Chemical Financial Posts Higher Q1 Profit

(RTTNews) - Chemical Financial Corp. (CHFC) reported first quarter net income of $13.8 million or $0.46 per share, compared to $13.2 million or $0.48 per share for the year-ago quarter.

Net interest income was $49.8 million in the first quarter, $2.1 million higher than the first quarter of last year.

Provision for loan losses for the first quarter was $1.6 million,, compared to $3.0 million in the prior year quarter.

Non-interest income for the first quarter fell to $13.7 million from $16.2 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.48 per share on revenue of $66.60 million for the first quarter.