Chemical Financial’s net interest income was $33.4 million in the fourth quarter of 2007, an increase of 2.2% from fourth quarter 2006 net interest income of $32.7 million and the net interest margin on a tax-equivalent basis in the quarter was 3.86%, up from 3.73% during the same period 2006.
Net income decreased to $39 million or $1.60 per diluted share, for the 12 months ended December 31, 2007, as compared to net income of $46.8 million or $1.88 per diluted share, for the prior year period. The company reported that at December 31, 2007, total assets and total loans were slightly down from $3.79 billion to $3.75 billion and $2.81 billion to $2.80 billion respectively, at December 31, 2006.
David Ramaker, chairman, president and CEO of Chemical Financial Corporation, said: Although net interest income increased slightly over last year’s fourth quarter, a higher provision for loan losses and higher operating expenses more than offset gains in net interest income and non-interest income.
