Printer Friendly

CHEMICAL FINANCIAL CORPORATION ANNOUNCES 3rd-QUARTER OPERATING RESULTS

CHEMICAL FINANCIAL CORPORATION ANNOUNCES 3rd-QUARTER OPERATING RESULTS
 MIDLAND, Mich., Oct. 19 /PRNewswire/ -- Gilbert A. Currie, chairman of Chemical Financial Corporation (NASDAQ-NMS: CHFC), reported third- quarter 1992 net income of $3,541,000 which was $311,000, or 9.6 percent, over the $3,230,000 earned in the third quarter of 1991. Net income for the nine months ended Sept. 30, 1992, was $10,691,000, up 18.2 percent over the $9,045,000 earned in the comparable 1991 period. On a per-share basis, net income for the current quarter was $0.81, a 6.6-percent increase over 1991 third-quarter earnings of $0.76. Per- share earnings for the nine months ended Sept. 30, 1992, were $2.46, which represents a 16.0-percent increase over the $2.12 per share earned in the first nine months of 1991.
 Higher 1992 earnings continue to be the result of an increase in the net interest margin. During the nine months ended Sept. 30, 1992, the corporation's net interest margin was up $3,873,000, or 10.9 percent, over the comparable 1991 period.
 Total assets of Chemical Financial Corporation at Sept. 30, 1992, were $1.364 billion, up $13 million, over total assets of $1.351 billion reported at Sept. 30, 1991. Total deposits and loans at Sept. 30, 1992, were $1.184 billion and $590 million, respectively, as compared to $1.182 billion and $603 million, respectively, at Sept. 30, 1991. Shareholder equity increased $11.4 million, or 10.1 percent, during the latest 12 months, reaching $125 million ($29.08 per share) at Sept. 30, 1992. As of Sept. 30, 1992, the allowance for possible loan losses was $11.6 million, or 1.97 percent of total loans, whereas non-performing loans represented 0.59 percent of total loans. During the first nine months of 1992, the corporation provided $538,000 to the allowance for possible loan losses, while adding $103,000 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- 10/19/92
 /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


DH -- DE026 -- 1694 10/19/92 14:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1992
Words:427
Previous Article:KNOWLEDGEWARE ACQUIRES COMPUTER & ENGINEERING CONSULTANTS, LTD.
Next Article:MERRILL LYNCH BUSINESS BROKERAGE AND VALUATION SAYS NUMBER OF MERGERS AND ACQUISITIONS ANNOUNCED IN THE 1992 THIRD QUARTER UP 36 PERCENT
Topics:


Related Articles
CHEMICAL FINANCIAL CORPORATION ANNOUNCES 1991 OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES 2ND-QUARTER OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES FIRST-QUARTER OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES 2ND-QUARTER OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES THIRD-QUARTER OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER 1994 OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES INCREASE IN THIRD QUARTER OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES 1994 OPERATING RESULTS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER 1995 OPERATING RESULTS
OUTSTANDING THIRD QUARTER RESULTS FOR ALLEGIANCE BANC CORPORATION; LOCAL BANK NETWORK SERVES BUSINESSES, PROFESSIONAL FIRMS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters