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CHEMICAL FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER 1994 OPERATING RESULTS

 MIDLAND, Mich., April 18 /PRNewswire/ -- Gilbert A. Currie, Chairman of Chemical Financial Corporation (NASDAQ: CHFC), announced net operating income of $4,054,000 for the first quarter of 1994, a decrease of 5.5% from first quarter 1993 operating earnings of $4,292,000. Total net income in the first quarter of 1993 was $6,292,000, which included a nonrecurring net gain of $2 million for the adoption of Financial Accounting Standards Statements Nos. 106 and 109. First quarter 1994 operating earnings per share were $0.66, a 5.7% decrease from operating earnings per share of $0.70 in the first quarter of 1993. Total earnings per share in the first quarter of 1993, including the $2 million nonrecurring net gain, were $1.02 per share.
 The reduction in 1994 first quarter operating earnings, as compared to the first quarter of 1993, is primarily attributable to a decrease in net interest income and a decrease in securities gains recorded between the two time periods. Return on average assets and return on average equity for the first quarter of 1994 were 1.03% and 10.4%, respectively, as compared to return on average assets of 1.63% (1.11% on operating income) and return on average equity of 17.6% (12.0% on operating income), respectively, for the first quarter of 1993.
 Total assets of the Corporation at March 31, 1994 were $1.619 billion, up 2.8% over the $1.575 billion reported at March 31, 1993. Total deposits increased 2.2%, from $1.366 billion at March 31, 1993, to $1.396 billion at March 31, 1994. Total loans outstanding at March 31, 1994 were $719 million, up 2.3% over the $702 million of outstanding loans at March 31, 1993. Shareholder equity increased 7.3% during the latest twelve months, reaching $157.2 million at March 31, 1994, as compared to $146.6 million at March 31, 1993. During the first quarter of 1994, the Corporation charged earnings $264,000 for possible loan losses, while experiencing net loan charge-offs of $17,000 during the quarter. At March 31, 1994, the Corporation's allowance for possible loan losses totaled $14.6 million and represented 2.04% of total outstanding loans. Non-performing loans at March 31, 1994 were $3.0 million and represented 0.41% of total outstanding loans.
 Chemical Financial Corporation is one of the ten largest bank holding companies in Michigan, and the Company's ten Subsidiary Banks operate 84 "Chemical Bank" offices in 23 counties across the mid-section of Michigan's lower peninsula. CFC Data Corp., Midland, is the Company's wholly owned data processing subsidiary.
 Chemical Financial Corporation common stock trades on the NASDAQ Stock Market under the symbol CHFC.
 -0- 4/18/94
 /CONTACT: Aloysius J. Oliver, 517-839-5352, or Lori Gwizdala, 517-839-5358, both of Chemical Financial/
 (CHFC)


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

KE -- DE021 -- 8827 04/18/94 13:22 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
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