ELMIRA, N.Y., April 18, 2024 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the "Corporation") (NASDAQ:CHMG), the parent company of Chemung Canal Trust Company (the "Bank"), today reported net income of $7.1 million, or $1.48 per share, for the first quarter of 2024, compared to $3.8 million, or $0.80 per share, for the fourth quarter of 2023, and $7.3 million, or $1.54 per share, for the first quarter of 2023. "We have started out 2024 with another strong quarter of results from our core businesses," s ...

Chemung Financial Corporation Reports First Quarter 2024 Net Income of $7.1 million, or $1.48 per share First Quarter Highlights: Non-performing loans to total loans decreased by 14 basis points to 0.39% as of March 31, 2024, from 0.53% as of December 31, 2023. See the GAAP to Non-GAAP reconciliations. Net interest income for the first quarter of 2024 totaled $18.1 million compared to $17.9 million for the prior quarter, an increase of $0.2 million, or 1.1%, driven primarily by an increase of $1.1 million i ...

The decrease in investment securities was primarily due to a decrease of $48.6 million in securities available for sale. Net paydowns on securities available for sale during the year totaled $59.8 million, primarily attributable to paydowns on mortgage-backed securities and SBA pooled-loan securities, partially offset by an increase in the market value of $11.5 million, due to favorable changes in fixed income market valuation during the year. Securities held to maturity decreased $1.6 million due to the sa ...

Chemung Financial (CHMG) reported $23.77 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 9.6%. EPS of $0.81 for the same period compares to $1.58 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $23.52 million, representing a surprise of +1.08%. The company delivered an EPS surprise of -30.77%, with the consensus EPS estimate being $1.17.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Chemung Financial (CHMG) came out with quarterly earnings of $0.81 per share, missing the Zacks Consensus Estimate of $1.17 per share. This compares to earnings of $1.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -30.77%. A quarter ago, it was expected that this financial holding company would post earnings of $1.18 per share when it actually produced earnings of $1.21, delivering a surprise of 2.54%.Over the last four qu ...

ELMIRA, N.Y., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the "Corporation") (NASDAQ:CHMG), the parent company of Chemung Canal Trust Company (the "Bank"), today reported net income of $25.0 million, or $5.28 per share, for the year ended December 31, 2023, compared to $28.8 million, or $6.13 per share, for the year ended December 31, 2022. Net income was $3.8 million, or $0.80 per share, for the fourth quarter of 2023, compared to $7.6 million, or $1.61 per share, for the third quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ Commission File No. 001-35741 For Quarterly period ended September 30, 2023 Or CHEMUNG FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) | New York | 16-1237038 | | --- | --- | | (State or other jurisdiction of incorporatio ...

