CHFC 2018 Annual Report

2017 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total Interest income $ 142,896 $ 155,133 $ 164,944 $ 169,162 $ 632,135 Interest expense 12,799 17,185 21,316 23,257 74,557 Net interest income 130,097 137,948 143,628 145,905 557,578 Provision for loan losses 4,050 6,229 5,499 7,522 23,300 Noninterest income 38,010 41,568 32,122 32,319 144,019 Operating expenses 104,196 98,237 119,539 100,022 421,994 Income before income taxes 59,861 75,050 50,712 70,680 256,303 Income tax expense 12,257 23,036 10,253 61,234 106,780 Net income $ 47,604 $ 52,014 $ 40,459 $ 9,446 $ 149,523 Net income per common share: Basic $ 0.67 $ 0.73 $ 0.57 $ 0.13 $ 2.11 Diluted 0.67 0.73 0.56 0.13 2.08 Cash dividends declared per common share 0.27 0.27 0.28 0.28 1.10 2016 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total Interest income $ 79,464 $ 82,937 $ 103,562 $ 144,416 $ 410,379 Interest expense 5,134 5,442 6,753 11,969 29,298 Net interest income 74,330 77,495 96,809 132,447 381,081 Provision for loan losses 1,500 3,000 4,103 6,272 14,875 Noninterest income 19,419 20,897 27,770 54,264 122,350 Operating expenses 58,887 59,085 106,144 114,302 338,418 Income before income taxes 33,362 36,307 14,332 66,137 150,138 Income tax expense 9,757 10,532 2,848 18,969 42,106 Net income $ 23,605 $ 25,775 $ 11,484 $ 47,168 $ 108,032 Net income per common share: Basic $ 0.61 $ 0.67 $ 0.23 $ 0.67 $ 2.21 Diluted 0.60 0.67 0.23 0.66 2.17 Cash dividends declared per common share 0.26 0.26 0.27 0.27 1.06 Chemical Financial Corporation Notes to Consolidated Financial Statements December 31, 2018 167