MIDLAND, Mich., July 26, 2016 (GLOBE NEWSWIRE) -- Chemical Financial Corporation ("Corporation" or "Chemical") (NASDAQ:CHFC) today announced 2016 second quarter net income of $25.7 million, or $0.67 per diluted share, compared to 2016 first quarter net income of $23.3 million, or $0.60 per diluted share and 2015 second quarter net income of $19.0 million, or $0.54 per diluted share. Net income was $49.0 million, or $1.27 per diluted share, for the six months ended June 30, 2016, compared to $36.9 million, or $1.08 per diluted share, for the six months ended June 30, 2015.

Merger and acquisition-related transaction expenses ("transaction expenses") attributable to the pending merger with Talmer Bancorp, Inc. ("Talmer"), which was announced on January 26, 2016, were $3.1 million in the second quarter of 2016, $2.6 million in the first quarter of 2016 and $5.6 million for the six months ended June 30, 2016, while transaction expenses attributable to the April 1, 2015 acquisition of Monarch Community Bancorp, Inc. ("Monarch") and the May 31, 2015 acquisition of Lake Michigan Financial Corporation ("Lake Michigan") were $3.5 million and $4.8 million for the three- and six- month periods ended June 30, 2015, respectively. Excluding transaction expenses, net income in the second quarter of 2016 was $27.7 million, or $0.72 per diluted share, compared to $24.9 million, or $0.65 per diluted share, in the first quarter of 2016 and $21.7 million, or $0.61 per diluted share, in the second quarter of 2015. Net income, excluding transaction expenses, was $52.6 million, or $1.37 per diluted share, for the six months ended June 30, 2016, compared to $40.4 million, or $1.18 per diluted share, for the six months ended June 30, 2015.

"We are pleased to report another quarter of solid financial results, with second quarter per share net income growing by double-digit annual rates, excluding transaction expenses, over last year’s second quarter. This sustained growth is not only reflective of the efforts of the extended Chemical team, but also of the reception of our products and community banking philosophy among the communities and customers we serve," noted David B. Ramaker, Chairman, Chief Executive Officer and President of Chemical Financial Corporation.

"Interest income in the quarter was aided by the loan interest accretion attributable to the higher than anticipated credit quality of the Byron Bank and Northwestern Bank acquired portfolios," added Ramaker. "Our ability to continue to execute at a high level while a significant portion of our senior management team concentrates on past and pending mergers and acquisitions is a testament to our core banking team’s focus on serving our customers."

The Corporation's return on average assets was 1.11% during the second quarter of 2016, compared to 1.01% in the first quarter of 2016 and 0.94% in the second quarter of 2015. The Corporation's return on average shareholders' equity was 10.0% in the second quarter of 2016, compared to 9.2% in the first quarter of 2016 and 8.6% in the second quarter of 2015. Excluding transaction expenses, the Corporation's return on average assets was 1.19% during the second quarter of 2016, compared to 1.09% in the first quarter of 2016 and 1.07% in the second quarter of 2015 and the Corporation's return on average shareholders' equity was 10.8% in the second quarter of 2016, compared to 9.9% in the first quarter of 2016 and 9.8% in the second quarter of 2015.

Net interest income was $77.5 million in the second quarter of 2016, $3.2 million, or 4.3%, higher than the first quarter of 2016 and $11.8 million, or 18%, higher than the second quarter of 2015. The increase in net interest income in the second quarter of 2016, compared to the first quarter of 2016, was primarily attributable to loan growth in the second quarter of 2016 and an increase in the amount of interest accretion recognized on acquired loans resulting from improvements in expected cash flows from certain pools of acquired loans. During the second quarter of 2016, the Corporation transferred $10 million of nonaccretable discount to accretable yield due to lower expected losses on loans acquired in both the 2010 acquisition of OAK Financial Corporation and the 2014 acquisition of Northwestern Bancorp, Inc. The Corporation's net interest income included $2.5 million of interest accretion on acquired loans in the second quarter of 2016, compared to $0.7 million in the first quarter of 2016 and $0.8 million in the second quarter of 2015. The increase in net interest income in the second quarter of 2016 over the second quarter of 2015 was primarily attributable to the positive impact of organic loan growth and the impact of the Corporation's acquisition of Lake Michigan.

The net interest margin (on a tax-equivalent basis) was 3.70% in the second quarter of 2016, compared to 3.60% in the first quarter of 2016 and 3.59% in the second quarter of 2015. The average yield on the loan portfolio was 4.19% in the second quarter of 2016, compared to 4.13% in the first quarter of 2016 and 4.17% in the second quarter of 2015. Interest accretion on acquired loans contributed 11 basis points to the Corporation's net interest margin in the second quarter of 2016, compared to 3 basis points in the first quarter of 2016 and 4 basis points in the second quarter of 2015. Interest accretion on acquired loans comprised 13 basis points of the yield on the Corporation's loan portfolio in the second quarter of 2016, compared to 4 basis points in the first quarter of 2016 and 5 basis points in the second quarter of 2015. The average yield of the investment securities portfolio was 2.34% in the second quarter of 2016, compared to 2.29% in the first quarter of 2016 and 2.03% in the second quarter of 2015. The Corporation's average cost of funds was 0.27% in the second quarter of 2016, compared to 0.25% in the first quarter of 2016 and 0.22% in the second quarter of 2015.

The provision for loan losses was $3.0 million in the second quarter of 2016, compared to $1.5 million in both the first quarter of 2016 and the second quarter of 2015. The increase in the provision for loan losses was due to loan growth, with loans in the Corporation's originated loan portfolio up $377 million during the second quarter of 2016. Net loan charge-offs were $1.8 million, or 0.10% of average loans, in the second quarter of 2016, compared to $4.5 million, or 0.25% of average loans, in the first quarter of 2016 and $1.8 million, or 0.12% of average loans, in the second quarter of 2015. Net loan charge-offs in the second quarter of 2016 and in the first quarter of 2016 included $1.0 million and $2.9 million, respectively, of losses from one commercial loan relationship.

