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CHEMICAL FINANCIAL CORPORATION ANNOUNCES 1992 OPERATING RESULTS

 MIDLAND, Mich., Jan. 18 /PRNewswire/ -- Gilbert A. Currie, chairman of Chemical Financial Corporation (NASDAQ-NMS: CHFC), announced record earnings of $14,979,000 for the year of 1992, a 16.4-percent increase over 1991 earnings of $12,863,000. The year of 1992 marks the 18th consecutive year of increased earnings for the corporation. Net income per share was $2.87, up 14.3 percent from the $2.51 per share earned in 1991. Per-share earnings have been adjusted to reflect the 6-for-5 stock split that was declared on Dec. 21, 1992, payable on Jan. 15, 1993.
 Earnings for the fourth quarter of 1992 were $4,288,000, a 12.3-percent increase over 1991 fourth-quarter earnings of $3,818,000. Fourth-quarter per-share earnings were $0.82, a 10.8-percent increase over 1991 fourth-quarter earnings per share of $0.74, also adjusted for the stock split.
 Return on average assets and return on average equity for the year of 1992 was 1.10 percent and 12.2 percent, respectively, as compared to 0.99 percent and 11.5 percent, respectively, for the year of 1991. The increase in 1992 earnings is primarily attributable to a 10.8-percent increase in the net interest margin, as compared to the previous year.
 Total assets of the corporation at Dec. 31, 1992, were $1.405 billion, up 6.0 percent over the $1.326 billion reported at year- end 1991. Total deposits increased 5.5 percent reaching $1.219 billion and total loans decreased 1.1 percent to $589 million at Dec. 31, 1992, as compared to deposit and loan levels at Dec. 31, 1991. Shareholder equity increased 10.3 percent during 1992, reaching $128 million, or 9.1 percent of total assets at Dec. 31, 1992. During 1992, the corporation charged earnings $690,000 through the provision for possible loan losses, while experiencing net loan recoveries of $8,000 during the year. At Dec. 31, 1992, the Allowance for Loan Losses was $11.7 million, or 1.99 percent of total loans, as compared to $11.0 million or 1.85 percent of total loans at Dec. 31, 1991. Total non-performing loans as of Dec. 31, 1992, were $2.8 million, or 0.48 percent of total loans, as compared to $3.9 million, or 0.65 percent of total loans at Dec. 31, 1991.
 Chemical Financial Corporation is one of the 10 largest bank holding companies in Michigan and the corporation's nine affiliated banks operate 75 "Chemical Bank" offices in 20 counties across the mid-section of Michigan's Lower Peninsula. CFC Data Corp., Midland, is the corporation's wholly owned data processing subsidiary.
 The corporation's common shares are traded in the over-the-counter market and are quoted on the NASDAQ National Market System under the symbol CHFC.
 -0- 1/18/93
 /CONTACT: Aloysius J. Oliver, 517-839-5352, or Lori Gwizdala, 517-839-5358, both of Chemical Financial Corporation/
 (CHFC)


CO: Chemical Financial Corporation ST: Michigan IN: FIN SU: ERN

JG-SM -- DE015 -- 5955 01/18/93 14:49 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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