8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2017

Chemical Financial Corporation

(Exact Name of Registrant as

Specified in its Charter)

Michigan (State or Other Jurisdiction of Incorporation) 000-08185 (Commission File Number) 38-2022454 (IRS Employer Identification No.)

235 E. Main Street Midland, Michigan (Address of Principal Executive Offices) 48640 (Zip Code)

Registrant's telephone number, including area code:  (989) 839-5350

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 25, 2017, Chemical Financial Corporation ("Chemical") issued the press release attached as Exhibit 99.1 to this Form 8-K, which is here incorporated by reference. A copy of the presentation slides which will be discussed in Chemical's webcast earnings call are also attached as Exhibit 99.2 to this Form 8-K. This Report and the Exhibits are furnished to, and not filed with, the Commission.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

99.1 Press Release dated July 25, 2017. This Exhibit is furnished to, and not filed with, the Commission.

99.2 Earnings Presentation Slides. This Exhibit is furnished to, and not filed with, the Commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	July 25, 2017	CHEMICAL FINANCIAL CORPORATION (Registrant)
		/s/ Dennis L. Klaeser
		Dennis L. Klaeser
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number Document

99.1 Press Release dated July 25, 2017. This Exhibit is furnished to, and not filed with, the Commission.

99.2 Earnings Presentation Slides. This Exhibit is furnished to, and not filed with, the Commission.

EX-99.1

Exhibit 99.1

For further information:

David T. Provost, CEO

Dennis L. Klaeser, CFO

989-839-5350

Chemical Financial Corporation Reports 2017Second Quarter Operating Results

MIDLAND, MI, July 25, 2017 -- Chemical Financial Corporation ("Corporation" or "Chemical") (NASDAQ:CHFC) today announced 2017second quarter net income of $52.0 million, or $0.73 per diluted share, compared to 2017first quarter net income of $47.6 million, or $0.67 per diluted share and 2016second quarter net income of $25.8 million, or $0.67 per diluted share. Excluding transaction expenses and the change in fair value in loan servicing rights ("significant items"), net income in the second quarter of 2017 was $53.5 million, or $0.75 per diluted share, compared to $50.7 million, or $0.71 per diluted share, in the first quarter of 2017 and $27.8 million, or $0.72 per diluted share, in the second quarter of 2016.⁽¹⁾

During the second quarter of 2017, significant items included transaction expenses of $0.5 million and a $1.8 million detriment to earnings due to the change in fair value in loan servicing rights, compared to transaction expenses of $4.2 million and a $0.5 million detriment to earnings due to the change in fair value in loan servicing rights in the first quarter of 2017. Transaction expenses for the second quarter of 2016 were $3.1 million.

"We are encouraged by the underlying trends this quarter including improved operating expense trends, fee income and quality loan growth," noted David T. Provost, Chief Executive Officer of Chemical Financial Corporation and Thomas C. Shafer, Vice Chairman of the Corporation and Chief Executive Officer of Chemical Bank. "Going forward, we will seek to further improve our fundamentals by carefully assessing how we allocate capital and focusing on strategies to enhance revenue growth while continuing to improve our operating efficiency."

The Corporation's return on average assets was 1.14% during the second quarter of 2017, compared to 1.09% during the first quarter of 2017 and 1.10% in the second quarter of 2016. The Corporation's return on average shareholders' equity was 8.0% in the second quarter of 2017, compared to 7.4% during the first quarter of 2017 and 10.0% in the second quarter of 2016. Excluding significant items, the Corporation's return on average assets was 1.17% during the second quarter of 2017, compared to 1.16% during the first quarter of 2017 and 1.19% in the second quarter of 2016 and the Corporation's return on average shareholders' equity was 8.2% in the second quarter of 2017, compared to 7.8% during the first quarter of 2017 and 10.7% in the second quarter of 2016. The Corporation's return on average tangible shareholders' equity was 14.3% in the second quarter of 2017, compared to 13.3% during the first quarter of 2017 and 14.3% in the second quarter of 2016. Excluding significant items, the Corporation's return on average tangible equity was 14.7% in the second quarter of 2017, compared to 14.2% during the first quarter of 2017 and 15.4% in the second quarter of 2016. ⁽²⁾ 

Net interest income was $137.9 million in the second quarter of 2017, $7.9 million, or 6.0%, higher than the first quarter of 2017 and $60.5 million, or 78.0%, higher than the second quarter of 2016. The higher net interest income in the second quarter of 2017 compared to the first quarter of 2017 was driven by the positive impact of organic loan growth, an increase in the investment securities portfolio, an increase in interest accretion from purchase accounting discounts on acquired loans, and one additional day in the quarter. These benefits to net interest income were partially offset by the interest expense impact of increases in short-term borrowings and deposits. The increase in net interest income in the second quarter of 2017 over the second quarter of 2016 was primarily attributable to loans acquired in the merger with Talmer Bancorp, Inc. ("Talmer") and organic loan growth. The Corporation experienced net organic loan growth of $394.0 million during the second quarter of 2017 and $1.14 billion during the twelve months ended June 30, 2017. The merger with Talmer added $4.88 billion of loans on August 31, 2016.

The net interest margin was 3.41% in both the second quarter of 2017 and the first quarter of 2017, compared to 3.60% in the second quarter of 2016. The net interest margin (on a tax-equivalent basis) was 3.48% in the second quarter of 2017, compared to 3.49% in the first quarter of 2017 and 3.70% in the second quarter of 2016.⁽³⁾ The net interest margin (on a tax-equivalent basis) in the second quarter of 2017, compared to the first quarter of 2017, was compressed due to an increase in the investment securities portfolio funded by an increase in short-term borrowings. This compression was offset by an increase of 11 basis points in yield on total loans in the second quarter of 2017 to

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4.22%, compared to the first quarter of 2017, primarily due to an increase of interest accretion from purchase accounting discounts on acquired loans and an increase in the average coupon rates on loans.

The provision for loan losses was $6.2 million in the second quarter of 2017, compared to $4.1 million in the first quarter of 2017 and $3.0 million in the second quarter of 2016. The increase in the provision for loan losses in the second quarter of 2017, compared to both the first quarter of 2017 and the second quarter of 2016, was primarily the result of an increase in organic growth in the loan portfolio. Originated loan growth was $699.9 million in the second quarter of 2017, compared to $501.4 million in the first quarter of 2017. The growth in the originated loan portfolio was partially offset by run-off in the acquired loan portfolio of $305.9 million in the second quarter of 2017, compared to $218.8 million in the first quarter of 2017. It is important to note that the acquired loan portfolio was adjusted to the fair value of loans at each respective acquisition date and, as of June 30, 2017, no allowance has been recorded for this population of loans. Therefore, the run-off of acquired loans does not result in the reduction of allowance.

Net loan charge-offs were $1.2 million, or 0.04% of average loans, in the second quarter of 2017, compared to $3.5 million, or 0.11% of average loans, in the first quarter of 2017 and $1.8 million, or 0.10% of average loans, in the second quarter of 2016. Net loan charge-offs in the first quarter of 2017 included $1.5 million of losses from one commercial loan relationship.

The Corporation's nonperforming loans totaled $50.9 million at June 30, 2017, compared to $47.8 million at March 31, 2017 and $44.0 million at June 30, 2016. Nonperforming loans comprised 0.37% of total loans at June 30, 2017, compared to 0.36% at March 31, 2017 and 0.58% at June 30, 2016. The decrease in the percentage of nonperforming loans to total loans at June 30, 2017, compared to June 30, 2016, was primarily due to $4.88 billion of total loans added as a result of the merger with Talmer, as none of these loans are classified as nonperforming after the merger date since they are recorded in loan pools at their estimated net realizable value in accordance with generally accepted accounting principles.

At June 30, 2017, the allowance for loan losses of the originated loan portfolio was $83.8 million, or 0.97% of originated loans, compared to $78.8 million, or 0.99% of originated loans, at March 31, 2017 and $71.5 million, or 1.12% of originated loans, at June 30, 2016. The reduction in allowance for loan losses as a percentage of originated loans primarily reflects overall credit improvement. The allowance for loan losses of the originated loan portfolio as a percentage of nonperforming loans was 164.7% at both June 30, 2017 and March 31, 2017, compared to 162.5% at June 30, 2016.

Noninterest income was $41.6 million in the second quarter of 2017, compared to $38.0 million in the first quarter of 2017 and $20.9 million in the second quarter of 2016. Noninterest income in the second quarter of 2017increased compared to the first quarter of 2017, primarily due to a $1.1 millionincrease in wealth management revenue. Net gain on sale of loans and other mortgage banking revenue also increased $0.7 million and included a $1.8 milliondetriment to earnings due to a change in fair value in loan servicing rights in the second quarter of 2017, compared to a $0.5 million detriment in the first quarter of 2017. Noninterest income in the second quarter of 2017 was higher than the second quarter of 2016 due primarily to incremental revenue resulting from the merger with Talmer.

