EXHIBIT 99.1
For further information:
Lori A. Gwizdala, CFO
Chemical Financial Corporation
989 839 5358
For Immediate Release
Chemical Financial Corporation Reports First Quarter 2008 Earnings
MIDLAND, Mich., April 21, 2008 -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2008 first quarter net income of $9.7 million, or $0.41 per diluted share, versus net income of $9.0 million, or $0.36 per diluted share, in the first quarter of 2007, resulting in an increase in net income and earnings per share of 7.0 percent and 13.9 percent, respectively.
"An increase in net interest income of $2.6 million, or 8.2 percent, more than offset an increase in the provision for loan losses, which resulted in improved net income for the first quarter of 2008. Operating expenses were also held in check, due primarily to the effects of the reorganization implemented during 2007. Although we are reasonably confident that net interest margin will further increase in 2008, as the Federal Reserve's recent rate cuts are reflected across our liability-sensitive balance sheet, the monitoring of credit quality remains a top priority," said David B. Ramaker, Chairman, Chief Executive Officer and President of Chemical Financial Corporation.
"Our balance sheet remains strong and despite the depressed economic conditions in the United States, in general, and Michigan, in particular, Chemical Bank is relatively well positioned from a strategic, operating and capital perspective to take advantage of opportunities as they appear in the markets we serve," said Ramaker.
Total assets were $3.80 billion at March 31, 2008, up slightly from $3.75 billion at December 31, 2007 and down slightly from $3.82 billion at March 31, 2007. At March 31, 2008, total loans were $2.78 billion, compared to $2.80 billion at December 31, 2007 and March 31, 2007. Investment securities were $580 million at March 31, 2008, down from $595 million at December 31, 2007 and $613 million at March 31, 2007. The Company has continued to utilize
excess liquidity from maturing investment securities to reduce Federal Home Loan Bank advances.
Total deposits were $2.95 billion at March 31, 2008, up slightly from $2.88 billion at December 31, 2007 and unchanged from $2.95 billion at March 31, 2007. Federal Home Loan Bank advances, both short-term and long-term, totaled $130 million at March 31, 2008, compared to $150 million at December 31, 2007 and $165 million at March 31, 2007.
Net interest income was $34.4 million in the first quarter of 2008, an increase of $2.6 million, or 8.2 percent, from first quarter 2007 net interest income of $31.8 million. The increase in net interest income was attributable primarily to an increase in net interest margin. The net interest margin (on a tax-equivalent basis) in the first quarter of 2008 was 3.94 percent, up from 3.86 percent in the fourth quarter of 2007 and 3.62 percent in the first quarter of 2007. The increase in net interest margin was primarily attributable to decreases in rates paid on interest-bearing liabilities exceeding decreases in rates earned on interest-earning assets. The Company benefited from declines in short-term interest rates in 2007, and will benefit further from the Federal Reserve's 2008 rate cuts.
The provision for loan losses was $2.7 million in the first quarter of 2008, compared to $4.5 million in the fourth quarter of 2007 and $1.6 million in the first quarter of 2007. Net loan charge-offs were $2.5 million in the first quarter of 2008, down from $3.4 million in the fourth quarter of 2007, but up substantially from $0.7 million in the first quarter of 2007. The increase in the provision for loan losses in the first quarter of 2008, as compared to the first quarter of 2007, was primarily reflective of increased loan charge-offs coupled with a general deterioration in credit quality attributable, in part, to the continuing recessionary Michigan economy. The allowance for loan losses of $39.7 million at March 31, 2008 was 1.42 percent of total loans, up from 1.41 percent of total loans at December 31, 2007 and up significantly from 1.25 percent of total loans at March 31, 2007. At March 31, 2008, nonperforming loans as a percentage of total loans were 2.58 percent, up from 2.26 percent at December 31, 2007 and from 1.26 percent at March 31, 2007.
- -2-
At March 31, 2008, nonperforming assets totaled $84.6 million, up from $74.5 million at December 31, 2007, and up from $44.4 million at March 31, 2007. The $10.1 million increase in nonperforming assets from the previous quarter's end was due primarily to increases in nonaccrual real estate construction loans and accruing real estate residential loans past due 90 days or more as to interest or principal payments. At March 31, 2008, the Company's nonperforming assets included $61.3 million in nonaccrual loans, $10.6 million in accruing loans contractually past due 90 days or more as to interest or principal payments, and $12.7 million of other real estate and repossessed assets.
