Chemical Financial Q2 Profit Rises - Quick Facts

(RTTNews) - Chemical Financial Corp. (CHFC) reported second-quarter net income of $14.2 million, or $0.51 per share, compared to $13.9 million, or $0.50 per share, last year. Net income rose 2.4% due to to a combination of higher net interest income, higher noninterest income and a lower provision for loan losses, all of which were partially offset by higher operating expenses, the company said.

On average, four analysts polled by Thomson Reuters expected the company to report profit of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for loan losses was $1.0 million lower in the second quarter of 2013, compared to prior year.

Net interest income was $48.4 million, $2.0 million higher than the second quarter of 2012. Net interest income after provision for loan losses was $45.40 million, compared to $42.45 million last year. Noninterest income was $15.9 million, compared to $13.9 million last year. Analysts expected revenue of $60.48 million for the quarter.