The Corporation's nonperforming loans, consisting of nonaccrual loans, accruing loans past due 90 days or more as to principal or interest payments and nonperforming troubled debt restructurings, totaled $62.0 million at June 30, 2016, compared to $73.3 million at March 31, 2016 and $70.9 million at June 30, 2015. The $11.3 million, or 15%, decrease in nonperforming loans during the second quarter of 2016 was attributable to a combination of $6.4 million of principal paydowns, $3.9 million of nonaccrual loans being upgraded to accruing status during the quarter, and net loan charge-offs. Nonperforming loans comprised 0.81% of total loans at June 30, 2016, compared to 0.99% at March 31, 2016 and 1.01% at June 30, 2015.

At June 30, 2016, the allowance for loan losses of the originated loan portfolio was $71.5 million, or 1.12% of originated loans, compared to $70.3 million, or 1.17% of originated loans, at March 31, 2016 and $74.9 million, or 1.40% of originated loans, at June 30, 2015. The allowance for loan losses of the originated loan portfolio as a percentage of nonperforming loans was 115% at June 30, 2016, compared to 96% at March 31, 2016 and 106% at June 30, 2015.

Noninterest income was $20.9 million in the second quarter of 2016, compared to $19.4 million in the first quarter of 2016 and $20.7 million in the second quarter of 2015. Noninterest income in the second quarter of 2016 was higher than the first quarter of 2016, due primarily to higher seasonal trust fees from the preparation of trust tax returns and higher seasonal overdraft fees. Mortgage banking revenue was $0.2 million higher in the second quarter of 2016, compared to the first quarter of 2016, due to an increase in gains from the sales of residential mortgages, which was partially offset by a $0.4 million impairment of the Corporation's mortgage servicing asset resulting from the recent decline in market interest rates.

Operating expenses were $59.1 million in the second quarter of 2016, compared to $58.9 million in the first quarter of 2016 and $56.8 million in the second quarter of 2015. Operating expenses included transaction expenses of $3.1 million in the second quarter of 2016, $2.6 million in the first quarter of 2016 and $3.5 million in the second quarter of 2015. Excluding these transaction expenses, operating expenses were $56.0 million in the second quarter of 2016, $0.3 million lower than the first quarter of 2016 and $2.7 million, or 5%, higher than the second quarter of 2015. The decrease in operating expenses in the second quarter of 2016, compared to the first quarter of 2016, was primarily attributable to a $0.7 million reduction in payroll tax expenses (these are highest in the first quarter of the year) and a $1.4 million reduction in credit related expenses. The reduction in credit related expenses was driven by higher gains from the sale of other real estate properties and a $0.7 million gain resulting from the receipt of life insurance proceeds on a policy the Corporation had previously obtained as collateral on a loan. These decreases were partially offset by $1.1 million of higher outside services expense and a $1.0 million write-down included in occupancy expenses associated with the closure of several branch locations during the quarter. A portion of the increase in outside services during the quarter was attributable to the seasonal trust fees described above and increases in various project costs, many of which have been accelerated to complete them in advance of the pending Talmer merger.

The Corporation's efficiency ratio was 55.1% in the second quarter of 2016, 58.8% in the first quarter of 2016 and 60.5% in the second quarter of 2015.

Total assets were $9.51 billion at June 30, 2016, compared to $9.30 billion at March 31, 2016 and $9.02 billion at June 30, 2015. The increase in total assets during the three months ended June 30, 2016 was attributable to loan growth that was largely funded by an increase in Federal Home Loan Bank (FHLB) advances. The increase in total assets during the twelve months ended June 30, 2016 was also attributable to loan growth that was funded by a combination of organic growth in customer deposits, an increase in FHLB advances and proceeds from maturing investment securities. Investment securities were $1.01 billion at June 30, 2016, compared to $1.03 billion at March 31, 2016 and $1.16 billion at June 30, 2015.

Total loans were $7.65 billion at June 30, 2016, up $280 million, or 3.8%, from total loans of $7.37 billion at March 31, 2016 and up $613 million, or 8.7%, from total loans of $7.03 billion at June 30, 2015. During the second quarter of 2016, consumer installment loans grew $151 million, commercial real estate and real estate construction loans grew $58 million, residential mortgage loans grew $33 million, commercial loans grew $31 million and home equity loans grew $7 million.

Total deposits were $7.46 billion at June 30, 2016, compared to $7.65 billion at March 31, 2016 and $7.29 billion at June 30, 2015. The decrease in deposits during the second quarter of 2016 was primarily attributable to a $183 million decline in seasonal municipal deposit accounts. The increase in total deposits during the twelve months ended June 30, 2016 was attributable to organic growth in customer deposits of $268 million, or 3.8%, which was partially offset by a decrease of $96 million related to maturing brokered deposits that were acquired in the Lake Michigan transaction.

Securities sold under agreements to repurchase with customers were $256 million at June 30, 2016, compared to $283 million at March 31, 2016 and $305 million at June 30, 2015. Short-term borrowings were $300 million at June 30, 2016 and $227 million at June 30, 2015 (there were none at March 31, 2016) and consisted of short-term FHLB advances utilized by the Corporation to fund short-term liquidity needs. Long-term borrowings were $372 million at June 30, 2016, compared to $274 million at March 31, 2016 and $148 million at June 30, 2015. The increase in short-term and long-term borrowings during the second quarter of 2016 was attributable to the Corporation's liquidity needs to replace the seasonal decrease in municipal deposit accounts and to partially fund loan growth. During the second quarter of 2016, the Corporation borrowed $100 million of long-term FHLB advances that mature in three years at a fixed rate of 1.00%.

At June 30, 2016, the Corporation's tangible equity to tangible assets ratio and total risk-based capital ratio were 8.2% and 11.4%, respectively, compared to 8.2% and 11.5%, respectively, at March 31, 2016 and 7.8% and 11.6%, respectively, at June 30, 2015. At June 30, 2016, the Corporation's book value was $27.45 per share, compared to $26.99 per share at March 31, 2016 and $25.74 per share at June 30, 2015. At June 30, 2016, the Corporation's tangible book value was $19.68 per share, compared to $19.20 per share at March 31, 2016 and $17.89 per share at June 30, 2015.