Total noninterest income was $9.6 million in the first quarter of 2008, down from $10.0 million in the first quarter of 2007. The Corporation experienced a slight decrease in a number of categories of noninterest income that was partially offset by a modest increase in mortgage banking revenue.
Operating expenses of $26.8 million in the first quarter of 2008 were up only $0.1 million, or 0.4 percent, from the first quarter of 2007, due primarily to increases in occupancy, equipment and other expense being almost entirely offset by a decline in salaries, wages and employee benefits expense. The Corporation's loan and collection costs, including other real estate writedowns (included in "other" operating expenses), were $1.0 million higher in the first quarter of 2008, as compared to the first quarter of 2007. These higher expenses were offset by decreases in professional fees, consulting fees, state taxes and advertising expenditures. The Company's first quarter 2008 efficiency ratio of 60.3 percent was up from 56.9 percent in the fourth quarter of 2007, and down from 63.1 percent in the first quarter of 2007.
The Company's return on average assets during the first quarter of 2008 was 1.03 percent, down slightly from 1.04 percent in the fourth quarter of 2007 and up from 0.97 percent in the first quarter of 2007. At March 31, 2008, the Company's book value stood at $21.60 per share, versus $21.35 per share at December 31, 2007 and $20.86 per share at March 31, 2007. The increase in net income resulted in an increase in return on average equity to 7.7 percent in the first quarter of 2008 from 7.2 percent in the first quarter of 2007.
- -3-
Chemical Financial Corporation is the third-largest bank holding company headquartered in Michigan. The Company operates through a single subsidiary bank, Chemical Bank, with 129 banking offices spread over 31 counties in the lower peninsula of Michigan. At March 31, 2008, the Company had total assets of $3.80 billion. Chemical Financial Corporation common stock trades on The Nasdaq Stock Market under the symbol CHFC and is one of the issues comprising the Nasdaq Global Select Market.
FORWARD-LOOKING STATEMENTS
This report 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 Chemical Financial Corporation itself. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "judgment," "plans," "predicts," "projects," "should," "will," variations of such words and similar expressions are intended to identify such forward-looking statements. 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. Chemical Financial Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of n ew information, future events or otherwise.
Risk factors include, but are not limited to, the risk factors described in Item 1A in Chemical Financial Corporation's Annual Report on Form 10-K for the year ended December 31, 2007, the timing and level of asset growth; changes in banking laws and regulations; changes in tax laws; changes in prices, levies and assessments; the impact of technological advances and issues; governmental and regulatory policy changes; opportunities for acquisitions and the effective completion of acquisitions and integration of acquired entities; the possibility that anticipated cost savings and revenue enhancements from acquisitions, restructurings, reorganizations and bank consolidations may not be realized fully or at all or within expected time frames; the local and global effects of the ongoing war on terrorism and other military actions, including actions in Iraq; and current uncertainties and fluctuations in the financial markets and stocks of financial services providers due to concerns about cred it availability and concerns about the Michigan economy in particular. 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.
