total revenue -
GAAP |
187,681 |
|
|
195,499 |
|
|
197,398 |
|
|
195,555 |
|
|
192,417 |
|
Net interest income FTE
adjustment |
2,662 |
|
|
2,514 |
|
|
2,386 |
|
|
2,331 |
|
|
2,227 |
|
Loan servicing rights
change in fair value (gains) losses |
7,646 |
|
|
2,827 |
|
|
(932 |
) |
|
30 |
|
|
(3,752 |
) |
Losses (gains) from
sale of investment securities |
(87 |
) |
|
(221 |
) |
|
— |
|
|
(3 |
) |
|
— |
|
Total revenue -
Non-GAAP |
$ |
197,902 |
|
|
$ |
200,619 |
|
|
$ |
198,852 |
|
|
$ |
197,913 |
|
|
$ |
190,892 |
|
Operating expenses -
GAAP |
$ |
109,015 |
|
|
$ |
108,366 |
|
|
$ |
109,661 |
|
|
$ |
104,561 |
|
|
$ |
101,610 |
|
Merger expenses |
(5,424 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Impairment of income
tax credits |
— |
|
|
(5,772 |
) |
|
(3,162 |
) |
|
(1,716 |
) |
|
(1,634 |
) |
Operating expense, core
- Non-GAAP |
103,591 |
|
|
102,594 |
|
|
106,499 |
|
|
102,845 |
|
|
99,976 |
|
Amortization of
intangibles |
(1,361 |
) |
|
(1,426 |
) |
|
(1,426 |
) |
|
(1,425 |
) |
|
(1,439 |
) |
Operating expenses,
efficiency ratio - Non-GAAP |
$ |
102,230 |
|
|
$ |
101,168 |
|
|
$ |
105,073 |
|
|
$ |
101,420 |
|
|
$ |
98,537 |
|
Efficiency ratio -
GAAP |
58.1 |
% |
|
55.4 |
% |
|
55.6 |
% |
|
53.5 |
% |
|
52.8 |
% |
Efficiency ratio -
adjusted Non-GAAP |
51.7 |
% |
|
50.4 |
% |
|
52.8 |
% |
|
51.2 |
% |
|
51.6 |
% |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
Tangible Book
Value |
|
|
|
|
|
|
|
|
|
Shareholders' equity, as
reported |
$ |
2,897,509 |
|
|
$ |
2,836,260 |
|
|
$ |
2,788,924 |
|
|
$ |
2,750,999 |
|
|
$ |
2,704,703 |
|
Goodwill and core
deposit intangibles, net of tax |
(1,152,705 |
) |
|
(1,153,877 |
) |
|
(1,155,083 |
) |
|
(1,156,307 |
) |
|
(1,157,505 |
) |
Tangible shareholders'
equity |
$ |
1,744,804 |
|
|
$ |
1,682,383 |
|
|
$ |
1,633,841 |
|
|
$ |
1,594,692 |
|
|
$ |
1,547,198 |
|
Common shares
outstanding |
71,551 |
|
|
71,460 |
|
|
71,438 |
|
|
71,418 |
|
|
71,350 |
|
Book value per share
(shareholders' equity, as reported, divided by common shares
outstanding) |
$ |
40.50 |
|
|
$ |
39.69 |
|
|
$ |
39.04 |
|
|
$ |
38.52 |
|
|
$ |
37.91 |
|
Tangible book value per
share (tangible shareholders' equity divided by common shares
outstanding) |
$ |
24.39 |
|
|
$ |
23.54 |
|
|
$ |
22.87 |
|
|
$ |
22.33 |
|
|
$ |
21.68 |
|
Tangible Shareholders' Equity to Tangible
Assets |
|
|
|
|
|
|
Total assets, as
reported |
$ |
21,800,313 |
|
|
$ |
21,498,341 |
|
|
$ |
20,905,489 |
|
|
$ |
20,282,603 |
|
|
$ |
19,757,510 |
|
Goodwill and core
deposit intangibles, net of tax |
(1,152,705 |
) |
|
(1,153,877 |
) |
|
(1,155,083 |
) |
|
(1,156,307 |
) |
|
(1,157,505 |
) |
Tangible assets |
$ |
20,647,608 |
|
|
$ |
20,344,464 |
|
|
$ |
19,750,406 |
|
|
$ |
19,126,296 |
|
|
$ |
18,600,005 |
|
Shareholders' equity to
total assets |
13.3 |
% |
|
13.2 |
% |
|
13.3 |
% |
|
13.6 |
% |
|
13.7 |
% |
Tangible shareholders'
equity to tangible assets |
8.5 |
% |
|
8.3 |
% |
|
8.3 |
% |
|
8.3 |
% |
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information:David T. Provost,
CEODennis L. Klaeser, CFO800-867-9757
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