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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 (CHMG) reported a net income of $6.5 million, or $1.39 per share, for Q1 2021, up from $2.5 million, or $0.51 per share, in Q1 2020. Key highlights include a decrease in the efficiency ratio to 62.38% and a provision credit for loan losses of $0.3 million. Non-performing loans fell to $9.3 million, comprising 0.59% of total loans. The corporation processed $75.1 million in Paycheck Protection Program loans, demonstrating solid customer support during the pandemic. Total assets reached $2.442 billion, marking a 7.2% increase from the previous quarter.
Chemung Financial Corporation (CHMG) announced a quarterly cash dividend of $0.26 per share, payable on April 1, 2021. Shareholders of record as of March 18, 2021 will receive this dividend. Based in Elmira, New York, Chemung Financial holds approximately $2.3 billion in assets and operates 30 retail offices through its subsidiary, Chemung Canal Trust Company, the oldest locally-owned community bank in New York. The company also includes CFS Group, a financial services subsidiary, and Chemung Risk Management, a captive insurance firm.
Chemung Financial Corporation (Nasdaq: CHMG) reported net income of $19.3 million for the year ended December 31, 2020, up from $15.6 million in 2019. Q4 earnings reached $5.2 million, or $1.11 per share, compared to $4.2 million, or $0.87 per share in Q4 2019. Total assets rose by 27.5% to $2.279 billion, driven by a $227.2 million increase in loans. Shareholders’ equity increased by $17.1 million. Despite challenges from COVID-19, the corporation enhanced its loan allowance due to anticipated credit losses. Non-interest income rose 5.2% to $21.1 million, while non-performing loans decreased significantly.
Chemung Financial Corporation (NASDAQ: CHMG) announced a stock repurchase program allowing for the buyback of up to 250,000 shares, approximately 5% of its outstanding shares. This initiative will commence post the release of the Corporation’s year-end earnings. Shares may be repurchased through open market or negotiated transactions at management's discretion, influenced by market conditions and financial performance. This program is subject to suspension or modification based on various factors, including alternative investment opportunities and liquidity needs.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.26 per share. This dividend is set to be paid on January 4, 2021, to shareholders on record as of the close of business on December 21, 2020. Headquartered in Elmira, New York, Chemung Financial Corporation is a $2.2 billion financial services holding company with a history dating back to 1833. It operates 32 retail offices through its bank subsidiary, Chemung Canal Trust Company, and offers non-traditional services through CFS Group, Inc.
Chemung Financial Corporation (Nasdaq: CHMG) reported a significant net income of $5.7 million, or $1.19 per share, for Q3 2020, up from $2.0 million, or $0.40 per share, in Q3 2019. Key highlights include a 4.8% increase in net interest income to $15.9 million, a 1.2% reduction in non-interest expenses, and a total loan increase of $229.3 million. Total shareholders' equity rose by $14.4 million (7.87%). The tangible book value per share increased to $36.83 from $32.74. The company remains well-capitalized, with a focus on supporting clients amid COVID-19 challenges.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.26 per share, set for payment on October 1, 2020. Shareholders must be on record by the close of business on September 17, 2020. With a total asset value of $2.0 billion, Chemung Financial operates 32 retail offices through its subsidiary, Chemung Canal Trust Company, the oldest locally-owned community bank in New York, established in 1833. The corporation also manages CFS Group, offering various financial services.
Chemung Financial Corporation (Nasdaq: CHMG) reported a net income of $5.8 million, or $1.20 per share, for Q2 2020, up from $5.0 million in Q2 2019. Factors contributing to this growth include increased net interest income of $15.6 million, attributed to $985 thousand in Paycheck Protection Program (PPP) fees, and effective expense management. Total assets surpassed $2.1 billion for the first time, with a significant rise in loans by 14.42%. Despite the pandemic, the Corporation successfully aided local businesses and maintained a robust liquidity position.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.26 per share. This dividend will be payable on July 1, 2020, to shareholders on record as of June 17, 2020. Headquartered in Elmira, New York, Chemung Financial operates 32 retail offices through its principal subsidiary, Chemung Canal Trust Company, which is the oldest locally-owned community bank in New York State, established in 1833. The company also includes CFS Group, Inc. and Chemung Risk Management, Inc.
Chemung Financial Corporation (Nasdaq: CHMG) reported a net income of $2.5 million, or $0.51 per share, for Q1 2020, down from $4.5 million, or $0.92 per share, in Q1 2019. This decline reflects increased provisions for loan losses due to economic impacts from COVID-19. Key highlights include a 4.3% increase in total shareholders’ equity and a rise in tangible book value per share to $34.25. However, net interest income decreased slightly, and non-interest income fell by 4%. The provision for loan losses saw a significant increase of 179% as the corporation adapts to the changing economic landscape.
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