Credit Loss Provision and Allowance - The provision for credit losses for the six months ended June 30, 2023, was $0.5 million, compared to a credit of $2.9 million for the same period in the prior year, indicating a $3.4 million increase in provision[20]. - The company anticipates future outcomes could differ from those projected by the quantitative model used for determining the allowance for credit losses[19]. - The historical loss factor decreased by $1.0 million due to the roll-off of a commercial real estate property previously charged off in the second quarter of 2020[20]. - The company experienced additional provisioning of $1.4 million related to increased loan growth during the first six months of 2023[20]. - The allowance for credit losses to total loans remained stable at 1.07% as of June 30, 2023, consistent with the previous year[41]. - The provision for credit losses for the six months ended June 30, 2023, was $0.5 million, a decrease from a credit of $2.9 million in the same period last year, reflecting a $3.4 million increase in provision due to various adjustments[20]. - The Corporation's corporate bonds and notes portfolio has not recorded any ACL as of June 30, 2023, as all corporate bond debt securities continue to accrue interest and make payments as expected[69]. - The corporation has not recorded an allowance for credit losses (ACL) on its corporate bonds and notes portfolio due to immaterial credit risk[69]. Non-Interest Income and Expenses - WMG fee income for June 2023 was $5.183 million, a decrease of 3.8% compared to $5.385 million in June 2022[23]. - Total non-interest income for June 2023 was $10.870 million, a decrease of 1.0% from $10.982 million in June 2022[23]. - The decrease in other non-interest income was primarily due to declines in swap fees and Mastercard volume incentives compared to the same period last year[24]. - Total non-interest income for the three months ended June 30, 2023, was $10.87 million, a decrease of $0.112 million, or 1.0%, compared to $10.982 million in the prior year[23]. - The total non-interest expense was $15,913 million, an increase of $1,571 million or 11.0% from $14,342 million in 2022[26]. - Total non-interest expense increased to $15.913 million for the three months ended June 30, 2023, up by $1.571 million, or 11.0%, from $14.342 million in the same period last year[26]. Compensation and Equity - Total compensation expense increased to $8,338 million in June 2023, up by $748 million or 9.9% from $7,590 million in 2022[26]. - Shareholders' equity rose to $177.4 million as of June 30, 2023, compared to $166.4 million at December 31, 2022, driven by a $9.6 million increase in retained earnings[29]. - Shareholders' equity increased to $177.4 million at June 30, 2023, from $166.4 million at December 31, 2022, driven by a $9.6 million increase in retained earnings and a $0.5 million decrease in accumulated other comprehensive loss[29]. Securities and Investments - The available for sale segment of the securities portfolio decreased by $28.3 million, or 4.5%, to $604.3 million at June 30, 2023[30]. - The held to maturity segment of the securities portfolio decreased to $1.8 million at June 30, 2023, down from $2.4 million at December 31, 2022[30]. - The Corporation's total securities available for sale amounted to $700.253 million with an estimated fair value of $604.313 million as of June 30, 2023[51]. - As of June 30, 2023, total available for sale securities amounted to $700,253 million, an increase from $604,313 million in the previous year[55]. - The mortgage-backed securities portfolio was valued at $497,995 million, up from $417,365 million year-over-year[55]. - The total temporarily impaired securities as of June 30, 2023, amounted to $594,146 million with unrealized losses of $96,053 million[66]. - The corporation's unrealized losses in available for sale investment securities primarily relate to mortgage-backed securities, with no anticipated need to sell these before recovery[68]. - The Corporation's assessment of available for sale debt securities for credit risk includes regular evaluations of unrealized losses due to market conditions and credit quality deterioration[67]. Loans and Deposits - Non-performing loans to total loans improved to 0.39% as of June 30, 2023, down from 0.45% in the previous year[41]. - Total deposits increased to $2,390,194 million as of June 30, 2023, reflecting a $62,967 million or 2.7% increase from December 31, 2022[45]. - Brokered deposits surged by 152.5%, reaching $185,492 million compared to $73,452 million at December 31, 2022[45]. - The Corporation's loan composition showed commercial loans in real estate and leasing at 50.5% of total loans as of June 30, 2023, up from 48.3% at December 31, 2022[32]. - Total loans maturing within five years amounted to $303.4 million, while those maturing between five and 15 years totaled $494.7 million, leading to a total loan portfolio of $1.76 billion[33]. - Borrowings decreased by $45.2 million to $53.9 million as of June 30, 2023, primarily due to a decrease in FHLBNY overnight advances[48]. - There were no outstanding FHLBNY term advances as of June 30, 2023[48]. - The Bank's capital ratios exceeded the requirements to be classified as well-capitalized under regulatory guidelines as of June 30, 2023[49]. - Cash used in investing activities during the first six months of 2023 was predominantly due to a net increase in loans, offset by maturities and principal paydowns on securities available for sale[52]. Interest Rate Risk - Immediate decreases in interest rates of 100 and 200 basis points are estimated to positively impact the next 12 months net interest income by 3.85% and 5.94% respectively[63]. - Interest rate risk assessments indicate that a 100-basis point decrease in interest rates could increase net interest income by 3.85% over the next 12 months[63].

The table below presents the Corporation's deposits balance by bank division (in thousands): 58 Shareholders' Equity Liquidity ADDITIONAL FUNDING CAPACITY The Corporation also had a total of $60.0 million of unsecured lines of credit with five different financial institutions, all of which was available at March 31, 2023, and $68.0 million of unsecured lines of credit with six different financial institutions, all of which was available at December 31, 2022. With respect to the Corporation's credit risk and ...

Deposits The growth in deposits was attributable to an increase of $206.0 million in time deposits, $73.5 million of which were one-way brokered deposits, offset by decreases of $13.7 million in insured money market accounts, $13.1 million in interest-bearing demand deposits, $6.3 million in non-interest bearing demand deposits, and $1.2 million in savings deposits. Capital Lease Obligations and FHLBNY Advances The increase in capital lease obligations and FHLBNY advances can be mostly attributed to $81.2 m ...