Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Only Financial Statements

PARENT COMPANY ONLY FINANCIAL STATEMENTS

Condensed financial statements of Chemical Financial Corporation (parent company) only follow:

	December 31,
Condensed Statements of Financial Position	2014		2013
	(In thousands)
Assets:
Cash at subsidiary bank	$	45,820	$	65,358
Investment in subsidiary bank	745,045		625,156
Premises and equipment	3,601		3,902
Goodwill	1,092		1,092
Other assets	4,654		3,309
Total assets	$	800,212	$	698,817
Liabilities and Shareholders' Equity:
Other liabilities	$	3,079	$	2,317
Shareholders' equity	797,133		696,500
Total liabilities and shareholders' equity	$	800,212	$	698,817

	Years Ended December 31,
Condensed Statements of Income	2014		2013		2012
	(In thousands)
Income:
Cash dividends from subsidiary bank	$	64,468	$	24,488	$	27,550
Other income	53		390		92
Total income	64,521		24,878		27,642
Operating expenses	7,200		4,735		3,773
Income before income taxes and equity in undistributed net income of subsidiary bank	57,321		20,143		23,869
Federal income tax benefit	2,302		1,556		1,311
Equity in undistributed net income of subsidiary bank	2,498		35,109		25,828
Net income	$	62,121	$	56,808	$	51,008

	Years Ended December 31,
Condensed Statements of Cash Flows	2014			2013			2012
	(In thousands)
Operating Activities:
Net income	$	62,121		$	56,808		$	51,008
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	2,931			2,854			1,865
Gain on sale of available-for-sale investment securities	—			(245		)	—
Depreciation of premises and equipment	327			416			463
Equity in undistributed net income of subsidiary bank	(2,498		)	(35,109		)	(25,828		)
Net (increase) decrease in other assets	1,101			(711		)	1,033
Net increase (decrease) in other liabilities	(2,519		)	563			394
Net cash provided by operating activities	61,463			24,576			28,935
Investing Activities:
Cash paid, net of cash assumed, in business combination	(117,853		)	—			—
Purchase of available-for-sale investment securities	—			—			(4,755		)
Proceeds from redemption of available-for-sale investment securities	—			5,000			—
Purchases of premises and equipment, net	(26		)	(9		)	(147		)
Net cash provided by (used in) investing activities	(117,879		)	4,991			(4,902		)
Financing Activities:
Cash dividends paid	(29,528		)	(24,521		)	(22,566		)
Proceeds from issuance of common stock, net of issuance costs	76,175			53,925
Repayment of subordinated debt obligations	(10,310		)	—			—
Proceeds from directors' stock purchase plan and exercise of stock options	1,242			806			260
Cash paid for payroll taxes upon conversion of restricted stock units	(701		)	(379		)	(248		)
Net cash provided by (used in) financing activities	36,878			29,831			(22,554		)
Net increase (decrease) in cash and cash equivalents	(19,538		)	59,398			1,479
Cash and cash equivalents at beginning of year	65,358			5,960			4,481
Cash and cash equivalents at end of year	$	45,820		$	65,358		$	5,960