Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG),
the parent company of Chemung Canal Trust Company (the “Bank”),
today reported net income of $23.7 million, or $4.96 per share, for
the year ended December 31, 2024, compared to $25.0 million, or
$5.28 per share, for the year ended December 31, 2023. Net income
was $5.9 million, or $1.24 per share, for the fourth quarter of
2024, compared to $5.7 million, or $1.19 per share, for the third
quarter of 2024, and $3.8 million, or $0.80 per share, for the
fourth quarter of 2023.
"A prudent and relationship-based effort to
manage funding costs provided a tailwind for fourth quarter
earnings, and capped a solid year of results in an uncertain
environment," said Anders M. Tomson, President and CEO of Chemung
Financial Corporation. "Strong net interest margin expansion speaks
to the execution of Bank-wide strategic initiatives and a
thoughtful approach to loan growth, particularly in our newly
established Canal Bank division," added Tomson.
"As we reflect on 2024 and look ahead to 2025,
the Corporation is situated to perform well, due in large part to
the combined efforts of our team over the past year. Our results
demonstrate the continued value of a community-focused approach to
banking, which we look forward to carrying on in the coming year,"
concluded Tomson.
Fourth Quarter
Highlights:
- Net interest margin expanded 20
basis points compared to the prior quarter, from 2.72% in the third
quarter 2024 to 2.92% in the fourth quarter 2024. 1
- Annual loan growth totaled 5.0% for
the year ended December 31, 2024, including commercial and
industrial growth of 13.3% and commercial real estate growth of
8.4%.
- Non-performing loans to total loans
declined nine basis points compared to September 30, 2024 and ten
basis points compared to December 31, 2023, while non-performing
assets to total assets declined five basis points compared to both
September 30, 2024 and December 31, 2023.
- Dividends declared during the
fourth quarter 2024 were $0.31 per share.
1 See the GAAP to
Non-GAAP reconciliations.
2024 vs
2023
Net Interest Income:
Net interest income for the year ended December
31, 2024 totaled $74.1 million, compared to $74.5 million for the
prior year, a decrease of $0.4 million, or 0.5%, driven by
increases of $14.1 million in interest expense on deposits and
$0.8 million in interest expense on borrowed funds, and a
decrease of $1.3 million in interest and dividend income on
taxable securities, offset by increases of $14.9 million in
interest income on loans, including fees, and $0.9 million in
interest income on interest-earning deposits.
Interest expense on deposits increased primarily
due to a 68 basis points increase in the average interest rate paid
on interest-bearing deposits, which included brokered deposits, and
deposit campaigns primarily relating to time deposits. The increase
in interest expense on borrowed funds was largely due to a
$16.2 million increase in average balances of borrowed funds,
compared to the prior year, partially offset by a 14 basis points
decrease in the average interest rate paid on total borrowings,
compared to the prior year. Average balances of borrowed funds in
the current year consisted of FHLBNY overnight and term advances
and a Federal Reserve Bank Term Funding Program Advance (BTFP),
while borrowed funds in the prior year consisted primarily of
FHLBNY overnight advances. The decrease in interest and dividend
income on taxable securities was largely due to a decrease of
$58.0 million in average balances of taxable securities,
primarily due to paydowns on mortgage-backed and SBA pooled loan
securities. The average yield on taxable securities was comparable
between 2023 and 2024.
Interest income on loans, including fees
increased primarily due to an increase of $117.5 million in
average total loan balances and an increase of 44 basis points in
the average yield on total loans. The increase in average balances
was concentrated in the commercial portfolio, which increased
$136.8 million compared to the prior year. Average balances of
consumer loans and residential mortgage loans decreased
$11.0 million and $8.3 million respectively, compared to
the prior year. The average yield on commercial loans increased 37
basis points, while the average yields on consumer loans and
residential mortgage loans increased 69 and 30 basis points
respectively, compared to the prior year. The increase in interest
income on interest-earning deposits was mainly due to an increase
of $18.8 million in average balances of interest-earning
deposits, due to an increase in deposits at the Federal Reserve
Bank of New York.