Operating expenses were $98.2 million in the second quarter of 2017, compared to $104.2 million in the first quarter of 2017 and $59.1 million in the second quarter of 2016. Operating expenses included transaction expenses of $0.5 million in the second quarter of 2017, $4.2 million in the first quarter of 2017 and $3.1 million in the second quarter of 2016. Excluding these transaction expenses, operating expenses were $97.8 million in the second quarter of 2017, compared to $100.0 million in the first quarter of 2017 and $56.0 million in the second quarter of 2016.⁽⁴⁾ The decrease in operating expenses, excluding transaction expenses, in the second quarter of 2017, compared to the first quarter of 2017 was primarily due to a decrease of $7.6 million in salaries, wages and employee benefits expenses, aided by a decrease in payroll taxes mostly attributable to stock option exercises during the first quarter of 2017 and an increase in the deferral of loan origination costs due to increased loan production and revised loan origination costs based on an updated loan origination cost study. The increase in operating expenses, excluding transaction expenses, in the second quarter of 2017, compared to the second quarter of 2016, was primarily attributable to incremental expenses resulting from the merger with Talmer.

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The effective tax rate was 30.7% in the second quarter of 2017, compared to 20.5% in the first quarter of 2017 and 29.0% in the second quarter of 2016. The tax rate for the first quarter of 2017 benefited from stock option exercises that occurred in the first quarter of 2017.

The efficiency ratio is a measure of operating expenses as a percentage of net interest income and noninterest income. The Corporation's efficiency ratio was 54.7% in the second quarter of 2017, compared to 62.0% in the first quarter of 2017 and 60.1% in the second quarter of 2016. The Corporation's adjusted efficiency ratio, which excludes significant items, amortization of intangibles and net gains on sales of branches, closed branch locations and investment securities, was 52.2% in the second quarter of 2017, compared to 57.4% in the first quarter of 2017 and 54.6% in the second quarter of 2016.⁽⁵⁾  

Total assets were $18.78 billion at June 30, 2017, compared to $17.64 billion at March 31, 2017 and $9.51 billion at June 30, 2016. The increase in total assets during the three months ended June 30, 2017 was primarily attributable to an increase in investment securities available-for-sale and loan growth that was funded by an increase in short-term FHLB advances. During the quarter, the investment securities portfolio grew by $490.0 million to $2.41 billion at June 30, 2017. The increase in total assets during the twelve months ended June 30, 2017 was primarily attributable to the merger with Talmer, organic loan growth and an increase in investment securities available-for-sale.

Total loans were $13.67 billion at June 30, 2017, an increase of $394.0 million, or 3.0%, from total loans of $13.27 billion at March 31, 2017 and an increase of $6.02 billion, or 78.7%, from total loans of $7.65 billion at June 30, 2016. The Corporation experienced organic loan growth of $394.0 million during the second quarter of 2017 and $1.14 billion during the twelve months ended June 30, 2017. The Corporation added $4.88 billion of loans as part of the merger with Talmer on August 31, 2016.

Total deposits were $13.20 billion at June 30, 2017, compared to $13.13 billion at March 31, 2017 and $7.46 billion at June 30, 2016. The Corporation experienced organic growth in customer deposits of $72.0 million during the second quarter of 2017. The Corporation added $5.29 billion of deposits as part of the merger with Talmer that was completed on August 31, 2016, including $403.2 million of brokered deposits. The Corporation reduced the balance of brokered deposits by $351.2 million during the period of September 30, 2016 to June 30, 2017.

Securities sold under agreements to repurchase with customers were $310.0 million at June 30, 2017, compared to $398.9 million at March 31, 2017 and $256.2 million at June 30, 2016. Short-term borrowings were $2.05 billion at June 30, 2017, compared to $900.0 million at March 31, 2017 and $300.0 million at June 30, 2016 and consisted of short-term FHLB advances utilized by the Corporation to fund short-term liquidity needs. The increase in short-term FHLB advances in the second quarter 2017 was primarily utilized to fund an increase in the investment securities portfolio and loan growth. Long-term borrowings were $435.9 million at June 30, 2017, compared to $490.9 million at March 31, 2017 and $371.6 million at June 30, 2016.

The Corporation's shareholders' equity to total assets ratio was 14.1% at June 30, 2017, compared to 14.7% at March 31, 2017 and 11.0% at June 30, 2016. The Corporation's tangible equity to tangible assets ratio and total risk-based capital ratio were 8.4% and 11.1% (estimated), respectively, at June 30, 2017 compared to 8.8% and 11.4%, respectively, at March 31, 2017 and 8.2% and 11.4%, respectively, at June 30, 2016. ⁽⁶⁾ The Corporation's book value was $37.11 per share at June 30, 2017, compared to $36.56 per share at March 31, 2017 and $27.45 per share at June 30, 2016. The Corporation's tangible book value was $20.89 per share at June 30, 2017, compared to $20.32 per share at March 31, 2017 and $19.68 per share at June 30, 2016.⁽⁷⁾ 

(1) Net income, excluding significant items, and diluted earnings per share, excluding significant items, are non-GAAP financial measures. Please refer to the section entitled "Non-GAAP Financial Measures" in this press release and to the financial tables entitled "Reconciliation of Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP financial measures.

(2) Return on average assets, excluding significant items, return on average shareholders’ equity, excluding significant items, return on average tangible shareholders' equity, and return on average tangible shareholders' equity, excluding significant items are non-GAAP financial measures. Please refer to the section entitled "Non-GAAP Financial Measures" in this press release and to the financial tables entitled "Reconciliation of Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP financial measures.

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(3) Net interest margin, on a tax equivalent basis, is a non-GAAP financial measure. Please refer to the section entitled "Non-GAAP Financial Measures" in this press release and to the financial tables entitled "Average Balances, Fully Tax Equivalent (FTE) Interest and Effective Yields and Rates" for a reconciliation of net interest income used to compute net interest margin on a tax equivalent basis to the most directly comparable GAAP financial measure.

(4) Operating expenses excluding transaction expenses is a non-GAAP financial measure.

(5) Adjusted efficiency ratio is a non-GAAP financial measure. Please refer to the section entitled "Non-GAAP Financial Measures" in this press release and to the financial tables entitled "Reconciliation of Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP financial measure.

(6) Tangible equity to tangible assets ratio is a non-GAAP financial measure. Please refer to the section entitled "Non-GAAP Financial Measures" in this press release and to the financial tables entitled "Reconciliation of Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP financial measure.

(7) Tangible book value per share is a non-GAAP financial measure. Please refer to the section entitled "Non-GAAP Financial Measures" in this press release and to the financial tables entitled "Reconciliation of Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP financial measure.

Conference Call Details

Chemical Financial Corporation will host a conference call to discuss its second quarter2017 operating results on Wednesday, July 26, 2017, at 10:30 a.m. ET. Anyone interested may access the conference call on a live basis by dialing toll-free at 1-888-490-2760 and entering 481059 for the conference ID. The call will also be broadcast live over the Internet hosted at Chemical Financial Corporation's website at www.chemicalbank.com under the "Investor Info" section. A copy of the slide-show presentation and an audio replay of the call will remain available on Chemical Financial Corporation's website for at least 14 days.

About Chemical Financial Corporation

Chemical Financial Corporation is the largest banking company headquartered and operating branch offices in Michigan. The Corporation operates through its subsidiary bank, Chemical Bank, with 249 banking offices located primarily in Michigan, northeast Ohio and northern Indiana. At June 30, 2017, the Corporation had total assets of $18.78 billion. Chemical Financial Corporation's common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issuers comprising The NASDAQ Global Select Market and the S&P MidCap 400 Index. More information about the Corporation is available by visiting the investor relations section of its website at www.chemicalbank.com.

Non-GAAP Financial Measures

This press release contains references to financial measures which are not defined in generally accepted accounting principles ("GAAP"). Such non-GAAP financial measures include the Corporation's tangible equity to tangible assets ratio, tangible book value per share, presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis, and information presented excluding transaction expenses or significant items, including net income, diluted earnings per share, return on average assets, return on average shareholders' equity, operating expenses and the efficiency ratio. These non-GAAP financial measures have been included as the Corporation believes they are helpful for investors to analyze and evaluate the Corporation's financial condition. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in the financial tables included with this press release.

Forward-Looking Statements

This press release 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 the Corporation. Words and phrases such as "anticipates," "believes," "continue," "estimates," "expects," "forecasts," "future," "intends," "is likely," "judgment," "look ahead," "look forward," "on schedule," "opinion," "opportunity," "plans," "potential," "predicts," "probable," "projects," "should," "strategic," "trend," "will," and variations of such words and phrases or similar expressions are intended to identify such forward-looking statements. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ

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materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to future improvement of core operating efficiency, future levels of loan charge-offs, future levels of provisions for loan losses, real estate valuation, future levels of nonperforming assets, the rate of asset dispositions, future capital levels, future dividends, future growth and funding sources, future liquidity levels, future profitability levels, future deposit insurance premiums, future asset levels, the effects on earnings of future changes in interest rates, the future level of other revenue sources, future economic trends and conditions, future initiatives to expand the Corporation’s market share, expected performance and cash flows from acquired loans, future effects of new or changed accounting standards, future opportunities for acquisitions, opportunities to increase top line revenues, the Corporation’s ability to grow its core franchise, future cost savings and the Corporation’s ability to maintain adequate liquidity and capital based on the requirements adopted by the Basel Committee on Banking Supervision and U.S. regulators. All statements referencing future time periods are forward-looking.

