Chemical Financial Q1 Profit Tops Estimate

(RTTNews) - Chemical Financial Corp. (CHFC) reported first quarter net income of $17.8 million or $0.54 per share, compared to $13.8 million or $0.46 per share for the year-ago quarter.

Excluding nonrecurring transaction-related expenses, adjusted net income for the latest quarter was $18.7 million or $0.57 per share.

Net interest income for the first quarter rose 18.9% to $59.2 million. Provision for loan losses was $1.5 million in the first quarter of 2015, compared to $1.6 million in the first quarter of 2014.

Noninterest income for the first quarter rose to $19.3 million from $13.7 million a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.51 per share on revenue of $80.51 million for the first quarter. Analysts' estimates typically exclude special items.