Chemical Bank reports its first-quarter earnings

Staff report

YOUNGSTOWN

Chemical Financial Corp. on Tuesday announced 2017 first-quarter net income of $47.6 million, which compares with 2016 first-quarter net income of $23.6 million.

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 compared with $25.3 million in the first quarter of 2016.

During the first quarter of 2017, significant items included transaction expenses of $4.2 million and a $0.5 million detriment to earnings due to the change in fair value in loan-servicing rights.

Transaction expenses for the first quarter of 2016 were $2.6 million.

Total loans were $13.3 million, up from $7.4 million reported during the first quarter of 2016. Total deposits were $13.1 million, up from $7.7 million reported in the first quarter of 2016.

Chemical Bank of Michigan completed its merger with Talmer Bank in late August and the transition of the banks in November.

Chemical recently celebrated 100 years in business. The company has 249 banking locations in Michigan, Northeast Ohio and northern Indiana.