Chemung Financial Corporation Reports First Quarter 2025 Net Income of $6.0 million, or $1.26 per share
Chemung Financial (NASDAQ: CHMG) reported Q1 2025 net income of $6.0 million, or $1.26 per share, compared to $5.9 million in Q4 2024 and $7.1 million in Q1 2024.
Key highlights include:
- Quarterly dividend increased by 3.2% to $0.32 per share
- Net interest margin expanded to 2.96% from 2.92% in Q4 2024
- Interest rate spread increased to 2.17% from 2.06% in Q4 2024
- Annualized loan growth of 5.1%, with commercial loan growth of 10.5%
- Western New York Canal Bank division showed strong performance with 14.9% loan growth and 82.0% deposit growth year-over-year
Net interest income remained stable at $19.8 million, with decreased interest expense on deposits offset by lower interest income on loans and securities. Non-interest income decreased 3.3% to $5.9 million, while non-interest expense decreased 5.1% to $16.9 million compared to Q4 2024.
Chemung Financial (NASDAQ: CHMG) ha riportato un utile netto nel primo trimestre 2025 di 6,0 milioni di dollari, pari a 1,26 dollari per azione, rispetto ai 5,9 milioni del quarto trimestre 2024 e ai 7,1 milioni del primo trimestre 2024.
I punti salienti includono:
- Dividendo trimestrale aumentato del 3,2% a 0,32 dollari per azione
- Margine d'interesse netto salito al 2,96% dal 2,92% del quarto trimestre 2024
- Spread dei tassi d'interesse aumentato al 2,17% dal 2,06% del quarto trimestre 2024
- Crescita annualizzata dei prestiti del 5,1%, con una crescita dei prestiti commerciali del 10,5%
- La divisione Western New York Canal Bank ha mostrato una forte performance con una crescita dei prestiti del 14,9% e una crescita dei depositi dell'82,0% su base annua
Il reddito da interessi netto è rimasto stabile a 19,8 milioni di dollari, con una riduzione delle spese per interessi sui depositi compensata da un calo dei ricavi da interessi su prestiti e titoli. Il reddito non da interessi è diminuito del 3,3% a 5,9 milioni di dollari, mentre le spese non da interessi sono calate del 5,1% a 16,9 milioni rispetto al quarto trimestre 2024.
Chemung Financial (NASDAQ: CHMG) reportó un ingreso neto en el primer trimestre de 2025 de 6,0 millones de dólares, o 1,26 dólares por acción, en comparación con 5,9 millones en el cuarto trimestre de 2024 y 7,1 millones en el primer trimestre de 2024.
Los aspectos destacados incluyen:
- Dividendo trimestral incrementado en un 3,2% hasta 0,32 dólares por acción
- Margen neto de interés ampliado al 2,96% desde el 2,92% en el cuarto trimestre de 2024
- Diferencial de tasa de interés aumentado al 2,17% desde el 2,06% en el cuarto trimestre de 2024
- Crecimiento anualizado de préstamos del 5,1%, con un crecimiento de préstamos comerciales del 10,5%
- La división Western New York Canal Bank mostró un fuerte desempeño con un crecimiento de préstamos del 14,9% y un crecimiento de depósitos del 82,0% interanual
El ingreso neto por intereses se mantuvo estable en 19,8 millones de dólares, con una disminución en los gastos por intereses sobre depósitos compensada por menores ingresos por intereses en préstamos y valores. Los ingresos no relacionados con intereses disminuyeron un 3,3% hasta 5,9 millones de dólares, mientras que los gastos no relacionados con intereses bajaron un 5,1% a 16,9 millones en comparación con el cuarto trimestre de 2024.
Chemung Financial (NASDAQ: CHMG)은 2025년 1분기 순이익으로 600만 달러, 주당 1.26달러를 보고했으며, 이는 2024년 4분기 590만 달러와 2024년 1분기 710만 달러와 비교됩니다.
주요 내용은 다음과 같습니다:
- 분기 배당금이 3.2% 증가하여 주당 0.32달러
- 순이자마진이 2024년 4분기 2.92%에서 2.96%로 확대
- 이자율 스프레드가 2024년 4분기 2.06%에서 2.17%로 증가
- 연 환산 대출 성장률 5.1%, 상업 대출 성장률 10.5%
- Western New York Canal Bank 부문은 전년 대비 대출 14.9%, 예금 82.0% 성장으로 강력한 실적 기록
순이자수익은 1,980만 달러로 안정적이었으며, 예금에 대한 이자 비용 감소가 대출 및 증권에 대한 이자 수익 감소로 상쇄되었습니다. 비이자수익은 3.3% 감소한 590만 달러, 비이자비용은 2024년 4분기 대비 5.1% 감소한 1,690만 달러를 기록했습니다.
Chemung Financial (NASDAQ: CHMG) a annoncé un bénéfice net au premier trimestre 2025 de 6,0 millions de dollars, soit 1,26 dollar par action, contre 5,9 millions au quatrième trimestre 2024 et 7,1 millions au premier trimestre 2024.
Les points clés incluent :
- Dividende trimestriel augmenté de 3,2 % à 0,32 dollar par action
- Marge nette d'intérêt portée à 2,96 % contre 2,92 % au quatrième trimestre 2024
- Écart des taux d'intérêt augmenté à 2,17 % contre 2,06 % au quatrième trimestre 2024
- Croissance annualisée des prêts de 5,1 %, avec une croissance des prêts commerciaux de 10,5 %
- La division Western New York Canal Bank a affiché une solide performance avec une croissance des prêts de 14,9 % et une croissance des dépôts de 82,0 % sur un an
Le revenu net d’intérêts est resté stable à 19,8 millions de dollars, avec une baisse des charges d’intérêts sur dépôts compensée par une diminution des revenus d’intérêts sur prêts et titres. Les revenus hors intérêts ont diminué de 3,3 % à 5,9 millions de dollars, tandis que les charges hors intérêts ont baissé de 5,1 % à 16,9 millions par rapport au quatrième trimestre 2024.
Chemung Financial (NASDAQ: CHMG) meldete für das erste Quartal 2025 einen Nettogewinn von 6,0 Millionen US-Dollar bzw. 1,26 US-Dollar je Aktie, im Vergleich zu 5,9 Millionen im vierten Quartal 2024 und 7,1 Millionen im ersten Quartal 2024.