This press release contains references to financial measures which are not defined in generally accepted accounting principles ("GAAP"). Such non-GAAP financial measures include the Corporation's tangible equity to tangible assets ratio, tangible book value per share, presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis, and information presented excluding transaction expenses, including net income, diluted earnings per share, return on average assets, return on average shareholders' equity and operating expenses. These non-GAAP financial measures have been included as the Corporation believes they are helpful for investors to analyze and evaluate the Corporation's financial condition. Reconciliations of non-GAAP financial measures may be found in the financial tables included with this press release.

Chemical Financial Corporation will host a conference call to discuss its second quarter 2016 operating results on Wednesday, July 27, 2016, at 10:30 a.m. ET. Anyone interested may access the conference call on a live basis by dialing toll-free at 1-800-930-7709 and entering 485377 for the conference ID. The call will also be broadcast live over the Internet hosted at Chemical Financial Corporation's website at www.chemicalbankmi.com under the "Investor Info" section. A copy of the slide-show presentation and an audio replay of the call will remain available on Chemical Financial Corporation's website for at least 14 days.

Chemical Financial Corporation is the second largest banking company headquartered and operating branch offices in Michigan. The Corporation operates through its subsidiary bank, Chemical Bank, with 175 banking offices spread over 47 counties in Michigan. At June 30, 2016, the Corporation had total assets of $9.5 billion. Chemical Financial Corporation's common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issues comprising The NASDAQ Global Select Market. More information about the Corporation is available by visiting the investor relations section of its website at www.chemicalbankmi.com.

Forward-Looking Statements

This press release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and the Corporation. Words and phrases such as "anticipates," "believes," "continue," "estimates," "expects," "forecasts," "future," "intends," "is likely," "judgment," "look ahead," "look forward," "on schedule," "opinion," "opportunity," "plans," "potential," "predicts," "probable," "projects," "should," "strategic," "trend," "will," and variations of such words and phrases or similar expressions are intended to identify such forward-looking statements. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to future levels of loan charge-offs, future levels of provisions for loan losses, real estate valuation, future levels of nonperforming assets, the rate of asset dispositions, future capital levels, future dividends, future growth and funding sources, future liquidity levels, future profitability levels, future deposit insurance premiums, future asset levels, the effects on earnings of future changes in interest rates, the future level of other revenue sources, future economic trends and conditions, future initiatives to expand the Corporation’s market share, expected performance and cash flows from acquired loans, future effects of new or changed accounting standards, future opportunities for acquisitions, opportunities to increase top line revenues, the Corporation’s ability to grow its core franchise, future cost savings and the Corporation’s ability to maintain adequate liquidity and capital based on the requirements adopted by the Basel Committee on Banking Supervision and U.S. regulators. All statements referencing future time periods are forward-looking.

Management's determination of the provision and allowance for loan losses; the carrying value of acquired loans, goodwill and mortgage servicing rights; the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment); and management's assumptions concerning pension and other postretirement benefit plans involve judgments that are inherently forward-looking. There can be no assurance that future loan losses will be limited to the amounts estimated. All of the information concerning interest rate sensitivity is forward-looking. The future effect of changes in the financial and credit markets and the national and regional economies on the banking industry, generally, and on the Corporation, specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

This press release also contains forward-looking statements regarding Chemical's outlook or expectations with respect to its planned merger with Talmer Bancorp, Inc. ("Talmer"), the expected costs to be incurred in connection with the transaction, the expected impact of the transaction on Chemical's future financial performance and consequences of the integration of Talmer into Chemical.

Risk factors relating both to the transaction and the integration of Talmer into Chemical after closing include, without limitation:

• Completion of the transaction is dependent on, among other things, receipt of regulatory approvals, the timing of which cannot be predicted with precision at this point and which may not be received at all.
• The impact of the completion of the transaction on Chemical's financial statements will be affected by the timing of the transaction.
• The transaction may be more expensive to complete and the anticipated benefits, including anticipated cost savings and strategic gains, may be significantly harder or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events.
• The integration of Talmer’s business and operations into Chemical, which will include conversion of Talmer’s operating systems and procedures, may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to Chemical's or Talmer’s existing businesses.
• Chemical’s ability to achieve anticipated results from the transaction is dependent on the state of the economic and financial markets going forward. Specifically, Chemical may incur more credit losses than expected and customer and employee attrition may be greater than expected.
• The outcome of pending or threatened litigation, whether currently existing or commencing in the future, including litigation related to the transaction.
• The effect of divestitures that may be required by regulatory authorities in certain markets in which Chemical and Talmer compete.
• The challenges of integrating, retaining and hiring key personnel.
• Failure to attract new customers and retain existing customers in the manner anticipated.

