CHFC 2018 Annual Report

Chemical Financial Corporation Consolidated Statements of Financial Position ( p p ) December 31, 2018 December 31, 2017 Assets Cash and cash equivalents: Cash and cash due from banks $ 228,527 $ 226,003 Interest-bearing deposits with the Federal Reserve Bank and other banks 267,312 229,988 Total cash and cash equivalents 495,839 455,991 Investment securities: Carried at fair value 3,021,832 1,963,546 Held-to-maturity, at amortized cost (fair value of $618,672 and $662,906, respectively) 624,099 677,093 Total investment securities 3,645,931 2,640,639 Loans held-for-sale, at fair value 85,030 52,133 Loans 15,269,779 14,155,267 Allowance for loan losses (109,984) (91,887) Net loans 15,159,795 14,063,380 Premises and equipment 123,442 126,896 Loan servicing rights, at fair value 71,013 63,841 Goodwill 1,134,568 1,134,568 Other intangible assets 28,556 34,271 Interest receivable and other assets 754,167 709,154 Total assets $ 21,498,341 $ 19,280,873 Liabilities Deposits: Noninterest-bearing $ 3,809,252 $ 3,725,779 Interest-bearing 11,784,030 9,917,024 Total deposits 15,593,282 13,642,803 Collateralized customer deposits 382,687 415,236 Short-term borrowings 2,035,000 2,000,000 Long-term borrowings 426,002 372,882 Interest payable and other liabilities 225,110 181,203 Total liabilities 18,662,081 16,612,124 Shareholders' equity Preferred stock, no par value: Authorized – 2,000,000 shares at 12/31/18 and 12/31/17, none issued — — Common stock, $1.00 par value per share: Authorized — 135,000,000 shares at 12/31/18 and 12/31/17 Issued and outstanding — 71,460,119 shares at 12/31/18 and 71,207,114 shares at 12/31/17 71,460 71,207 Additional paid-in capital 2,209,761 2,203,637 Retained earnings 616,149 419,403 Accumulated other comprehensive loss (61,110) (25,498) Total shareholders' equity 2,836,260 2,668,749 Total liabilities and shareholders' equity $ 21,498,341 $ 19,280,873 See accompanying notes to Consolidated Financial Statements. 83