Chemung Financial Corp - CHMG STOCK NEWS

Chemung Financial (CHMG) reported net income of $5.7 million, or $1.19 per share, for the third quarter of 2024. This compares to $5.0 million ($1.05 per share) in Q2 2024 and $7.6 million ($1.61 per share) in Q3 2023. Key highlights include:

- Opening of a new branch in Williamsville, New York
- Improvement in tangible equity to tangible assets ratio by 66 basis points to 7.22%
- Increase in net interest income to $18.4 million, up 3.4% from Q2 2024
- Non-interest income rose to $5.9 million, a 5.4% increase from Q2 2024
- Non-interest expense increased to $16.5 million, up 1.9% from Q2 2024

The company saw improvements in interest income on loans and deposits, partially offset by higher interest expenses. Asset quality remained stable with non-performing loans at 0.52% of total loans.

Chemung Financial (Nasdaq: CHMG) has announced a quarterly cash dividend of $0.31 per share, payable on October 1, 2024, to common stock shareholders of record as of September 19, 2024. The company, a $2.8 billion financial services holding company, operates through its principal subsidiary, Chemung Canal Trust Company, the oldest locally-owned and managed community bank in New York State.

Established in 1833, Chemung Canal Trust Company is a full-service community bank with full trust powers. The also owns CFS Group, Inc., which offers non-traditional financial services including mutual funds, annuities, brokerage services, tax preparation, and insurance.

Chemung Financial (Nasdaq: CHMG) reported a net income of $5.0 million, or $1.05 per share, for Q2 2024, down from $7.1 million, or $1.48 per share, in Q1 2024, and $6.3 million, or $1.33 per share, in Q2 2023. The net interest income decreased to $17.8 million from $18.1 million in Q1 2024 and $18.6 million in Q2 2023. Provision for credit losses increased by $2.9 million from Q1 2024 and $0.6 million from Q2 2023. Non-performing assets fell to $8.9 million from $10.7 million as of December 31, 2023. The efficiency ratio improved by 88 basis points to 69.19%. The Board declared a quarterly dividend of $0.31 per share. Despite challenges in funding costs, the focused on expense management and commercial loan growth.

Chemung Financial (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share. This dividend will be payable on July 1, 2024, to shareholders of record by June 17, 2024. Chemung Financial , headquartered in Elmira, New York, is a $2.8 billion financial services holding company. It operates 31 offices through its main subsidiary, Chemung Canal Trust Company, which is the oldest community bank in New York State. The also owns CFS Group, offering various financial services such as mutual funds, annuities, and tax preparation.

Chemung Financial reported a net income of $7.1 million, or $1.48 per share, for the first quarter of 2024, showing growth from the fourth quarter of 2023. Total loans exceeded $2.0 billion for the first time in the 's history, with improvements in credit metrics and a 6% annualized loan growth. Non-performing loans decreased, and dividends declared were $0.31 per share.

Chemung Financial Corporation (CHMG) declares a quarterly cash dividend of $0.31 per share, payable on April 1, 2024, to common stock shareholders. The company, with a market cap of $2.7 billion, operates through its subsidiary, Chemung Canal Trust Company, offering a range of financial services.

Chemung Financial Corporation (CHMG) reported a net income of $25.0 million for the year ended December 31, 2023, a decrease from the previous year. The corporation celebrated its 190th anniversary in 2023, and its share value appreciated by 8.6% from December 31, 2022. The net interest margin was 2.85% for 2023, compared to 3.05% for the prior year. Non-interest income increased by 14.5%, while non-interest expense increased by 8.4%. The provision for credit losses increased by $3.9 million. The total equity to total assets ratio improved to 7.20% in 2023. Fourth quarter net interest income decreased by 0.6% compared to the previous quarter. The effective tax rate decreased to 20.6% for the year ended December 31, 2023.

Chemung Financial Corporation (CHMG) approves a quarterly cash dividend of $0.31 per share, payable on January 2, 2024, to common stock shareholders of record as of December 19, 2023. The company, a $2.7 billion financial services holding company, operates through its principal subsidiary, Chemung Canal Trust Company, and offers non-traditional services through its subsidiaries CFS Group, Inc. and Chemung Risk Management, Inc. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State.

Chemung Financial Corporation reports net income of $7.6 million for Q3 2023, an increase of 16% compared to Q3 2022. Commercial loan growth approximated 9.9% on an annualized basis. Total deposits increased by 3.5% to $2.473 billion. Non-performing loans to total loans decreased from 0.45% to 0.35%. Non-interest income increased by 56% to $7.8 million. Non-interest expense increased by 7.5% to $15.7 million. Income tax expense increased to $2.1 million. Net interest income decreased by 5.3% to $18.0 million. The Corporation demonstrated solid financial performance in the third quarter.