Workflow
Chemung Financial (CHMG)
icon
Search documents
Chemung Financial (CHMG) Tops Q4 Earnings and Revenue Estimates
ZACKS· 2025-01-28 23:31
Group 1 - Chemung Financial reported quarterly earnings of $1.24 per share, exceeding the Zacks Consensus Estimate of $1.23 per share, and up from $0.81 per share a year ago, representing an earnings surprise of 0.81% [1] - The company posted revenues of $25.88 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.34%, compared to $23.77 million in the same quarter last year [2] - Over the last four quarters, Chemung Financial has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2 - The stock has underperformed the market, losing about 4.3% since the beginning of the year, while the S&P 500 has gained 2.2% [3] - The company's earnings outlook is mixed, with a current Zacks Rank of 3 (Hold), indicating expected performance in line with the market in the near future [6] - The current consensus EPS estimate for the coming quarter is $1.19 on revenues of $25.22 million, and for the current fiscal year, it is $5.25 on revenues of $105.31 million [7] Group 3 - The Zacks Industry Rank for Banks - Southeast is currently in the top 15% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]
Chemung Financial (CHMG) - 2024 Q4 - Annual Results
2025-01-28 21:20
Financial Performance - Chemung Financial Corporation reported annual net income of $23.7 million, or $4.96 per share, for 2024, a decrease from $25.0 million, or $5.28 per share, in 2023[1]. - Fourth quarter net income was $5.9 million, or $1.24 per share, compared to $5.7 million, or $1.19 per share, in the third quarter of 2024[1]. - Non-interest income for 2024 was $23.2 million, a decrease of $1.3 million, or 5.3%, from $24.5 million in 2023[12]. - Non-interest income for Q4 2024 was $6.1 million, an increase of $0.2 million or 3.4% compared to the same period in the prior year[36]. - Net income for the quarter was $5,914 million, reflecting a 55.5% increase compared to $3,802 million in the same quarter last year[68]. - Reported net income (GAAP) for Q4 2024 was $5,914,000, compared to $5,720,000 in Q3 2024, reflecting a 3.4% increase[93]. - The company reported a total net income of $23,671,000 for the twelve months ended December 31, 2024, compared to $25,000,000 in the previous year, reflecting a decrease of 5.3%[93]. Income and Expenses - Net interest income for 2024 totaled $74.1 million, a slight decrease of $0.4 million, or 0.5%, from $74.5 million in 2023[6]. - Non-interest expense for 2024 increased to $67.3 million, up $3.1 million, or 4.8%, from $64.2 million in 2023[14]. - Non-interest expense for Q4 2024 was $17.8 million, an increase of $1.0 million or 5.9% compared to the same period in the prior year[38]. - Total non-interest expense increased by 5.9% to $17,823 million from $16,826 million year-over-year[68]. Taxation - The effective tax rate for 2024 increased to 21.3% from 20.6% in 2023, with income tax expense decreasing slightly to $6.4 million[16]. - The effective tax rate for Q4 2024 was 21.2%, an increase from 18.1% for the same period in the prior year, primarily due to an increase in pretax income[41]. Assets and Liabilities - Total assets increased by $65.6 million or 2.4% to $2.776 billion as of December 31, 2024, driven by an increase in loans and cash equivalents[45]. - Total liabilities increased by $45.6 million or 1.8% to $2.561 billion as of December 31, 2024, primarily due to increases in advances and other debt[49]. - Total shareholders' equity increased by $20.1 million or 10.3% to $215.3 million as of December 31, 2024, driven by an increase in retained earnings[52]. - Total assets as of December 31, 2024, were $2.776 billion, compared to $2.710 billion as of December 31, 2023[65]. - Total liabilities were $2.560 billion as of December 31, 2024, reflecting an increase from $2.515 billion as of December 31, 2023[65]. - Shareholders' equity stood at $215.3 million as of December 31, 2024, compared to $195.2 million as of December 31, 2023[65]. Loans and Credit - Annual loan growth was 5.0% for 2024, with commercial and industrial growth of 13.3% and commercial real estate growth of 8.4%[9]. - The allowance for credit losses was $21.4 million as of December 31, 2024, a decrease from $22.5 million as of December 31, 2023, reflecting a recalibration of loss drivers[44]. - Non-performing loans totaled $9.0 million or 0.43% of total loans as of December 31, 2024, a decrease from $10.4 million or 0.53% as of December 31, 2023[42]. - The provision for credit losses for 2024 was a credit of $46 thousand, compared to a provision of $3.3 million in 2023[11]. - The provision for credit losses decreased significantly by 76.0% to $551 million from $2,300 million in the previous year[68]. Shareholder Information - Dividends declared during the fourth quarter of 2024 were $0.31 per share[9]. - The Corporation repurchased 49,184 shares of common stock at a total cost of $2.0 million, with a weighted average cost of $40.42 per share[59]. - Basic and diluted earnings per share increased to $1.24 from $0.80, representing a significant growth[68]. - Book value per share rose to $45.13 compared to $41.07 in the previous year[70]. - Basic and diluted earnings per share (non-GAAP) for Q4 2024 were $1.24, compared to $1.19 in Q3 2024, representing a 4.2% increase[93]. Market and Operational Developments - The Bank opened a new full-service branch in Williamsville, New York, consolidating previous operations from Clarence, New York[60]. - The market value of total assets under management in the Wealth Management Group was $2.212 billion, a decrease of $30.4 million or 1.4% from $2.242 billion as of December 31, 2023[58].
Chemung Financial Corporation Reports Annual Net Income of $23.7 million, or $4.96 per share, and Fourth Quarter 2024 Net Income of $5.9 million, or $1.24 per share
Globenewswire· 2025-01-28 21:15
Core Viewpoint - Chemung Financial Corporation reported a net income of $23.7 million for the year ended December 31, 2024, a decrease from $25.0 million in 2023, with a fourth-quarter net income of $5.9 million, reflecting a solid performance despite an uncertain economic environment [1][2][3]. Financial Performance - Net interest income for 2024 was $74.1 million, down 0.5% from $74.5 million in 2023, influenced by a $14.1 million increase in interest expense on deposits and a $1.3 million decrease in interest income on taxable securities [6][9]. - The fully taxable equivalent net interest margin was 2.76% for 2024, compared to 2.85% in 2023, with average interest-earning assets increasing by $76.9 million [9]. - Non-interest income decreased by 5.3% to $23.2 million in 2024, primarily due to a $2.5 million drop in other non-interest income [13][14]. Loan and Asset Quality - Annual loan growth was 5.0% for 2024, with commercial and industrial loans growing by 13.3% and commercial real estate loans by 8.4% [11]. - Non-performing loans decreased to $9.0 million, or 0.43% of total loans, from $10.4 million, or 0.53%, in the previous year [41]. - The allowance for credit losses was $21.4 million as of December 31, 2024, down from $22.5 million a year earlier, reflecting improved economic forecasts [43]. Expenses and Taxation - Non-interest expense for 2024 increased by 4.8% to $67.3 million, driven by higher salaries and benefits [15][16]. - Income tax expense for 2024 was $6.4 million, slightly down from $6.5 million in 2023, with an effective tax rate increase to 21.3% [17]. Balance Sheet and Equity - Total assets rose to $2.776 billion as of December 31, 2024, an increase of 2.4% from the previous year, primarily due to a $98.8 million increase in loans [44]. - Total shareholders' equity increased by 10.3% to $215.3 million, driven by retained earnings from net income [52]. - The total equity to total assets ratio improved to 7.76% from 7.20% year-over-year [53]. Strategic Developments - The Bank opened a new full-service branch under the Canal Bank division in Williamsville, New York, consolidating previous operations to enhance regional presence [60]. - The Corporation's Wealth Management Group reported total assets under management of $2.212 billion, a slight decrease from the previous year, but excluding the Corporation's assets, there was a 2.6% increase [58].
