Chemung Financial (CHMG)

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Chemung Financial (CHMG) Q1 Earnings and Revenues Top Estimates
Zacks Investment Research· 2024-04-18 22:26
Chemung Financial (CHMG) came out with quarterly earnings of $1.48 per share, beating the Zacks Consensus Estimate of $1.08 per share. This compares to earnings of $1.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 37.04%. A quarter ago, it was expected that this financial holding company would post earnings of $1.17 per share when it actually produced earnings of $0.81, delivering a surprise of -30.77%.Over the last four q ...
Chemung Financial Corporation Reports First Quarter 2024 Net Income of $7.1 million, or $1.48 per share
Newsfilter· 2024-04-18 20:15
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 (CHMG) - 2024 Q1 - Quarterly Results
2024-04-18 20:14
[Overview and First Quarter 2024 Highlights](index=1&type=section&id=Overview%20and%20First%20Quarter%202024%20Highlights) [First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) Chemung Financial Corporation reported strong Q1 2024 financial results, including increased net income, record loan growth, and improved credit quality Q1 2024 Key Financial Results | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Income | $7.1 million | $3.8 million | $7.3 million | | Diluted EPS | $1.48 | $0.80 | $1.54 | | Dividends Declared per Share | $0.31 | $0.31 | $0.31 | - Total loans surpassed **$2.0 billion** for the first time, growing by **$30.9 million** during the quarter[68](index=68&type=chunk) - Credit quality improved, with non-performing loans to total loans decreasing to **0.39%** as of March 31, 2024, from **0.53%** at year-end 2023[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) The President and CEO, Anders M Tomson, highlighted the strong start to 2024, attributing success to the company's core businesses and client-focused model - CEO Anders M Tomson highlighted **6%** annualized loan growth and improving credit metrics as an endorsement of the client-focused business model[44](index=44&type=chunk) [Financial Performance Analysis](index=1&type=section&id=Financial%20Performance%20Analysis) [Q1 2024 vs Q4 2023 (Quarter-over-Quarter)](index=1&type=section&id=1st%20Quarter%202024%20vs%204th%20Quarter%202023) Net income more than doubled quarter-over-quarter, primarily driven by a significant decrease in the provision for credit losses and a slight increase in net interest income [Net Interest Income (QoQ)](index=1&type=section&id=Net%20Interest%20Income%20(QoQ)) - Net interest income increased by **$0.2 million (1.1%)** to **$18.1 million**, driven by a **$1.1 million** rise in loan interest income, partially offset by higher interest expenses[4](index=4&type=chunk) - Fully taxable equivalent net interest margin expanded by **4 basis points** to **2.73%** from **2.69%**, partly due to **$0.3 million** in interest income from a nonaccrual commercial loan payoff[45](index=45&type=chunk)[71](index=71&type=chunk) - The average cost of total borrowings decreased by **37 basis points** to **5.15%**, supported by the **$50.0 million** BTFP advance at **4.91%**[5](index=5&type=chunk) [Provision for Credit Losses (QoQ)](index=2&type=section&id=Provision%20for%20Credit%20Losses%20(QoQ)) - Provision for credit losses significantly decreased by **$4.3 million**, shifting from a **$2.3 million** provision in Q4 2023 to a **$(2.0) million** credit in Q1 2024[6](index=6&type=chunk)[32](index=32&type=chunk) - The decrease was primarily due to an annual review of CECL model loss drivers, resulting in lower historical loss experience and favorable economic forecasts for unemployment and GDP[6](index=6&type=chunk)[82](index=82&type=chunk) [Non-Interest Income (QoQ)](index=2&type=section&id=Non-Interest%20Income%20(QoQ)) - Non-interest income decreased by **$0.2 million (3.4%)** to **$5.7 million**, primarily due to lower service charges, debit card interchange revenue, and fair value changes in equity investments[50](index=50&type=chunk) [Non-Interest Expense (QoQ)](index=2&type=section&id=Non-Interest%20Expense%20(QoQ)) - Non-interest expense decreased