Workflow
Chemung Financial (CHMG)
icon
Search documents
Why Chemung Financial (CHMG) is a Top Dividend Stock for Your Portfolio
ZACKS· 2025-04-24 16:45
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 ...
Chemung Financial (CHMG) - 2025 Q1 - Quarterly Results
2025-04-18 19:15
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]
Chemung Financial Corporation Reports First Quarter 2025 Net Income of $6.0 million, or $1.26 per share
Newsfilter· 2025-04-18 19:00
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]
Chemung Financial Corporation Reports First Quarter 2025 Net Income of $6.0 million, or $1.26 per share
GlobeNewswire News Room· 2025-04-18 19:00
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]
Why Chemung Financial (CHMG) is Poised to Beat Earnings Estimates Again
ZACKS· 2025-04-10 17:15
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].
Chemung Financial (CHMG) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
ZACKS· 2025-04-10 15:06
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].
Chemung Financial (CHMG) is a Top Dividend Stock Right Now: Should You Buy?
ZACKS· 2025-03-19 16:45
Company Overview - Chemung Financial (CHMG) is based in Elmira and operates in the Finance sector, with a year-to-date share price change of -1.76% [3] - The company currently pays a dividend of $0.31 per share, resulting in a dividend yield of 2.67%, which is higher than the Banks - Southeast industry's yield of 2.43% and the S&P 500's yield of 1.57% [3] Dividend Performance - The current annualized dividend of Chemung Financial is $1.28, reflecting a 3.2% increase from the previous year [4] - Over the past 5 years, the company has increased its dividend once on a year-over-year basis, with an average annual increase of 4.05% [4] - The current payout ratio is 25%, indicating that the company paid out 25% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $5.38 per share, with an expected increase of 8.47% from the previous year [5] Investment Considerations - Chemung Financial is viewed as an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]
Chemung Financial (CHMG) - 2024 Q4 - Annual Report
2025-03-14 20:04
Financial Performance - Net income for the year ended December 31, 2024 was $23.7 million, a decrease of 5.3% compared to $25.0 million in 2023[215]. - Net interest income totaled $74.1 million for 2024, a slight decrease of 0.5% from $74.5 million in 2023[217]. - Interest and dividend income increased by 12.8% to $127.6 million in 2024, up from $113.1 million in 2023[216]. - Interest expense rose significantly by 38.6% to $53.5 million in 2024, compared to $38.6 million in 2023[216]. - The return on average equity decreased to 11.53% in 2024 from 14.11% in 2023[215]. - The efficiency ratio (adjusted) increased to 68.89% in 2024 from 66.20% in 2023[214]. - Average total loan balances increased by $117.5 million, with a notable rise in the commercial loan portfolio by $136.8 million[219]. - The average yield on loans increased by 44 basis points, contributing to higher interest income on loans[219]. - Non-performing loans decreased to 0.43% of total loans in 2024 from 0.53% in 2023[215]. - The book value per share increased to $45.13 in 2024 from $41.07 in 2023[214]. Assets and Liabilities - As of December 31, 2024, the Corporation had consolidated assets of $2.776 billion, loans of $2.071 billion, deposits of $2.397 billion, and shareholders' equity of $215.3 million[24]. - The Corporation's portfolio of commercial real estate and commercial and industrial loans totaled $1.517 billion, accounting for 73.2% of total loans as of December 31, 2024[119]. - The Bank had $1.8 billion of deposit liabilities, which accounted for 74.0% of total deposits, that had no maturity and could be withdrawn at any time[134]. - As of December 31, 2024, loan participation balances where the Bank is not the lead bank totaled $168.2 million, or 8.1% of the loan portfolio[121]. - The Corporation's indirect automobile lending portfolio amounted to $178.1 million, representing 8.5% of the total loan portfolio as of December 31, 2024[124]. Regulatory Compliance - The Corporation is subject to comprehensive regulation and must comply with various federal and state laws, including the Bank Holding Company Act and Sarbanes-Oxley[60][70]. - The Bank was in compliance with regulatory capital requirements as of December 31, 2024, exceeding all necessary ratios to be considered well-capitalized[92]. - The minimum capital standards include a common equity Tier 1 capital ratio of 4.5% of risk-weighted assets and a total capital ratio of 8%[87]. - The regulations limit capital distributions if the bank does not hold a capital conservation buffer of 2.5% of common equity Tier 1 capital[90]. - The Bank is subject to the rules and requirements of the Federal Home Loan Bank of New York and was in compliance as of December 31, 2024[100]. - The Corporation met the SEC's requirement to adopt a compliant clawback policy by December 1, 2023, as mandated by the Dodd-Frank Act[69]. Growth Strategy - The Corporation's growth strategy focuses on leveraging its branch and digital network to build client relationships and grow loans and deposits[25]. - The Corporation's growth strategy includes opening additional branches, with a new full-service branch opened in Williamsville, New York in 2024[139]. - The Corporation has completed two whole bank acquisitions in the past two decades, enhancing its geographic footprint and