8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (date of earliest event reported):
April 21, 2003

Chemical Financial Corporation
(Exact Name of Registrant as
Specified in its Charter)

Michigan (State or Other Jurisdiction of Incorporation)	000-08185 (Commission File Number)	38-2022454 (IRS Employer Identification No.)
333 E. Main Street Midland, Michigan (Address of Principal Executive Offices)		48640 (Zip Code)
(989) 839-5350 (Registrant's Telephone Number, Including Area Code)

Item 7.          Financial Statements and Exhibits.

(c)	Exhibits:
	99.1	Press Release dated April 21, 2003

Item 9.          Regulation FD Disclosure.

                    In accordance with Securities and Exchange Commission Release No. 34-47583, the following information, which is intended to be furnished under Item 12, "Results of Operations and Financial Condition," is instead being furnished under Item 9, "Regulation FD Disclosure."

                    On April 21, 2003, Chemical Financial Corporation issued the press release attached as Exhibit 99.1 to this Form 8-K, which is here incorporated by reference. This Report and the Exhibit are furnished to, and not filed with, the Commission.

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SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	April 21, 2003	CHEMICAL FINANCIAL CORPORATION (Registrant)
		By:	/s/Lori A. Gwizdala
			Lori A. Gwizdala Executive Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit No             Document

99.1                           Press Release dated April 21, 2003

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EX-99.1

EXHIBIT 99.1

PRESS RELEASE

NASDAQ:	CHFC
FOR RELEASE:	IMMEDIATE
DATE:	April 21, 2003
CONTACT:	David B. Ramaker President & CEO Chemical Financial Corporation 989/839-5269
	Lori A. Gwizdala Executive Vice President & Chief Financial Officer Chemical Financial Corporation 989/839-5358

CHEMICAL FINANCIAL CORPORATION
ANNOUNCES
FIRST QUARTER OPERATING RESULTS

          Midland, Michigan - Aloysius J. Oliver, Chairman of Chemical Financial Corporation, today announced first quarter net income of $14.0 million or $.59 per diluted share, up $.3 million as compared with net income of $13.7 million, or $.58 per diluted share for the first quarter of 2002. This represents an increase of 1.7% in earnings per share and a 2.2% increase in net income for the first quarter 2003. The returns on average assets and average equity during the first quarter of 2003 were 1.59% and 13.1%, respectively, as compared with 1.57% and 14.1%, respectively, for the first quarter of 2002.

          Net interest income decreased $1.1 million, or 3.0%, to $35.1 million in the first quarter of 2003, as compared to the first quarter 2002. The decrease, in part, was due to the low interest rate environment and the decrease in the yield on our earning assets which is outpacing the decrease in our cost of funds. The Corporation's earnings were positively affected by an increase in noninterest income of $.6 million, or 7.4%. This increase was primarily due to higher service charge income of $1.3 million. A reduction in operating expenses of $.7 million, or 2.8%, also had a positive effect on earnings.

PRESS RELEASE

April 21, 2003
Page 2

          Total assets of the Corporation at March 31, 2003 were $3.61 billion, up 2.6% over the $3.52 billion in total assets reported at March 31, 2002. Total deposits at March 31, 2003 were $2.90 billion, up 2.8% over total deposits of $2.82 billion at March 31, 2002. Total loans increased 2.2% during the latest twelve months, from $2.09 billion at March 31, 2002, to $2.13 billion in outstanding loans at March 31, 2003.

          The Corporation's provision for loan losses for the quarter ended March 31, 2003 was $295 thousand as compared to net loan losses of $274 thousand. As of March 31, 2003, the allowance for loan losses was $30.7 million and represented 1.44% of total loans. Non-performing loans were $11.2 million, or .52% of total loans at the current quarter-end.

          Shareholders' equity at March 31, 2003 was $437 million, or $18.45 per share, and represented 12.1% of total assets and a tangible equity to asset ratio of 11.1% as of March 31, 2003.

          Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company's three subsidiary banks operate 129 "Chemical Bank" offices and 2 loan production offices spread over 32 counties in the lower peninsula of Michigan.

          Chemical Financial Corporation common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issues comprising the NASDAQ Financial 100 index.

RELEASE

April 21, 2003
Page 3

Forward Looking Statements

This press release contains forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interests rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions and bank consolidations may not be fully realized at all or within the expected time frames. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. Chemical undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

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Chemical Financial Corporation Announces First Quarter Operating Results

Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation and Subsidiaries

(In thousands)	March 31, 2003		December 31, 2002		March 31, 2002
Assets:
Cash and demand deposits due from banks	$	114,023	$	148,112	$	116,846
Federal funds sold		32,400		69,900		112,925
Interest-bearing deposits with unaffiliated banks		18,674		53,135		75,200
Investment securities taxable		1,171,406		1,076,292		977,058
Investment securities nontaxable		51,672		51,690		57,922
Total Investment Securities		1,223,078		1,127,982		1,034,980
Commercial loans		325,673		327,438		314,831
Real estate construction loans		106,384		108,589		129,254
Real estate commercial loans		506,243		481,084		451,947
Real estate residential loans		691,626		648,286		691,397
Consumer loans		501,767		509,789		498,610
Total Loans		2,131,693		2,075,186		2,086,039
Less: Allowance for loan losses		30,693		30,672		30,890
Net Loans		2,101,000		2,044,514		2,055,149
Premises and equipment		41,841		42,767		43,192
Intangible assets		40,060		40,489		42,711
Other assets		42,423		41,994		40,782
Total Assets	$	3,613,499	$	3,568,893	$	3,521,785
Liabilities and Shareholders' Equity:
Noninterest-bearing deposits	$	448,585	$	475,933	$	417,469
Interest-bearing deposits		2,455,517		2,371,339		2,406,780
Total Deposits		2,904,102		2,847,272		2,824,249
FHLB borrowings		153,591		157,393		167,545
Other borrowings - short term		83,348		104,212		103,950
Interest payable and other liabilities		35,418		29,677		33,808
Total Liabilities		3,176,459		3,138,554		3,129,552
Shareholders' Equity:
Common stock, $1 par value		23,690		23,684		22,539
Surplus		325,096		325,149		290,660
Retained earnings		70,812		62,721		73,079
Accumulated other comprehensive income		17,442		18,785		5,955
Total Shareholders' Equity		437,040		430,339		392,233
Total Liabilities and Shareholders' Equity	$	3,613,499	$	3,568,893	$	3,521,785