In addition, risk factors include, but are not limited to, the risk factors described in Item 1A of Chemical's Annual Report on Form 10-K for the year ended December 31, 2015. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation
(In thousands, except per share data)
		June 30,  2016				March 31,  2016				December 31,  2015				June 30,  2015
Assets
Cash and cash equivalents:
Cash and cash due from banks		$	179,310			$	168,739			$	194,136			$	167,054
Interest-bearing deposits with the Federal Reserve Bank (FRB) and other banks		53,650				122,635				44,653				47,980
Total cash and cash equivalents		232,960				291,374				238,789				215,034
Investment securities:
Available-for-sale		458,552				514,015				553,731				685,706
Held-to-maturity		552,828				518,300				509,971				469,837
Total investment securities		1,011,380				1,032,315				1,063,702				1,155,543
Loans held-for-sale		13,990				9,667				10,327				7,798
Loans:
Total loans		7,647,269				7,366,885				7,271,147				7,034,743
Allowance for loan losses		(71,506		)		(70,318		)		(73,328		)		(74,941		)
Net loans		7,575,763				7,296,567				7,197,819				6,959,802
Premises and equipment		102,709				105,868				106,317				111,968
Goodwill		286,867				286,867				287,393				285,512
Other intangible assets		34,270				36,266				38,104				41,201
Interest receivable and other assets		256,233				244,708				246,346				243,867
Total Assets		$	9,514,172			$	9,303,632			$	9,188,797			$	9,020,725
Liabilities
Deposits:
Noninterest-bearing		$	2,007,629			$	1,951,193			$	1,934,583			$	1,860,863
Interest-bearing		5,457,017				5,698,923				5,522,184				5,432,116
Total deposits		7,464,646				7,650,116				7,456,767				7,292,979
Interest payable and other liabilities		71,417				64,120				76,466				66,174
Securities sold under agreements to repurchase with customers		256,213				283,383				297,199				305,291
Short-term borrowings		300,000				—				100,000				227,000
Long-term borrowings		371,597				273,722				242,391				148,490
Total liabilities		8,463,873				8,271,341				8,172,823				8,039,934
Shareholders' Equity
Preferred stock, no par value per share		—				—				—				—
Common stock, $1 par value per share		38,267				38,248				38,168				38,110
Additional paid-in capital		727,145				725,874				725,280				722,329
Retained earnings		310,585				294,859				281,558				251,456
Accumulated other comprehensive loss		(25,698		)		(26,690		)		(29,032		)		(31,104		)
Total shareholders' equity		1,050,299				1,032,291				1,015,974				980,791
Total Liabilities and Shareholders' Equity		$	9,514,172			$	9,303,632			$	9,188,797			$	9,020,725

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation
(In thousands, except per share data)
		Three Months Ended												Six Months Ended
		June 30, 2016				March 31, 2016				June 30, 2015				June 30, 2016				June 30, 2015
Interest Income
Interest and fees on loans		$	77,578			$	74,401			$	64,613			$	151,979			$	122,710
Interest on investment securities:
Taxable		1,798				1,929				2,202				3,727				4,509
Tax-exempt		2,640				2,665				2,185				5,305				4,091
Dividends on nonmarketable equity securities		777				256				551				1,033				749
Interest on deposits with the FRB and other banks		144				213				128				357				250
Total interest income		82,937				79,464				69,679				162,401				132,309
Interest Expense
Interest on deposits		4,260				4,059				3,630				8,319				6,982
Interest on short-term borrowings		226				100				101				326				199
Interest on long-term borrowings		956				975				213				1,931				213
Total interest expense		5,442				5,134				3,944				10,576				7,394
Net Interest Income		77,495				74,330				65,735				151,825				124,915
Provision for loan losses		3,000				1,500				1,500				4,500				3,000
Net interest income after provision for loan losses		74,495				72,830				64,235				147,325				121,915
Noninterest Income
Service charges and fees on deposit accounts		6,337				5,720				6,445				12,057				12,361
Wealth management revenue		5,782				5,201				5,605				10,983				10,676
Other charges and fees for customer services		6,463				6,392				6,516				12,855				12,506
Mortgage banking revenue		1,595				1,405				1,688				3,000				3,091
Gain on sale of investment securities		18				19				28				37				607
Other		702				682				392				1,384				708
Total noninterest income		20,897				19,419				20,674				40,316				39,949
Operating Expenses
Salaries, wages and employee benefits		33,127				33,890				31,711				67,017				60,964
Occupancy		5,514				4,905				4,386				10,419				8,812
Equipment and software		4,875				4,404				4,480				9,279				8,878
Merger and acquisition-related transaction expenses (transaction expenses)		3,054				2,594				3,457				5,648				4,819
Other		12,515				13,094				12,751				25,609				24,332
Total operating expenses		59,085				58,887				56,785				117,972				107,805
Income before income taxes		36,307				33,362				28,124				69,669				54,059
Federal income tax expense		10,600				10,100				9,100				20,700				17,200
Net Income		$	25,707			$	23,262			$	19,024			$	48,969			$	36,859
Earnings Per Common Share:
Weighted average common shares outstanding for basic earnings per share		38,258				38,198				35,162				38,228				33,992
Weighted average common shares outstanding for diluted earnings per share, including common stock equivalents		38,600				38,521				35,397				38,560				34,227
Basic earnings per share		$	0.67			$	0.61			$	0.54			$	1.28			$	1.08
Diluted earnings per share		0.67				0.60				0.54				1.27				1.08
Cash Dividends Declared Per Common Share		0.26				0.26				0.24				0.52				0.48
Key Ratios (annualized where applicable):
Return on average assets		1.11		%		1.01		%		0.94		%		1.06		%		0.96		%
Return on average shareholders' equity		10.0		%		9.2		%		8.6		%		9.6		%		8.8		%
Net interest margin		3.70		%		3.60		%		3.59		%		3.65		%		3.57		%
Efficiency ratio		55.1		%		58.8		%		60.5		%		56.9		%		61.4		%

