MIDLAND, Mich., July 17 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), today announced second quarter 2000 net
income of $7,162,000, an increase of $468,000, or 7%, over 1999 second quarter
net income of $6,694,000. Earnings per share for the second quarter of 2000
were $0.51, up 8.5% over per share earnings of $0.47 for the second quarter of
1999.
For the six month period ended June 30, 2000, the Corporation's net income
was $13,958,000, an increase of $793,000, or 6%, over net income of
$13,165,000 for the first six months of 1999. Earnings per share for the
first six months of 2000 were $0.99, an increase of 7.6% over per share
earnings of $0.92 for the first six months of 1999.
Earnings in the second quarter of 2000, as compared to the second quarter
of 1999, were positively impacted by a 3.3% increase in net interest income
and a 12.5% increase in noninterest income. Operating expenses in the current
quarter were up 2.7% as compared to the second quarter of 1999.
The Corporation's return on average assets was 1.49% and 1.46% for the
three and six months ended June 30, 2000, respectively, as compared to 1.42%
and 1.41% for the three and six months ended June 30, 1999, respectively.
Total assets of the Corporation at June 30, 2000 were $1.932 billion, up
3.6% over total assets, of $1.865 billion at June 30, 1999. Total deposits at
June 30, 2000 were $1.589 billion, a 3.1% increase over total deposits of
$1.541 billion at the end of the first six months of 1999. Total outstanding
loans increased 7.2% during the latest twelve months, from $971 million at
June 30, 1999 to $1.042 billion at June 30, 2000.
Shareholder equity at June 30, 2000 was $254.9 million, or $18.19 per
share, and represented 13.2% of total assets at the current quarter end.
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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