Financial Data and Key Metrics Changes - The company reported strong results for FY 2024, which were included in the annual meeting documents [4] - The meeting discussed the approval of the compensation of named executive officers and the 2025 equity incentive plan [14] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided during the meeting [20] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [20] Company Strategy and Development Direction and Industry Competition - The company is focused on continued engagement and growth in 2025, indicating a strategic direction towards expansion and shareholder value [5] Management Comments on Operating Environment and Future Outlook - Management expressed pride in the company's results for 2024 and emphasized the importance of shareholder support [4][5] - No specific comments on the operating environment or future outlook were provided during the meeting [20] Other Important Information - The meeting included the election of four directors for a three-year term and the ratification of the independent registered public accounting firm for FY 2025 [8][19] Q&A Session Summary - No questions were posed during the Q&A session [20]

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All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric tha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q CHEMUNG FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) | New York | 16-1237038 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | | One Chemung Canal Plaza, Elmira, NY | 14901 | | (Address of principal executive offices) | (Zip Code) | | (607) 737-3711 or (800) 836-3711 | | | (Registrant's telephone number, including area code) ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric th ...

Financial Performance - Net income for the first quarter of 2025 was $6.0 million, or $1.26 per share, compared to $5.9 million, or $1.24 per share, in the fourth quarter of 2024, and $7.1 million, or $1.48 per share, in the first quarter of 2024, reflecting a year-over-year decrease of 15.5%[1] - Non-interest income for Q1 2025 was $5.9 million, a 3.5% increase from $5.7 million in Q1 2024, driven by fee income increases in wealth management and service charges[26] - Reported net income (GAAP) for the three months ended March 31, 2025, was $6,023,000, slightly up from $5,914,000 in the prior quarter, reflecting a growth of 1.84%[74] - Basic and diluted earnings per share (non-GAAP) remained stable at $1.26 for the quarter ended March 31, 2025, consistent with the previous quarter[74] Income and Expenses - Net interest income for the first quarter of 2025 totaled $19.8 million, an increase of $1.7 million, or 9.4%, compared to $18.1 million in the first quarter of 2024[18] - Non-interest expense decreased to $16.9 million, down $0.9 million, or 5.1%, from $17.8 million in the prior quarter[15] - Total non-interest expense rose to $16,927 million, reflecting a 1.4% increase from $16,698 million[56] - The effective tax rate increased to 21.6% from 21.2% in the prior quarter, primarily due to an increase in pretax income[17] Asset and Equity Growth - Total assets rose to $2.797 billion as of March 31, 2025, a 0.7% increase from $2.776 billion at the end of 2024[34] - Total shareholders' equity increased to $228.3 million as of March 31, 2025, a 6.0% rise from $215.3 million at the end of 2024[41] - Total equity to total assets ratio (GAAP) improved to 8.16% as of March 31, 2025, compared to 7.76% at December 31, 2024[70] Loan and Deposit Information - Annualized loan growth was 5.1% for the three months ended March 31, 2025, with commercial loan growth at 10.5%[10] - The Canal Bank division experienced loan growth of 14.9% and deposit growth of 82.0% compared to the prior year-end[10] - Total deposits increased by $36.5 million, or 1.5%, compared to the prior year-end, driven by increases in interest-bearing demand and money market deposits[39] - The net loans, after accounting for deferred loan fees, were $2.08 billion as of March 31, 2025, compared to $2.05 billion at the end of 2024, indicating a growth of approximately 1.5%[54] Credit Losses and Non-Performing Loans - Provision for credit losses was $1.1 million, an increase of $3.1 million, or 155.0%, compared to a credit of $2.0 million for the same period in the prior year[25] - Non-performing loans increased to $9.9 million, or 0.47% of total loans, as of March 31, 2025, up from $9.0 million, or 0.43% as of December 31, 2024[30] - The allowance for credit losses on loans was $22.5 million as of March 31, 2025, up from $21.4 million as of December 31, 2024[32] Market and Operational Metrics - Fully taxable equivalent net interest margin was 2.96% for the first quarter of 2025, compared to 2.73% for the same period in the prior year[24] - The efficiency ratio (unadjusted) improved to 65.85% from 68.88%[56] - Return on average assets improved to 0.88% from 0.85%[56] - Average interest-earning assets increased by $48.6 million, while average interest-bearing liabilities increased by $34.8 million compared to the same period in the prior year[24]