Fully taxable equivalent net interest margin was
2.76% for the year ended December 31, 2024, compared to 2.85% for
the prior year. Average interest-earning assets increased
$76.9 million while average interest-bearing liabilities
increased $108.1 million during 2024, compared to the prior
year. The average yield on interest-earning assets increased 41
basis points to 4.74%, while the average cost of interest-bearing
liabilities increased 67 basis points to 2.87% during 2024,
compared to the prior year, both primarily due to the lagging
effects of interest rate increases during 2022 and 2023.
Provision for Credit
Losses:
Provision for credit losses for the year ended
December 31, 2024 was a credit of $46 thousand, compared to a
provision of $3.3 million for the prior year, a decrease of
$3.3 million. The decrease was largely due to the annual
review and update to the loss drivers which the Bank's CECL model
is based upon, resulting in a decline in baseline loss rates. The
updates were applied beginning in the first quarter of 2024, and
resulted in a credit to provision of $2.0 million for the first
quarter of 2024. Additionally, provisioning in 2023 included a $0.9
million specific allocation on a nonaccrual commercial real estate
relationship.
Non-Interest Income:
Non-interest income for the year ended December
31, 2024 was $23.2 million, compared to $24.5 million for the prior
year, a decrease of $1.3 million, or 5.3%, driven by decreases
of $2.5 million in other non-interest income and $0.2 million
in interchange revenue from debit card transactions, offset by an
increase of $1.1 million in wealth management group fee
income.
Other non-interest income decreased primarily
due to the recognition of a $2.4 million employee retention tax
credit (ERTC) in the third quarter of 2023. The decrease in
interchange revenue from debit card transactions was primarily due
to a decrease in transactional volume compared to the prior year.
The increase in wealth management group fee income was largely due
to improvements in equity markets during 2024.
Non-Interest Expense:
Non-interest expense for the year ended December
31, 2024 was $67.3 million, compared to $64.2 million for the prior
year, an increase of $3.1 million, or 4.8%, driven by increases of
$1.6 million in salaries and wages, $0.7 million in pension and
other employee benefits, $0.3 million in data processing, and $0.3
million in marketing and advertising.
Salaries and wages increased primarily due to
additional staffing in the Bank's new Western New York market,
merit-based wage increases, and promotions, which was partially
offset by savings from the outsourcing of certain back office
functions during 2024. The increase in pension and other employee
benefits was largely due to an increase in employee
healthcare-related expenses, compared to the prior year. The
increase in data processing was primarily due to the addition of
new contracts, an increase in debit card procurement expenses, and
an increase in cybersecurity software expense. The increase in
marketing and advertising was mainly due to expenditures relating
to the Bank's 190th anniversary checking account promotion and
ongoing CD campaigns, the launch of the Bank's new Western New York
"Canal Bank" brand, and a general increase in advertising efforts
during the current year.
Income Tax Expense:
Income tax expense for the year ended December
31, 2024 was $6.4 million, compared to $6.5 million for the prior
year, a decrease of $0.1 million. The effective tax rate for the
year ended December 31, 2024 increased to 21.3%, compared to 20.6%
for the prior year. The decrease in income tax expense was
primarily due to a decrease in pretax income.
4th Quarter
2024 vs 3rd
Quarter 2024
Net Interest Income:
Net interest income for the fourth quarter of
2024 totaled $19.8 million, compared to $18.4 million for the prior
quarter, an increase of $1.4 million, or 7.6%, driven by
decreases of $0.8 million in interest expense on deposits and
$0.4 million in interest expense on borrowed funds, and an
increase of $0.2 million in interest income on loans.