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Selected Quarterly Information (Unaudited)
Chemical Financial Corporation
(Dollars in thousands, except per share data)
		2nd Quarter 2016				1st Quarter 2016				4th Quarter 2015						3rd Quarter 2015				2nd Quarter 2015				1st Quarter 2015
Summary of Operations
Interest income		$	82,937			$	79,464			$		80,629				$	78,851			$	69,679			$	62,630
Interest expense		5,442				5,134				5,153						5,234				3,944				3,450
Net interest income		77,495				74,330				75,476						73,617				65,735				59,180
Provision for loan losses		3,000				1,500				2,000						1,500				1,500				1,500
Net interest income after provision for loan losses		74,495				72,830				73,476						72,117				64,235				57,680
Noninterest income		20,897				19,419				20,052						20,215				20,674				19,275
Operating expenses, excluding transaction expenses (non-GAAP)		56,031				56,293				55,739						57,365				53,328				49,658
Transaction expenses		3,054				2,594				2,085						900				3,457				1,362
Income before income taxes		36,307				33,362				35,704						34,067				28,124				25,935
Federal income tax expense		10,600				10,100				10,200						9,600				9,100				8,100
Net income		$	25,707			$	23,262			$		25,504				$	24,467			$	19,024			$	17,835
Net income, excluding transaction expenses		$	27,692			$	24,948			$		26,859				$	25,052			$	21,683			$	18,720
Per Common Share Data
Net income:
Basic		$	0.67			$	0.61			$		0.67				$	0.64			$	0.54			$	0.54
Diluted		0.67				0.60				0.66						0.64				0.54				0.54
Diluted, excluding transaction expenses		0.72				0.65				0.70						0.65				0.61				0.57
Cash dividends declared		0.26				0.26				0.26						0.26				0.24				0.24
Book value - period-end		27.45				26.99				26.62						26.18				25.74				24.68
Tangible book value - period-end		19.68				19.20				18.78						18.32				17.89				18.95
Market value - period-end		37.29				35.69				34.27						32.35				33.06				31.36
Key Ratios (annualized where applicable)
Net interest margin (taxable equivalent basis)		3.70		%		3.60		%			3.64			%		3.55		%		3.59		%		3.55		%
Efficiency ratio		55.1		%		58.8		%			57.1			%		59.9		%		60.5		%		62.4		%
Return on average assets		1.11		%		1.01		%			1.10			%		1.05		%		0.94		%		0.98		%
Return on average shareholders' equity		10.0		%		9.2		%			10.1			%		9.8		%		8.6		%		9.0		%
Average shareholders' equity as a percent of average assets		11.1		%		11.0		%		10.9			%			10.7		%		10.9		%		10.8		%
Capital ratios (period end):
Tangible shareholders' equity as a percent of tangible assets		8.2		%		8.2		%		8.1			%			7.8		%		7.8		%		8.5		%
Total risk-based capital ratio		11.4		%		11.5		%		11.8			%			11.6		%		11.6		%		13.0		%

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Average Balances, Fully Tax Equivalent (FTE) Interest and Effective Yields and Rates* (Unaudited)
Chemical Financial Corporation
(Dollars in thousands)
		Three Months Ended
		June 30, 2016											March 31, 2016											June 30, 2015
		Average Balance				Interest (FTE)				Effective Yield/ Rate*			Average Balance				Interest (FTE)				Effective Yield/ Rate*			Average Balance				Interest (FTE)				Effective Yield/ Rate*
Assets
Interest-earning assets:
Loans:**
Commercial		$	1,940,197			$	20,711			4.29	%		$	1,901,879			$	19,774			4.18	%		$	1,516,520			$	16,176			4.28	%
Commercial real estate and real estate construction		2,419,187				30,035				4.99			2,361,105				28,254				4.81			1,979,578				24,034				4.87
Residential mortgage		1,485,267				13,805				3.72			1,453,420				13,588				3.74			1,220,291				11,872				3.89
Consumer installment and home equity		1,666,541				13,744				3.32			1,583,067				13,483				3.43			1,556,425				13,145				3.39
Total loans		7,511,192				78,295				4.19			7,299,471				75,099				4.13			6,272,814				65,227				4.17
Taxable investment securities		515,303				1,798				1.40			554,524				1,929				1.39			698,521				2,202				1.26
Tax-exempt investment securities		484,271				4,061				3.35			496,304				4,100				3.30			396,295				3,361				3.39
Other interest-earning assets		43,615				777				7.16			39,493				256				2.61			34,269				551				6.45
Interest-bearing deposits with the FRB and other banks		82,246				144				0.70			136,919				213				0.63			132,834				128				0.39
Total interest-earning assets		8,636,627				85,075				3.96			8,526,711				81,597				3.84			7,534,733				71,469				3.80
Less: allowance for loan losses		71,790											73,547											75,079
Other assets:
Cash and cash due from banks		148,034											158,277											148,950
Premises and equipment		104,488											105,959											103,907
Interest receivable and other assets		515,039											523,634											404,627
Total assets		$	9,332,398										$	9,241,034										$	8,117,138
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits		$	1,892,512			$	582			0.12	%		$	1,953,626			$	468			0.10	%		$	1,539,348			$	291			0.08	%
Savings deposits		2,073,412				476				0.09			2,048,867				389				0.08			1,951,477				360				0.07
Time deposits		1,582,467				3,202				0.81			1,625,573				3,202				0.79			1,490,753				2,979				0.80
Short-term borrowings		418,232				226				0.22			349,699				100				0.12			398,197				101				0.10
Long-term borrowings		281,327				956				1.37			266,022				975				1.47			62,901				213				1.36
Total interest-bearing liabilities		6,247,950				5,442				0.35			6,243,787				5,134				0.33			5,442,676				3,944				0.29
Noninterest-bearing deposits		1,979,423				—				—			1,906,896				—				—			1,727,850				—				—
Total deposits and borrowed funds		8,227,373				5,442				0.27			8,150,683				5,134				0.25			7,170,526				3,944				0.22
Interest payable and other liabilities		72,011											72,422											61,749
Shareholders' equity		1,033,014											1,017,929											884,863
Total liabilities and shareholders' equity		$	9,332,398										$	9,241,034										$	8,117,138
Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities)										3.61	%										3.51	%										3.51	%
Net Interest Income (FTE)						$	79,633										$	76,463										$	67,525
Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets)										3.70	%										3.60	%										3.59	%

*	Fully taxable equivalent (FTE) basis using a federal income tax rate of 35%. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry. The adjustments to determine tax equivalent net interest income were $2.1 million, $2.1 million and $1.8 million for the three months ended June 30, 2016, March 31, 2016 and June 30, 2015, respectively.
**	Nonaccrual loans and loans held-for-sale are included in average balances reported and are included in the calculation of yields. Also, tax equivalent interest includes net loan fees.

