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Chemical Financial Corporation Reports Third Quarter 2012 Results

Stocks in this article: CHFC

MIDLAND, Mich., Oct. 22, 2012 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2012 third quarter net income of $13.1 million, or $0.48 per diluted share, compared to 2012 second quarter net income of $13.9 million, or $0.50 per diluted share, and 2011 third quarter net income of $11.6 million, or $0.42 per diluted share. For the nine months ended September 30, 2012, net income was $39.3 million, or $1.43 per diluted share, compared to net income for the nine months ended September 30, 2011 of $31.8 million, or $1.16 per diluted share.

"Despite uneven economic conditions, Chemical Financial continues to post strong operating performance and stable financial results. Furthermore, we are making substantial progress working through our nonperforming loans and other real estate (ORE) portfolio, while controlling costs. As a result, our key credit quality and financial performance metrics continue to improve," said David B. Ramaker, Chairman, Chief Executive Officer and President of the Corporation.

"Our strong financial condition favorably positions us to pursue organic and acquisitive growth opportunities, as evidenced by our pending acquisition of 21 branch offices from Independent Bank, which has received regulatory approval and is expected to close in the fourth quarter of 2012. We will selectively assess other potential growth opportunities that arise as we expect Michigan's banking industry to continue to consolidate," said Ramaker.

The decrease in net income in the third quarter of 2012 from the second quarter of 2012 of $0.8 million, or 5.5 percent, was primarily attributable to a decrease of $1.2 million in noninterest income that was largely due to the receipt of nonrecurring noninterest income of $0.8 million in the second quarter of 2012. While net interest income was $0.5 million higher in the third quarter of 2012 than in the second quarter of 2012, the increase in net interest income was offset by $0.5 million increases in both the provision for loan losses and operating expenses in the third quarter of 2012, as compared to the second quarter of 2012.

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