Wichtige Highlights umfassen:
- Quartalsdividende um 3,2 % auf 0,32 US-Dollar je Aktie erhöht
- Nettozinsmarge stieg von 2,92 % im vierten Quartal 2024 auf 2,96 %
- Zinsdifferenz erhöhte sich von 2,06 % im vierten Quartal 2024 auf 2,17 %
- Jährliches Kreditwachstum von 5,1 %, mit einem Wachstum der Geschäftskredite von 10,5 %
- Die Western New York Canal Bank Division zeigte eine starke Leistung mit einem Kreditwachstum von 14,9 % und einem Einlagenwachstum von 82,0 % im Jahresvergleich
Der Nettozinsertrag blieb mit 19,8 Millionen US-Dollar stabil, wobei geringere Zinsaufwendungen für Einlagen durch niedrigere Zinserträge aus Krediten und Wertpapieren ausgeglichen wurden. Die zinsertragsunabhängigen Erträge sanken um 3,3 % auf 5,9 Millionen US-Dollar, während die zinsertragsunabhängigen Aufwendungen im Vergleich zum vierten Quartal 2024 um 5,1 % auf 16,9 Millionen US-Dollar zurückgingen.
- Quarterly dividend increased by 3.2% to $0.32 per share
- Net interest margin expanded to 2.96% from 2.92%
- Strong loan growth with 5.1% annualized increase
- Canal Bank division showed exceptional growth with 14.9% loan growth and 82.0% deposit growth
- Non-interest expense decreased by 5.1% quarter-over-quarter
- Net income decreased year-over-year from $7.1M to $6.0M
- Non-interest income declined 3.3% quarter-over-quarter
- Provision for credit losses increased 83.3% to $1.1M quarter-over-quarter
- Wealth management fee income decreased due to decline in assets under management
Insights
Chemung reports modest QoQ earnings growth with expanding margins and solid loan growth, despite YoY profit decline in challenging rate environment.
Chemung Financial's Q1 results reveal a complex but generally improving operational picture. The bank posted net income of $6.0 million ($1.26/share), representing a slight improvement from Q4 2024's $5.9 million but still below the $7.1 million from Q1 2024. The most encouraging metrics come from the bank's margin management - net interest margin expanded to 2.96% (up 4 basis points quarter-over-quarter) while the interest rate spread improved 11 basis points to 2.17%.
These margin improvements showcase effective balance sheet management in a challenging rate environment. The bank's 5.1% annualized loan growth demonstrates continued demand for credit, with commercial loans growing at an impressive 10.5% annualized rate. The strategic importance of their Canal Bank division is evident through its 14.9% loan growth and remarkable 82% deposit growth year-over-year.
On the liability side, Chemung has adeptly managed its funding costs, reducing interest expense on deposits by $1.0 million compared to the previous quarter, primarily through lower rates on time deposits. The $0.01 dividend increase (3.2%) signals management's confidence in sustained performance. However, the increase in provision for credit losses to $1.1 million (up from $0.6 million last quarter) warrants attention as it reflects model adjustments and deteriorating FOMC economic forecasts rather than significant asset quality issues. The overall expense reduction of 5.1% quarter-over-quarter demonstrates disciplined cost management, supporting the bank's improving efficiency metrics.
CHMG shows operational resilience with improving margins and growing dividend, but year-over-year earnings decline and increased provisions merit caution.
Chemung's quarterly results present a nuanced investment case. The bank's ability to navigate the challenging rate environment is impressive, particularly its success in expanding margins while many regional peers struggle with margin compression. The 3.2% dividend increase represents a tangible return of capital to shareholders and signals management's confidence in future cash flows.
The company's strategic initiatives appear to be gaining traction, as evidenced by the strong performance of the Canal Bank division in Western New York. This geographic diversification provides a growth vector beyond Chemung's traditional markets. The 10.5% commercial loan growth indicates the bank is successfully capitalizing on lending opportunities without sacrificing credit standards.
However, investors should weigh these positives against concerning elements. The 15.5% year-over-year decline in net income reflects ongoing challenges, while the nearly doubled provision for credit losses suggests potential headwinds in asset quality, though this appears partially driven by model changes rather than actual loan deterioration. The bank's declining wealth management fee income (-$0.2 million) also bears monitoring as a traditionally stable revenue source.
From a valuation perspective, Chemung's fundamentals remain sound with effective cost control measures and capital deployment. The sequential earnings improvement suggests the bank may be reaching a stabilization point after weathering significant interest rate volatility over recent quarters. The carefully managed liability structure positions Chemung well for potential rate cuts later this year.
ELMIRA, N.Y., April 18, 2025 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of
"First quarter results demonstrate steady ongoing delivery of the Corporation's strategic plan," said Anders M. Tomson, President and CEO of Chemung Financial Corporation. "Attentive balance sheet management has allowed us to effectively reduce funding costs while growing our asset base. Loan growth in our newer Canal Bank division during the quarter underscores its strategic importance to operations," Tomson added.
"Our community banking model serves as a source of strength, consistency, and dependability for our communities, clients, and employees, regardless of the external environment. We are confident these stakeholders will continue to meaningfully drive our Corporation's success," concluded Tomson.
First Quarter Highlights:
- The Corporation announced a
$0.01 dividend increase, representing a3.2% increase compared to the prior quarter. Dividends declared during the first quarter 2025 were$0.32 per share. - Net interest margin expanded four basis points compared to the prior quarter, from
2.92% in the fourth quarter 2024 to2.96% in the first quarter 2025.1 Interest rate spread increased 11 basis points compared to the prior quarter, from2.06% in the fourth quarter 2024 to2.17% in the first quarter 2025. - Annualized loan growth totaled
5.1% for the three months ended March 31, 2025, including annualized commercial loan growth of10.5% . - Loan growth in the Western New York Canal Bank division totaled
14.9% compared to prior-year end and deposit growth totaled82.0% compared to prior year-end.
