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Chemical Financial Corporation Reports Third Quarter Of 2013 Results

MIDLAND, Mich., Oct. 28, 2013 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2013 third quarter net income of $15.0 million, or $0.53 per diluted share, compared to 2013 second quarter net income of $14.2 million, or $0.51 per diluted share, and 2012 third quarter net income of $13.1 million, or $0.48 per diluted share. For the nine months ended September 30, 2013, net income was $42.4 million, or $1.53 per diluted share, an increase of 7.0% on a diluted per share basis compared to net income for the nine months ended September 30, 2012 of $39.3 million, or $1.43 per diluted share.

As previously announced, on September 18, 2013 the Corporation completed an underwritten public offering of 2,213,750 shares of its common stock, including 288,750 shares of common stock that were issued and sold upon the exercise in full of the underwriters' over-allotment option, at a price of $26.00 per share to the public. After the underwriting discount and other offering related expenses, the Corporation netted proceeds of approximately $54 million from the offering. The Corporation intends to use the net proceeds from the offering for general corporate purposes, which may include funding loan growth and long-term strategic opportunities that may arise in the future.

"Strong loan growth and cost discipline drove another solid earnings performance in the third quarter, with net income up over 5% from last quarter and over 14% from the third quarter of 2012. We are experiencing broad-based loan growth across all portfolio segments, attributable to a gradually improving economy and competitive gains, as we have continued to solidify Chemical Bank's position as the financial institution of choice in the Michigan markets we serve. At the same time, asset quality continues to improve, and is reflected in lower credit-related costs, lower charge-offs, and improving portfolio metrics," said David B. Ramaker, Chairman, Chief Executive Officer and President. "We were pleased by the market's reception to our recently completed public stock offering and will continue to prudently deploy the Corporation's capital on behalf of our shareholders. To that end, we continue to believe we are well positioned to take advantage of consolidation in Michigan's banking industry," Ramaker added.

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