MIDLAND, Mich., Jan. 18 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), today announced net income of $7,613,000
for the fourth quarter of 1999, an increase of .7% over 1998 fourth quarter
net income of $7,559,000. Earnings per share for the fourth quarter of 1999
were $0.53, up 1.9% over the $0.52 per share earned in the fourth quarter of
1998. The modest fourth quarter 1999 earnings increase, as compared to the
fourth quarter of 1998, was due primarily to increases in non-interest income,
which were largely offset by a decrease in gains on the sale of residential
mortgages in the secondary market. Net interest income was approximately the
same between the two time periods.
For the year ended December 31, 1999, the Corporation had net income of
$27,709,000, an increase of 6.4% over 1998 net income of $26,046,000. For the
year of 1999, net income per share was $1.94, up 6.6% over 1998 earnings per
share of $1.82. The increase in earnings for the year of 1999, as compared to
1998, resulted from a 3.3% increase in net interest income, a 2.5% increase in
non-interest income and by holding total operating expenses to an increase of
only 1.4% during the year.
The Corporation declared a 5% stock dividend payable on January 21, 2000
to shareholders of record on January 7, 2000. All per share amounts included
herein have been adjusted for this stock dividend.
The Corporation's return on average assets for the three and twelve months
ended December 31, 1999 was 1.59% and 1.47%, respectively, as compared to
1.63% and 1.44%, respectively, during the same periods in 1998.
Total assets of the Corporation at December 31, 1999 were $1.89 billion, a
.9% increase over 1998 year-end total assets of $1.87 billion. Total deposits
at December 31, 1999 were $1.562 billion, as compared to total deposits of
$1.554 billion at year-end 1998. Total loans increased to a new high of $1.01
billion at December 31, 1999 which represented a 12.3% increase over total
loans of $898 million at year-end 1998.
During 1999, the Corporation's provision for possible loan losses was
$483,000, while net loan charge-offs were $364,000. At December 31, 1999, the
allowance for possible loan losses totaled $18.2 million and represented 1.80%
of total outstanding loans. Non-performing loans at year-end 1999 represented
0.33% of total loans.
Shareholder equity increased 3.2% during the year of 1999, reaching $249.6
million, or $17.71 per share, at December 31, 1999. At year-end 1999,
shareholder equity represented 13.2% of total assets.
Chemical Financial Corporation is one of the ten largest bank holding
companies in Michigan. The Company's ten Subsidiary Banks operate 87
"Chemical Bank" offices in 24 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.
SOURCE Chemical Financial Corporation
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http://www.prnewswire.com/comp/157448.html or fax,
800-758-5804, ext. 157448
CONTACT:
Aloysius J. Oliver, 517-839-5352, or Lori A.
Gwizdala, 517-839-5358, both of Chemical Financial Corporation
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