Chemical Financial Corporation Reports First Quarter 2011 ; Chemical Financial Corporation (Nasdaq:CHFC) today announced 2011 first quarter net income of $9.2 million, or $0.33 per diluted share, compared to 2010 fourth quarter net income of $7.5 million, or $0.27 per diluted share, and $2.3 million, or $0.10 per diluted share, in the first quarter of 2010.
"Reported first quarter 2011 earnings were more than triple the prior year's first quarter results and represent our highest quarterly per share net income level in almost three years. This financial performance is reflective of further credit quality stabilization, augmented by the earnings impact of our April 30, 2010 acquisition of O.A.K. Financial Corporation (OAK)," said David B. Ramaker, Chairman, Chief Executive Officer, and President. "While we are encouraged by the positive nature of these early trends, we remain cautious as a result of the challenges that our industry and the overall economy continue to face."
"Having said that, we believe we are well positioned to capitalize on opportunities to expand our market share and leadership role in Michigan's consolidating banking industry, which we believe will lead to enhanced profitability and growth in the future," added Ramaker.Read More...
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