MIDLAND, Mich., April 17 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), today announced first quarter 2000 net
income of $6,796,000, an increase of 5% over 1999 first quarter net income of
$6,471,000. Earnings per share for the first quarter of 2000 were $0.48, up
6.7% over per share earnings of $0.45 for the first quarter of 1999.
The increase in 2000 first quarter earnings, as compared to the first
quarter of 1999, was attributable to an increase in net interest income and to
lower provisions for loan losses.
The Corporation's return on average assets for the three months ended
March 31, 2000 was 1.43%, as compared to 1.40% for the first quarter of 1999.
Total assets of the Corporation at March 31, 2000 were $1.95 billion, up
2.7% over the $1.90 billion in total assets reported at March 31, 1999. Total
deposits at March 31, 2000 were $1.63 billion, up 3.2% over total deposits of
$1.58 billion at March 31, 1999. Total loans increased 9.6% during the latest
twelve months, from $919 million at March 31, 1999, to $1.0 billion in
outstanding loans at March 31, 2000.
During the first quarter of 2000, the Corporation provided $66,000 to the
allowance for loan losses, while charging net losses of $47,000 against the
allowance during the period. Nonperforming loans declined to $2.2 million, or
.22% of total loans as of March 31, 2000, as compared to nonperforming loans
of $2.95 million, or .32% of total loans at March 31, 1999.
Shareholder equity at March 31, 2000 was $251.7 million, or $17.89 per
share, and represented 12.9% of total assets at the current quarter end.
On March 24, 2000, the Corporation completed the acquisition of two branch
banking offices in Evart and Morrice, Michigan from Old Kent Bank. The
branches had total deposits of approximately $25 million as of this date. The
office in Evart became a branch office of Chemical Bank Central, Big Rapids,
MI, and the Morrice Office became a branch of Chemical Bank Key State, Owosso,
MI.
Chemical Financial Corporation is one of the ten largest bank holding
companies in Michigan. The Company's ten Subsidiary Banks operate 88
"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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CONTACT:
Aloysius J. Oliver, 517-839-5352, or Lori A.
Gwizdala, 517-839-5358, both of Chemical Financial Corporation
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