Chemical Financial has reported a net income of $2.72m, or $0.11 per share, for the first quarter ended March 31, 2009, versus $9.67m, or $0.41 per share, for the first quarter ended March 31, 2008.
Net interest income was $36.59m for the first quarter of 2009, an increase of 6.4% from $34.39 million for the first quarter of 2008. The net interest margin on a tax-equivalent basis in the first quarter of 2009 was 4.06%, up from 3.94% in the comparable quarter of 2008.
Total assets were $3.97 billion at March 31, 2009, up from $3.8 billion at March 31, 2008.
David Ramaker, chairman, president and CEO, said: The decline in first quarter earnings was due in large part to credit quality issues and an increased provision for loan losses.
We experienced solid loan and deposit growth over the past 12 months, despite the depressed economic conditions nationally and locally. We believe that our business model, embodied by our community banking strategy, coupled with our financial strength have left Chemical Financial relatively well positioned to take advantage of opportunities that may arise in the markets we serve.
