Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Condensed Statement of Financial Position

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

Condensed Statements of Financial Position

	December 31,
(Dollars in thousands)	2017		2016
Assets
Cash at subsidiary bank	$	5,761	$	16,851
Investment in subsidiaries	2,673,858		2,654,458
Premises and equipment	3,931		4,051
Goodwill	1,092		1,092
Deferred tax asset	7,203		30,715
Other assets	31,459		32,869
Total assets	$	2,723,304	$	2,740,036
Liabilities
Other liabilities	$	18,877	$	18,345
Non-revolving line-of-credit	19,963		124,625
Subordinated debentures	15,715		15,540
Total liabilities	54,555		158,510
Shareholders' equity	2,668,749		2,581,526
Total liabilities and shareholders' equity	$	2,723,304	$	2,740,036

Parent Company Condensed Statement of Income

Condensed Statements of Income

	Years Ended December 31,
(Dollars in thousands)	2017			2016		2015
Income
Cash dividends from subsidiaries	$	165,000		$	110,450	$	56,860
Other income	921			151		144
Total income	165,921			110,601		57,004
Expenses
Interest expense	3,076			1,816		761
Operating expenses	23,298			30,589		7,794
Total expenses	26,374			32,405		8,555
Income before income taxes and equity in undistributed net income of subsidiaries	139,547			78,196		48,449
Income tax benefit	12,670			11,378		2,582
Equity in undistributed net (loss) income of subsidiaries	(2,694		)	18,458		35,799
Net income	$	149,523		$	108,032	$	86,830

Parent Company Condensed Statement of Cash Flows

Condensed Statements of Cash Flows

	Years Ended December 31,
(Dollars in thousands)	2017			2016			2015
Cash Flows From Operating Activities
Net income	$	149,523		$	108,032		$	86,830
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	17,346			13,452			3,478
Depreciation of premises and equipment	408			355			318
Equity in undistributed net loss (income) of subsidiaries	2,694			(18,458		)	(35,799		)
Net decrease in other assets	1,410			9,752			2,873
Net increase (decrease) in other liabilities	25,178			(11,830		)	(19,033		)
Net cash provided by operating activities	196,559			101,303			38,667
Cash Flows From Investing Activities
Cash paid, net of cash assumed, in business combinations	—			(107,622		)	(45,267		)
Purchases of premises and equipment, net	(288		)	(774		)	(320		)
Net cash used in investing activities	(288		)	(108,396		)	(45,587		)
Cash Flows From Financing Activities
Cash dividends paid	(78,498		)	(49,389		)	(36,918		)
Proceeds from issuance of common stock, net of issuance costs	—			—			—
Repayment of subordinated debt obligations	—			(18,558		)	—
Repayments of other borrowings	(105,000		)	(62,500		)	—
Proceeds from issuance of other borrowings	—			125,000			25,000
Proceeds from directors' stock purchase plan and exercise of stock options	3,991			1,572			2,473
Cash paid for payroll taxes upon conversion of restricted stock units	(27,854		)	(1,065		)	(571		)
Net cash used in financing activities	(207,361		)	(4,940		)	(10,016		)
Net decrease in cash and cash equivalents	(11,090		)	(12,033		)	(16,936		)
Cash and cash equivalents at beginning of year	16,851			28,884			45,820
Cash and cash equivalents at end of year	$	5,761		$	16,851		$	28,884
Business combinations:
Fair value of assets acquired (noncash)	$	—		$	46,898		$	10,304
Liabilities assumed	—			58,309			42,019
Common stock and stock options issued	—			1,504,811			159,904