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Average Balances, Fully Tax Equivalent (FTE) Interest and Effective Yields and Rates* (Unaudited)
Chemical Financial Corporation
		Six Months Ended
		June 30, 2016											June 30, 2015
		Average Balance				Interest (FTE)				Effective Yield/ Rate*			Average Balance				Interest (FTE)				Effective Yield/ Rate*
Assets		(Dollars in thousands)
Interest-earning assets:
Loans:**
Commercial		$	1,921,038			$	40,485			4.24	%		$	1,435,204			$	30,332			4.26	%
Commercial real estate and real estate construction		2,390,146				58,289				4.90			1,855,943				44,887				4.88
Residential mortgage		1,469,344				27,393				3.73			1,172,014				22,853				3.90
Consumer installment and home equity		1,624,804				27,227				3.37			1,527,838				25,815				3.41
Total loans		7,405,332				153,394				4.16			5,990,999				123,887				4.16
Taxable investment securities		534,914				3,727				1.39			716,606				4,509				1.26
Tax-exempt investment securities		490,287				8,161				3.33			364,264				6,293				3.46
Other interest-earning assets		41,554				1,033				5.00			31,867				749				4.74
Interest-bearing deposits with the FRB and other banks		109,582				357				0.66			125,694				250				0.40
Total interest-earning assets		8,581,669				166,672				3.90			7,229,430				135,688				3.78
Less: allowance for loan losses		72,669											75,477
Other assets:
Cash and cash due from banks		153,156											143,658
Premises and equipment		105,223											100,525
Interest receivable and other assets		519,337											363,040
Total assets		$	9,286,716										$	7,761,176
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits		$	1,923,068			$	1,050			0.11	%		$	1,523,240			$	615			0.08	%
Savings deposits		2,061,141				865				0.08			1,864,891				730				0.08
Time deposits		1,604,020				6,404				0.80			1,412,162				5,637				0.80
Short-term borrowings		383,966				326				0.17			370,317				199				0.11
Long-term borrowings		273,675				1,931				1.42			31,624				213				1.36
Total interest-bearing liabilities		6,245,870				10,576				0.34			5,202,234				7,394				0.29
Noninterest-bearing deposits		1,943,159				—				—			1,657,864				—				—
Total deposits and borrowed funds		8,189,029				10,576				0.26			6,860,098				7,394				0.22
Interest payable and other liabilities		72,216											57,697
Shareholders' equity		1,025,471											843,381
Total liabilities and shareholders' equity		$	9,286,716										$	7,761,176
Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities)										3.56	%										3.49	%
Net Interest Income (FTE)						$	156,096										$	128,294
Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets)										3.65	%										3.57	%

*	Fully taxable equivalent (FTE) basis using a federal income tax rate of 35%. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry. The adjustments to determine tax equivalent net interest income were $4.3 million and $3.4 million for the six months ended June 30, 2016 and June 30, 2015, respectively.
**	Nonaccrual loans and loans held-for-sale are included in average balances reported and are included in the calculation of yields. Also, tax equivalent interest includes net loan fees.

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Noninterest Income and Operating Expenses Information (Unaudited)
Chemical Financial Corporation
(In thousands)
		2nd Quarter 2016				1st Quarter 2016				4th Quarter 2015				3rd Quarter 2015				2nd Quarter 2015				1st Quarter 2015
Noninterest income
Service charges and fees on deposit accounts		$	6,337			$	5,720			$	6,398			$	6,722			$	6,445			$	5,916
Wealth management revenue		5,782				5,201				5,151				4,725				5,605				5,071
Electronic banking fees		4,786				4,918				4,712				5,059				4,775				4,572
Mortgage banking revenue		1,595				1,405				1,606				1,436				1,688				1,403
Other fees for customer services		1,677				1,474				1,839				1,759				1,741				1,418
Other		720				701				346				514				420				895
Total noninterest income		$	20,897			$	19,419			$	20,052			$	20,215			$	20,674			$	19,275

		2nd Quarter 2016				1st Quarter 2016				4th Quarter 2015				3rd Quarter 2015				2nd Quarter 2015				1st Quarter 2015
Operating expenses
Salaries and wages		$	26,887			$	26,743			$	27,341			$	27,872			$	25,535			$	23,741
Employee benefits		6,240				7,147				5,630				6,113				6,176				5,512
Occupancy		5,514				4,905				4,620				4,781				4,386				4,426
Equipment and software		4,875				4,404				5,102				4,589				4,480				4,398
Outside processing and service fees		4,833				3,711				3,576				4,146				3,926				3,558
FDIC insurance premiums		1,338				1,407				1,482				1,441				1,337				1,225
Professional fees		1,020				1,036				1,112				1,235				1,258				1,237
Intangible asset amortization		1,195				1,194				1,341				1,270				987				791
Credit-related expenses		(1,331		)		30				600				90				(192		)		133
Transaction expenses		3,054				2,594				2,085				900				3,457				1,362
Other		5,460				5,716				4,935				5,828				5,435				4,637
Total operating expenses		$	59,085			$	58,887			$	57,824			$	58,265			$	56,785			$	51,020

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Composition of Loans and Deposits and Additional Information on Intangible Assets (Unaudited)
Chemical Financial Corporation
(Dollars in Thousands)
		June 30, 2016				March 31, 2016				June 30, 2016 vs March 31, 2016  (% Change)			Dec 31, 2015				Sept 30, 2015				June 30, 2015				June 30, 2016 vs June 30, 2015  (% Change)
Composition of Loans
Commercial loan portfolio:
Commercial		$	1,953,301			$	1,922,259			1.6	%		$	1,905,879			$	1,829,870			$	1,754,873			11.3	%
Commercial real estate		2,157,733				2,143,051				0.7			2,112,162				2,227,364				2,243,513				(3.8	)
Real estate construction		285,848				242,899				17.7			232,076				145,581				112,312				154.5
Subtotal - commercial loans		4,396,882				4,308,209				2.1			4,250,117				4,202,815				4,110,698				7.0
Consumer loan portfolio:
Residential mortgage		1,494,192				1,461,120				2.3			1,429,636				1,394,427				1,310,167				14.0
Consumer installment		1,048,622				897,078				16.9			877,457				899,751				887,907				18.1
Home equity		707,573				700,478				1.0			713,937				719,202				725,971				(2.5	)
Subtotal - consumer loans		3,250,387				3,058,676				6.3			3,021,030				3,013,380				2,924,045				11.2
Total loans		$	7,647,269			$	7,366,885			3.8	%		$	7,271,147			$	7,216,195			$	7,034,743			8.7	%