1 See the GAAP to Non-GAAP reconciliations.
1st Quarter 2025 vs 4th Quarter 2024
Net Interest Income:
Net interest income for the first quarter of 2025 totaled
Interest expense on deposits decreased primarily due to a decrease of 19 basis points in the average cost of interest-bearing deposits, and despite an increase of
Interest income on loans, including fees, decreased primarily due to a decrease of 16 basis points in the average yield on commercial loans, partially offset by an increase of
The decrease in interest income on taxable securities was primarily due to a decrease of
Fully taxable equivalent net interest margin was
Provision for Credit Losses:
Provision for credit losses was
Non-Interest Income:
Non-interest income for the first quarter of 2025 was
Wealth management group fee income decreased compared to the prior quarter largely due to a decrease in total assets under management, due to a broad decline in financial markets during the first quarter of 2025. Interchange revenue from debit card transactions decreased primarily due to a decline in transaction volume, partially due to the seasonality of holiday spending, compared to the prior quarter. Other non-interest income increased mainly due to recognition of debit card support incentives in the first quarter of 2025.
Non-Interest Expense:
Non-interest expense for the first quarter of 2025 was
Pension and other employee benefits decreased compared to the prior quarter primarily due to a decrease in employee healthcare-related expenses. The decrease in salaries and wages was largely due to higher quarterly incentive compensation expense recognized in the prior quarter. Data processing decreased mainly due to a decrease in card-related expenses, partially attributable to procurement expenses relating to the Canal Bank division in the prior quarter. The decrease in loan expenses was primarily due to a decrease in legal fees in the current quarter, compared to the prior quarter. The decrease in furniture and equipment expense was partially due to branch equipment and non-capitalized fixtures purchased in the prior quarter.
Income Tax Expense:
Income tax expense for the first quarter of 2025 was
1st Quarter 2025 vs 1st Quarter 2024
Net Interest Income:
Net interest income for the first quarter of 2025 totaled
Interest expense on deposits decreased primarily due to a decrease of 27 basis points in the average cost of total interest-bearing deposits, which was comprised of decreases of 21 basis points in the average cost of customer interest-bearing deposits and 82 basis points in the average cost of brokered deposits, both largely due to decreases in benchmark interest rates and the Corporation's balance sheet structure favoring shorter-term liabilities. Average balances of customer interest-bearing deposits increased
The decrease in interest expense on borrowed funds was partially due to a decline in borrowing rates between the first quarter of 2024 and the first quarter of 2025, as well as a shift in the composition of borrowed funds between these periods. The average cost of total borrowings decreased 69 basis points, compared to the same period in the prior year, comprised of decreases of 91 basis points and 32 basis points in the average cost of FHLBNY overnight advances and other advances and debt, which includes FHLBNY term advances, respectively. The composition of borrowings in the first quarter of 2025 was primarily comprised of FHLBNY term advances and FHLBNY overnight advances, while the composition of borrowings in the same period in the prior year was primarily comprised of a Federal Reserve Bank Term Funding Program (BTFP) advance and FHLBNY overnight advances.
Interest income on loans, including fees, increased largely due to an increase in average total loan balances of
The decrease in interest income on taxable securities was largely due to paydowns and maturities of available for sale securities between the first quarter of 2024 and the first quarter of 2025, totaling
Fully taxable equivalent net interest margin was
Provision for Credit Losses:
Provision for credit losses was
Non-Interest Income:
Non-interest income for the first quarter of 2025 was
Non-Interest Expense:
Non-interest expense for the first quarter of 2025 was
Salaries and wages increased largely due to an increase in base salaries, including merit-based increases and additional staffing for the Corporation's newly opened Western New York regional banking center. The increase in other non-interest expense was primarily due to net recoveries of multiple large altered check charge-offs during the same period in the prior year as well as higher operational losses on the sale of repossessed vehicles during the first quarter of 2025, compared to the same period in the prior year. The decrease in pension and other employee benefits expense was largely due to lower employee healthcare-related expenses compared to the same period in the prior year. The decrease in FDIC insurance was primarily due to a decrease in the Bank's assessment rate, due to an improvement in evaluated metrics.
Income Tax Expense:
Income tax expense for the first quarter of 2025 was
Asset Quality
Non-performing loans totaled
Total loan delinquencies as of March 31, 2025 increased compared to December 31, 2024, primarily driven by an increase in commercial loan delinquencies. Annualized net charge-offs to total average loans for the first quarter of 2025 were
The allowance for credit losses on loans was
Balance Sheet Activity
Total assets were
Loans, net of deferred origination fees and costs increased mainly due to growth in commercial loan balances, which was concentrated in commercial real estate. Total commercial loan balances increased
The increase in cash and cash equivalents was primarily due to an increase of
Total investment securities decreased primarily due to a decrease of
Total liabilities were
Total deposits increased
Advances and other debt decreased mainly due to an increase in total deposits. Advances and other debt as of March 31, 2025 largely consisted of staggered three-month term advances from the FHLBNY, whereas the composition of advances and other debt as of the prior year-end consisted primarily of FHLBNY overnight advances. The decrease in accrued interest payable and other liabilities was mainly due to a decrease in interest rate swap liabilities.
Total shareholders’ equity was
The total equity to total assets ratio was
1 See the GAAP to Non-GAAP reconciliations
Liquidity
The Corporation uses a variety of resources to manage its liquidity, and management believes it has the necessary liquidity to allow for flexibility in meeting its various operational and strategic needs. These include short-term investments, cash flow from lending and investing activities, core-deposit growth and non-core funding sources, such as time deposits of
As of March 31, 2025, uninsured deposits totaled
The Corporation considers brokered deposits to be an element of its deposit strategy, and anticipates it may continue utilizing brokered deposits as a secondary source of funding in support of growth. As of March 31, 2025, all brokered deposits carried terms of three months, with staggered maturities, totaling
Other Items
The market value of total assets under management or administration in our Wealth Management Group was
As previously announced on January 8, 2021, the Corporation's Board of Directors approved a stock repurchase program. Under the repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately
About Chemung Financial Corporation
Chemung Financial Corporation is a
This press release may be found at: www.chemungcanal.com under Investor Relations.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." The Corporation cannot guarantee that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends.
Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2024 Annual Report on Form 10-K. These filings are available publicly on the SEC's website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
| Chemung Financial Corporation | ||||||||||||||||||||
| Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
| (in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from financial institutions | $ | 32,087 | $ | 26,224 | $ | 36,247 | $ | 23,184 | $ | 22,984 | ||||||||||
| Interest-earning deposits in other financial institutions | 21,348 | 20,811 | 44,193 | 47,033 | 71,878 | |||||||||||||||
| Total cash and cash equivalents | 53,435 | 47,035 | 80,440 | 70,217 | 94,862 | |||||||||||||||
| Equity investments | 3,249 | 3,235 | 3,244 | 3,090 | 3,093 | |||||||||||||||
| Securities available for sale | 528,327 | 531,442 | 554,575 | 550,927 | 566,028 | |||||||||||||||
| Securities held to maturity | 808 | 808 | 657 | 657 | 785 | |||||||||||||||
| FHLB and FRB stock, at cost | 8,040 | 9,117 | 4,189 | 5,506 | 4,071 | |||||||||||||||
| Total investment securities | 537,175 | 541,367 | 559,421 | 557,090 | 570,884 | |||||||||||||||
| Commercial | 1,555,988 | 1,516,525 | 1,464,205 | 1,445,258 | 1,425,437 | |||||||||||||||
| Residential mortgage | 275,448 | 274,979 | 274,099 | 271,620 | 277,246 | |||||||||||||||
| Consumer | 266,200 | 279,915 | 290,650 | 294,594 | 300,927 | |||||||||||||||
| Loans, net of deferred loan fees | 2,097,636 | 2,071,419 | 2,028,954 | 2,011,472 | 2,003,610 | |||||||||||||||
| Allowance for credit losses | (22,522 | ) | (21,388 | ) | (21,441 | ) | (21,031 | ) | (20,471 | ) | ||||||||||
| Loans, net | 2,075,114 | 2,050,031 | 2,007,513 | 1,990,441 | 1,983,139 | |||||||||||||||
| Loans held for sale | 284 | — | — | 381 | 96 | |||||||||||||||
| Premises and equipment, net | 16,222 | 16,375 | 14,915 | 14,731 | 14,183 | |||||||||||||||
| Operating lease right-of-use assets | 5,332 | 5,446 | 5,637 | 5,827 | 6,018 | |||||||||||||||
| Goodwill | 21,824 | 21,824 | 21,824 | 21,824 | 21,824 | |||||||||||||||
| Accrued interest receivable and other assets | 84,090 | 90,834 | 81,221 | 92,212 | 90,791 | |||||||||||||||
| Total assets | $ | 2,796,725 | $ | 2,776,147 | $ | 2,774,215 | $ | 2,755,813 | $ | 2,784,890 | ||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non interest-bearing demand deposits | $ | 619,645 | $ | 625,762 | $ | 616,126 | $ | 619,192 | $ | 656,330 | ||||||||||
| Interest-bearing demand deposits | 339,790 | 306,536 | 349,383 | 328,370 | 315,154 | |||||||||||||||
| Money market deposits | 625,505 | 595,123 | 630,870 | 613,131 | 631,350 | |||||||||||||||
| Savings deposits | 249,541 | 245,550 | 242,911 | 248,528 | 248,578 | |||||||||||||||
| Time deposits | 598,915 | 623,912 | 611,831 | 606,700 | 629,360 | |||||||||||||||
| Total deposits | 2,433,396 | 2,396,883 | 2,451,121 | 2,415,921 | 2,480,772 | |||||||||||||||
| Advances and other debt | 88,701 | 112,889 | 53,757 | 83,835 | 52,979 | |||||||||||||||
| Operating lease liabilities | 5,516 | 5,629 | 5,820 | 6,009 | 6,197 | |||||||||||||||
| Accrued interest payable and other liabilities | 40,806 | 45,437 | 42,863 | 48,826 | 47,814 | |||||||||||||||
| Total liabilities | 2,568,419 | 2,560,838 | 2,553,561 | 2,554,591 | 2,587,762 | |||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Common stock | 53 | 53 | 53 | 53 | 53 | |||||||||||||||
| Additional paid-in capital | 48,157 | 48,783 | 48,457 | 48,102 | 47,794 | |||||||||||||||
| Retained earnings | 252,195 | 247,705 | 243,266 | 239,021 | 235,506 | |||||||||||||||
| Treasury stock, at cost | (15,180 | ) | (16,167 | ) | (15,987 | ) | (16,043 | ) | (16,147 | ) | ||||||||||
| Accumulated other comprehensive loss | (56,919 | ) | (65,065 | ) | (55,135 | ) | (69,911 | ) | (70,078 | ) | ||||||||||
| Total shareholders' equity | 228,306 | 215,309 | 220,654 | 201,222 | 197,128 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,796,725 | $ | 2,776,147 | $ | 2,774,215 | $ | 2,755,813 | $ | 2,784,890 | ||||||||||
| Period-end shares outstanding | 4,807 | 4,771 | 4,774 | 4,772 | 4,768 | |||||||||||||||
| Chemung Financial Corporation | |||||||||||
| Consolidated Statements of Income (Unaudited) | |||||||||||
| Three Months Ended March 31, | Percent Change | ||||||||||
| (in thousands, except per share data) | 2025 | 2024 | |||||||||
| Interest and dividend income: | |||||||||||
| Loans, including fees | $ | 28,099 | $ | 27,198 | 3.3 | ||||||
| Taxable securities | 3,023 | 3,557 | (15.0 | ) | |||||||
| Tax exempt securities | 251 | 258 | (2.7 | ) | |||||||
| Interest-earning deposits | 325 | 206 | 57.8 | ||||||||
| Total interest and dividend income | 31,698 | 31,219 | 1.5 | ||||||||
| Interest expense: | |||||||||||
| Deposits | 11,156 | 12,145 | (8.1 | ) | |||||||
| Borrowed funds | 725 | 985 | (26.4 | ) | |||||||
| Total interest expense | 11,881 | 13,130 | (9.5 | ) | |||||||
| Net interest income | 19,817 | 18,089 | 9.6 | ||||||||
| Provision (credit) for credit losses | 1,092 | (2,040 | ) | 153.5 | |||||||
| Net interest income after provision for credit losses | 18,725 | 20,129 | (7.0 | ) | |||||||
| Non-interest income: | |||||||||||
| Wealth management group fee income | 2,867 | 2,703 | 6.1 | ||||||||
| Service charges on deposit accounts | 1,120 | 949 | 18.0 | ||||||||
| Interchange revenue from debit card transactions | 1,037 | 1,063 | (2.4 | ) | |||||||
| Change in fair value of equity investments | (47 | ) | 101 | N/M | |||||||
| Net gains on sales of loans held for sale | 40 | 32 | 25.0 | ||||||||
| Net gains (losses) on sales of other real estate owned | (11 | ) | — | N/M | |||||||
| Income from bank owned life insurance | 8 | 9 | (11.1 | ) | |||||||
