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):
July 22, 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 July 22, 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 July 22, 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:	July 22, 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 July 22, 2003

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EX-99.1

EXHIBIT 99.1

PRESS RELEASE

NASDAQ: FOR RELEASE: DATE:	CHFC IMMEDIATE July 22, 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
SECOND QUARTER OPERATING RESULTS

          Midland, Michigan -- Aloysius J. Oliver, Chairman of Chemical Financial Corporation, today announced second quarter net income of $13.67 million or $.58 per diluted share, up $.13 million as compared with net income of $13.54 million, or $.57 per diluted share for the second quarter of 2002. This represents an increase of 1.8% in earnings per share and a 1.0% increase in net income for the second quarter 2003. The returns on average assets and average equity during the second quarter of 2003 were 1.54% and 12.4%, respectively, as compared with 1.54% and 13.7%, respectively, for the second quarter of 2002.

          Net interest income decreased $1.67 million, or 4.5%, to $35.03 million in the second quarter of 2003, as compared to the second 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 $2.09 million, or 26.2%. This increase was primarily due to higher service charge income of $1.23 million. Operating expenses increased by $.18 million, or .8%.

PRESS RELEASE
July 22, 2003
Page 2

          For the six months ended June 30, 2003, the Corporation earned net income of $27.68 million or $1.17 per share, as compared to net income of $27.25 million, or $1.15 per share for the first six months of 2002. This represents a 1.7% increase in earnings per share.

          Total assets of the Corporation at June 30, 2003 were $3.59 billion, up 3.2% over the $3.48 billion in total assets reported at June 30, 2002. Total deposits at June 30, 2003 were $2.88 billion, up 3.6% over total deposits of $2.78 billion at June 30, 2002. Total loans increased 7.2% during the latest twelve months, from $2.09 billion at June 30, 2002, to $2.24 billion in outstanding loans at June 30, 2003.

          The Corporation's provision for loan losses for the quarter ended June 30, 2003 was $1.27 million as compared to net loan losses of $1.48 million. As of June 30, 2003, the allowance for loan losses was $30.48 million and represented 1.36% of total loans. Non-performing loans were $10.21 million, or .46% of total loans at the current quarter-end.

          Shareholders' equity at June 30, 2003 was $443 million, or $18.73 per share, and represented 12.4% of total assets and a tangible equity to asset ratio of 11.4% as of June 30, 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.

PRESS RELEASE
July 22, 2003
Page 3

          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.

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 Second Quarter Operating Results

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

(In thousands)		June 30, 2003		December 31, 2002		June 30, 2002
Assets:
Cash and demand deposits due from banks	$	122,712	$	148,112	$	135,309
Federal funds sold		41,200		69,900		49,600
Interest-bearing deposits with unaffiliated banks		6,096		53,135		25,992
Investment securities taxable		1,040,945		1,076,292		1,034,830
Investment securities nontaxable		47,877		51,690		54,759
Total Investment Securities		1,088,822		1,127,982		1,089,589
Commercial loans		329,929		327,438		324,116
Real estate construction loans		106,747		108,589		112,331
Real estate commercial loans		527,400		481,084		468,261
Real estate residential loans		753,014		648,286		649,720
Consumer loans		519,727		509,789		531,197
Total Loans		2,236,817		2,075,186		2,085,625
Less: Allowance for loan losses		30,482		30,672		31,011
Net Loans		2,206,335		2,044,514		2,054,614
Premises and equipment		40,795		42,767		43,092
Intangible assets		39,472		40,489		42,548
Other assets		42,397		41,994		36,240
Total Assets	$	3,587,829	$	3,568,893	$	3,476,984
Liabilities and Shareholders' Equity:
Noninterest-bearing deposits	$	530,010	$	475,933	$	458,604
Interest-bearing deposits		2,347,416		2,371,339		2,319,251
Total Deposits		2,877,426		2,847,272		2,777,855
FHLB borrowings		148,573		157,393		167,528
Other borrowings - short term		88,949		104,212		97,836
Interest payable and other liabilities		29,741		29,677		26,609
Total Liabilities		3,144,689		3,138,554		3,069,828
Shareholders' Equity:
Common stock, $1 par value		23,665		23,684		22,552
Surplus		324,213		325,149		290,887
Retained earnings		78,558		62,721		81,218
Accumulated other comprehensive income		16,704		18,785		12,499
Total Shareholders' Equity		443,140		430,339		407,156
Total Liabilities and Shareholders' Equity	$	3,587,829	$	3,568,893	$	3,476,984