Management's determination of the provision and allowance for loan losses; the carrying value of acquired loans, goodwill and mortgage servicing rights; the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment); and management's assumptions concerning pension and other postretirement benefit plans involve judgments that are inherently forward-looking. There can be no assurance that future loan losses will be limited to the amounts estimated. All of the information concerning interest rate sensitivity is forward-looking. The future effect of changes in the financial and credit markets and the national and regional economies on the banking industry, generally, and on the Corporation, specifically, are also inherently uncertain. 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. The Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

Risk factors include, but are not limited to, the risk factors described in Item 1A of Chemical's Annual Report on Form 10-K for the year ended December 31, 2016. 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.

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Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Consolidated Statements of Financial Position (Unaudited)

Chemical Financial Corporation

(In thousands, except per share data)

	June 30, 2017			March 31, 2017			December 31, 2016			June 30, 2016
Assets
Cash and cash equivalents:
Cash and cash due from banks	$	230,219		$	191,940		$	237,758		$	179,310
Interest-bearing deposits with the Federal Reserve Bank and other banks and federal funds sold	389,022			249,840			236,644			53,650
Total cash and cash equivalents	619,241			441,780			474,402			232,960
Investment securities:
Available-for-sale	1,767,478			1,275,846			1,234,964			458,552
Held-to-maturity	645,605			647,192			623,427			552,828
Total investment securities	2,413,083			1,923,038			1,858,391			1,011,380
Loans held-for-sale	65,371			39,123			81,830			13,990
Loans:
Total loans	13,667,372			13,273,392			12,990,779			7,647,269
Allowance for loan losses	(83,797		)	(78,774		)	(78,268		)	(71,506		)
Net loans	13,583,575			13,194,618			12,912,511			7,575,763
Premises and equipment	146,460			142,763			145,012			102,709
Loan servicing rights	64,522			64,604			58,315			9,677
Goodwill	1,133,534			1,133,534			1,133,534			286,867
Other intangible assets	37,322			38,848			40,211			24,593
Interest receivable and other assets	718,297			658,665			650,973			256,233
Total Assets	$	18,781,405		$	17,636,973		$	17,355,179		$	9,514,172
Liabilities
Deposits:
Noninterest-bearing	$	3,626,592		$	3,399,287		$	3,341,520		$	2,007,629
Interest-bearing	9,577,775			9,733,060			9,531,602			5,457,017
Total deposits	13,204,367			13,132,347			12,873,122			7,464,646
Interest payable and other liabilities	141,702			114,789			134,637			71,417
Securities sold under agreements to repurchase with customers	310,042			398,910			343,047			256,213
Short-term borrowings	2,050,000			900,000			825,000			300,000
Long-term borrowings	435,852			490,876			597,847			371,597
Total liabilities	16,141,963			15,036,922			14,773,653			8,463,873
Shareholders' Equity
Preferred stock, no par value per share	—			—			—			—
Common stock, $1 par value per share	71,131			71,118			70,599			38,267
Additional paid-in capital	2,197,501			2,194,705			2,210,762			726,734
Retained earnings	404,939			372,193			340,201			310,996
Accumulated other comprehensive loss	(34,129		)	(37,965		)	(40,036		)	(25,698		)
Total shareholders' equity	2,639,442			2,600,051			2,581,526			1,050,299
Total Liabilities and Shareholders' Equity	$	18,781,405		$	17,636,973		$	17,355,179		$	9,514,172

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Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Consolidated Statements of Income (Unaudited)

Chemical Financial Corporation

(In thousands, except per share data)

	Three Months Ended									Six Months Ended
	June 30, 2017			March 31, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Interest Income
Interest and fees on loans	$	141,314		$	132,485		$	77,578		$	273,799		$	151,979
Interest on investment securities:
Taxable	7,125			4,756			1,798			11,881			3,727
Tax-exempt	4,426			4,235			2,640			8,661			5,305
Dividends on nonmarketable equity securities	1,246			621			777			1,867			1,033
Interest on deposits with the Federal Reserve Bank and other banks and federal funds sold	1,022			799			144			1,821			357
Total interest income	155,133			142,896			82,937			298,029			162,401
Interest Expense
Interest on deposits	10,582			8,916			4,260			19,498			8,319
Interest on short-term borrowings	4,659			1,658			226			6,317			326
Interest on long-term borrowings	1,944			2,225			956			4,169			1,931
Total interest expense	17,185			12,799			5,442			29,984			10,576
Net Interest Income	137,948			130,097			77,495			268,045			151,825
Provision for loan losses	6,229			4,050			3,000			10,279			4,500
Net interest income after provision for loan losses	131,719			126,047			74,495			257,766			147,325
Noninterest Income
Service charges and fees on deposit accounts	8,777			8,004			6,337			16,781			12,057
Wealth management revenue	6,958			5,827			5,782			12,785			10,983
Other charges and fees for customer services	9,734			8,891			6,463			18,625			12,855
Net gain on sale of loans and other mortgage banking revenue	9,879			9,160			1,595			19,039			3,000
Gain on sale of investment securities	77			90			18			167			37
Other	6,143			6,038			702			12,181			1,384
Total noninterest income	41,568			38,010			20,897			79,578			40,316
Operating Expenses
Salaries, wages and employee benefits	52,601			60,248			33,127			112,849			67,017
Occupancy	8,745			7,392			5,514			16,137			10,419
Equipment and software	8,149			8,517			4,875			16,666			9,279
Merger and acquisition-related transaction expenses (transaction expenses)	465			4,167			3,054			4,632			5,648
Other	28,277			23,872			12,515			52,149			25,609
Total operating expenses	98,237			104,196			59,085			202,433			117,972
Income before income taxes	75,050			59,861			36,307			134,911			69,669
Income tax expense	23,036			12,257			10,532			35,293			20,289
Net Income	$	52,014		$	47,604		$	25,775		$	99,618		$	49,380
Earnings Per Common Share:
Weighted average common shares outstanding-basic	70,819			70,628			38,258			70,725			38,228
Weighted average common shares outstanding-diluted	71,443			71,415			38,600			71,429			38,560
Basic earnings per share	$	0.73		$	0.67		$	0.67		$	1.41		$	1.29
Diluted earnings per share	0.73			0.67			0.67			1.39			1.28
Cash Dividends Declared Per Common Share	0.27			0.27			0.26			0.54			0.52
Key Ratios (annualized where applicable):
Return on average assets	1.14		%	1.09		%	1.10		%	1.11		%	1.06		%
Return on average shareholders' equity	8.0		%	7.4		%	10.0		%	7.7		%	9.6		%
Net interest margin (tax-equivalent basis) (non-GAAP)	3.48		%	3.49		%	3.70		%	3.49		%	3.65		%
Efficiency ratio - GAAP	54.7		%	62.0		%	60.1		%	58.2		%	61.4		%
Efficiency ratio - adjusted (non-GAAP)	52.2		%	57.4		%	54.6		%	54.7		%	56.1		%

7

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Selected Quarterly Information (Unaudited)

Chemical Financial Corporation

(Dollars in thousands, except per share data)

	2nd Quarter 2017			1st Quarter 2017			4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016
Summary of Operations
Interest income	$	155,133		$	142,896		$	144,416		$	103,562		$	82,937		$	79,464
Interest expense	17,185			12,799			11,969			6,753			5,442			5,134
Net interest income	137,948			130,097			132,447			96,809			77,495			74,330
Provision for loan losses	6,229			4,050			6,272			4,103			3,000			1,500
Net interest income after provision for loan losses	131,719			126,047			126,175			92,706			74,495			72,830
Noninterest income	41,568			38,010			54,264			27,770			20,897			19,419
Operating expenses, excluding transaction expenses (non-GAAP)	97,772			100,029			96,286			68,674			56,031			56,293
Transaction expenses	465			4,167			18,016			37,470			3,054			2,594
Income before income taxes	75,050			59,861			66,137			14,332			36,307			33,362
Income tax expense	23,036			12,257			18,969			2,848			10,532			9,757
Net income	$	52,014		$	47,604		$	47,168		$	11,484		$	25,775		$	23,605
Significant items, net of tax	1,474			3,046			2,781			25,921			1,985			1,686
Net income, excluding significant items	$	53,488		$	50,650		$	49,949		$	37,405		$	27,760		$	25,291
Per Common Share Data
Net income:
Basic	$	0.73		$	0.67		$	0.67		$	0.23		$	0.67		$	0.61
Diluted	0.73			0.67			0.66			0.23			0.67			0.60
Diluted, excluding significant items (non-GAAP)	0.75			0.71			0.70			0.75			0.72			0.65
Cash dividends declared	0.27			0.27			0.27			0.27			0.26			0.26
Book value - period-end	37.11			36.56			36.57			36.37			27.45			26.99
Tangible book value - period-end	20.89			20.32			20.20			19.99			19.68			19.20
Market value - period-end	48.41			51.15			54.17			44.13			37.29			35.69
Key Ratios (annualized where applicable)
Net interest margin (taxable equivalent basis) (non-GAAP)	3.48		%	3.49		%	3.56		%	3.58		%	3.70		%	3.60		%
Efficiency ratio - adjusted (non-GAAP)	52.2		%	57.4		%	53.7		%	52.7		%	54.6		%	57.6		%
Return on average assets	1.14		%	1.09		%	1.09		%	0.37		%	1.10		%	1.02		%
Return on average shareholders' equity	8.0		%	7.4		%	7.4		%	2.9		%	10.0		%	9.3		%
Average shareholders' equity as a percent of average assets	14.3		%	14.8		%	14.9		%	12.7		%	11.1		%	11.0		%
Capital ratios (period end):
Tangible shareholders' equity as a percent of tangible assets	8.4		%	8.8		%	8.8		%	8.7		%	8.2		%	8.2		%
Total risk-based capital ratio (1)	11.1		%	11.4		%	11.5		%	11.1		%	11.4		%	11.5		%

(1) Estimated at June 30, 2017.