slightly by **$0.1 million (0.8%)** to **$16.7 million**, with a **$0.7 million** decrease in other expenses partially offset by higher salaries, benefits, and marketing costs[51](index=51&type=chunk) - Marketing and advertising expenses increased due to a 190th-anniversary checking account campaign and a new CD campaign[8](index=8&type=chunk) [Income Tax Expense (QoQ)](index=3&type=section&id=Income%20Tax%20Expense%20(QoQ)) - Income tax expense increased by **$1.2 million** to **$2.0 million**, with the effective tax rate rising to **22.4%** from **18.1%** due to higher pretax income[52](index=52&type=chunk) [Q1 2024 vs Q1 2023 (Year-over-Year)](index=3&type=section&id=1st%20Quarter%202024%20vs%201st%20Quarter%202023) Net income decreased slightly year-over-year, primarily due to net interest income compression, partially offset by a significant reduction in the provision for credit losses [Net Interest Income (YoY)](index=3&type=section&id=Net%20Interest%20Income%20(YoY)) - Net interest income decreased by **$1.8 million (8.8%)** to **$18.1 million**, primarily driven by a **$6.8 million** increase in interest expense on deposits[53](index=53&type=chunk) - The average interest rate paid on interest-bearing deposits increased by **141 basis points**, reflecting the rising rate environment and a shift to higher-cost deposits[10](index=10&type=chunk) - Fully taxable equivalent net interest margin compressed to **2.73%** from **3.14%**, as the average cost of interest-bearing liabilities rose **136 basis points**, outpacing the **58 basis point** increase in asset yields[77](index=77&type=chunk) [Provision for Credit Losses (YoY)](index=3&type=section&id=Provision%20for%20Credit%20Losses%20(YoY)) - Provision for credit losses decreased by **$2.3 million** year-over-year, mainly due to the CECL model update, favorable economic forecasts, and lower loan growth[12](index=12&type=chunk)[78](index=78&type=chunk) [Non-Interest Income (YoY)](index=4&type=section&id=Non-Interest%20Income%20(YoY)) - Non-interest income increased by **$0.3 million (5.6%)** to **$5.7 million**, primarily from a **$0.1 million** increase in wealth management fee income due to higher assets under management[13](index=13&type=chunk) [Non-Interest Expense (YoY)](index=4&type=section&id=Non-Interest%20Expense%20(YoY)) - Non-interest expense increased by **$0.9 million (5.7%)** to **$16.7 million**, driven by higher pension and employee benefits (**$0.4 million**), salaries and wages (**$0.2 million**), and data processing costs (**$0.2 million**)[57](index=57&type=chunk)[14](index=14&type=chunk) [Income Tax Expense (YoY)](index=4&type=section&id=Income%20Tax%20Expense%20(YoY)) - Income tax expense of **$2.0 million** was comparable to Q1 2023, with the effective tax rate at **22.4%** in Q1 2024 versus **21.5%** in Q1 2023[58](index=58&type=chunk) [Financial Condition Analysis (as of March 31, 2024)](index=4&type=section&id=Financial%20Condition%20Analysis%20(as%20of%20March%2031%2C%202024)) [Balance Sheet Activity](index=5&type=section&id=Balance%20Sheet%20Activity) Total assets grew to **$2.785 billion** as of March 31, 2024, driven by increases in cash, commercial loans, and deposits Balance Sheet Changes (vs Dec 31, 2023) | Account | Change (in millions) | Key Driver(s) | | :--- | :--- | :--- | | Total Assets | +$74.4 | Increase in cash and loans | | Total Loans, net | +$30.9 | Growth in commercial loans (+$38.1M) | | Total Investment Securities | -$19.4 | Paydowns and market value decline | | Total Deposits | +$51.3 | Growth in interest-bearing demand and time deposits | | Total Liabilities | +$72.5 | Deposit growth and new BTFP advance | | Total Shareholders' Equity | +$1.9 | Retained earnings growth offset by AOCI loss | [Asset Quality](index=4&type=section&id=Asset%20Quality) Asset quality metrics significantly improved, with notable decreases in non-performing loans and assets, leading to stronger reserve coverage Asset Quality Metrics | Metric | March 31, 2024 | Dec. 31, 2023 | | :--- | :--- | :--- | | Non-performing loans (NPLs) (in millions) | $7.8 | $10.4 | | NPLs to Total Loans | 0.39% | 0.53% | | Non-performing assets (NPAs) (in millions) | $8.4 | $10.7 | | NPAs to Total Assets | 0.30% | 0.40% | | Allowance for Credit Losses (ACL) to NPLs | 261.28% | 216.28% | | ACL to Total Loans | 1.02% | 1.14% | | Annualized Net Charge-offs to Avg. Loans | 0.04% | 0.05% (for FY2023) | - The decrease in NPLs was primarily due to the **$1.9 million** payoff of a nonaccrual commercial real estate loan[59](index=59&type=chunk) [Liquidity and Capital Resources](index=6&type=section&id=Liquidity%20and%20Capital%20Resources) The Corporation maintains strong liquidity and capital, supported by available-for-sale securities, FHLB and FRB funding, and capital ratios well above regulatory requirements - Key liquidity sources include **$94.9 million** in cash, a **$566.0 million** available-for-sale securities portfolio (**$240.3 million** unpledged), and **$231.0 million** in available FHLB borrowing capacity[17](index=17&type=chunk) - In January 2024, the Corporation utilized the FRB's Bank Term Funding Program (BTFP) with a **$50.0 million** advance to leverage lower interest rates[16](index=16&type=chunk)[17](index=17&type=chunk) - Uninsured deposits totaled **$689.4 million (27.8%)** of total deposits, including **$190.7 million** of municipal deposits collateralized by pledged assets[86](index=86&type=chunk) Key Capital Ratios | Ratio | March 31, 2024 | Dec. 31, 2023 | | :--- | :--- | :--- | | Total Equity to Total Assets | 7.08% | 7.20% | | Tangible Equity to Tangible Assets | 6.34% | 6.45% | | Book Value per Share | $41.35 | $41.07 | [Other Items](index=7&type=section&id=Other%20Items) The Wealth Management Group's assets under management increased due to favorable equity markets, while the stock repurchase program remained active - Assets under management in the Wealth Management Group increased by **$108.0 million (4.8%)** to **$2.350 billion**, primarily due to improvements in equity markets[87](index=87&type=chunk) - As of March 31, 2024, **200,816** shares remained available for repurchase under the existing stock buyback program, with no shares repurchased in Q1 2024[65](index=65&type=chunk) [Appendix: Financial Tables & Non-GAAP Reconciliation](index=8&type=section&id=Appendix%3A%20Financial%20Tables%20%26%20Non-GAAP%20Reconciliation) - The company uses non-GAAP measures such as tangible book value, adjusted efficiency ratio, and fully taxable equivalent net interest margin to facilitate comparison and show performance trends[120](index=120&type=chunk)[24](index=24&type=chunk) [Consolidated Financial Highlights (Unaudited)](index=10&type=section&id=Consolidated%20Financial%20Highlights%20(Unaudited)) This section provides a five-quarter summary of the Corporation's key operational results, performance ratios, capital metrics, and asset quality data, allowing for trend analysis Quarterly Performance Ratios | Ratio | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Return on average assets | 1.04% | 0.56% | 1.12% | | Return on average equity | 14.48% | 8.63% | 16.97% | | Net interest margin (FTE) | 2.73% | 2.69% | 3.14% | | Efficiency ratio (unadjusted) | 70.32% | 70.79% | 62.42% | [Consolidated Balance Sheets (Unaudited)](index=7&type=section&id=Consolidated%20Balance%20Sheets%20(Unaudited)) This table presents the Corporation's consolidated balance sheets at the end of each of the last five quarters, detailing assets, liabilities, and shareholders' equity Selected Balance Sheet Items (in thousands) | Account | March 31, 2024 | Dec. 31, 2023 | March 31, 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $2,784,890 | $2,710,529 | $2,654,183 | | Loans, net | $1,983,139 | $1,950,147 | $1,853,626 | | Total Deposits | $2,480,772 | $2,429,427 | $2,332,429 | | Total Shareholders' Equity | $197,128 | $195,241 | $177,341 | [Consolidated Statements of Income (Unaudited)](index=9&type=section&id=Consolidated%20Statements%20of%20Income%20(Unaudited)) This section provides a detailed year-over-year comparison of the consolidated statements of income for the three months ended March 31, 2024, and March 31, 2023, showing percentage changes for each line item Income Statement YoY Comparison (in thousands) | Line Item | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $18,089 | $19,947 | (9.3)% | | Provision (credit) for credit losses | $(2,040) | $277 | (836.5)% | | Total Non-interest Income | $5,657 | $5,423 | 4.3% | | Total Non-interest Expense | $16,698 | $15,836 | 5.4% | | Net Income | $7,050 | $7,270 | (3.0)% | [Average Consolidated Balance Sheets & Net Interest Income Analysis](index=11&type=section&id=Average%20Consolidated%20Balance%20Sheets%20%26%20Net%20Interest%20Income%20Analysis) This table provides a detailed rate/volume analysis of net interest income, breaking down the changes between Q1 2024 and Q1 2023 into components attributable to changes in average balances (volume) and changes in average yields/rates - The **$4.975 million** year-over-year increase in total interest income was driven by a **$1.870 million** increase from higher asset volumes and a **$3.105 million** increase from higher rates[21](index=21&type=chunk) - The **$6.847 million** year-over-year increase in total interest expense was driven by a **$1.357 million** increase from higher liability volumes and a **$5.490 million** increase from higher rates[94](index=94&type=chunk) [GAAP to Non-GAAP Reconciliations](index=13&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliations) The Corporation provides non-GAAP financial measures, including tangible equity, fully taxable equivalent net interest income, and adjusted efficiency ratio, to offer insights into operational performance and trends [Tangible Equity and Tangible Assets](index=15&type=section&id=Tangible%20Equity%20and%20Tangible%20Assets) Tangible Book Value per Share (Non-GAAP) | Metric | March 31, 2024 | Dec. 31, 2023 | | :--- | :--- | :--- | | Book Value per Share (GAAP) | $41.34 | $41.07 | | Tangible Book Value per Share (Non-GAAP) | $36.77 | $36.48 | - Tangible equity (non-GAAP) is calculated by subtracting **$21.8 million** in intangible assets from GAAP total shareholders' equity, resulting in **$175.3 million** as of March 31, 2024[123](index=123&type=chunk) [Fully Taxable Equivalent Net Interest Income and Net Interest Margin](index=14&type=section&id=Fully%20Taxable%20Equivalent%20Net%20Interest%20Income%20and%20Net%20Interest%20Margin) Net Interest Margin Reconciliation | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income (GAAP) (in thousands) | $18,089 | $17,898 | $19,947 | | Fully Taxable Equivalent Adjustment (in thousands) | $84 | $87 | $98 | | FTE Net Interest Income (Non-GAAP) (in thousands) | $18,173 | $17,985 | $20,045 | | FTE Net Interest Margin (Non-GAAP) | 2.73% | 2.69% | 3.14% | [Efficiency Ratio](index=15&type=section&id=Efficiency%20Ratio) Efficiency Ratio (Adjusted vs Unadjusted) | Ratio | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Efficiency Ratio (Unadjusted) | 70.32% | 70.79% | 62.42% | | Efficiency Ratio (Adjusted) | 70.07% | 70.42% | 62.18% | [Adjusted Net Income and EPS](index=17&type=section&id=Adjusted%20Net%20Income%20and%20EPS) - For Q1 2024, reported GAAP net income of **$7.05 million** and EPS of **$1.48** were identical to the non-GAAP figures, indicating no adjustments were made[42](index=42&type=chunk)
Chemung Financial (CHMG) - 2023 Q4 - Annual Report
2024-03-12 16:00
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) Reports Q4 Earnings: What Key Metrics Have to Say
Zacks Investment Research· 2024-01-26 02:31
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) Q4 Earnings Lag Estimates
Zacks Investment Research· 2024-01-26 00:01
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 ...
Chemung Financial Corporation Reports Annual Net Income of $25.0 million, or $5.28 per share, and Fourth Quarter 2023 Net Income of $3.8 million, or $0.80 per share
Newsfilter· 2024-01-25 21:10
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 ...
Chemung Financial (CHMG) - 2023 Q3 - Quarterly Report
2023-11-08 16:00
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 ...
Chemung Financial (CHMG) - 2023 Q2 - Quarterly Report
2023-08-09 16:00
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].
Chemung Financial (CHMG) - 2023 Q1 - Quarterly Report
2023-05-11 16:00
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 ...