Armed with a first quarter financial report showing that they essentially doubled their earnings, Chemical Financial Corporation President & CEO David Ramaker characterizes the launch of 2017 as “solid,” with net income of $47.6-million, or $0.67 per diluted share, compared to $23.6-million, or $0.60 per diluted share a year ago.
Ramaker says, “We continue to make good progress towards our goal of being the preeminent Midwest Community Bank,” adding, “Our first quarter 2017 financial results yielded solid underlying operating results.” Ramaker went on to say, “Importantly, we continued to generate strong organic loan growth, exceeding $280-million in the first quarter to bring our total organic loan growth over the past twelve months to more than $1-billion.”
Excluding transaction expenses and the change in fair value in loan servicing rights, net income in the first quarter of 2017 was $50.7-million, or $0.71 per diluted share, compared to $25.3-million, or $0.65 per diluted share in the same quarter last year.
Ramaker notes that in the first quarter Chemical fast-tracked implementation of key infrastructure initiatives including significant risk management and compliance reform upgrades, saying, “Our operating expense run rate in the first quarter modestly exceeded expectations and, as a factor that we can control, will continue to be an area of significant focus as we move forward in 2017.”
Chemical Financial is the largest banking company headquartered and operating branch offices in Michigan under the Chemical Bank brand. They ended the first quarter with total assets of $17.64-billion as compared to $17.36-billion at the end of last year, and $9.3-billion a year ago.
Chemical Bank operates nearly 250 offices throughout Michigan, northeast Ohio and northern Indiana including multiple branches across Berrien County.
Ramaker was pleased with the quarterly results, saying, “We continue to build a great franchise, laying a strong foundation for future growth and enhanced shareholder value. In addition, the communities and markets we serve provide an attractive economic environment in which Chemical Bank can grow and prosper, and our talented team of bankers continues to capture an increasing share and range of our customers’ financial service needs.”