8

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Average Balances, Fully Tax Equivalent (FTE) Interest and Effective Yields and Rates⁽¹⁾ (Unaudited)

Chemical Financial Corporation

(Dollars in thousands)

	Three Months Ended
	June 30, 2017								March 31, 2017								June 30, 2016
	Average Balance			Interest (FTE)			Effective Yield/Rate (1)		Average Balance			Interest (FTE)			Effective Yield/Rate (1)		Average Balance			Interest (FTE)			Effective Yield/Rate (1)
Assets
Interest-earning assets:
Loans (1)(2)	$	13,513,927		$	142,128		4.22	%	$	13,155,846		$	133,293		4.11	%	$	7,511,192		$	78,295		4.19	%
Taxable investment securities	1,364,358			7,125			2.09		1,005,489			4,756			1.89		515,303			1,798			1.40
Tax-exempt investment securities(1)	882,445			6,781			3.07		861,508			6,495			3.02		484,271			4,061			3.35
Other interest-earning assets	166,244			1,246			3.01		103,334			621			2.44		43,615			777			7.16
Interest-bearing deposits with the FRB and other banks and federal funds sold	302,022			1,022			1.36		269,288			799			1.20		82,246			144			0.70
Total interest-earning assets	16,228,996			158,302			3.91		15,395,465			145,964			3.83		8,636,627			85,075			3.96
Less: allowance for loan losses	(80,690		)						(78,616		)						(71,790		)
Other assets:
Cash and cash due from banks	222,954								229,203								148,034
Premises and equipment	145,320								146,044								104,488
Interest receivable and other assets	1,748,119								1,781,923								515,039
Total assets	$	18,264,699							$	17,474,019							$	9,332,398
Liabilities and shareholders' equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	2,682,652		$	1,289		0.19	%	$	2,898,061		$	1,018		0.14	%	$	1,892,512		$	582		0.12	%
Savings deposits	3,881,260			3,047			0.31		3,842,594			1,721			0.18		2,073,412			476			0.09
Time deposits	2,958,436			6,246			0.85		2,953,069			6,177			0.85		1,582,467			3,202			0.81
Short-term borrowings	2,027,505			4,659			0.92		1,225,888			1,658			0.55		418,232			226			0.22
Long-term borrowings	474,086			1,944			1.65		539,032			2,225			1.67		281,327			956			1.37
Total interest-bearing liabilities	12,023,939			17,185			0.57		11,458,644			12,799			0.45		6,247,950			5,442			0.35
Noninterest-bearing deposits	3,499,686			—			—		3,305,201			—			—		1,979,423			—			—
Total deposits and borrowed funds	15,523,625			17,185			0.44		14,763,845			12,799			0.35		8,227,373			5,442			0.27
Interest payable and other liabilities	134,557								125,673								72,011
Shareholders' equity	2,606,517								2,584,501								1,033,014
Total liabilities and shareholders' equity	$	18,264,699							$	17,474,019							$	9,332,398
Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities)							3.34	%							3.38	%							3.61	%
Net Interest Income (FTE)				$	141,117							$	133,165							$	79,633
Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets)							3.48	%							3.49	%							3.70	%
Reconciliation to Reported Net Interest Income
Net interest income, fully taxable equivalent (non-GAAP)				$	141,117							$	133,165							$	79,633
Adjustments for taxable equivalent interest (1):
Loans				(814		)						(808		)						(717		)
Tax-exempt investment securities				(2,355		)						(2,260		)						(1,421		)
Total taxable equivalent interest adjustments				(3,169		)						(3,068		)						(2,138		)
Net interest income (GAAP)				$	137,948							$	130,097							$	77,495
Net interest margin (GAAP)				3.41%								3.41		%						3.60		%

(1) Fully taxable equivalent (FTE) basis using a federal income tax rate of 35%. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry.

(2) Nonaccrual loans and loans held-for-sale are included in average balances reported and are included in the calculation of yields. Also, tax equivalent interest includes net loan fees.

9

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Average Balances, Fully Tax Equivalent (FTE) Interest and Effective Yields and Rates ⁽¹⁾ (Unaudited)

Chemical Financial Corporation

(Dollars in thousands)

	Six Months Ended
	June 30, 2017								June 30, 2016
	Average Balance			Interest (FTE)			Effective Yield/Rate (1)		Average Balance			Interest (FTE)			Effective Yield/Rate (1)
Assets
Interest-earning assets:
Loans (1)(2)	$	13,335,876		$	275,421		4.16	%	$	7,405,332		$	153,394		4.16	%
Taxable investment securities	1,185,915			11,881			2.00		534,914			3,727			1.39
Tax-exempt investment securities (1)	872,034			13,276			3.04		490,287			8,161			3.33
Other interest-earning assets	134,962			1,867			2.79		41,554			1,033			5.00
Interest-bearing deposits with the FRB and other banks and federal funds sold	285,746			1,821			1.28		109,582			357			0.66
Total interest-earning assets	15,814,533			304,266			3.87		8,581,669			166,672			3.90
Less: allowance for loan losses	(79,658		)						(72,669		)
Other assets:
Cash and cash due from banks	226,061								153,156
Premises and equipment	145,680								105,223
Interest receivable and other assets	1,764,925								519,337
Total assets	$	17,871,541							$	9,286,716
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	2,789,762		$	2,307		0.17	%	$	1,923,068		$	1,050		0.11	%
Savings deposits	3,862,033			4,768			0.25		2,061,141			865			0.08
Time deposits	2,955,768			12,423			0.85		1,604,020			6,404			0.80
Short-term borrowings	1,628,911			6,317			0.78		383,966			326			0.17
Long-term borrowings	506,379			4,169			1.66		273,675			1,931			1.42
Total interest-bearing liabilities	11,742,853			29,984			0.51		6,245,870			10,576			0.34
Noninterest-bearing deposits	3,402,981			—			—		1,943,159			—			—
Total deposits and borrowed funds	15,145,834			29,984			0.40		8,189,029			10,576			0.26
Interest payable and other liabilities	130,140								72,216
Shareholders' equity	2,595,567								1,025,471
Total liabilities and shareholders' equity	$	17,871,541							$	9,286,716
Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities)							3.36	%							3.56	%
Net Interest Income (FTE)				$	274,282							$	156,096
Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets)							3.49	%							3.65	%
Reconciliation to Reported Net Interest Income
Net interest income, fully taxable equivalent (non-GAAP)				$	274,282							$	156,096
Adjustments for taxable equivalent interest (1):
Loans				(1,622		)						(1,415		)
Tax-exempt investment securities				(4,615		)						(2,856		)
Total taxable equivalent interest adjustments				(6,237		)						(4,271		)
Net interest income (GAAP)				$	268,045							$	151,825
Net interest margin (GAAP)				3.41		%						3.55		%

(1) Fully taxable equivalent (FTE) basis using a federal income tax rate of 35%. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry.

(2) Nonaccrual loans and loans held-for-sale are included in average balances reported and are included in the calculation of yields. Also, tax equivalent interest includes net loan fees.

10

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Noninterest Income and Operating Expenses Information (Unaudited)

Chemical Financial Corporation

(Dollars in thousands)

	2nd Quarter 2017		1st Quarter 2017		4th Quarter 2016		3rd Quarter 2016		2nd Quarter 2016		1st Quarter 2016
Noninterest income
Service charges and fees on deposit accounts	$	8,777	$	8,004	$	8,414	$	7,665	$	6,337	$	5,720
Wealth management revenue	6,958		5,827		6,034		5,584		5,782		5,201
Electronic banking fees	7,482		6,817		8,196		5,533		4,786		4,918
Net gain on sale of loans and other mortgage banking revenue	9,879		9,160		14,420		4,439		1,595		1,405
Other fees for customer services	2,252		2,074		1,785		1,877		1,677		1,474
Gain on sale of investment securities	77		90		76		16		18		19
Gain on sale of branch offices	—		—		7,391		—		—		—
Other	6,143		6,038		7,948		2,656		702		682
Total noninterest income	$	41,568	$	38,010	$	54,264	$	27,770	$	20,897	$	19,419

	2nd Quarter 2017		1st Quarter 2017		4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016
Operating expenses
Salaries and wages	$	44,959	$	48,526	$	47,936		$	33,841		$	26,887		$	26,743
Employee benefits	7,642		11,722		9,695			6,724			6,240			7,147
Occupancy	8,745		7,392		7,644			5,462			5,514			4,905
Equipment and software	8,149		8,517		8,709			6,420			4,875			4,404
Outside processing and service fees	8,924		7,511		7,290			5,365			4,833			3,711
FDIC insurance premiums	2,460		1,406		2,813			1,849			1,338			1,407
Professional fees	2,567		1,968		2,304			1,472			1,020			1,036
Intangible asset amortization	1,525		1,513		1,843			1,292			1,195			1,194
Credit-related expenses	1,895		1,200		(1,029		)	(371		)	(1,331		)	30
Transaction expenses	465		4,167		18,016			37,470			3,054			2,594
Other	10,906		10,274		9,081			6,620			5,460			5,716
Total operating expenses	$	98,237	$	104,196	$	114,302		$	106,144		$	59,085		$	58,887