		June 30, 2016				March 31, 2016				June 30, 2016 vs March 31, 2016  (% Change)			Dec 31, 2015				Sept 30, 2015				June 30, 2015				June 30, 2016 vs June 30, 2015  (% Change)
Composition of Deposits
Noninterest-bearing demand		$	2,007,629			$	1,951,193			2.9	%		$	1,934,583			$	1,875,636			$	1,860,863			7.9	%
Savings		1,107,558				1,080,940				2.5			1,026,269				1,004,987				1,015,036				9.1
Interest-bearing demand		1,819,865				2,005,053				(9.2	)		1,870,197				2,029,556				1,630,211				11.6
Money market accounts		969,566				1,006,271				(3.6	)		978,306				1,013,924				1,041,654				(6.9	)
Brokered deposits		173,092				186,143				(7.0	)		207,785				229,650				269,248				(35.7	)
Other time deposits		1,386,936				1,420,516				(2.4	)		1,439,627				1,461,458				1,475,967				(6.0	)
Total deposits		$	7,464,646			$	7,650,116			(2.4	)%		$	7,456,767			$	7,615,211			$	7,292,979			2.4	%

		June 30, 2016				March 31, 2016				Dec 31, 2015				Sept 30, 2015				June 30, 2015				March 31, 2015
Additional Data - Intangibles
Goodwill		$	286,867			$	286,867			$	287,393			$	286,454			$	285,512			$	180,128
Core deposit intangibles (CDI)		24,429				25,542				26,654				27,890				28,353				20,072
Mortgage servicing rights (MSR)		9,677				10,478				11,122				11,540				12,307				11,583
Noncompete agreements		164				246				328				434				541				—

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Nonperforming Assets (Unaudited)
Chemical Financial Corporation
(In thousands)
		June 30, 2016				March 31, 2016				December 31, 2015				Sept 30, 2015				June 30, 2015				March 31, 2015
Nonperforming Assets
Nonperforming Loans:
Nonaccrual loans:
Commercial		$	14,577			$	19,264			$	28,554			$	26,463			$	17,260			$	18,904
Commercial real estate		21,325				25,859				25,163				24,969				25,287				24,766
Real estate construction		496				546				521				544				502				953
Residential mortgage		5,343				5,062				5,557				6,248				6,004				6,514
Consumer installment		285				360				451				536				393				433
Home equity		1,971				2,328				1,979				1,876				1,769				1,870
Total nonaccrual loans		43,997				53,419				62,225				60,636				51,215				53,440
Accruing loans contractually past due 90 days or more as to interest or principal payments:
Commercial		3				370				364				122				711				52
Commercial real estate		3				—				254				216				56				148
Real estate construction		—				—				—				—				—				—
Residential mortgage		407				423				402				572				424				172
Consumer installment		—				—				—				—				—				—
Home equity		1,071				679				1,267				558				588				429
Total accruing loans contractually past due 90 days or more as to interest or principal payments		1,484				1,472				2,287				1,468				1,779				801
Nonperforming troubled debt restructurings:
Commercial loan portfolio		14,240				15,351				16,297				15,559				14,547				15,810
Consumer loan portfolio		2,233				3,013				3,071				3,554				3,365				2,690
Total nonperforming troubled debt restructurings		16,473				18,364				19,368				19,113				17,912				18,500
Total nonperforming loans		61,954				73,255				83,880				81,217				70,906				72,741
Other real estate and repossessed assets		8,440				9,248				9,935				11,207				14,197				14,744
Total nonperforming assets		$	70,394			$	82,503			$	93,815			$	92,424			$	85,103			$	87,485
Nonperforming loans as a percent of total loans		0.81		%		0.99		%		1.15		%		1.13		%		1.01		%		1.28		%
Nonperforming assets as a percent of:
Total loans plus other real estate and repossessed assets		0.92		%		1.12		%		1.29		%		1.28		%		1.21		%		1.53		%
Total assets		0.74		%		0.89		%		1.02		%		1.00		%		0.94		%		1.16		%
Performing troubled debt restructurings		$	49,378			$	49,886			$	47,810			$	44,803			$	45,808			$	45,981

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Summary of Allowance and Loan Loss Experience (Unaudited)
Chemical Financial Corporation
(Dollars in thousands)
		2nd						1st						4th						3rd						2nd						1st						Six Months Ended
		Quarter 2016						Quarter 2016						Quarter 2015						Quarter 2015						Quarter 2015						Quarter 2015						June 30, 2016				June 30, 2015
Allowance for loan losses - originated loan portfolio
Allowance for loan losses - beginning of period		$		70,318				$		73,328				$		75,626				$		74,941				$		75,256				$		75,183				$	73,328			$	75,183
Provision for loan losses		3,000						1,500						2,000						1,500						1,500						2,000						4,500				3,500
Net loan (charge-offs) recoveries:
Commercial		(1,153			)			(3,115			)			(2,207			)			86						(36			)			(424			)			(4,268		)		(460		)
Commercial real estate		(187			)			(440			)			(624			)			145						(581			)			(415			)			(627		)		(996		)
Real estate construction		—						(11			)			—						(1			)			(49			)			(91			)			(11		)		(140		)
Residential mortgage		8						(172			)			(545			)			(214			)			(661			)			(492			)			(164		)		(1,153		)
Consumer installment		(486			)			(602			)			(770			)			(782			)			(590			)			(649			)			(1,088		)		(1,239		)
Home equity		6						(170			)			(152			)			(49			)			102						144						(164		)		246
Net loan charge-offs		(1,812			)			(4,510			)			(4,298			)			(815			)			(1,815			)			(1,927			)			(6,322		)		(3,742		)
Allowance for loan losses - end of period		71,506						70,318						73,328						75,626						74,941						75,256						71,506				74,941
Allowance for loan losses - acquired loan portfolio
Allowance for loan losses - beginning of period		—						—						—						—						—						500						—				500
Provision for loan losses		—						—						—						—						—						(500			)			—				(500		)
Allowance for loan losses - end of period		—						—						—						—						—						—						—				—
Total allowance for loan losses		$		71,506				$		70,318				$		73,328				$		75,626				$		74,941				$		75,256				$	71,506			$	74,941
Summary of net loan charge-offs:
Loan charge-offs		$		3,620				$		5,458				$		5,439				$		2,195				$		2,724				$		3,143				$	9,078			$	5,867
Loan recoveries		(1,808			)			(948			)			(1,141			)			(1,380			)			(909			)			(1,216			)			(2,756		)		(2,125		)
Net loan charge-offs (quarter only)		$		1,812				$		4,510				$		4,298				$		815				$		1,815				$		1,927				$	6,322			$	3,742
Net loan charge-offs (year-to-date)		$		6,322				$		4,510				$		8,855				$		4,557				$		3,742				$		1,927
Net loan charge-offs as a percent of average loans:
Quarter only (annualized)			0.10			%			0.25			%			0.24			%			0.05			%			0.12			%			0.14			%
Year-to-date (annualized)			0.17			%			0.25			%			0.13			%			0.10			%			0.13			%			0.14			%

