Research Desk Line-up: TFS Financial Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Chemical Financial Corp. (NASDAQ: CHFC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CHFC, following the Company's announcement of its financial results on October 24, 2017, for the third quarter fiscal 2017. The banking Company's adjusted total revenue increased 43% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Regional - Midwest Banks industry. Pro-TD has currently selected TFS Financial Corp. (NASDAQ: TFSL) for due-diligence and potential coverage as the Company announced on October 30, 2017, its financial results for the three months and fiscal year which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on TFS Financial when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CHFC; also brushing on TFSL. With the links below you can directly download the report of your stock of interest free of charge at:
For three months ended September 30, 2017, Chemical Financial's total revenue increased 41% to $175.75 million from $124.58 million in Q3 FY16. During Q3 FY17, the Company's adjusted total revenue increased 43% to $183.05 million from $127.94 million in the same period last year. Adjusted total revenue surpassed analysts' expectations of $182.2 million.
During Q3 FY17, Chemical Financial's total interest income increased 59.2% to $164.94 million from $103.56 million in the same period last year. For the reported quarter, the Company's total interest expense increased 215.6% to $21.32 million from $17.19 million in Q3 FY16. For the reported quarter, the Company's net interest income increased 48.3% to $143.63 million from $137.95 million in Q3 FY16. The increase was due to organic loan growth and loans acquired in the merger with Talmer Bancorp, Inc. During Q3 FY17, Chemical Financial's net interest margin was 3.40% compared to 3.49% in the same period last year.
During Q3 FY17, Chemical Financial's total non-interest income increased 15.6% to $32.12 million from $27.77 million in the same period last year. For the reported quarter, the Company's salaries, wages, and employee benefits expenses increased 29.7% to $52.62 million from $40.57 million in Q3 FY16. For the reported quarter, the Company's occupancy expenses increased 25.7% to $6.87 million from $5.46 million in Q3 FY16. During Q3 FY17, Chemical Financial's total operating expenses increased 12.6% to $119.54 million from $106.14 million in the same period last year.
During Q3 FY17, Chemical Financial's net income increased 252.3% to $40.46 million on a y-o-y basis from $11.48 million in the same period last year. For the reported quarter, the Company's diluted EPS increased 143.4% to $0.56 on a y-o-y basis from $0.23 in the same period last year. During Q3 FY17, Chemical Financial's adjusted net income increased 52% to $56.89 million on a y-o-y basis from $37.41 million in Q3 FY16. For the reported quarter, the Company's adjusted diluted EPS increased 5.3% to $0.79 on a y-o-y basis from $0.75 in Q3 FY16. Adjusted diluted EPS surpassed analysts' expectations of $0.78.
During Q3 FY17, the Company's net charge-offs increased 92.8% to $3.54 million from $1.83 million in the same period last year.
For the reported quarter, the Company's total non-performing assets increased 4.6% to $64.91 million from $62.03 million in the same period last year.
As on September 30, 2017, Chemical Financial's total cash and cash equivalents increased 27.4% to $709.21 million from $556.57 million on September 30, 2016. During Q3 FY17, the Company's long-term borrowings decreased 41.2% to $397.85 million from $676.61 million in the same period last year.
For the reported quarter, the Company's total investment securities increased 43.9% to $2.69 billion from $1.87 billion in Q3 FY16. During Q3 FY17, Chemical Financial's total deposits increased 4% to $13.81 billion from $13.27 billion in Q3 FY16.
As on September 30, 2017, Chemical Financial's return on average assets ratio was 0.86% compared to 0.37% in the third quarter of 2016.
For the reported quarter, the Company's efficiency ratio was 68% compared to 85.2% in Q3 FY16.
On August 31, 2017, Chemical Financial's announced that the Company completed the merger with Talmer Bancorp, Inc., the holding company for Talmer Bank and Trust, in a cash and stock transaction valued at approximately $1.7 billion.
At the closing bell, on Tuesday, November 07, 2017, Chemical Financial's stock declined 2.23%, ending the trading session at $51.75. A total volume of 293.08 thousand shares have exchanged hands. The Company's stock price surged 10.22% in the last three months, 6.11% in the past six months, and 21.05% in the previous twelve months. The stock is trading at a PE ratio of 21.69 and has a dividend yield of 2.16%. The stock currently has a market cap of $3.71 billion.
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