| Other | 875 | 800 | 9.4 | ||||||||
| Total non-interest income | 5,889 | 5,657 | 4.1 | ||||||||
| Non-interest expense: | |||||||||||
| Salaries and wages | 7,209 | 7,016 | 2.8 | ||||||||
| Pension and other employee benefits | 1,922 | 2,082 | (7.7 | ) | |||||||
| Other components of net periodic pension and postretirement benefits | (113 | ) | (232 | ) | 51.3 | ||||||
| Net occupancy | 1,533 | 1,493 | 2.7 | ||||||||
| Furniture and equipment | 373 | 398 | (6.3 | ) | |||||||
| Data processing | 2,534 | 2,573 | (1.5 | ) | |||||||
| Professional services | 638 | 559 | 14.1 | ||||||||
| Marketing and advertising | 339 | 345 | (1.7 | ) | |||||||
| Other real estate owned expense | 11 | 49 | N/M | ||||||||
| FDIC insurance | 439 | 577 | (23.9 | ) | |||||||
| Loan expense | 278 | 255 | 9.0 | ||||||||
| Other | 1,764 | 1,583 | 11.4 | ||||||||
| Total non-interest expense | 16,927 | 16,698 | 1.4 | ||||||||
| Income before income tax expense | 7,687 | 9,088 | (15.4 | ) | |||||||
| Income tax expense | 1,664 | 2,038 | (18.4 | ) | |||||||
| Net income | $ | 6,023 | $ | 7,050 | (14.6 | ) | |||||
| Basic and diluted earnings per share | $ | 1.26 | $ | 1.48 | |||||||
| Cash dividends declared per share | $ | 0.32 | $ | 0.31 | |||||||
| Average basic and diluted shares outstanding | 4,791 | 4,764 | |||||||||
| N/M - Not Meaningful | |||||||||||
| Chemung Financial Corporation | As of or for the Three Months Ended | |||||||||||||||||||
| Consolidated Financial Highlights (Unaudited) | March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| RESULTS OF OPERATIONS | ||||||||||||||||||||
| Interest income | $ | 31,698 | $ | 32,597 | $ | 32,362 | $ | 31,386 | $ | 31,219 | ||||||||||
| Interest expense | 11,881 | 12,776 | 13,974 | 13,625 | 13,130 | |||||||||||||||
| Net interest income | 19,817 | 19,821 | 18,388 | 17,761 | 18,089 | |||||||||||||||
| Provision (credit) for credit losses | 1,092 | 551 | 564 | 879 | (2,040 | ) | ||||||||||||||
| Net interest income after provision for credit losses | 18,725 | 19,270 | 17,824 | 16,882 | 20,129 | |||||||||||||||
| Non-interest income | 5,889 | 6,056 | 5,919 | 5,598 | 5,657 | |||||||||||||||
| Non-interest expense | 16,927 | 17,823 | 16,510 | 16,219 | 16,698 | |||||||||||||||
| Income before income tax expense | 7,687 | 7,503 | 7,233 | 6,261 | 9,088 | |||||||||||||||
| Income tax expense | 1,664 | 1,589 | 1,513 | 1,274 | 2,038 | |||||||||||||||
| Net income | $ | 6,023 | $ | 5,914 | $ | 5,720 | $ | 4,987 | $ | 7,050 | ||||||||||
| Basic and diluted earnings per share | $ | 1.26 | $ | 1.24 | $ | 1.19 | $ | 1.05 | $ | 1.48 | ||||||||||
| Average basic and diluted shares outstanding | 4,791 | 4,774 | 4,773 | 4,770 | 4,764 | |||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | 0.88 | % | 0.85 | % | 0.83 | % | 0.73 | % | 1.04 | % | ||||||||||
| Return on average equity | 10.96 | % | 10.73 | % | 10.81 | % | 10.27 | % | 14.48 | % | ||||||||||
| Return on average tangible equity (a) | 12.15 | % | 11.92 | % | 12.07 | % | 11.56 | % | 16.29 | % | ||||||||||
| Efficiency ratio (unadjusted) (e) | 65.85 | % | 68.88 | % | 67.92 | % | 69.43 | % | 70.32 | % | ||||||||||
| Efficiency ratio (adjusted) (a) | 65.64 | % | 68.64 | % | 67.69 | % | 69.19 | % | 70.07 | % | ||||||||||
| Non-interest expense to average assets | 2.47 | % | 2.57 | % | 2.39 | % | 2.38 | % | 2.47 | % | ||||||||||
| Loans to deposits | 86.20 | % | 86.42 | % | 82.78 | % | 83.26 | % | 80.77 | % | ||||||||||
| YIELDS / RATES - Fully Taxable Equivalent | ||||||||||||||||||||
| Yield on loans | 5.49 | % | 5.61 | % | 5.65 | % | 5.52 | % | 5.51 | % | ||||||||||
| Yield on investments | 2.26 | % | 2.29 | % | 2.21 | % | 2.27 | % | 2.35 | % | ||||||||||
| Yield on interest-earning assets | 4.72 | % | 4.79 | % | 4.78 | % | 4.69 | % | 4.70 | % | ||||||||||
| Cost of interest-bearing deposits | 2.48 | % | 2.67 | % | 2.88 | % | 2.86 | % | 2.75 | % | ||||||||||
| Cost of borrowings | 4.54 | % | 4.74 | % | 5.08 | % | 5.04 | % | 5.15 | % | ||||||||||
| Cost of interest-bearing liabilities | 2.55 | % | 2.73 | % | 2.97 | % | 2.94 | % | 2.85 | % | ||||||||||
| Cost of funds | 1.92 | % | 2.04 | % | 2.24 | % | 2.20 | % | 2.13 | % | ||||||||||
| Interest rate spread | 2.17 | % | 2.06 | % | 1.81 | % | 1.75 | % | 1.85 | % | ||||||||||
| Net interest margin, fully taxable equivalent | 2.96 | % | 2.92 | % | 2.72 | % | 2.66 | % | 2.73 | % | ||||||||||
| CAPITAL | ||||||||||||||||||||
| Total equity to total assets at end of period | 8.16 | % | 7.76 | % | 7.95 | % | 7.30 | % | 7.08 | % | ||||||||||
| Tangible equity to tangible assets at end of period (a) | 7.44 | % | 7.02 | % | 7.22 | % | 6.56 | % | 6.34 | % | ||||||||||
| Book value per share | $ | 47.49 | $ | 45.13 | $ | 46.22 | $ | 42.17 | $ | 41.34 | ||||||||||
| Tangible book value per share (a) | 42.95 | 40.55 | 41.65 | 37.59 | 36.77 | |||||||||||||||
| Period-end market value per share | 47.57 | 48.81 | 48.02 | 48.00 | 42.48 | |||||||||||||||
| Dividends declared per share | 0.32 | 0.31 | 0.31 | 0.31 | 0.31 | |||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Loans and loans held for sale (b) | $ | 2,077,739 | $ | 2,046,270 | $ | 2,020,280 | $ | 2,009,823 | $ | 1,989,185 | ||||||||||
| Interest-earning assets | 2,729,661 | 2,711,995 | 2,699,968 | 2,699,402 | 2,681,059 | |||||||||||||||
| Total assets | 2,784,414 | 2,761,875 | 2,751,392 | 2,740,967 | 2,724,391 | |||||||||||||||
| Deposits | 2,445,597 | 2,446,662 | 2,410,735 | 2,419,169 | 2,402,215 | |||||||||||||||
| Total equity | 222,802 | 219,254 | 210,421 | 195,375 | 195,860 | |||||||||||||||