11

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Composition of Loans and Deposits and Additional Information on Intangible Assets (Unaudited)

Chemical Financial Corporation

(Dollars in Thousands)

					Organic Growth -										Organic Growth -
	June 30, 2017		March 31, 2017		Three Months Ended June 30, 2017		Dec 31, 2016		Sep 30, 2016		Talmer Merger Aug 31, 2016		June 30, 2016		Twelve Months Ended June 30, 2017
Composition of Loans
Commercial loan portfolio:
Commercial	$	3,360,161	$	3,253,608	3.3	%	$	3,217,300	$	3,199,576	$	1,223,179	$	1,953,301	9.4	%
Commercial real estate	4,324,323		4,097,771		5.5		3,973,140		3,733,377		1,589,900		2,157,733		26.7
Real estate construction	446,678		453,811		(1.6	)	403,772		500,494		166,364		285,848		(1.9	)
Subtotal - commercial loans	8,131,162		7,805,190		4.2		7,594,212		7,433,447		2,979,443		4,396,882		17.2
Consumer loan portfolio:
Residential mortgage	3,125,397		3,133,465		(0.3	)	3,086,474		3,046,959		1,531,641		1,494,192		6.7
Consumer installment	1,553,967		1,481,057		4.9		1,433,884		1,335,707		158,835		1,048,622		33.0
Home equity	856,846		853,680		0.4		876,209		899,676		212,483		707,573		(8.9	)
Subtotal - consumer loans	5,536,210		5,468,202		1.2		5,396,567		5,282,342		1,902,959		3,250,387		11.8
Total loans	$	13,667,372	$	13,273,392	3.0	%	$	12,990,779	$	12,715,789	$	4,882,402	$	7,647,269	14.9	%

					Organic Growth -										Organic Growth -
	June 30, 2017		March 31, 2017		Three Months Ended June 30, 2017		Dec 31, 2016		Sep 30, 2016		Talmer Merger Aug 31, 2016		June 30, 2016		Twelve Months Ended June 30, 2017
Composition of Deposits
Noninterest-bearing demand	$	3,626,592	$	3,399,287	6.7	%	$	3,341,520	$	3,264,934	$	1,236,902	$	2,007,629	19.0	%
Savings	1,749,199		1,752,040		(0.2	)	1,662,115		1,650,276		549,428		1,107,558		8.3
Interest-bearing demand	2,606,032		2,900,546		(10.2	)	2,825,801		3,316,635		894,748		1,819,865		(6.0	)
Money market accounts	2,235,412		2,161,645		3.4		2,033,319		1,692,656		699,739		969,566		58.4
Brokered deposits	123,728		156,367		(20.9	)	226,429		474,902		403,210		173,092		(261.5	)
Other time deposits	2,863,404		2,762,462		3.7		2,783,938		2,873,459		1,510,591		1,386,936		(2.5	)
Total deposits	$	13,204,367	$	13,132,347	0.5	%	$	12,873,122	$	13,272,862	$	5,294,618	$	7,464,646	6.0	%

	June 30, 2017		March 31, 2017		Dec 31, 2016		Sep 30, 2016		June 30, 2016
Additional Data - Intangibles
Goodwill	$	1,133,534	$	1,133,534	$	1,133,534	$	1,137,166	$	286,867
Loan servicing rights	64,522		64,604		58,315		51,393		9,677
Core deposit intangibles (CDI)	37,235		38,723		40,211		35,618		24,429
Noncompete agreements	87		125		—		82		164

12

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Nonperforming Assets (Unaudited)

Chemical Financial Corporation

(Dollars in thousands)

	June 30, 2017		March 31, 2017		Dec 31, 2016		Sep 30, 2016		June 30, 2016		March 31, 2016
Nonperforming Assets
Nonperforming Loans (1):
Nonaccrual loans:
Commercial	$	18,773	$	16,717	$	13,178	$	13,742	$	14,577	$	19,264
Commercial real estate	19,723		20,828		19,877		19,914		21,325		25,859
Real estate construction	56		79		80		80		496		546
Residential mortgage	7,714		6,749		6,969		5,119		5,343		5,062
Consumer installment	757		755		879		378		285		360
Home equity	3,871		2,713		3,351		2,064		1,971		2,328
Total nonaccrual loans(1)	50,894		47,841		44,334		41,297		43,997		53,419
Other real estate and repossessed assets	14,582		16,395		17,187		20,730		8,440		9,248
Total nonperforming assets	$	65,476	$	64,236	$	61,521	$	62,027	$	52,437	$	62,667
Accruing loans contractually past due 90 days or more as to interest or principal payments, excluding acquired loans accounted for under ASC 310-30:
Commercial	58		1,823		11		221		3		370
Commercial real estate	262		700		277		739		3		—
Real estate construction	—		—		—		1,439		—		—
Residential mortgage	—		—		—		375		407		423
Home equity	2,026		1,169		995		628		1,071		679
Total accruing loans contractually past due 90 days or more as to interest or principal payments	$	2,346	3,692		$	1,283	$	3,402	$	1,484	$	1,472

(1) Acquired loans, accounted for under Accounting Standards Codification 310-30, that are not performing in accordance with contractual terms are not reported as nonperforming loans because these loans are recorded in pools at their net realizable value based on the principal and interest the Corporation expects to collect on these loans.

13

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Summary of Allowance and Loan Loss Experience (Unaudited)

Chemical Financial Corporation

(Dollars in thousands)

	2nd Quarter 2017			1st Quarter 2017			4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			Six Months Ended
																			June 30, 2017			June 30, 2016
Allowance for loan losses - originated loan portfolio
Allowance for loan losses - beginning of period	$	78,774		$	78,268		$	73,775		$	71,506		$	70,318		$	73,328		$	78,268		$	73,328
Provision for loan losses	6,229			4,050			6,272			4,103			3,000			1,500			10,279			4,500
Net loan (charge-offs) recoveries:
Commercial	(239		)	(1,999		)	(336		)	(150		)	(1,153		)	(3,115		)	(2,238		)	(4,268		)
Commercial real estate	(205		)	730			(280		)	(154		)	(187		)	(440		)	525			(627		)
Real estate construction	—			(9		)	36			(31		)	—			(11		)	(9		)	(11		)
Residential mortgage	19			(567		)	(236		)	(304		)	8			(172		)	(548		)	(164		)
Consumer installment	(747		)	(1,310		)	(823		)	(1,137		)	(486		)	(602		)	(2,057		)	(1,088		)
Home equity	(34		)	(389		)	(140		)	(58		)	6			(170		)	(423		)	(164		)
Net loan charge-offs	(1,206		)	(3,544		)	(1,779		)	(1,834		)	(1,812		)	(4,510		)	(4,750		)	(6,322		)
Allowance for loan losses - end of period	83,797			78,774			78,268			73,775			71,506			70,318			83,797			71,506
Allowance for loan losses - acquired loan portfolio
Allowance for loan losses - beginning of period	—			—			—			—			—			—			—			—
Provision for loan losses	—			—			—			—			—			—			—			—
Allowance for loan losses - end of period	—			—			—			—			—			—			—			—
Total allowance for loan losses	$	83,797		$	78,774		$	78,268		$	73,775		$	71,506		$	70,318		$	83,797		$	71,506
Net loan charge-offs as a percent of average loans (annualized)	0.04		%	0.11		%	0.06		%	0.08		%	0.10		%	0.25		%	0.07		%	0.17		%

	June 30, 2017		March 31, 2017		Dec 31, 2016		Sep 30, 2016		June 30, 2016
Originated loans	$	8,659,622	$	7,959,769	$	7,458,401	$	6,755,931	$	6,378,934
Acquired loans	5,007,750		5,313,623		5,532,378		5,959,858		1,268,335
Total loans	$	13,667,372	$	13,273,392	$	12,990,779	$	12,715,789	$	7,647,269
Allowance for loan losses as a percent of:
Total originated loans	0.97%		0.99%		1.05%		1.09%		1.12%
Nonperforming loans	164.7%		164.7%		176.5%		178.6%		162.5%
Credit mark as a percent of unpaid principal balance on acquired loans	1.3%		2.8%		3.1%		3.0%		4.1%

14

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Reconciliation of Non-GAAP Financial Measures (Unaudited)

Chemical Financial Corporation

(Amounts in thousands)