		June 30, 2016						March 31, 2016						December 31, 2015						Sept 30, 2015						June 30, 2015						March 31, 2015
Originated loans		$		6,378,934				$		6,001,714				$		5,807,934				$		5,667,159				$		5,351,010				$		5,048,662
Acquired loans		1,268,335						1,365,171						1,463,213						1,549,036						1,683,733						654,212
Total loans		$		7,647,269				$		7,366,885				$		7,271,147				$		7,216,195				$		7,034,743				$		5,702,874
Allowance for loan losses as a percent of:
Total originated loans			1.12			%			1.17			%			1.26			%			1.33			%			1.40			%			1.49			%
Nonperforming loans			115			%			96			%			87			%			93			%			106			%			103			%
Nonaccretable discount (credit mark) as a percent of acquired loans			4.1			%			4.5			%			4.4			%			4.2			%			3.9			%			5.7			%

Chemical Financial Corporation Announces 2016 Second Quarter Operating Results
Non-GAAP Financial Measures (Unaudited)
Chemical Financial Corporation
(Amounts in thousands, except per share data)
		2nd						1st						4th				3rd				2nd				1st				Six Months Ended
		Quarter 2016						Quarter 2016						Quarter 2015				Quarter 2015				Quarter 2015				Quarter 2015				June 30, 2016				June 30, 2015
Non-GAAP Operating Results
Net Income
Net income, as reported		$		25,707				$		23,262				$	25,504			$	24,467			$	19,024			$	17,835			$	48,969			$	36,859
Transaction expenses, net of tax		1,985						1,686						1,355				585				2,659				885				3,671				3,544
Net income, excluding transaction expenses		$		27,692				$		24,948				$	26,859			$	25,052			$	21,683			$	18,720			$	52,640			$	40,403
Diluted Earnings Per Share
Diluted earnings per share, as reported		$		0.67				$		0.60				$	0.66			$	0.64			$	0.54			$	0.54			$	1.27			$	1.08
Effect of transaction expenses, net of tax		0.05						0.05						0.04				0.01				0.07				0.03				0.10				0.10
Diluted earnings per share, excluding transaction expenses		$		0.72				$		0.65				$	0.70			$	0.65			$	0.61			$	0.57			$	1.37			$	1.18
Return on Average Assets
Return on average assets, as reported			1.11			%			1.01			%		1.10		%		1.05		%		0.94		%		0.98		%		1.06		%		0.96		%
Effect of transaction expenses, net of tax			0.08						0.08					0.06				0.03				0.13				0.05				0.08				0.09
Return on average assets, excluding transaction expenses			1.19			%			1.09			%		1.16		%		1.08		%		1.07		%		1.03		%		1.14		%		1.05		%
Return on Average Shareholders' Equity
Return on average shareholders' equity, as reported			10.0			%			9.2			%		10.1		%		9.8		%		8.6		%		9.0		%		9.6		%		8.8		%
Effect of transaction expenses, net of tax			0.8						0.7					0.6				0.3				1.2				0.5				0.7				0.9
Return on average shareholders' equity, excluding transaction expenses			10.8			%			9.9			%		10.7		%		10.1		%		9.8		%		9.5		%		10.3		%		9.7		%

		June 30, 2016				March 31, 2016				Dec 31, 2015				Sept 30, 2015				June 30, 2015				March 31, 2015
Tangible Book Value
Shareholders' equity, as reported		$	1,050,299			$	1,032,291			$	1,015,974			$	998,363			$	980,791			$	810,501
Goodwill, CDI and noncompete agreements, net of tax		(297,044		)		(297,821		)		(299,123		)		(299,681		)		(299,109		)		(187,991		)
Tangible shareholders' equity		$	753,255			$	734,470			$	716,851			$	698,682			$	681,682			$	622,510
Common shares outstanding		38,267				38,248				38,168				38,131				38,110				32,847
Book value per share (shareholders' equity, as reported, divided by common shares outstanding)		$	27.45			$	26.99			$	26.62			$	26.18			$	25.74			$	24.68
Tangible book value per share (tangible shareholders' equity divided by common shares outstanding)		$	19.68			$	19.20			$	18.78			$	18.32			$	17.89			$	18.95
Tangible Shareholders' Equity to Tangible Assets
Total assets		$	9,514,172			$	9,303,632			$	9,188,797			$	9,264,554			$	9,020,725			$	7,551,635
Goodwill, CDI and noncompete agreements, net of tax		(297,044		)		(297,821		)		(299,123		)		(299,681		)		(299,109		)		(187,991		)
Tangible assets		$	9,217,128			$	9,005,811			$	8,889,674			$	8,964,873			$	8,721,616			$	7,363,644
Tangible shareholders' equity to tangible assets		8.2		%		8.2		%		8.1		%		7.8		%		7.8		%		8.5		%

For further information:
David B. Ramaker, CEO
Lori A. Gwizdala, CFO
989-839-5350

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