| Tangible equity (a) | 200,978 | 197,430 | 188,597 | 173,551 | 174,036 | |||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Net charge-offs | $ | 262 | $ | 594 | $ | 78 | $ | 306 | $ | 182 | ||||||||||
| Non-performing loans (c) | 9,881 | 8,954 | 10,545 | 8,195 | 7,835 | |||||||||||||||
| Non-performing assets (d) | 10,282 | 9,606 | 11,134 | 8,872 | 8,394 | |||||||||||||||
| Allowance for credit losses | 22,522 | 21,388 | 21,441 | 21,031 | 20,471 | |||||||||||||||
| Annualized net charge-offs to average loans | 0.05 | % | 0.12 | % | 0.02 | % | 0.06 | % | 0.04 | % | ||||||||||
| Non-performing loans to total loans | 0.47 | % | 0.43 | % | 0.52 | % | 0.41 | % | 0.39 | % | ||||||||||
| Non-performing assets to total assets | 0.37 | % | 0.35 | % | 0.40 | % | 0.32 | % | 0.30 | % | ||||||||||
| Allowance for credit losses to total loans | 1.07 | % | 1.03 | % | 1.06 | % | 1.05 | % | 1.02 | % | ||||||||||
| Allowance for credit losses to non-performing loans | 227.93 | % | 238.87 | % | 203.33 | % | 256.63 | % | 261.28 | % | ||||||||||
| (a) See the GAAP to Non-GAAP reconciliations. (b) Loans and loans held for sale do not reflect the allowance for credit losses. (c) Non-performing loans include non-accrual loans only. (d) Non-performing assets include non-performing loans plus other real estate owned and repossessed vehicles. (e) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income. | ||||||||||||||||||||
| Chemung Financial Corporation Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2025 vs. 2024 | |||||||||||||||||||||||||||||||||
| (in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Total Change | Due to Volume | Due to Rate | ||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||
| Commercial loans | $ | 1,529,028 | $ | 21,696 | 5.75 | % | $ | 1,406,950 | $ | 20,642 | 5.90 | % | $ | 1,054 | $ | 1,620 | $ | (566 | ) | ||||||||||||||||
| Residential mortgage loans | 275,524 | 2,701 | 3.98 | % | 277,661 | 2,597 | 3.74 | % | 104 | (24 | ) | 128 | |||||||||||||||||||||||
| Consumer loans | 273,187 | 3,751 | 5.57 | % | 304,574 | 4,016 | 5.30 | % | (265 | ) | (449 | ) | 184 | ||||||||||||||||||||||
| Taxable securities | 584,614 | 3,026 | 2.10 | % | 633,294 | 3,560 | 2.26 | % | (534 | ) | (278 | ) | (256 | ) | |||||||||||||||||||||
| Tax-exempt securities | 37,758 | 279 | 3.00 | % | 40,266 | 282 | 2.82 | % | (3 | ) | (19 | ) | 16 | ||||||||||||||||||||||
| Interest-earning deposits | 29,550 | 325 | 4.46 | % | 18,314 | 206 | 4.52 | % | 119 | 122 | (3 | ) | |||||||||||||||||||||||
| Total interest-earning assets | 2,729,661 | 31,778 | 4.72 | % | 2,681,059 | 31,303 | 4.70 | % | 475 | 972 | (497 | ) | |||||||||||||||||||||||
| Non interest-earning assets: | |||||||||||||||||||||||||||||||||||
| Cash and due from banks | 26,055 | 25,255 | |||||||||||||||||||||||||||||||||
| Other assets | 50,256 | 40,665 | |||||||||||||||||||||||||||||||||
| Allowance for credit losses | (21,558 | ) | (22,588 | ) | |||||||||||||||||||||||||||||||
| Total assets | $ | 2,784,414 | $ | 2,724,391 | |||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Interest-bearing checking | $ | 336,162 | $ | 1,303 | 1.57 | % | $ | 307,895 | $ | 1,335 | 1.74 | % | $ | (32 | ) | $ | 109 | $ | (141 | ) | |||||||||||||||
| Savings and money market | 858,937 | 3,866 | 1.83 | % | 865,113 | 4,266 | 1.98 | % | (400 | ) | (34 | ) | (366 | ) | |||||||||||||||||||||
| Time deposits | 514,884 | 4,704 | 3.71 | % | 481,965 | 4,904 | 4.09 | % | (200 | ) | 298 | (498 | ) | ||||||||||||||||||||||
| Brokered deposits | 112,840 | 1,283 | 4.61 | % | 121,405 | 1,640 | 5.43 | % | (357 | ) | (114 | ) | (243 | ) | |||||||||||||||||||||
| FHLBNY overnight advances | 20,781 | 236 | 4.61 | % | 34,875 | 487 | 5.52 | % | (251 | ) | (178 | ) | (73 | ) | |||||||||||||||||||||
| FRB advances and other debt | 43,950 | 489 | 4.51 | % | 41,465 | 498 | 4.83 | % | (9 | ) | 27 | (36 | ) | ||||||||||||||||||||||
| Total interest-bearing liabilities | 1,887,554 | 11,881 | 2.55 | % | 1,852,718 | 13,130 | 2.85 | % | (1,249 | ) | 108 | (1,357 | ) | ||||||||||||||||||||||
| Non interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Demand deposits | 622,774 | 625,837 | |||||||||||||||||||||||||||||||||
| Other liabilities | 51,284 | 49,976 | |||||||||||||||||||||||||||||||||
| Total liabilities | 2,561,612 | 2,528,531 | |||||||||||||||||||||||||||||||||
| Shareholders' equity | 222,802 | 195,860 | |||||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,784,414 | $ | 2,724,391 | |||||||||||||||||||||||||||||||
| Fully taxable equivalent net interest income | 19,897 | 18,173 | $ | 1,724 | $ | 864 | $ | 860 | |||||||||||||||||||||||||||
| Net interest rate spread (1) | 2.17 | % | 1.85 | % | |||||||||||||||||||||||||||||||
| Net interest margin, fully taxable equivalent (2) | 2.96 | % | 2.73 | % | |||||||||||||||||||||||||||||||
| Taxable equivalent adjustment | (80 | ) | (84 | ) | |||||||||||||||||||||||||||||||
| Net interest income | $ | 19,817 | $ | 18,089 | |||||||||||||||||||||||||||||||
| (1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities. (2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets. | |||||||||||||||||||||||||||||||||||
Chemung Financial Corporation
GAAP to Non-GAAP Reconciliations (Unaudited)
The Corporation prepares its Consolidated Financial Statements in accordance with GAAP. See the Corporation’s unaudited consolidated balance sheets and statements of income contained within this press release. That presentation provides the reader with an understanding of the Corporation’s results that can be tracked consistently from period-to-period and enables a comparison of the Corporation’s performance with other companies’ GAAP financial statements.