	2nd Quarter 2017			1st Quarter 2017			4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			Six Months Ended
																			June 30, 2017			June 30, 2016
Non-GAAP Operating Results
Net Income
Net income, as reported	$	52,014		$	47,604		$	47,168		$	11,484		$	25,775		$	23,605		$	99,618		$	49,380
Transaction expenses	465			4,167			18,016			37,470			3,054			2,594			4,632			5,648
Gain on sales of branch offices	—			—			(7,391		)	—			—			—			—			—
Loan servicing rights change in fair valuation	1,802			519			(6,348		)	1,236			—			—			2,321			—
Significant items	2,267			4,686			4,277			38,706			3,054			2,594			6,953			5,648
Income tax benefit (1)	(793		)	(1,640		)	(1,496		)	(12,785		)	(1,069		)	(908		)	(2,433		)	(1,977		)
Significant items, net of tax	1,474			3,046			2,781			25,921			1,985			1,686			4,520			3,671
Net income, excluding significant items	$	53,488		$	50,650		$	49,949		$	37,405		$	27,760		$	25,291		$	104,138		$	53,051
Diluted Earnings Per Share
Diluted earnings per share, as reported	$	0.73		$	0.67		$	0.66		$	0.23		$	0.67		$	0.60		$	1.39		$	1.28
Effect of significant items, net of tax	0.02			0.04			0.04			0.52			0.05			0.05			0.06			0.10
Diluted earnings per share, excluding significant items	$	0.75		$	0.71		$	0.70		$	0.75		$	0.72		$	0.65		$	1.45		$	1.38
Return on Average Assets
Return on average assets, as reported	1.14		%	1.09%			1.09		%	0.37		%	1.10		%	1.02		%	1.11		%	1.06		%
Effect of significant items, net of tax	0.03			0.07			0.07			0.85			0.09			0.07			0.06			0.08
Return on average assets, excluding significant items	1.17		%	1.16%			1.16		%	1.22		%	1.19		%	1.09		%	1.17		%	1.14		%
Return on Average Shareholders' Equity
Return on average shareholders' equity, as reported	8.0		%	7.4		%	7.4		%	2.9		%	10.0		%	9.3		%	7.7		%	9.6		%
Effect of significant items, net of tax	0.2			0.4			0.4			6.7			0.7			0.6			0.3			0.7
Return on average shareholders' equity, excluding significant items	8.2		%	7.8		%	7.8		%	9.6		%	10.7		%	9.9		%	8.0		%	10.3		%
Return on Average Tangible Shareholders' Equity
Average shareholders' equity	$2,606,517			$2,584,501			$2,564,943			$1,559,668			$1,033,014			$1,017,929			$2,595,567			$1,025,471
Average goodwill, CDI and noncompete agreements, net of tax	1,171,593			1,173,019			1,172,079			601,544			312,033			313,753			1,172,302			312,893
Average tangible shareholders' equity	$1,434,924			$1,411,482			$1,392,864			$958,124			$720,981			$704,176			$1,423,265			$712,578
Return on average tangible shareholders' equity	14.3		%	13.3%			13.4		%	4.8		%	14.3		%	13.4		%	14.0		%	13.9		%
Effect of significant items, net of tax	0.4			0.9			0.8			10.8			1.1			1.0			0.6			1.0
Return on average tangible shareholders' equity, excluding significant items	14.7		%	14.2		%	14.2		%	15.6		%	15.4		%	14.4		%	14.6		%	14.9		%

(1) Assumes transaction expenses and other significant items are deductible at an income tax rate of 35%, except for the impact of estimated nondeductible expenses incurred in periods when the Corporation completes merger and acquisition transactions.

15

Chemical Financial Corporation Announces 2017Second Quarter Operating Results

Reconciliation of Non-GAAP Financial Measures (Unaudited)

Chemical Financial Corporation

(Amounts in thousands, except per share data)

	2nd Quarter 2017			1st Quarter 2017			4th Quarter 2016			3rd Quarter 2016			2nd Quarter 2016			1st Quarter 2016			Six Months Ended
																			June 30, 2017			June 30, 2016
Efficiency Ratio
Net interest income	$	137,948		$	130,097		$	132,447		$	96,809		$	77,495		$	74,330		$	268,045		$	151,825
Noninterest income	41,568			38,010			54,264			27,770			20,897			19,419			79,578			40,316
Total revenue - GAAP	179,516			168,107			186,711			124,579			98,392			93,749			347,623			192,141
Net interest income FTE adjustment	3,169			3,068			2,945			2,426			2,138			2,133			6,237			4,271
Loan servicing rights change in fair value (gains)losses	1,802			519			(6,348		)	1,236			—			—			2,321			—
Gain on sales of branch offices	—			—			(7,391		)	—			—			—			—			—
Gains from sale of investment securities gains and closed branch locations	(77		)	(90		)	(76		)	(301		)	(123		)	(169		)	(167		)	(292		)
Total revenue - Non-GAAP	$	184,410		$	171,604		$	175,841		$	127,940		$	100,407		$	95,713		$	356,014		$	196,120
Operating expenses - GAAP	$	98,237		$	104,196		$	114,302		$	106,144		$	59,085		$	58,887		$	202,433		$	117,972
Transaction expenses	(465		)	(4,167		)	(18,016		)	(37,470		)	(3,054		)	(2,594		)	(4,632		)	(5,648		)
Amortization of intangibles	(1,525		)	(1,513		)	(1,843		)	(1,292		)	(1,195		)	(1,194		)	(3,038		)	(2,389		)
Operating expenses - Non-GAAP	$	96,247		$	98,516		$	94,443		$	67,382		$	54,836		$	55,099		$	194,763		$	109,935
Efficiency ratio - GAAP	54.7		%	62.0		%	61.2		%	85.2		%	60.1		%	62.8		%	58.2		%	61.4		%
Efficiency ratio - adjusted Non-GAAP	52.2		%	57.4		%	53.7		%	52.7		%	54.6		%	57.6		%	54.7		%	56.1		%

	June 30, 2017			March 31, 2017			Dec 31, 2016			Sep 30, 2016			June 30, 2016			March 31, 2016
Tangible Book Value
Shareholders' equity, as reported	$	2,639,442		$	2,600,051		$	2,581,526		$	2,563,666		$	1,050,299		$	1,032,291
Goodwill, CDI and noncompete agreements, net of tax	(1,153,595		)	(1,154,915		)	(1,155,617		)	(1,154,121		)	(297,044		)	(297,821		)
Tangible shareholders' equity	$	1,485,847		$	1,445,136		$	1,425,909		$	1,409,545		$	753,255		$	734,470
Common shares outstanding	71,131			71,118			70,599			70,497			38,267			38,248
Book value per share (shareholders' equity, as reported, divided by common shares outstanding)	$	37.11		$	36.56		$	36.57		$	36.37		$	27.45		$	26.99
Tangible book value per share (tangible shareholders' equity divided by common shares outstanding)	$	20.89		$	20.32		$	20.20		$	19.99		$	19.68		$	19.20
Tangible Shareholders' Equity to Tangible Assets
Total assets, as reported	$	18,781,405		$	17,636,973		$	17,355,179		$	17,383,637		$	9,514,172		$	9,303,632
Goodwill, CDI and noncompete agreements, net of tax	(1,153,595		)	(1,154,915		)	(1,155,617		)	(1,154,121		)	(297,044		)	(297,821		)
Tangible assets	$	17,627,810		$	16,482,058		$	16,199,562		$	16,229,516		$	9,217,128		$	9,005,811
Shareholders' equity to total assets	14.1		%	14.7		%	14.9		%	14.7		%	11.0		%	11.1		%
Tangible shareholders' equity to tangible assets	8.4		%	8.8		%	8.8		%	8.7		%	8.2		%	8.2		%

16

EX-99.2

2017 Second Quarter Earnings Release David T. Provost Chief Executive Officer Thomas C. Shafer Vice Chairman, Chief Executive Officer of Chemical Bank Dennis L. Klaeser EVP and Chief Financial Officer July 25, 2017

This presentation and the accompanying presentation by management may contain 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 ("Chemical"). Words and phrases such as "anticipates," "believes," "continue," "estimates," "expects," "forecasts," "future," "intends," "is likely," "judgment," "look ahead," "look forward," "on schedule," “on track,” "opinion," "opportunity," "plans," "potential," "predicts," "probable," "projects," "should," "strategic," "trend," "will," and variations of such words and phrases or similar expressions are intended to identify such forward-looking statements. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to future improvement of core operating efficiencies, future levels of loan charge-offs, future levels of provisions for loan losses, real estate valuation, future levels of nonperforming assets, the rate of asset dispositions, future capital levels, future dividends, future growth and funding sources, future liquidity levels, future profitability levels, future deposit insurance premiums, future asset levels, the effects on earnings of future changes in interest rates, the future level of other revenue sources, future economic trends and conditions, future initiatives to expand Chemical’s market share, expected performance and cash flows from acquired loans, future effects of new or changed accounting standards, future opportunities for acquisitions, opportunities to increase top line revenues, Chemical’s ability to grow its core franchise, future cost savings, Chemical’s ability to maintain adequate liquidity and capital based on the requirements adopted by the Basel Committee on Banking Supervision and U.S. regulators and future changes in laws and regulations applicable to Chemical and the financial services industry in general. All statements referencing future time periods are forward-looking. Management's determination of the provision and allowance for loan losses; the carrying value of acquired loans, goodwill and mortgage servicing rights; the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment); and management's assumptions concerning pension and other postretirement benefit plans involve judgments that are inherently forward-looking. There can be no assurance that future loan losses will be limited to the amounts estimated. All of the information concerning interest rate sensitivity is forward-looking. The future effect of changes in the financial and credit markets and the national and regional economies on the banking industry, generally, and on Chemical, specifically, are also inherently uncertain. 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 undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. Forward-Looking Statements & Other Information 2

