MIDLAND, Mich., Oct. 16 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), today announced third quarter 2000
earnings of $7,217,000, an increase of 4.1% over 1999 third quarter net income
of $6,931,000. Earnings per share for the third quarter of 2000 were $0.51,
up 4.1% over per share earnings of $0.49 for the third quarter of 1999.
For the nine month period ended September 30, 2000, the Corporation had
net income of $21,175,000, a $1,079,000, or 5.4%, increase over net income of
$20,096,000 for the first nine months of 1999. Earnings per share for the
first nine months of 2000 were $1.50, an increase of 6.4% over per share
earnings of $1.41 for the first nine months of 1999.
The increase in 2000 third quarter earnings, as compared to the third
quarter of 1999, was primarily attributable to a 2.2% increase in net interest
income and an 11.3% increase in noninterest income. Total operating expenses
increased 3.8% in the current quarter, as compared to the third quarter of
1999.
The Corporation's return on average assets for the nine month period
ending September 30, 2000 was 1.46%, as compared to 1.43% for the first nine
months of 1999.
Total assets of the Corporation at September 30, 2000 were $1.98 billion,
up 3.5% over total assets of $1.91 billion at September 30, 1999. Total
deposits at September 30, 2000 were $1.62 billion, an increase of 4% over
total deposits of $1.56 billion at the end of the first nine months of 1999.
Total outstanding loans were $1.07 billion as of September 30, 2000, up 6.2%
over total loans of $1.01 billion at September 30, 1999. At September 30,
2000, the allowance for loan losses was $18.26 million and represented 1.71%
of total outstanding loans. Nonperforming loans at quarter end were .17% of
total loans outstanding.
Shareholder equity at September 30, 2000 was $260.5 million, or $18.61 per
share, and represented 13.2% of total assets at the current quarter end.
On August 21, 2000, the Corporation signed a definitive agreement to merge
with Shoreline Financial Corporation of Benton Harbor, MI. The merger is
expected to be completed during the first quarter of 2001. In addition, on
October 6, 2000, the Corporation announced the consolidation of nine of its
ten existing subsidiary banks into two subsidiary banks, Chemical Bank and
Trust Company, Midland; and Chemical Bank West, Cadillac. This consolidation
will be completed in early 2001.
Chemical Financial Corporation is one of the ten largest bank holding
companies in Michigan. The Company's 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
 back to top
Company News On-Call:
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
|