#
- -4-
Chemical Financial Corporation Announces First Quarter Operating Results
|
Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation
(In thousands, except per share data)
| March 31
2008
|
| December 31
2007
|
| March 31
2007
| |
Assets: | | | | | | | | | |
Cash and cash equivalents: | | | | | | | | | |
Cash and cash due from banks | $ | 93,063 | | $ | 125,285 | | $ | 88,116 | |
Federal funds sold | | 135,000 | | | 58,000 | | | 138,000 | |
Interest-bearing deposits with unaffiliated banks |
| 34,066
| |
| 6,228
| |
| 5,210
| |
Total cash and cash equivalents | | 262,129 | | | 189,513 | | | 231,326 | |
Investment securities: | | | | | | | | | |
Available for sale | | 491,452 | | | 503,271 | | | 520,892 | |
Held to maturity |
| 88,157
| |
| 91,243
| |
| 92,198
| |
Total investment securities | | 579,609 | | | 594,514 | | | 613,090 | |
Other securities | | 22,142 | | | 22,135 | | | 22,131 | |
Loans held for sale | | 10,792 | | | 7,883 | | | 7,005 | |
| | | | | | | | | |
Loans: | | | | | | | | | |
Commercial | | 537,127 | | | 525,894 | | | 558,190 | |
Real estate commercial | | 743,394 | | | 747,400 | | | 727,650 | |
Real estate construction | | 140,639 | | | 137,252 | | | 137,605 | |
Real estate residential | | 817,348 | | | 838,545 | | | 833,580 | |
Consumer |
| 546,486
| |
| 550,343
| |
| 541,774
| |
Total Loans | | 2,784,994 | | | 2,799,434 | | | 2,798,799 | |
Allowance for loan losses |
| (39,662
| )
|
| (39,422
| )
|
| (35,016
| )
|
Net Loans | | 2,745,332 | | | 2,760,012 | | | 2,763,783 | |
| | | | | | | | | |
Premises and equipment | | 49,339 | | | 49,930 | | | 49,442 | |
Goodwill | | 69,908 | | | 69,908 | | | 69,908 | |
Other intangible assets | | 6,342 | | | 6,876 | | | 8,185 | |
Interest receivable and other assets |
| 53,705
| |
| 53,542
| |
| 52,623
| |
Total Assets | $
| 3,799,298
| | $
| 3,754,313
| | $
| 3,817,493
| |
| | | | | | | | | |
Liabilities: | | | | | | | | | |
Deposits: | | | | | | | | | |
Noninterest-bearing | $ | 519,405 | | $ | 535,705 | | $ | 519,984 | |
Interest-bearing |
| 2,432,994
| |
| 2,339,884
| |
| 2,432,051
| |
Total Deposits | | 2,952,399 | | | 2,875,589 | | | 2,952,035 | |
Interest payable and other liabilities | | 24,274 | | | 22,848 | | | 24,672 | |
Short-term borrowings | | 178,000 | | | 197,363 | | | 178,067 | |
Federal Home Loan Bank advances - long-term |
| 130,049
| |
| 150,049
| |
| 145,072
| |
Total Liabilities | | 3,284,722 | | | 3,245,849 | | | 3,299,846 | |
| | | | | | | | | |
Shareholders' Equity: | | | | | | | | | |
Common stock, $1 par value per share | | 23,823 | | | 23,815 | | | 24,814 | |
Surplus | | 344,935 | | | 344,579 | | | 368,198 | |
Retained earnings | | 144,510 | | | 141,867 | | | 132,532 | |
Accumulated other comprehensive gain/(loss) |
| 1,308
| |
| (1,797
| )
|
| (7,897
| )
|
Total Shareholders' Equity |
| 514,576
| |
| 508,464
| |
| 517,647
| |
Total Liabilities and Shareholders' Equity | $
| 3,799,298
| | $
| 3,754,313
| | $
| 3,817,493
| |
- -5-
Chemical Financial Corporation Announces First Quarter Operating Results
|
Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation
| Three Months Ended
March 31 | |
(In thousands, except per share data)
| 2008
|
| 2007
| |
Interest Income: | | | | | | |
Interest and fees on loans | $ | 45,570 | | $ | 47,366 | |
Interest on investment securities: | | | | | | |
Taxable | | 5,839 | | | 6,135 | |
Tax-exempt | | 695 | | | 664 | |