In addition, risk factors include, but are not limited to, the risk factors described in Item 1A of Chemical’s Annual Report on Form 10- K for the year ended December 31, 2016. 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. Non-GAAP Financial Measures This presentation and the accompanying presentation by management contain certain non-GAAP financial disclosures that are not in accordance with U.S. generally accepted accounting principles ("GAAP"). Such non-GAAP financial measures include Chemical’s tangible equity to tangible assets ratio, tangible book value per share, presentation of net interest income and net interest margin on a fully taxable equivalent basis, and information presented excluding significant items, including net income, diluted earnings per share, return on average assets, return on average shareholders’ equity, operating expenses and efficiency ratio. Chemical uses non-GAAP financial measures to provide meaningful, supplemental information regarding its operational results and to enhance investors’ overall understanding of Chemical’s financial performance. The limitations associated with non-GAAP financial measures include the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. These disclosures should not be considered an alternative to Chemical’s GAAP results. See the Appendix included with this presentation for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Forward-Looking Statements & Other Information 3

Q2 2017 Highlights q Diluted earnings per share of $0.73, compared to $0.67 in both the 1st qtr. 2017 and the 2nd qtr. 2016 q Diluted earnings per share, excluding significant items(1) of $0.75; up 6% from 1st qtr. 2017, and up 4% from 2nd qtr. 2016(2) q Return on average assets and return on average shareholders' equity of 1.14% and 8.0%, respectively, in 2nd qtr. 2017 (1.17% and 8.2%, respectively, excluding significant items(1)(2)) q Loan Growth ▪ $394 million in 2nd qtr. 2017 (quarterly organic loan growth 3.3% commercial, 4.8% commercial real estate and 3.3% consumer loans) q Asset quality ratios ▪ Nonperforming loans/total loans of 0.37% at June 30, 2017; up slightly from 0.36% at March 31, 2017, and down from 0.58% at June 30, 2016 ▪ Net loan charge-offs/average loans of 0.04% (1)Significant items include transaction expenses and the change in fair value in loan servicing rights. (2)Denotes a non-GAAP financial measure. Refer to the Appendix for a reconciliation of non-GAAP financial measures. 4

2017 2017 2016 (in thousands except per share data) 2nd Qtr. 1st Qtr. 2nd Qtr. Net interest income $ 137,948 $ 130,097 $ 77,495 Provision for loan losses 6,229 4,050 3,000 Noninterest income 41,568 38,010 20,897 Operating expenses 98,237 104,196 59,085 Operating expenses, excl. transaction expenses(1) 97,772 100,029 56,031 Transaction expenses 465 4,167 3,054 Net income 52,014 47,604 25,775 Net Income, excl. significant items(1) 53,488 50,650 27,760 Diluted EPS 0.73 0.67 0.67 Diluted EPS, excl. significant items(1) 0.75 0.71 0.72 Return on Avg. Assets 1.14% 1.09% 1.10% Return on Avg. Shareholders’ Equity 8.0% 7.4% 10.0% Efficiency Ratio 54.7% 62.0% 60.1% Efficiency Ratio - Adjusted(1) 52.2% 57.4% 54.6% Equity/Total Assets 14.1% 14.7% 11.0% Tangible Equity/Tangible Assets(1) 8.4% 8.8% 8.2% Book Value/Share $ 37.11 $ 36.56 $ 27.45 Tangible Book Value/Share(1) $ 20.89 $ 20.32 $ 19.68 Prior Quarter Comparison ▪ Higher net interest income due to one additional day in Q2 compared to Q1, organic loan growth, higher loan interest accretion and higher average balance of investment securities−partially offset by higher average short-term borrowings ▪ Higher noninterest income due to higher wealth management revenue ▪ Operating expenses reflect decreases in salaries, wages and employee benefits and transaction expenses ▪ Increase in provision for loan losses Prior-Year Quarter Comparison ▪ Impact of merger ▪ Significant increase in net interest income, attributable to Talmer merger and $1.1 billion, or 14.9%, organic growth in total loans during the twelve months ended June 30, 2017 (1)Denotes a non-GAAP financial measure. Refer to the Appendix for a reconciliation of non-GAAP financial measures. Financial Highlights Income Statement Highlights 5 Financial HighlightsFinancial Highlights

2015 Total: $86.8(1); $92.3(2)(3) 2016 Total: $108.0(1); $140.4(2)(3) 2017 (1)Net Income (2)Net Income, excluding significant items. (3)Denotes a non-GAAP financial measure. Please refer to the Appendix for a reconciliation of non-GAAP financial measures. $53.5(2)(3) Net Income Trending Upward ($ Millions, except EPS data) Net Income $0.57(3) Net Income Trending Upward ($ Millions, except EPS data) $60.0 $40.0 $20.0 $0.0 N et In co m e $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 EP S Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $17.8 $19.0 $24.5 $25.5 $23.6 $25.8 $11.5 $47.1 $47.6 $52.0$26.0 $2.8 $3.1 2015 2016 2017 $50.7(2)(3) 6 $27.8(2)(3) Significant items (after-tax) Net Income __ Diluted EPS, excluding significant items (non-GAAP) (3) $0.75(3)

Loan Portfolio Composition ($ Millions) Talmer Merger Aug. 31, 2016 $1,138 $4,882 $6,020 Total Loan Growth, Excluding Talmer Merger, Twelve Months Ended June 30, 2017 7 June 30, 2016 $7,647 Total Loan Growth Twelve Months Ended June 30, 2017 June 30, 2017 $13,667 Growth - Twelve Months Ended June 30, 2017 $1,953 $2,444 $1,494 $1,756 $1,407 $2,327 $1,631 $655 $3,360 $4,771 $3,125 $2,411 $184 $571 $99 $284 $1,223 $1,756 $1,532 $371 n Commercial n CRE/C&D n Residential n Consumer n Commercial n CRE/C&D n Residential n Consumer

2015 - $476 2016 - $837 2017 - $677 $15 $224 $181 $280 $56 $677 $837 $96 $186 Quarterly Loan Growth Trends Loan Growth* ($ Millions) $275 *Excludes the impact of the $4.88 billion of loans acquired in the Talmer merger. $283 8 n Commercial n CRE/C&D n Residential n Consumer $400 $300 $200 $100 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Quarterly Loan Growth Trends Loan Growth - 2016 Total* Loan Growth - 2017 Q1 & Q2 $88 $277 $125 $347 $143 $394 $39 $101 $394

Q2 2017 Q1 2017 2016 Total* Originated Loan Portfolio Commercial $ 195 $ 88 $ 380 CRE/C&D 313 239 594 Residential 89 119 258 Consumer 103 56 418 Total Originated Loan Portfolio Growth $ 700 $ 502 $ 1,650 Acquired Loan Portfolio Commercial $ (88) $ (52) $ (292) CRE/C&D (94) (64) (317) Residential (97) (72) (133) Consumer (27) (31) (71) Total Acquired Loan Portfolio Run-off $ (306) $ (219) $ (813) Total Loan Portfolio Commercial $ 107 $ 36 $ 88 CRE/C&D 219 175 277 Residential (8) 47 125 Consumer 76 25 347 Total Loan Portfolio Growth $ 394 $ 283 $ 837 Loan Growth (Run-off) ($ Millions) Loan Growth* – Originated v. Acquired *Excludes the impact of the $4.88 billion of loans acquired in the Talmer merger. 9 Loan Growth (Run-off) ($ Millions)

(1)Comprised of $898 million of growth in customer deposits offset by a $453 million decrease in brokered deposits. (2)Cost of deposits based on period averages. Total Deposits – June 30, 2016 $7.46 Total Deposits – June 30, 2017 $13.20 Organic $0.4, 6.0%(1) Talmer Merger $5.3 Total Deposits ($ Billions) Deposit Composition (2) 2016 2017 10 Total Deposits ($ Billions) Average Deposits ($ Millions) & Cost of Deposits(2) (%) $3.6 $2.6$4.0 $2.9 $0.1 n Noninterest-bearing Demand Deposits n Interest-bearing Demand Deposits n Savings Deposits n Time Deposits n Brokered Deposits $0.4 $0.7 $1.2 $0.9 $1.3 $1.5 $0.4 $2.0 $1.8$2.1 $1.4 $0.2 Deposits Cost of Deposits $14,000 $9,000 $4,000T ot al Av er ag e D ep os its 0.50% 0.25% 0.00% In te re st R at e Pa id Q1 Q2 Q3 Q4 Q1 Q2 $7,535 $7,528 $9,484 $13,003 $12,999 $13,022 0.22% 0.23% 0.24% 0.27% 0.28% 0.33% $(0.5) $(0.1)

Average Cost of Funds Q2 2017 – 0.44% Average Cost of Funds Q1 2017 – 0.35% $14.9 billion $16.0 billion Average cost of wholesale borrowings – 1.07% Average cost of wholesale borrowings – 1.06% Funding Breakdown ($ Billions) 11 March 31, 2017 June 30, 2017 n Deposits: n Time Deposits n Customer Repurchase Agreements n Wholesale borrowings (at June 30, 2017: brokered deposits - $0.1 billion, short and long term borrowings - $2.5 billion) $10.2 $2.8 $0.4 $1.5 $10.2 $2.9 $0.3 $2.6 Interest and noninterest- bearing, demand, savings, money market

