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CHEMICAL FINANCIAL CORPORATION ANNOUNCES 2ND-QUARTER OPERATING RESULTS

 MIDLAND, Mich., July 19 /PRNewswire/ -- Gilbert A. Currie, chairman of Chemical Financial Corporation (NASDAQ-NMS: CHFC), announced that net income for the second quarter of 1993 was $3,866,000, an increase of 11.4 percent over the $3,471,000 earned in the second quarter of 1992. Net operating income for the six months ended June 30, 1993, was $7,739,000, up 8.2 percent over the $7,150,000 earned during the first six months of 1992. Total net income (including the nonrecurring net gain of $2 million recorded in the first quarter of 1993 for the cumulative effect of the Jan. 1, 1993, adoption of two Financial Accounting Standards, Statements 106 and 109) for the six-month period ending June 30, 1993, was $9,739,000.
 Net operating income per share for the three- and six-month periods ended June 30, 1993, was $0.73 and $1.46, respectively, as compared to $0.67 and $1.38, respectively, for the three- and six-month periods ended June 30, 1992. Total per-share earnings for the first six months of 1993 were $1.84/share.
 Total assets of the corporation at June 30, 1993, were $1.408 billion, up 4.4 percent over the $1.349 billion reported at June 30, 1992. Total deposits increased 3.1 percent reaching $1.208 billion and total loans increased 1.0 percent to $600 million at June 30, 1993, as compared to deposit and loan levels of $1.171 billion and $594 million, respectively, at June 30, 1992. Shareholder equity increased 11.9 percent during the latest 12 months, reaching $136.4 million, or $26.28 per share, at June 30, 1993. During the first six months of 1993, the corporation provided $420,000 to the Allowance for Loan Losses (the "Allowance") and credited net recoveries in the amount of $44,000 to the Allowance during the period. At June 30, 1993, the Allowance totaled $12.1 million and represented 2.03 percent of total loans and was approximately four times non-performing loans as of the same date.
 Currie reported that the corporation's plans to complete the previously announced acquisition of Key State Bank, Owosso, Mich., are proceeding. Regulatory applications, including the Securities and Exchange Commission registration statement, have been filed. Subject to the receipt of all regulatory approvals and the approval of the shareholders of Key State Bank, the corporation expects to complete the transaction in the fourth quarter of 1993.
 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.
 Chemical Financial Corporation common stock trades on the NASDAQ stock market under the symbol CHFC.
 -0- 7/19/93
 /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

SB-ML -- DE022 -- 3160 07/19/93 14:46 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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