Dividends on other securities | | 194 | | | 216 | |
Interest on federal funds sold | | 1,018 | | | 1,445 | |
Interest on deposits with unaffiliated banks |
| 121
| |
| 99
| |
Total Interest Income | | 53,437 | | | 55,925 | |
| | | | | | |
Interest Expense: | | | | | | |
Interest on deposits | | 16,327 | | | 20,336 | |
Interest on short-term borrowings | | 959 | | | 1,908 | |
Interest on Federal Home Loan Bank advances - long-term |
| 1,765
| |
| 1,907
| |
Total Interest Expense |
| 19,051
| |
| 24,151
| |
Net Interest Income | | 34,386 | | | 31,774 | |
Provision for loan losses |
| 2,700
| |
| 1,625
| |
Net Interest Income after | | | | | | |
Provision for Loan Losses | | 31,686 | | | 30,149 | |
| | | | | | |
Noninterest Income: | | | | | | |
Service charges on deposit accounts | | 4,774 | | | 4,968 | |
Trust and investment services revenue | | 2,027 | | | 2,100 | |
Other charges and fees for customer services | | 2,223 | | | 2,442 | |
Mortgage banking revenue | | 536 | | | 442 | |
Investment securities gains | | - | | | 4 | |
Other |
| 20
| |
| 55
| |
Total Noninterest Income | | 9,580 | | | 10,011 | |
| | | | | | |
Operating Expenses: | | | | | | |
Salaries, wages and employee benefits | | 14,479 | | | 14,739 | |
Occupancy | | 2,770 | | | 2,589 | |
Equipment | | 2,187 | | | 2,149 | |
Other |
| 7,408
| |
| 7,249
| |
Total Operating Expenses |
| 26,844
| |
| 26,726
| |
Income Before Income Taxes | | 14,422 | | | 13,434 | |
Provision for federal income taxes |
| 4,751
| |
| 4,393
| |
Net Income
| $
| 9,671
| | $
| 9,041
| |
| | | | | | |
Net income per share: | | | | | | |
Basic | $ | 0.41 | | $ | 0.36 | |
Diluted | | 0.41 | | | 0.36 | |
| | | | | | |
Cash dividends per share | $ | 0.295 | | $ | 0.285 | |
| | | | | | |
Average shares outstanding: | | | | | | |
Basic | | 23,823 | | | 24,833 | |
Diluted | | 23,827 | | | 24,849 | |
- -6-
Chemical Financial Corporation Announces First Quarter Operating Results
|
Financial Summary (Unaudited)
Chemical Financial Corporation
| Three Months Ended
March 31 |
(Dollars in thousands)
| 2008
|
| 2007
|
Average Balances | | | | | |
Total assets | $ | 3,790,841 | | $ | 3,788,768 |
Total interest-earning assets | | 3,561,603 | | | 3,553,874 |
Total loans | | 2,798,949 | | | 2,798,614 |
Total deposits | | 2,933,028 | | | 2,919,599 |
Total interest-bearing liabilities | | 2,737,096 | | | 2,728,103 |
Total shareholders' equity | | 508,231 | | | 511,317 |
| Three Months Ended
March 31 |
(Dollars in thousands)
| 2008
|
| 2007
|
Key Ratios (annualized where applicable) | | | | | |
Net interest margin (taxable equivalent basis) | | 3.94% | | | 3.62% |
Efficiency ratio | | 60.3% | | | 63.1% |
Return on average assets | | 1.03% | | | 0.97% |
Return on average shareholders' equity | | 7.7% | | | 7.2% |
Average shareholders' equity as a | | | | | |
percent of average assets | | 13.4% | | | 13.5% |
Tangible shareholders' equity as a | | | | | |
percent of total assets | | 11.8% | | | 11.8% |
Total risk-based capital ratio | | 17.4% | | | 17.8% |
| March 31
2008
|
| December 31
2007
|
| September 30
2007
|
| June 30
2007
|
| March 31
2007
|
Credit Quality Statistics | | | | | | | | | | | | | | |
Nonaccrual loans | $ | 61,360 | | $ | 55,596 | | $ | 40,341 | | $ | 36,119 | | $ | 28,748 |
Loans 90 or more days past due | | | | | | | | | | | | | | |
and still accruing | | 10,570 | | | 7,764 | | | 13,282 | | | 11,704 | | | 6,441 |