In addition to analyzing the Corporation’s results on a reported basis, management uses certain non-GAAP financial measures, because it believes these non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Corporation and, therefore, facilitate a comparison of the Corporation with the performance of other companies. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.
The SEC has adopted Regulation G, which applies to all public disclosures, including earnings releases, made by registered companies that contain “non-GAAP financial measures.” Under Regulation G, companies making public disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the Corporation’s reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. The SEC has exempted from the definition of “non-GAAP financial measures” certain commonly used financial measures that are not based on GAAP. When these exempted measures are included in public disclosures, supplemental information is not required. The following measures used in this Report, which are commonly utilized by financial institutions, have not been specifically exempted by the SEC and may constitute "non- GAAP financial measures" within the meaning of the SEC's rules, although we are unable to state with certainty that the SEC would so regard them.
Fully Taxable Equivalent Net Interest Income and Net Interest Margin
Net interest income is commonly presented on a tax-equivalent basis. That is, to the extent that some component of the institution's net interest income, which is presented on a before-tax basis, is exempt from taxation (e.g., is received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added to the actual before-tax net interest income total. This adjustment is considered helpful in comparing one financial institution's net interest income to that of other institutions or in analyzing any institution’s net interest income trend line over time, to correct any analytical distortion that might otherwise arise from the fact that financial institutions vary widely in the proportions of their portfolios that are invested in tax- exempt securities, and that even a single institution may significantly alter over time the proportion of its own portfolio that is invested in tax-exempt obligations. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest-earning assets. For purposes of this measure as well, fully taxable equivalent net interest income is generally used by financial institutions, as opposed to actual net interest income, again to provide a better basis of comparison from institution to institution and to better demonstrate a single institution’s performance over time. The Corporation follows these practices.
| As of or for the Three Months Ended | ||||||||||||||||||||
| (in thousands, except ratio data) | March 31, 2025 | Dec. 31, 2024 | Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT | ||||||||||||||||||||
| Net interest income (GAAP) | $ | 19,817 | $ | 19,821 | $ | 18,388 | $ | 17,761 | $ | 18,089 | ||||||||||
| Fully taxable equivalent adjustment | 80 | 88 | 83 | 81 | 84 | |||||||||||||||
| Fully taxable equivalent net interest income (non-GAAP) | $ | 19,897 | $ | 19,909 | $ | 18,471 | $ | 17,842 | $ | 18,173 | ||||||||||
| Average interest-earning assets (GAAP) | $ | 2,729,661 | $ | 2,711,995 | $ | 2,699,968 | $ | 2,699,402 | $ | 2,681,059 | ||||||||||
| Net interest margin - fully taxable equivalent (non-GAAP) | 2.96 | % | 2.92 | % | 2.72 | % | 2.66 | % | 2.73 | % | ||||||||||
Efficiency Ratio
The unadjusted efficiency ratio is calculated as non-interest expense divided by total revenue (net interest income and non-interest income). The adjusted efficiency ratio is a non-GAAP financial measure which represents the Corporation’s ability to turn resources into revenue and is calculated as non-interest expense divided by total revenue (fully taxable equivalent net interest income and non-interest income), adjusted for one-time occurrences and amortization. This measure is meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s productivity measured by the amount of revenue generated for each dollar spent.
| As of or for the Three Months Ended | ||||||||||||||||||||
| (in thousands, except ratio data) | March 31, 2025 | Dec. 31, 2024 | Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| EFFICIENCY RATIO | ||||||||||||||||||||
| Net interest income (GAAP) | $ | 19,817 | $ | 19,821 | $ | 18,388 | $ | 17,761 | $ | 18,089 | ||||||||||
| Fully taxable equivalent adjustment | 80 | 88 | 83 | 81 | 84 | |||||||||||||||
| Fully taxable equivalent net interest income (non-GAAP) | $ | 19,897 | $ | 19,909 | $ | 18,471 | $ | 17,842 | $ | 18,173 | ||||||||||
| Non-interest income (GAAP) | $ | 5,889 | $ | 6,056 | $ | 5,919 | $ | 5,598 | $ | 5,657 | ||||||||||
| Non-interest expense (GAAP) | $ | 16,927 | $ | 17,823 | $ | 16,510 | $ | 16,219 | $ | 16,698 | ||||||||||
| Efficiency ratio (unadjusted) | 65.85 | % | 68.88 | % | 67.92 | % | 69.43 | % | 70.32 | % | ||||||||||
| Efficiency ratio (adjusted) | 65.64 | % | 68.64 | % | 67.69 | % | 69.19 | % | 70.07 | % | ||||||||||
Tangible Equity and Tangible Assets (Period-End)
Tangible equity, tangible assets, and tangible book value per share are each non-GAAP financial measures. Tangible equity represents the Corporation’s stockholders’ equity, less goodwill and intangible assets. Tangible assets represents the Corporation’s total assets, less goodwill and other intangible assets. Tangible book value per share represents the Corporation’s tangible equity divided by common shares at period-end. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.