ALL NPLs 2015 2016 2017 Originated Loans ($ billions) $3.3 $3.8 $4.3 $5.0 $5.8 $7.5 $8.7 Acquired Loans ($ billions) 0.5 0.4 0.3 0.7 1.5 5.5 5.0 Total Loans ($ billions) $3.8 $4.2 $4.6 $5.7 $7.3 $13.0 $13.7 ALL $88 $84 $79 $76 $73 $78 $84 ALL/ Originated Loans 2.60% 2.22% 1.81% 1.51% 1.26% 1.05% 0.97% NPLs/ Total Loans 2.05% 1.71% 1.33% 0.89% 0.86% 0.34% 0.37% Credit Mark as a % of Unpaid Principal on Acquired Loans 6.6% 6.0% 7.8% 5.4% 4.4% 3.1% 1.3% Provision for Loan Losses vs. Net Loan Losses Credit Quality ($ Millions, unless otherwise noted) Provision for Loan Losses vs. Net Loan Losses Nonperforming Loans (NPLs) and Allowance for Loan Losses (ALL) Provision for Loan Losses Net Loan Losses $7.0 $3.5 $0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $1.5 $1.5 $1.5 $2.0 $1.5 $3.0 $4.1 $6.3 $4.1 $6.2 $1.9 $1.8 $0.8 $4.3 $4.5 $1.8 $1.8 $1.8 $3.5 $1.2 $120 $60 $0 YE 2011 YE 2012 YE 2013 YE 2014 YE 2015 YE 2016 Q2 2017 $78 $71 $62 $51 $62 $44 $51 $88 $84 $79 $76 $73 $78 $84

Net Interest Margin(1) and Loan Yields Net Interest Margin(1) Purchase Accounting Accretion on Loans Loan Yields Net Interest Income (Quarterly Trend) Net Interest Income, Net Interest Margin and Loan Yields (1)Computed on a fully taxable equivalent basis (non-GAAP) using a federal income tax rate of 35%. Please refer to the Appendix for a reconciliation of non-GAAP financial measures. 13 Quarterly Trend 2016 2017 Net Interest Income $140 $120 $100 $80 $60 $40 $ (M ill io ns ) Q1 Q2 Q3 Q4 Q1 Q2 $74.3 $77.5 $96.8 $132.4 $130.1 $137.9 2016 2017 5.00% 2.50% 0.00% Q1 Q2 Q3 Q4 Q1 Q2 4.13% 4.19% 4.12% 4.18% 4.11% 4.22% 3.60% 3.70% 3.58% 3.56% 3.49% 3.48% 0.03% 0.11% 0.11% 0.14% 0.12% 0.21%

$19.4 $41.6* Quarterly Non-Interest Income * Significant items: $1.8 million detriment due to change in fair value in loan servicing rights in Q2 2017 and a detriment of $0.5 million change in fair value in loan servicing rights in Q1 2017. Q4 2016 included a $6.3 million benefit due to change in fair value of loan servicing rights and a 7.4 million gain on sales of branch offices. $38.0* $20.9 $27.8 14 2016 2017 Other Wealth Management Service Charges Net Gain on Sale of Loans and other Mortgage Banking Revenue $60.0 $30.0 $0.0 $ (M ill io ns ) Q1 Q2 Q3 Q4 Q1 Q2 $7.1 $7.2 $10.1 $25.4 $15.0 $15.9 $5.2 $5.8 $5.6 $6.0 $5.8 $7.0 $5.7 $6.3 $7.7 $8.4 $8.0 $8.8 $1.4 $1.6 $4.4 $14.4 $9.2 $9.9 $54.3*

$56.0(1) $59.1 $56.3(1) $58.9 $68.6(1) $106.1 Quarterly Operating Expenses $104.2 $96.3(1) 15 2016 2017 Other Compensation Occupancy Equipment Transaction Expenses $120.0 $60.0 $0.0 $ (M ill io ns ) Q1 Q2 Q3 Q4 Q1 Q2 $13.1 $12.5 $16.1 $22.3 $23.9 $28.3 $33.9 $33.1 $40.6 $57.7 $60.2 $52.6 $4.9 $5.5 $5.5 $7.6 $7.4 $8.7 $4.4 $4.9 $6.4 $8.7 $8.5 $8.1 $2.6 $3.1 $37.5 $18.0 $4.2 $0.5 $114.3 $100.0(1) $97.7(1) $98.2 (1) Denotes a non-GAAP financial measure. Refer to the Appendix for a reconciliation of non-GAAP financial measures.

Peer Average 12/31/2016(1) CHFC 12/31/2016 CHFC 3/31/2017 CHFC 6/30/2017 Tangible Book Value / Share(2) NA $20.20 $20.32 $20.89 Tangible Common Equity / Tangible Assets(2) 8.1% 8.8% 8.8% 8.4% Tier 1 Capital(3) 10.8% 10.7% 10.6% 10.4% Total Risk-Based Capital(3) 12.6% 11.5% 11.4% 11.1% Capital (1)Source SNL Financial – ASB, WTFC, CBSH, TCB, UMBF, PVTB, MBFI, ONB, FMBI and FFBC (ordered by asset size). (2)Denotes a non-GAAP financial measure. Refer to the Appendix for a reconciliation of non-GAAP financial measures. (3)Estimated at June 30, 2017 16 Tangible Book Value and Capital Ratios Tangible Book Value per Share(2) (TBV) Roll Forward $25 $20 $15 $10 $5 $0 TBV @ June 30, 2016 Net Income (Excl. Transaction Expenses) Dividends Talmer AOCI Adj. & Other TBV @ June 30, 2017 $19.68 $2.78 $(1.08) $(1.04) $0.55 $20.89

q Emphasize our strategy of being the Preeminent Midwest Community Bank q Focus on what will build shareholder value • Organic revenue growth and cost discipline • Concentrate on achieving cost savings • Expand our market presence and product lines where additional value can be created • Rationalization of branch locations Closing Comments 17

Full Year Q2 2017 Q1 2017 Q2 2016 2016 2015 Shareholders’ equity $ 2,639,442 $ 2,600,051 $ 1,050,299 Goodwill, CDI and non-compete agreements, net of tax (1,153,595) (1,154,915) (297,044) Tangible shareholders’ equity $ 1,485,847 $ 1,445,136 $ 753,255 Common shares outstanding 71,131 71,118 38,267 Tangible book value per share $ 20.89 $ 20.32 $ 19.68 Total assets $ 18,781,405 $ 17,636,973 $ 9,514,172 Goodwill, CDI and non-compete agreements, net of tax (1,153,595) (1,154,915) (297,044) Tangible assets $ 17,627,810 $ 16,482,058 $ 9,217,128 Tangible shareholders’ equity to tangible assets 8.4% 8.8% 8.2% Net income $ 52,014 $ 47,604 $ 25,775 $ 108,032 $ 86,830 Significant items, net of tax 1,474 3,046 1,985 32,373 5,484 Net income, excl. significant items $ 53,488 $ 50,650 $ 27,760 $ 140,405 $ 92,314 Diluted earnings per share $ 0.73 $ 0.67 $ 0.67 Effect of significant items, net of tax 0.02 0.04 0.05 Diluted earnings per share, excl. significant items $ 0.75 $ 0.71 $ 0.72 Average assets $ 18,264,699 $ 17,474,019 $ 9,332,398 Return on average assets 1.14% 1.09% 1.10% Effect of significant items, net of tax 0.03% 0.07% 0.09% Return on average assets, excl. significant items 1.17% 1.16% 1.19% Average shareholders’ equity $ 2,606,517 $ 2,584,501 $ 1,033,014 Return on average shareholders’ equity 8.0% 7.4% 10.0% Effect of significant items, net of tax 0.2% 0.4% 0.7% Return on average shareholders’ equity, excl. significant items 8.2% 7.8% 10.7% (Dollars in thousands, except per share data) Appendix: Non-GAAP Reconciliation 18 (Dollars in thousands, except per share data)

Q2 2017 Q1 2017 Q2 2016 Efficiency Ratio: Total revenue – GAAP $ 179,516 $ 168,107 $ 98,392 Net interest income FTE adjustment 3,169 3,068 2,138 Significant items 1,725 429 (123) Total revenue – Non-GAAP $ 184,410 $ 171,604 $ 100,407 Operating expenses – GAAP $ 98,237 $ 104,196 $ 59,085 Transaction expenses (465) (4,167) (3,054) Operating expenses, excluding transaction expenses 97,772 100,029 56,031 Amortization of intangibles (1,525) (1,513) (1,195) Operating expenses – Non-GAAP $ 96,247 $ 98,516 $ 54,836 Efficiency ratio – GAAP 54.7% 62.0% 60.1% Efficiency ratio – adjusted 52.2% 57.4% 54.6% Net Interest Margin: Net interest income – GAAP $ 137,948 $ 130,097 $ 77,495 Adjustments for tax equivalent interest: Loans 814 808 717 Investment securities 2,355 2,260 1,421 Total taxable equivalent adjustments 3,169 3,068 2,138 Net interest income (on a tax equivalent basis) $ 141,117 $ 133,165 $ 79,633 Average interest-earning assets $ 16,228,996 $ 15,395,465 $ 8,636,627 Net interest margin – GAAP 3.41% 3.41% 3.60% Net interest margin (on a tax-equivalent basis) 3.48% 3.49% 3.70% (Dollars in thousands, except per share data) Appendix: Non-GAAP Reconciliation 19 (Dollars in thousands, except per share data)