Total nonperforming loans | | 71,930 | | | 63,360 | | | 53,623 | | | 47,823 | | | 35,189 |
Repossessed assets (RA) | | 12,664 | | | 11,132 | | | 9,164 | | | 9,177 | | | 9,250 |
Total nonperforming assets | | 84,594 | | | 74,492 | | | 62,787 | | | 57,000 | | | 44,439 |
Net loan charge-offs (year-to-date) | | 2,460 | | | 6,176 | | | 2,737 | | | 1,969 | | | 707 |
| | | | | | | | | | | | | | |
Allowance for loan losses as a | | | | | | | | | | | | | | |
percent of total loans | | 1.42% | | | 1.41% | | | 1.36% | | | 1.30% | | | 1.25% |
Allowance for loan losses as a | | | | | | | | | | | | | | |
percent of nonperforming loans | | 55% | | | 62% | | | 72% | | | 76% | | | 100% |
Nonperforming loans as a | | | | | | | | | | | | | | |
percent of total loans | | 2.58% | | | 2.26% | | | 1.90% | | | 1.71% | | | 1.26% |
Nonperforming assets as a | | | | | | | | | | | | | | |
percent of total loans plus RA | | 3.02% | | | 2.65% | | | 2.22% | | | 2.03% | | | 1.58% |
Nonperforming assets as a | | | | | | | | | | | | | | |
percent of total assets | | 2.23% | | | 1.98% | | | 1.64% | | | 1.51% | | | 1.16% |
Net loan charge-offs as a percent of | | | | | | | | | | | | | | |
average loans (year-to-date, annualized) | | 0.35% | | | 0.22% | | | 0.13% | | | 0.14% | | | 0.10% |
| March 31
2008
|
| December 31
2007
|
| September 30
2007
|
| June 30
2007
|
| March 31
2007
|
Additional Data - Intangibles | | | | | | | | | | | | | | |
Goodwill | $ | 69,908 | | $ | 69,908 | | $ | 69,908 | | $ | 69,908 | | $ | 69,908 |
Core deposit intangibles | | 4,062 | | | 4,593 | | | 5,024 | | | 5,455 | | | 5,886 |
Mortgage servicing rights (MSR) | | 2,280 | | | 2,283 | | | 2,300 | | | 2,302 | | | 2,299 |
Amortization of core deposit intangibles
(quarter only) | |
531
| | |
431
| | |
431
| | |
430
| | |
494
|
- -7-
Chemical Financial Corporation Announces First Quarter Operating Results
|
Nonperforming Assets (Unaudited)
Chemical Financial Corporation
(Dollars in thousands)
| March 31
2008
|
| December 31
2007
|
| September 30
2007
|
| June 30
2007
|
| March 31
2007
|
Nonaccrual loans: | | | | | | | | | | | | | | |
Commercial | $ | 11,595 | | $ | 10,961 | | $ | 6,735 | | $ | 5,810 | | $ | 4,891 |
Real estate commercial | | 19,235 | | | 19,672 | | | 19,664 | | | 19,163 | | | 14,621 |
Real estate construction | | 17,206 | | | 12,979 | | | 4,573 | | | 4,483 | | | 3,283 |
Real estate residential | | 9,267 | | | 8,516 | | | 7,244 | | | 4,967 | | | 4,660 |
Consumer
|
| 4,057
|
|
| 3,468
|
|
| 2,125
|
|
| 1,696
|
|
| 1,293
|
Total nonaccrual loans | | 61,360 | | | 55,596 | | | 40,341 | | | 36,119 | | | 28,748 |
Accruing loans contractually past due
90 days or more as to interest or
principal payments: | | | | | | | | | | | | | | |
Commercial | | 1,631 | | | 1,958 | | | 1,867 | | | 1,564 | | | 2,030 |
Real estate commercial | | 2,865 | | | 4,170 | | | 5,367 | | | 5,561 | | | 2,342 |
Real estate construction | | 392 | | | - | | | 1,076 | | | 884 | | | - |
Real estate residential | | 4,742 | | | 1,470 | | | 3,918 | | | 2,352 | | | 1,350 |
Consumer
|
| 940
|
|
| 166
|
|
| 1,054
|
|
| 1,343
|
|
| 719
|
Total accruing loans contractually
past due 90 days or more as to
interest or principal payments
|
|
10,570
|
|
|
7,764
|
|
|
13,282
|
|
|
11,704
|
|
|
6,441
|
Total nonperforming loans | | 71,930 | | | 63,360 | | | 53,623 | | | 47,823 | | | 35,189 |
Other real estate and repossessed assets
