Welcome to our dedicated page for Chemung Financial news (Ticker: CHMG), a resource for investors and traders seeking the latest updates and insights on Chemung Financial stock.
Chemung Financial Corp (Nasdaq: CHMG) is a prominent bank holding company based in Elmira, New York. Established with deep historical roots dating back to 1833 during the opening of the Chemung Canal, the company has grown to become a reliable financial institution serving both personal and business banking needs. Chemung Canal Trust Company, its primary subsidiary, operates 34 branch offices across 11 counties in New York State and one county in Pennsylvania. The company's enduring commitment to community banking is reflected in its philosophy of fostering long-term relationships with clients and reinvesting locally gathered deposits into community loans.
The firm's wide array of services includes demand, savings, and time deposits, as well as comprehensive lending options encompassing commercial, residential, and consumer loans. In addition, Chemung Financial Corp offers wealth management services, employee benefit plans, securities, and insurance brokerage services. The company's business operations are divided into two main categories: Banking and Wealth Management.
Recent financial reports indicate that Chemung Financial Corp remains financially robust despite slight fluctuations in non-interest expenses. In the third quarter of 2023, the non-interest expense was reported at $15.7 million, a slight decrease from the previous quarter. Net income for the year ending December 31, 2023, stood at $25.0 million, or $5.28 per share, demonstrating the company's resilience and capability to generate consistent earnings.
Key recent achievements include a net income of $7.1 million, or $1.48 per share, for the first quarter of 2024, showcasing an improvement from the fourth quarter of 2023. Additionally, Chemung Financial Corp maintains a robust allowance for credit losses, reflecting prudent financial management.
The company is known for its localized decision-making process, ensuring that all strategic moves are in the best interest of the communities it serves. For any financial updates and investor relations, contact Dale M. McKim, III, EVP and CFO at dmckim@chemungcanal.com or call 607-737-3714.
Chemung Financial Corporation (Nasdaq: CHMG) reported a net income of $7.3 million, or $1.54 per share, for Q1 2023, marking an increase from $6.9 million or $1.46 per share in Q1 2022. Key highlights include:
- Net interest income rose by 19.6% to $19.9 million.
- Loans grew by 2.4% to $44.3 million.
- Non-performing loans decreased from 0.45% to 0.41% of total loans.
- Tangible book value per share increased by 7.2% to $32.91.
Despite increasing challenges in the banking sector, the company maintains strong capital ratios and liquidity, affirming a solid market position.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share, set to be paid on April 3, 2023. Shareholders on record as of March 20, 2023 will receive this dividend. The company, based in Elmira, New York, is valued at $2.6 billion and operates through its principal subsidiary, Chemung Canal Trust Company, the oldest locally-owned community bank in New York. With a history dating back to 1833, it also has subsidiaries like CFS Group, Inc. and Chemung Risk Management, Inc..
Chemung Financial Corporation (Nasdaq: CHMG) reported record net income of $28.8 million, or $6.13 per share, for 2022, marking a 9.1% increase from 2021. The fourth quarter net income was $7.4 million, or $1.58 per share, compared to $6.5 million in Q4 2021. Loans grew by $353.6 million (23.97%), with a net interest margin of 3.05% for the year. Non-performing loans decreased to 0.45% of total loans. Non-interest income fell 10.2% year-over-year, and expenses increased by 6.5%. Total assets rose to $2.646 billion, while total equity decreased to $166.4 million.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share, scheduled for payment on January 3, 2023. This dividend will be issued to shareholders on record as of the close of business on December 20, 2022. The company, with total assets of approximately $2.6 billion, operates through 31 offices and is recognized as the oldest locally-managed community bank in New York State, established in 1833. It also includes subsidiaries like CFS Group, Inc. and Chemung Risk Management, Inc.
Chemung Financial Corporation (CHMG) reported net income of $6.5 million ($1.37/share) for Q3 2022, slightly down from $6.6 million ($1.42/share) in Q3 2021. Interest-earning assets contributed to a net interest income growth of 12.8% year-over-year, totaling $19.0 million. The net interest margin increased to 3.08%. Non-interest income decreased by 15.6% to $5.0 million. Non-interest expenses rose 3.4% to $14.6 million, influenced mainly by employee benefits. Total assets grew to $2.551 billion, with loan growth at 18.05%. Shareholders' equity declined by 26.5% to $155.5 million due to a decrease in accumulated other income.
Chemung Financial Corporation (Nasdaq: CHMG) has announced a quarterly cash dividend of $0.31 per share, scheduled for payment on October 3, 2022. Shareholders of record as of September 19, 2022 will receive this dividend. The company, headquartered in Elmira, New York, manages assets totaling $2.5 billion and operates 31 offices through its subsidiary, Chemung Canal Trust Company. This bank, established in 1833, is the oldest locally-owned community bank in New York State.
FAQ
What is the current stock price of Chemung Financial (CHMG)?
What is the market cap of Chemung Financial (CHMG)?
What is Chemung Financial Corp?
Where is Chemung Financial Corp headquartered?
How many branches does Chemung Canal Trust Company operate?
What types of financial services does Chemung Financial Corp offer?
How did Chemung Financial Corp perform financially in 2023?
Who can I contact for more financial information about Chemung Financial Corp?
What is the community banking philosophy of Chemung Financial Corp?
What were Chemung Financial Corp's non-interest expenses in the third quarter of 2023?
What recent financial achievements has Chemung Financial Corp made?
How does Chemung Financial Corp manage credit losses?
