MIDLAND, Mich., Oct. 18 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), today announced third quarter 1999
earnings of $6,931,000, an increase of 6.2% over 1998 third quarter net income
of $6,529,000. Earnings per share for the third quarter of 1999 were $0.51,
up 6.3% over per share earnings of $0.48 for the third quarter of 1998.
For the nine month period ended September 30, 1999, the Corporation had
net income of $20,096,000, a $1,609,000, or 8.7%, increase over net income of
$18,487,000 for the first nine months of 1998. Earnings per share for the
first nine months of 1999 were $1.48, an increase of 8.8% over per share
earnings of $1.36 for the first nine months of 1998.
The increase in 1999 third quarter earnings, as compared to the third
quarter of 1998, was primarily attributable to a $600,000 increase in net
interest income. The overall success of the Corporation's efforts to increase
its loan portfolio resulted in a 12.8% growth in outstanding loans during the
twelve months ending September 30, 1999. Other income and total operating
expenses during the current quarter were relatively unchanged from the third
quarter of 1998.
The Corporation's return on average assets for the nine month period
ending September 30, 1999 was 1.43%, as compared to 1.38% for the first nine
months of 1998.
Total assets of the Corporation at September 30, 1999 were $1.91 billion,
up 5.2% over total assets of $1.82 billion at September 30, 1998. Total
deposits at September 30, 1999 were $1.56 billion, an increase of 3.7% over
total deposits of $1.50 billion at the end of the first nine months of 1998.
Total outstanding loans were $1.01 billion as of September 30, 1999, up 12.8%
over total loans of $891 million at September 30, 1998.
Shareholder equity at September 30, 1999 was $247.6 million, or $18.39 per
share, and represented 13% of total assets at the current quarter end.
Year 2000 Readiness Disclosure: Chemical Financial Corporation and its
Affiliates have placed a high priority in preparing systems and business
operations for the Year 2000 and are now ready for the Millennium date change.
The Corporation has completed integration testing of the interfaces between
its own systems and those of its customers, business partners and external
providers. As part of its normal contingency planning process, the
Corporation has developed and tested comprehensive Year 2000 contingency plans
to manage circumstances beyond its direct control.
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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CONTACT:
Aloysius J. Oliver, 517-839-5352, or Lori A.
Gwizdala, 517-839-5358, both of Chemical Financial Corporation
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