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CHEMICAL FINANCIAL CORPORATION ANNOUNCES 1991 OPERATING RESULTS

 CHEMICAL FINANCIAL CORPORATION ANNOUNCES 1991 OPERATING RESULTS
 MIDLAND, Mich., Jan. 20 /PRNewswire/ -- Gilbert A. Currie, chairman of Chemical Financial Corporation (NASDAQ-NMS: CHFC), reported net income for the year of 1991 of $12,863,000, an $822,000, or 6.8-percent increase over 1990 earnings of $12,041,000. Earnings for the fourth quarter of 1991 were $3,818,000, an 8.1-percent increase over 1990 fourth-quarter earnings of $3,531,000.
 Per-share earnings for 1991 were $3.01, up 6.7 percent over the $2.82 per share earned in 1990. Per-share earnings have been restated to reflect the split effected in the form of a 25-percent stock dividend declared on Dec. 16, 1991, which will be payable on Jan. 24, 1992. Fourth-quarter 1991 earnings per share were $0.89, an 8.5-percent increase over 1990 fourth-quarter earnings per share of $0.82, as adjusted for the stock dividend. 1991 marks the 17th consecutive year of increased earnings for the corporation.
 Return on average assets and return on average equity for 1991 were 0.99 percent and 11.5 percent, respectively, as compared to 0.95 percent and 11.7 percent for the year of 1990. Net interest margins increased during 1991 by $3.4 million, or 7.7 percent, due in part to a $23 million increase in the loan portfolio.
 Total assets of the corporation at Dec. 31, 1991, were $1.326 billion, up 3.7 percent over the $1.278 billion reported at the end of 1990. Total deposits increased 4 percent and total loans increased 4 percent over Dec. 31, 1990, levels, reaching $1.155 billion and $596 million, respectively, as of year-end 1991. Shareholder equity increased 8.8 percent during 1991 reaching $116 million, or 8.8 percent of total assets at Dec. 31, 1991. At year-end 1991, the corporation's allowance for loan loss account reflected a balance of $11 million, and represented 1.85 percent of total outstanding loans. During 1991, the corporation provided $853,000 from earnings to the allowance for loan losses, while charging $290,000 in net losses against the allowance during the year.
 Chemical Financial Corporation is one of the 10 largest bank holding companies in Michigan, and the corporation's 10 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- 1/20/92
 /CONTACT: Aloysius J. Oliver of Chemical Financial, 517-839-5352/
 (CHFC) CO: Chemical Financial Corporation ST: Michigan IN: FIN SU: ERN


ML-SB -- DE010 -- 1484 01/20/92 15:06 EST
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Publication:PR Newswire
Date:Jan 20, 1992
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