|
| 12,664
|
|
| 11,132
|
|
| 9,164
|
|
| 9,177
|
|
| 9,250
|
Total nonperforming assets
| $
| 84,594
|
| $
| 74,492
|
| $
| 62,787
|
| $
| 57,000
|
| $
| 44,439
|
- -8-
Chemical Financial Corporation Announces First Quarter Operating Results
|
Summary of Loan Loss Experience (Unaudited)
Chemical Financial Corporation
| Three Months Ended
| |
(Dollars in thousands)
| March 31
2008
|
| December 31
2007
|
| September 30
2007
|
| June 30
2007
|
| March 31
2007
| |
Allowance for loan losses at beginning
of period |
$
|
39,422
| |
$
|
38,386
| |
$
|
36,254
| |
$
|
35,016
| |
$
|
34,098
| |
Provision for loan losses | | 2,700 | | | 4,475 | | | 2,900 | | | 2,500 | | | 1,625 | |
| | | | | | | | | | | | | | | |
Loans charged off: | | | | | | | | | | | | | | | |
Commercial | | (591 | ) | | (550 | ) | | (208 | ) | | (435 | ) | | (429 | ) |
Real estate commercial | | (1,304 | ) | | (1,415 | ) | | - | | | (186 | ) | | (74 | ) |
Real estate construction | | (16 | ) | | (850 | ) | | (134 | ) | | (221 | ) | | (67 | ) |
Real estate residential | | (245 | ) | | (306 | ) | | (64 | ) | | (96 | ) | | (18 | ) |
Consumer
|
| (540
| )
|
| (596
| )
|
| (501
| )
|
| (488
| )
|
| (350
| )
|
Total loan charge-offs | | (2,696 | ) | | (3,717 | ) | | (907 | ) | | (1,426 | ) | | (938 | ) |
Recoveries of loans previously charged off: | | | | | | | | | | | | | | | |
Commercial | | 77 | | | 90 | | | 18 | | | 42 | | | 99 | |
Real estate commercial | | 20 | | | 1 | | | 19 | | | - | | | 1 | |
Real estate construction | | 29 | | | 30 | | | - | | | - | | | - | |
Real estate residential | | 22 | | | 12 | | | 4 | | | 1 | | | 1 | |
Consumer
|
| 88
|
|
| 145
|
|
| 98
|
|
| 121
|
|
| 130
| |
Total loan recoveries
|
| 236
|
|
| 278
|
|
| 139
|
|
| 164
|
|
| 231
| |
Net loan charge-offs
|
| (2,460
| )
|
| (3,439
| )
|
| (768
| )
|
| (1,262
| )
|
| (707
| )
|
Allowance for loan losses at end of period
| $
| 39,662
|
| $
| 39,422
|
| $
| 38,386
|
| $
| 36,254
|
| $
| 35,016
| |
- -9-
Chemical Financial Corporation Announces First Quarter Operating Results
|
Selected Quarterly Information (Unaudited)
Chemical Financial Corporation
(In thousands, except per share data)
| 1st Qtr.
2008
|
| 4th Qtr.
2007
|
| 3rd Qtr.
2007
|
| 2nd Qtr.
2007
|
| 1st Qtr.
2007
|
Summary of Operations | | | | | | | | | |
Interest income | $53,437 | | $55,726 | | $57,157 | | $57,086 | | $55,925 |
Interest expense | 19,051 | | 22,304 | | 24,684 | | 24,666 | | 24,151 |
Net interest income | 34,386 | | 33,422 | | 32,473 | | 32,420 | | 31,774 |
Provision for loan losses | 2,700 | | 4,475 | | 2,900 | | 2,500 | | 1,625 |
Net interest income after provision | | | | | | | | | |
for loan losses | 31,686 | | 28,947 | | 29,573 | | 29,920 | | 30,149 |
Noninterest income | 9,580 | | 10,723 | | 11,057 | | 11,337 | | 10,011 |
Operating expenses | 26,844 | | 25,413 | | 25,170 | | 27,202 | | 26,726 |
Income taxes | 4,751 | | 4,411 | | 4,850 | | 4,543 | | 4,393 |
Net income | $9,671 | | $9,846 | | $10,610 | | $9,512 | | $9,041 |
|
|
|
|
|
|
|
|
|
|
Per Common Share Data | | | | | | | | | |
Net income: | | | | | | | | | |
Basic | $ 0.41 | | $ 0.41 | | $ 0.44 | | $ 0.39 | | $ 0.36 |
Diluted | 0.41 | | 0.41 | | 0.44 | | 0.39 | | 0.36 |
Cash dividends | 0.295 | | 0.285 | | 0.285 | | 0.285 | | 0.285 |
Book value | 21.60 | | 21.35 | | 21.04 | | 20.79 | | 20.86 |
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