Chemung Financial (CHMG) Earnings Expected to Grow: What to Know Ahead of Q4 Release
ZACKS· 2025-01-16 16:06
Core Viewpoint - Chemung Financial (CHMG) is expected to report a year-over-year increase in earnings driven by higher revenues for the quarter ended December 2024, with a consensus outlook indicating a potential impact on its stock price based on actual results compared to estimates [1][2]. Financial Performance Expectations - The consensus EPS estimate for Chemung Financial is $1.23 per share, reflecting a year-over-year increase of +51.9% [3]. - Expected revenues for the quarter are $25.04 million, which is a 5.3% increase from the same quarter last year [3]. Estimate Revisions and Predictions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - The Most Accurate Estimate for Chemung Financial is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1.22%, suggesting a bullish outlook from analysts [10]. Historical Performance and Trends - In the last reported quarter, Chemung Financial exceeded the expected earnings of $1.11 per share by delivering $1.19, resulting in a surprise of +7.21% [12]. - Over the past four quarters, the company has beaten consensus EPS estimates two times [13]. Comparative Industry Insights - Another company in the Zacks Banks - Southeast industry, Cadence (CADE), is expected to report earnings of $0.68 per share for the same quarter, indicating a year-over-year change of +70% [17]. - Cadence's expected revenues are $457.2 million, showing a significant increase of 1875% from the previous year [17]. - Despite a recent downward revision of 0.4% in Cadence's EPS estimate, it has an Earnings ESP of -4.13%, making it challenging to predict a beat on the consensus EPS estimate [18].
Are Investors Undervaluing Chemung Financial Corp (CHMG) Right Now?
ZACKS· 2024-12-04 15:45
Core Viewpoint - The article highlights Chemung Financial Corp (CHMG) as a strong value stock, supported by various valuation metrics indicating it is currently undervalued compared to its industry peers [4][8]. Valuation Metrics - CHMG has a P/E ratio of 9.93, significantly lower than the industry average of 13.15, with a 52-week range of 7.89 to 10.14 [4]. - The P/B ratio for CHMG stands at 1.13, compared to the industry average of 2.09, with a 52-week range of 0.95 to 1.39 [5]. - The P/S ratio for CHMG is 1.67, while the industry average is 2.25, indicating a favorable valuation [6]. - CHMG's P/CF ratio is 9.62, which is attractive compared to the industry average of 19.78, with a 52-week range of 6.42 to 9.64 [7]. Investment Outlook - The combination of CHMG's strong earnings outlook and favorable valuation metrics positions it as one of the market's strongest value stocks [8].
Is Chemung Financial Corp (CHMG) Stock Undervalued Right Now?
ZACKS· 2024-11-18 15:46
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional val ...
Chemung Financial (CHMG) - 2024 Q3 - Quarterly Report
2024-11-07 15:49
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading Symbol Name of exchange on which registered Common stock, par value $.01 per share CHMG The Nasdaq Stock Market LLC FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly period ended September 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...
Should Value Investors Buy Chemung Financial Corp (CHMG) Stock?
ZACKS· 2024-10-28 14:46
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics ...
Chemung Financial (CHMG) Surpasses Q3 Earnings and Revenue Estimates
ZACKS· 2024-10-22 22:35
Financial Performance - Chemung Financial reported quarterly earnings of $1.19 per share, exceeding the Zacks Consensus Estimate of $1.11 per share, but down from $1.21 per share a year ago, representing an earnings surprise of 7.21% [1] - The company posted revenues of $24.31 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.28%, but down from $25.83 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.17 on revenues of $24.5 million, and for the current fiscal year, it is $4.78 on revenues of $95.7 million [4] - The estimate revisions trend for Chemung Financial is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [4] Industry Context - The Banks - Southeast industry, to which Chemung Financial belongs, is currently in the bottom 29% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [5] - Another industry peer, Ameris Bancorp, is expected to report quarterly earnings of $1.26 per share, reflecting a year-over-year increase of 8.6%, with revenues projected at $290.6 million, up 7.3% from the previous year [5]
Chemung Financial (CHMG) - 2024 Q3 - Quarterly Results
2024-10-22 20:20
EXHIBIT 99.1 Chemung Financial Corporation Reports Third Quarter 2024 Net Income of $5.7 million, or $1.19 per share ELMIRA, N.Y., Oct. 22, 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 $5.7 million, or $1.19 per share, for the third quarter of 2024, compared to $5.0 million, or $1.05 per share, for the second quarter of 2024, and $7.6 million, or $1.61 per share, for the ...