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CHEMICAL FINANCIAL CORPORATION ANNOUNCES FIRST-QUARTER OPERATING RESULTS

CHEMICAL FINANCIAL CORPORATION ANNOUNCES FIRST-QUARTER OPERATING RESULTS
 MIDLAND, Mich., April 21 /PRNewswire/ -- Gilbert A. Currie, chairman of Chemical Financial Corporation (NASDAQ-NMS: CHFC), today announced the company's first-quarter operating results.
 Net income for the first quarter of 1992 was $3,679,000, up $912,000 or 33.0 percent over the $2,767,000 earned in the first quarter of 1991. Earnings per share for the first quarter of 1992 were $.85, an increase of 30.8 percent over the $.65 (as adjusted for a stock split, effected in the form of a 25-percent stock dividend paid Jan. 24, 1992) earned in the first quarter of 1991.
 The 1992 first-quarter earnings increase was primarily achieved through an increase in the net interest margin. Also, first-quarter earnings included a one-time after tax gain of $273,000 on the sale of investment securities that were scheduled to mature later in 1992.
 At March 31, 1992, total assets of the corporation were $1.370 billion, up 6.6 percent or $85 million, over the $1.285 billion reported one year earlier. Total deposits increased 6.3 percent and total loans increased 2.6 percent over March 31, 1991, levels, reaching $1.194 billion and $588 million, respectively, at the end of the current quarter. During the first three months of 1992, the corporation provided $202,000 to the allowance for possible loan losses, while experiencing net recoveries of $36,000 during the quarter. At March 31, 1992, the allowance for possible loan loss account reflected a balance of $11.2 million, represented 1.91 percent of total loans, and was 3.05 times total non-performing loans.
 The 10 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 company's wholly owned data processing subsidiary.
 The company'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- 4/21/92
 /CONTACT: Aloysius J. Oliver, 517-839-5352, or Lori Gwizdala, 517-839-5358, both Chemical Financial Corporation/
 (CHFC) CO: Chemical Financial Corporation ST: Michigan IN: FIN SU: ERN


SB -- DE011 -- 0566 04/21/92 11:13 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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