| As of or for the Three Months Ended | ||||||||||||||||||||
| (in thousands, except per share and ratio data) | March 31, 2025 | Dec. 31, 2024 | Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| TANGIBLE EQUITY AND TANGIBLE ASSETS | ||||||||||||||||||||
| (PERIOD END) | ||||||||||||||||||||
| Total shareholders' equity (GAAP) | $ | 228,306 | $ | 215,309 | $ | 220,654 | $ | 201,222 | $ | 197,128 | ||||||||||
| Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||
| Tangible equity (non-GAAP) | $ | 206,482 | $ | 193,485 | $ | 198,830 | $ | 179,398 | $ | 175,304 | ||||||||||
| Total assets (GAAP) | $ | 2,796,725 | $ | 2,776,147 | $ | 2,774,215 | $ | 2,755,813 | $ | 2,784,890 | ||||||||||
| Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||
| Tangible assets (non-GAAP) | $ | 2,774,901 | $ | 2,754,323 | $ | 2,752,391 | $ | 2,733,989 | $ | 2,763,066 | ||||||||||
| Total equity to total assets at end of period (GAAP) | 8.16 | % | 7.76 | % | 7.95 | % | 7.30 | % | 7.08 | % | ||||||||||
| Book value per share (GAAP) | $ | 47.49 | $ | 45.13 | $ | 46.22 | $ | 42.17 | $ | 41.34 | ||||||||||
| Tangible equity to tangible assets at end of period (non-GAAP) | 7.44 | % | 7.02 | % | 7.22 | % | 6.56 | % | 6.34 | % | ||||||||||
| Tangible book value per share (non-GAAP) | $ | 42.95 | $ | 40.55 | $ | 41.65 | $ | 37.59 | $ | 36.77 | ||||||||||
Tangible Equity (Average)
Average tangible equity and return on average tangible equity are each non-GAAP financial measures. Average tangible equity represents the Corporation’s average stockholders’ equity, less average goodwill and intangible assets for the period. Return on average tangible equity measures the Corporation’s earnings as a percentage of average tangible equity. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.
| As of or for the Three Months Ended | ||||||||||||||||||||
| (in thousands, except ratio data) | March 31, 2025 | Dec. 31, 2024 | Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| TANGIBLE EQUITY (AVERAGE) | ||||||||||||||||||||
| Total average shareholders' equity (GAAP) | $ | 222,802 | $ | 219,254 | $ | 210,421 | $ | 195,375 | $ | 195,860 | ||||||||||
| Less: average intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||
| Average tangible equity (non-GAAP) | $ | 200,978 | $ | 197,430 | $ | 188,597 | $ | 173,551 | $ | 174,036 | ||||||||||
| Return on average equity (GAAP) | 10.96 | % | 10.73 | % | 10.81 | % | 10.27 | % | 14.48 | % | ||||||||||
| Return on average tangible equity (non-GAAP) | 12.15 | % | 11.92 | % | 12.07 | % | 11.56 | % | 16.29 | % | ||||||||||
Adjustments for Certain Items of Income or Expense
In addition to disclosures of certain GAAP financial measures, including net income, EPS, ROA, and ROE, we may also provide comparative disclosures that adjust these GAAP financial measures for a particular period by removing from the calculation thereof the impact of certain transactions or other material items of income or expense occurring during the period, including certain nonrecurring items. The Corporation believes that the resulting non-GAAP financial measures may improve an understanding of its results of operations by separating out any such transactions or items that may have had a disproportionate positive or negative impact on the Corporation’s financial results during the particular period in question. In the Corporation’s presentation of any such non-GAAP (adjusted) financial measures not specifically discussed in the preceding paragraphs, the Corporation supplies the supplemental financial information and explanations required under Regulation G.
| As of or for the Three Months Ended | ||||||||||||||||||||
| (in thousands, except per share and ratio data) | March 31, 2025 | Dec. 31, 2024 | Sept. 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||
| NON-GAAP NET INCOME | ||||||||||||||||||||
| Reported net income (GAAP) | $ | 6,023 | $ | 5,914 | $ | 5,720 | $ | 4,987 | $ | 7,050 | ||||||||||
| Net (gains) losses on security transactions (net of tax) | — | — | — | — | — | |||||||||||||||
| Net income (non-GAAP) | $ | 6,023 | $ | 5,914 | $ | 5,720 | $ | 4,987 | $ | 7,050 | ||||||||||
| Average basic and diluted shares outstanding | 4,791 | 4,774 | 4,773 | 4,770 | 4,764 | |||||||||||||||
| Reported basic and diluted earnings per share (GAAP) | $ | 1.26 | $ | 1.24 | $ | 1.19 | $ | 1.05 | $ | 1.48 | ||||||||||
| Reported return on average assets (GAAP) | 0.88 | % | 0.85 | % | 0.83 | % | 0.73 | % | 1.04 | % | ||||||||||
| Reported return on average equity (GAAP) | 10.96 | % | 10.73 | % | 10.81 | % | 10.27 | % | 14.48 | % | ||||||||||
| Basic and diluted earnings per share (non-GAAP) | $ | 1.26 | $ | 1.24 | $ | 1.19 | $ | 1.05 | $ | 1.48 | ||||||||||
| Return on average assets (non-GAAP) | 0.88 | % | 0.85 | % | 0.83 | % | 0.73 | % | 1.04 | % | ||||||||||
| Return on average equity (non-GAAP) | 10.96 | % | 10.73 | % | 10.81 | % | 10.27 | % | 14.48 | % | ||||||||||
Category: Financial
Source: Chemung Financial Corp
For further information contact:
Dale M. McKim, III, EVP and CFO
dmckim@chemungcanal.com
Phone: 607-737-3714
FAQ
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