market presence[24]. Competition and Market Position - The Bank faces intense competition in lending and deposit gathering from various financial institutions, including credit unions that may have a competitive pricing advantage due to tax exemptions[52]. - The Bank held 61.22% of total market deposits in Chemung County, amounting to $69.5 million in brokered deposits[49]. - The Bank's Capital Bank division and Canal Bank division hold 1.97% and 0.01% of their respective markets' total deposits of $26.3 billion and $58.0 billion[49]. Employee and Workforce - As of December 31, 2024, the Bank employed 343 full-time equivalent employees, with a workforce composition of 71% female and 29% male[55]. - The Corporation's average employee tenure was 8.0 years, with the Executive Management Team averaging 12.5 years[55]. - The Corporation offers a competitive total rewards package, including a 401(k) match and health insurance, to attract and retain talent[56]. Risk Management - The Corporation's risk management framework may not effectively mitigate risks, especially in light of recent banking sector failures, which could impact its financial condition[152]. - The Corporation faces significant operational risks due to high transaction volumes and reliance on automated processing, which could lead to financial losses if errors occur[153]. - The Corporation's ability to assess creditworthiness may be impaired if current models become less predictive due to adverse economic conditions[116]. - The Corporation is subject to environmental liability risks associated with its real estate-secured loans, which could lead to significant remediation costs[122]. Economic Conditions - The Corporation's financial performance is affected by economic conditions, including interest rates, inflation, and consumer spending[115]. - The Federal Reserve increased the federal funds rate by 525 basis points during 2022 and 2023, peaking at 5.50% by the end of 2023[136]. - Recent policy initiatives from the new Administration, including tariffs and stricter immigration policies, may create inflationary pressures, potentially leading the FRB to maintain elevated federal funds rates[144]. Cybersecurity - Cybersecurity threats are evolving, and while the Corporation has implemented safeguards, the increasing sophistication of threats could materially affect its operations[177]. - The Chief Information Security Officer (CISO) reports quarterly to the Enterprise Risk Committee regarding cybersecurity risks and incidents[178]. Shareholder Information - The Corporation's common stock is traded on NASDAQ under the symbol "CHMG," but it is not heavily traded, leading to potential volatility in stock prices[170]. - The Corporation's ability to pay dividends to shareholders is dependent on dividends from the Bank, which are subject to regulatory limitations[171]. - As of March 1, 2025, a total of 49,184 shares were repurchased at an average cost of $40.42 per share[191]. - The Corporation has 423 registered holders of record of its stock as of March 1, 2025[191]. - The Corporation's cumulative total shareholder return was 133.17 as of December 31, 2024, compared to 100.00 at the start of the five-year period[195].
Chemung Financial Corporation Announces Dividend Increase
Globenewswire· 2025-02-19 21:15
Core Points - Chemung Financial Corporation announced a dividend increase of $0.01 per share, resulting in a quarterly cash dividend of $0.32 per share, reflecting a 3.2% increase [1][2] - The dividend is payable on April 1, 2025, to shareholders of record as of March 18, 2025 [1] - The company attributes the dividend increase to its strong financial performance [2] Company Overview - Chemung Financial Corporation is a financial services holding company with a total asset value of $2.8 billion, headquartered in Elmira, New York [3] - The company operates 30 offices through its principal subsidiary, Chemung Canal Trust Company, which is the oldest locally-owned community bank in New York State, established in 1833 [3] - Chemung Financial Corporation also includes CFS Group, Inc., which offers non-traditional financial services such as mutual funds, annuities, brokerage services, tax preparation, and insurance [3]
Chemung Financial (CHMG) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2025-01-29 01:30
Core Insights - Chemung Financial reported revenue of $25.88 million for the quarter ended December 2024, reflecting an 8.9% increase year-over-year [1] - The company's EPS was $1.24, up from $0.81 in the same quarter last year, exceeding the consensus estimate of $1.23 [1] - The revenue surpassed the Zacks Consensus Estimate of $25.04 million, resulting in a surprise of +3.34% [1] Financial Performance Metrics - Net Interest Margin was reported at 2.9%, above the average estimate of 2.8% from two analysts [4] - Efficiency Ratio stood at 68.9%, compared to the average estimate of 67.2% from two analysts [4] - Net Interest Income reached $19.82 million, exceeding the average estimate of $19.14 million from two analysts [4] - Total non-interest income was $6.06 million, surpassing the estimated $5.90 million from two analysts [4] - Net gain on sales of loans held for sale was $0.05 million, below the average estimate of $0.10 million from two analysts [4] Stock Performance - Chemung Financial's shares have returned -4.7% over the past month, while the Zacks S&P 500 composite increased by +0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]