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]

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Chemung Financial (CHMG) . This company, which is in the Zacks Banks - Southeast industry, shows potential for another earnings beat.When looking at the last two reports, this financial holding company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 4.01%, on average, in the l ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Chemung Financial (CHMG) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock m ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _____________ Commission File Number 001-35741 CHEMUNG FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) | New York | | 16-12370 ...

ELMIRA, N.Y., Feb. 19, 2025 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq: CHMG) announced today that its Board of Directors has approved a dividend increase of $0.01 per share, equal to a quarterly cash dividend of $0.32 per share, payable on April 1, 2025, to common stock shareholders of record as of the close of business on March 18, 2025. This represents a dividend increase of 3.2%. “As a result of our Corporation’s strong financial performance, we are pleased to reward our shareholders with ...

For the quarter ended December 2024, Chemung Financial (CHMG) reported revenue of $25.88 million, up 8.9% over the same period last year. EPS came in at $1.24, compared to $0.81 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $25.04 million, representing a surprise of +3.34%. The company delivered an EPS surprise of +0.81%, with the consensus EPS estimate being $1.23.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- a ...

Chemung Financial (CHMG) came out with quarterly earnings of $1.24 per share, beating the Zacks Consensus Estimate of $1.23 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.81%. A quarter ago, it was expected that this financial holding company would post earnings of $1.11 per share when it actually produced earnings of $1.19, delivering a surprise of 7.21%.Over the last four quar ...