MIDLAND, Mich. (AP) _ Chemical Financial Corp. (CHFC) on Tuesday reported first-quarter profit of $62.9 million.
The Midland, Michigan-based bank said it had earnings of 87 cents per share. Earnings, adjusted for non-recurring costs, came to $1.02 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.
The financial holding company posted revenue of $238.8 million in the period. Its revenue net of interest expense was $187.7 million, missing Street forecasts. Five analysts surveyed by Zacks expected $202.4 million.
Chemical Financial shares have increased 19 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $43.59, a decrease of 23 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHFC at https://www.zacks.com/ap/CHFC