Chemical Financial Corporation Announces Second Quarter Operating Results

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

		Quarter Ended June 30,					Six Months Ended June 30,
(In thousands, except per share data)		2003		2002			2003		2002
Interest Income:
Interest and fees on loans	$	36,155	$	39,001		$	72,569	$	79,545
Interest on investment securities:
Taxable		9,778		12,965			20,458		24,959
Nontaxable		639		750			1,316		1,532
Total Interest on Investment Securities		10,417		13,715			21,774		26,491
Interest on federal funds sold		107		381			443		1,073
Interest on deposits with unaffiliated banks		18		185			157		448
Total Interest Income		46,697		53,282			94,943		107,557
Interest Expense:
Interest on deposits		9,453		14,112			20,293		29,654
Interest on FHLB borrowings		2,077		2,238			4,190		4,448
Interest on other borrowings - short term		138		235			307		501
Total Interest Expense		11,668		16,585			24,790		34,603
Net Interest Income		35,029		36,697			70,153		72,954
Provision for loan losses		1,272		1,352			1,567		2,005
Net Interest Income after
Provision for Loan Losses		33,757		35,345			68,586		70,949
Noninterest Income:
Service charges on deposit accounts		4,227		3,001			8,090		5,615
Other charges and fees for customer services		1,869		1,739			3,812		3,559
Mortgage banking revenue		1,861		1,622			3,408		4,178
Trust services revenue		1,791		1,615			3,518		3,296
Investment securities gains (losses)		308		(40	)		492		(84	)
Other		30		57			80		83
Total Noninterest Income		10,086		7,994			19,400		16,647
Operating Expenses:
Salaries and employee benefits		13,594		13,434			27,283		27,248
Occupancy		1,937		1,895			3,901		3,774
Equipment		2,079		1,929			4,128		4,127
Other		5,572		5,747			10,896		11,551
Total Operating Expenses		23,182		23,005			46,208		46,700
Income Before Income Taxes		20,661		20,334			41,778		40,896
Federal income taxes		6,991		6,799			14,094		13,651
Net Income	$	13,670	$	13,535		$	27,684	$	27,245
Net income per share:
Basic	$	0.58	$	0.57		$	1.17	$	1.15
Diluted		0.58		0.57			1.17		1.15
Cash dividends per share		0.25		0.23			0.50		0.46
Average shares outstanding:
Basic		23,684		23,681			23,690		23,668
Diluted		23,735		23,757			23,738		23,738

Chemical Financial Corporation Announces Second Quarter Operating Results

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

		Quarter Ended June 30,						Six Months Ended June 30,
		2003			2002			2003			2002
Average Balances
Total assets	$	3,563,035		$	3,520,071		$	3,568,663		$	3,532,803
Total interest-earning assets		3,368,826			3,287,811			3,383,787			3,308,226
Total loans		2,173,962			2,073,797			2,137,557			2,104,677
Total deposits		2,856,439			2,803,846			2,859,093			2,823,488
Total shareholders' equity		441,358			397,080			437,694			395,310
		Quarter Ended June 30,						Six Months Ended June 30,
		2003			2002			2003			2002
Key Ratios (annualized where applicable)
Net interest margin		4.22	%		4.54	%		4.24	%		4.51	%
Efficiency ratio		50.9	%		50.9	%		51.1	%		51.5	%
Return on average assets		1.54	%		1.54	%		1.56	%		1.56	%
Return on average shareholders' equity		12.4	%		13.7	%		12.8	%		13.9	%
Average shareholders' equity as a
percent of average assets		12.4	%		11.3	%		12.3	%		11.2	%
Tangible shareholders' equity as a
percent of total assets								11.4	%		10.6	%
Total risk-based capital ratio								18.7	%		18.3	%

		June 30,
		2003			2002
Credit Quality Statistics
Nonaccrual loans	$	5,139		$	8,534
Loans 90 or more days past due
and still accruing interest		5,066			3,815
Total nonperforming loans		10,205			12,349
Repossessed assets acquired (RAA)		5,659			1,021
Total nonperforming assets		15,864			13,370
Net loan charge-offs		1,757			1,988
Allowance for loan losses as a
percent of total loans		1.36	%		1.49	%
Allowance for loan losses as a
percent of nonperforming loans		299	%		251	%
Nonperforming loans as a
percent of total loans		0.46	%		0.59	%
Nonperforming assets as a
percent of total loans plus RAA		0.71	%		0.64	%
Net loan charge-offs as a
percent of average loans		0.17	%		0.19	%
		June 30,
		2003			2002
Additional Data
Goodwill	$	27,940		$	27,940
Core deposit intangibles		8,992			10,835
Mortgage servicing rights		2,402			3,601
Amortization of intangibles		1,989			1,497

Chemical Financial Corporation Announces Second Quarter Operating Results

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

		2nd Qtr. 2003		1st Qtr. 2003		4th Qtr. 2002		3rd Qtr. 2002		2nd Qtr. 2002
Summary of Operations
Interest income	$	46,697	$	48,246	$	51,036	$	52,475	$	53,282
Interest expense		11,668		13,122		14,673		16,076		16,585
Net interest income		35,029		35,124		36,363		36,399		36,697
Provision for loan losses		1,272		295		1,013		747		1,352
Net interest income after provision
for loan losses		33,757		34,829		35,350		35,652		35,345
Noninterest income		10,086		9,314		9,275		8,588		7,994
Noninterest expense		23,182		23,026		23,692		23,134		23,005
Income taxes		6,991		7,103		7,251		7,088		6,799
Net income		13,670		14,014		13,682		14,018		13,535
Per Common Share Data
Net income:
Basic	$	0.58	$	0.59	$	0.58	$	0.59	$	0.57
Diluted		0.58		0.59		0.57		0.59		0.57
Cash dividends		0.25		0.25		0.23		0.23		0.23
Book value		18.73		18.45		18.31		17.78		17.19