Chemical Bank reports 3Q earnings with Talmer included
Chemical Financial Corp. has reported third-quarter net income of $10.7 million, down from third-quarter 2015 net income of $24.5 million.
Net income was $59.7 million for the nine months of 2016, compared with $61.3 million for the nine months that ended Sept. 30, 2015.
The decrease in net income in the third quarter of 2016 was driven by significant merger-related expenses incurred during the third quarter of 2016 resulting from completion of the bank’s merger with Talmer Bancorp Inc.
The results of Talmer’s operations are included in Chemical’s earnings reported Tuesday.
Chemical’s total assets increased $7.9 billion in the third quarter of 2016 to $17.4 billion as of Sept. 30, 2016, primarily due to the addition of $7.7 billion in assets added as a result of the merger with Talmer.
Chemical Bank completed its merger with Talmer in late August. By Nov. 14, Chemical will have all Talmer locations converted to Chemical Bank locations.
Locally, Mahoning and Trumbull counties have 16 Talmer locations that will become Chemical locations.
Excluding merger and transaction-related expenses, net income in the third quarter of 2016 was $35.9 million, compared with $25.1 million in the third quarter of 2015.
Total loans were $12.72 billion in the third quarter of 2016, compared with $7.22 billion reported in the third quarter of 2015.
Total deposits were $13.27 billion in the third quarter of 2016, compared with $7.62 billion in the third quarter of 2015.
As of the merger date, Chemical added $5.34 billion of deposits as part of the merger with Talmer, including $403 million of brokered deposits.