Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2013

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	2013		2012
	(In thousands)
Assets:
Cash at subsidiary bank	$	65,358	$	5,960
Investment securities available-for-sale	—		4,755
Investment in subsidiary bank	625,156		579,448
Premises and equipment	3,902		4,309
Goodwill	1,092		1,092
Other assets	3,309		2,598
Total assets	$	698,817	$	598,162
Liabilities and Shareholders' Equity:
Other liabilities	$	2,317	$	1,821
Shareholders' equity	696,500		596,341
Total liabilities and shareholders' equity	$	698,817	$	598,162

	Years Ended December 31,
Condensed Statements of Income	2013		2012		2011
	(In thousands)
Income:
Cash dividends from subsidiary bank	$	24,488	$	27,550	$	22,000
Other income	390		92		—
Total income	24,878		27,642		22,000
Operating expenses	4,735		3,773		3,350
Income before income taxes and equity in undistributed net income of subsidiary bank	20,143		23,869		18,650
Federal income tax benefit	1,556		1,311		1,171
Equity in undistributed net income of subsidiary bank	35,109		25,828		23,229
Net income	$	56,808	$	51,008	$	43,050

	Years Ended December 31,
Condensed Statements of Cash Flows	2013			2012			2011
	(In thousands)
Operating Activities:
Net income	$	56,808		$	51,008		$	43,050
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	2,854			1,865			1,517
Gain on sale of available-for-sale investment securities	(245		)	—			—
Depreciation of premises and equipment	416			463			456
Equity in undistributed net income of subsidiary bank	(35,109		)	(25,828		)	(23,229		)
Net (increase) decrease in other assets	(711		)	1,033			(975		)
Net increase in other liabilities	563			394			256
Net cash provided by operating activities	24,576			28,935			21,075
Investing Activities:
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	(9		)	(147		)	(365		)
Net cash provided by (used in) investing activities	4,991			(4,902		)	(365		)
Financing Activities:
Cash dividends paid	(24,521		)	(22,566		)	(21,964		)
Proceeds from issuance of common stock, net of issuance costs	53,925			—			—
Proceeds from directors' stock purchase plan and exercise of stock options	806			260			245
Cash paid for payroll taxes upon conversion of restricted stock units	(379		)	(248		)	—
Net cash provided by (used in) financing activities	29,831			(22,554		)	(21,719		)
Net increase (decrease) in cash and cash equivalents	59,398			1,479			(1,009		)
Cash and cash equivalents at beginning of year	5,960			4,481			5,490
Cash and cash equivalents at end of year	$	65,358		$	5,960		$	4,481