Core Insights - Chemung Financial Corporation reported a net income of $6.0 million, or $1.26 per share, for Q1 2025, showing a slight increase from $5.9 million, or $1.24 per share, in Q4 2024, but a decrease from $7.1 million, or $1.48 per share, in Q1 2024 [1][2] Financial Performance - Net interest income for Q1 2025 was $19.8 million, consistent with the previous quarter, driven by a $1.0 million decrease in interest expense on deposits, offset by decreases in interest income on loans and taxable securities [5][17] - Non-interest income decreased to $5.9 million in Q1 2025 from $6.1 million in Q4 2024, primarily due to declines in wealth management fees and interchange revenue [11][24] - Non-interest expense decreased to $16.9 million in Q1 2025 from $17.8 million in Q4 2024, driven by reductions in employee benefits and salaries [14][26] Asset Quality - Non-performing loans increased to $9.9 million, or 0.47% of total loans, as of March 31, 2025, compared to $9.0 million, or 0.43%, at the end of Q4 2024 [29] - The allowance for credit losses on loans was $22.5 million as of March 31, 2025, up from $21.4 million at the end of Q4 2024, reflecting adjustments in the CECL model [31] Balance Sheet Activity - Total assets increased to $2.797 billion as of March 31, 2025, from $2.776 billion at the end of Q4 2024, driven by growth in loans and cash equivalents [32] - Total deposits rose by $36.5 million, or 1.5%, compared to the prior year-end, with significant increases in interest-bearing demand and money market deposits [37] Capital and Liquidity - Total shareholders' equity increased to $228.3 million as of March 31, 2025, from $215.3 million at the end of Q4 2024, driven by retained earnings and a decrease in accumulated other comprehensive loss [39][40] - The Corporation maintained a cash and cash equivalents balance of $53.4 million as of March 31, 2025, with a total advance line capacity at the Federal Home Loan Bank of New York of $222.3 million [41]

Core Insights - Chemung Financial Corporation reported a net income of $6.0 million, or $1.26 per share, for Q1 2025, showing a slight increase from $5.9 million, or $1.24 per share, in Q4 2024, but a decrease from $7.1 million, or $1.48 per share, in Q1 2024 [1][2] Financial Performance - Net interest income for Q1 2025 was $19.8 million, consistent with the previous quarter, driven by a $1.0 million decrease in interest expense on deposits, offset by decreases in interest income on loans and taxable securities [6][18] - The provision for credit losses increased to $1.1 million in Q1 2025 from $0.6 million in Q4 2024, marking an increase of 83.3% due to updates in the Bank's CECL model and economic forecast deterioration [11][24] - Non-interest income decreased to $5.9 million in Q1 2025 from $6.1 million in Q4 2024, a decline of 3.3%, primarily due to decreases in wealth management fees and debit card interchange revenue [12][25] Balance Sheet Highlights - Total assets increased to $2.797 billion as of March 31, 2025, up from $2.776 billion at the end of 2024, driven by a $26.2 million increase in loans [32] - Total liabilities rose to $2.568 billion, an increase of $7.6 million from the previous quarter, primarily due to a $36.5 million increase in total deposits [37] - Total shareholders' equity increased to $228.3 million, a rise of 6.0% from $215.3 million at the end of 2024, supported by retained earnings growth [40][41] Asset Quality - Non-performing loans totaled $9.9 million, or 0.47% of total loans, as of March 31, 2025, an increase from $9.0 million, or 0.43%, at the end of 2024 [29] - The allowance for credit losses on loans was $22.5 million, up from $21.4 million at the end of 2024, reflecting adjustments in the CECL model [31] Growth Metrics - Annualized loan growth was 5.1% for the three months ended March 31, 2025, with commercial loan growth at 10.5% [13] - The Canal Bank division reported a loan growth of 14.9% compared to the prior year-end, with deposit growth of 82.0% [13] Dividend and Shareholder Returns - The Corporation announced a dividend increase of $0.01 per share, representing a 3.2% increase compared to the prior quarter, with dividends declared at $0.32 per share [13]

Core Viewpoint - Chemung Financial (CHMG) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a strong history of surpassing expectations [1]. Group 1: Earnings Performance - Chemung Financial has consistently exceeded earnings estimates, averaging a 4.01% beat over the last two quarters [2]. - In the most recent quarter, the company reported earnings of $1.24 per share against an expectation of $1.23, resulting in a surprise of 0.81%. In the previous quarter, it reported $1.19 per share compared to an estimate of $1.11, achieving a surprise of 7.21% [3]. Group 2: Earnings Estimates and Predictions - Recent changes in earnings estimates for Chemung Financial have been favorable, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of another earnings beat [6]. - The current Earnings ESP for Chemung Financial is +2.46%, suggesting that analysts are optimistic about the company's earnings prospects [9]. Group 3: Zacks Rank and Predictive Power - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high probability of a positive earnings surprise, with historical data indicating that nearly 70% of stocks with this combination beat consensus estimates [7]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions, which may provide a more accurate prediction [8].

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Chemung Financial despite higher revenues, with actual results being crucial for stock price movement [1][2]. Company Summary - Chemung Financial is expected to report quarterly earnings of $1.22 per share, reflecting a year-over-year decrease of 17.6% [3]. - Revenue is projected to be $26.24 million, which is an increase of 10.5% compared to the same quarter last year [3]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. Earnings Surprise Prediction - The Zacks Earnings ESP for Chemung Financial is +2.46%, suggesting analysts have recently become more optimistic about the company's earnings prospects [10]. - The stock currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [11]. - Historically, Chemung Financial has surpassed consensus EPS estimates three out of the last four quarters, with a recent surprise of +0.81% [12][13]. Industry Context - In the Southeast banking industry, Synovus Financial is expected to report earnings of $1.11 per share, showing a year-over-year increase of 40.5% [17]. - Synovus's revenue is anticipated to be $570.2 million, up 6% from the previous year [17]. - Despite a recent downward revision of 0.7% in EPS estimates, Synovus has an Earnings ESP of -2.23%, making it challenging to predict an earnings beat [18].