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CHEMICAL FINANCIAL CORPORATION ANNOUNCES 2ND-QUARTER OPERATING RESULTS

CHEMICAL FINANCIAL CORPORATION ANNOUNCES 2ND-QUARTER OPERATING RESULTS
 MIDLAND, Mich., July 21 /PRNewswire/ -- Gilbert A. Currie, chairman of Chemical Financial Corporation (NASDAQ-NMS: CHFC), reported second- quarter 1992 net income of $3,471,000 which was $423,000 or 13.9 percent, over the $3,048,000 earned in the second quarter of 1991. Net income for the six months ended June 30, 1992, was $7,150,000, up 23.0 percent over the $5,815,000 earned in the comparable 1991 period.
 On a per-share basis, net income for the current quarter was $0.80, a 12.7-percent increase over 1991 second-quarter earnings of $0.71. Per-share earnings for the six months ended June 30, 1992, were $1.65, which represents a 21.3-percent increase over the $1.36 per share earned in the first six months of 1991.
 Increases in 1992 earnings are primarily the result of a higher net interest margin. During the six-month period ended June 30, 1992, the corporation's net interest margin was up $2,987,000 or 12.9 percent over the comparable 1991 period.
 Total assets of Chemical Financial Corporation at June 30, 1992, were $1.349 billion which represents a $63 million, or 4.9-percent increase, over total assets at June 30, 1991. Total deposits increased 4.7 percent and total loans increased 2.6 percent over June 30, 1991, levels, reaching $1.171 billion and $594 million, respectively, at the end of the current quarter. Shareholder equity as of June 30, 1992, was $122 million, or $28.56 per share, and represented 9 percent of total assets. As of June 30, 1992, the allowance for possible loan losses was $11.5 million, or 1.93 percent of total loans, whereas non-performing loans represented .62 percent of total loans. During the first six months of 1992, the corporation provided $397,000 to the allowance for possible loan losses, while crediting $81,000 in net recoveries to the allowance during the period.
 The nine subsidiary banks of Chemical Financial Corporation 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- 7/21/92
 /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


SM -- DE003 -- 1193 07/21/92 10:07 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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