Chemical Financial Corporation Announces First Quarter Operating Results

Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation and Subsidiaries

	Three Months Ended March 31,
(In thousands, except per share data)	2003		2002
Interest Income:
Interest and fees on loans	$	36,414	$	40,510
Interest on investment securities:
Taxable		10,680		11,994
Nontaxable		677		782
Total Interest on Securities		11,357		12,776
Interest on federal funds sold		336		692
Interest on deposits with unaffiliated banks		139		263
Total Interest Income		48,246		54,241
Interest Expense:
Interest on deposits		10,840		15,542
Interest on FHLB borrowings		2,113		2,210
Interest on other borrowings - short term		169		266
Total Interest Expense		13,122		18,018
Net Interest Income		35,124		36,223
Provision for loan losses		295		653
Net Interest Income after
Provision for Loan Losses		34,829		35,570
Noninterest Income:
Service charges on deposit accounts		3,891		2,635
Trust services revenue		1,727		1,681
Other charges and fees for customer services		1,915		1,782
Mortgage banking revenue		1,547		2,556
Investment securities gains (losses)		184		(45	)
Other		50		62
Total Noninterest Income		9,314		8,671
Operating Expenses:
Salaries and employee benefits		13,689		13,744
Occupancy and equipment		4,013		4,077
Other		5,324		5,858
Total Operating Expenses		23,026		23,679
Income Before Income Taxes		21,117		20,562
Federal income taxes		7,103		6,852
Net Income	$	14,014	$	13,710
Net income per share:
Basic	$	0.59	$	0.58
Diluted		0.59		0.58
Cash dividends per share		0.25		0.23
Average shares outstanding:
Basic		23,696		23,658
Diluted		23,740		23,715

Chemical Financial Corporation Announces First Quarter Operating Results

Financial Summary (Unaudited)
Chemical Financial Corporation and Subsidiaries
(Dollars in thousands)

	Three Months Ended March 31,
	2003		2002
Average Balances
Total assets	$	3,574,354	$	3,545,676
Total interest-earning assets		3,398,914		3,328,868
Total loans		2,100,747		2,135,900
Total deposits		2,861,776		2,843,348
Total shareholders' equity		433,989		393,520

	Three Months Ended March 31,
	2003		2002
Key Ratios (annualized where applicable)
Net interest margin		4.25%		4.48%
Efficiency ratio		51.3%		52.1%
Return on average assets		1.59%		1.57%
Return on average shareholders' equity		13.1%		14.1%
Average shareholders' equity as a
percent of average assets		12.1%		11.1%
Tangible shareholders' equity as a
percent of total assets		11.1%		10.0%
Total risk-based capital ratio		18.7%		18.0%

	March 31,
	2003		2002
Credit Quality Statistics
Nonaccrual loans	$	5,730	$	9,895
Loans 90 or more days past due
and still accruing		5,442		3,519
Restructured loans		-		-
Total nonperforming loans		11,172		13,414
Repossessed assets acquired (RAA)		4,590		1,159
Total nonperforming assets		15,762		14,573
Net loan charge-offs		274		757
Allowance for loan losses as a
percent of total loans		1.44%		1.48%
Allowance for loan losses as a
percent of nonperforming loans		275%		230%
Nonperforming loans as a
percent of total loans		0.52%		0.64%
Nonperforming assets as a
percent of total loans plus RAA		0.74%		0.70%
Net loan charge-offs as a
percent of average loans		0.05%		0.14%

	March 31,
	2003		2002
Additional Data
Goodwill	$	27,940	$	27,940
Core deposit intangibles		9,592		11,322
Mortgage servicing rights		2,528		3,448
Amortization of intangibles		808		745

Chemical Financial Corporation Announces First Quarter Operating Results

Selected Quarterly Information (Unaudited)
Chemical Financial Corporation and Subsidiaries
(Dollars in thousands)

	1st Qtr. 2003	4th Qtr. 2002	3rd Qtr. 2002	2nd Qtr. 2002	1st Qtr. 2002
Summary of Operations
Interest income	$48,246	$51,036	$52,475	$53,292	$54,241
Interest expense	13,122	14,673	16,076	16,585	18,018
Net interest income	35,124	36,363	36,399	36,707	36,223
Provision for loan losses	295	1,013	747	1,352	653
Net interest income after provision
for loan losses	34,829	35,350	35,652	35,355	35,570
Noninterest income	9,314	9,275	8,588	8,000	8,671
Noninterest expense	23,026	23,692	23,134	23,021	23,679
Income taxes	7,103	7,251	7,088	6,799	6,852
Net income	14,014	13,682	14,018	13,535	13,710
Per Common Share Data
Net income:
Basic	$0.59	$0.58	$0.59	$0.57	$0.58
Diluted	0.59	0.57	0.59	0.57	0.58
Cash dividends	0.25	0.23	0.23	0.23	0.23
Book value	18.45	18.17	17.78	17.19	16.57