Interest expense on deposits decreased primarily
due to a decrease of 21 basis points in the average interest rate
paid on total interest-bearing deposits, despite an increase of
$17.6 million in average balances of total interest-bearing
deposits, compared to the prior quarter. The average interest rate
paid on brokered deposits decreased 61 basis points, as the Bank
replaced brokered deposits carrying higher interest rates with
lower cost brokered deposits during the quarter. Average balances
of brokered deposits increased $8.9 million compared to the prior
quarter. The average interest rate paid on customer time deposits
decreased 21 basis points and average balances of customer time
deposits decreased $13.8 million in the current quarter, compared
to the prior quarter. Both the decrease in average interest rate
paid and average balances were largely due to a shift in the Bank's
CD campaign strategy, which included reducing the interest rates of
its primary campaign offerings by 50 basis points in September.
Customer time deposits comprised 22.1% of average total deposits
for the three months ended December 31, 2024, compared to 23.0% for
the three months ended September 30, 2024. The average interest
rate paid on savings and money market deposits decreased 17 basis
points, as the Bank adjusted rates offered on money market products
to better align with current market conditions, while average
balances of savings and money market deposits increased $6.7
million, compared to the prior quarter.
The decrease in interest expense on borrowed
funds was primarily due to a decrease in the average cost of total
borrowings of 34 basis points, and a decrease in average balances
of borrowed funds of $27.5 million, compared to the prior quarter.
The decrease in the average cost was partially due to decreases in
benchmark interest rates during the quarter, and the decrease in
average balances was partially due to an increase in average
balances of brokered deposits and seasonal inflows of municipal
deposits at the end of the prior quarter. Average balances of
borrowed funds in the current quarter consisted primarily of FHLBNY
overnight advances, while average balances in the prior quarter
primarily consisted of a $30.0 million FHLBNY term advance and a
$50.0 million BTFP advance. The FHLBNY term advance matured in
September 2024, while the BTFP advance was prepaid in its entirety
in October 2024, without prepayment penalty.
Interest income on loans, including fees,
increased primarily due to a $32.6 million increase in average
balances of commercial loans, despite a decrease of seven basis
points in the average yield on commercial loans, compared to the
prior quarter. Increases in average balances were distributed
between commercial real estate and commercial and industrial loans,
while the decrease in the average yield was largely due to rate
decreases on existing variable rate loans. Total interest income on
commercial loans included $0.3 million in interest income
recognized on the payoff of a nonaccrual construction loan during
the fourth quarter. Average balances of residential mortgage loans
increased $1.3 million and the average yield on residential
mortgage loans increased two basis points, compared to the prior
quarter. Origination yields of residential mortgage loans remained
elevated despite the declining interest rate environment. Average
balances of consumer loans decreased $7.9 million while the
average yield increased eight basis points, compared to the prior
quarter, as runoff from the indirect auto portfolio exceeded
originations.
Fully taxable equivalent net interest margin was
2.92% for the current quarter, compared to 2.72% for the prior
quarter. Net interest margin was positively impacted by the
recognition of $0.3 million in interest income on the payoff of a
nonaccrual construction loan. Average interest-earning assets
increased $12.0 million, while average interest-bearing liabilities
decreased $9.8 million during the fourth quarter, compared to the
prior quarter. The average yield on interest-earning assets
increased one basis point to 4.79%, while the average cost of
interest-bearing liabilities decreased 24 basis points to 2.73%,
compared to the prior quarter.
Provision for Credit
Losses:
Provision for credit losses was $0.6 million in
the current quarter, in line with the prior quarter. Provisioning
in the current quarter was primarily due to commercial loan growth
and net charge-off activity on commercial and industrial and auto
loans. Improvements in economic forecasts for unemployment and GDP
in the current quarter benefited the provision for credit losses,
compared to modest deterioration in the prior quarter.
Non-Interest Income:
Non-interest income for the fourth quarter of
2024 was $6.1 million, compared to $5.9 million for the prior
quarter, an increase of $0.2 million, or 3.4%, driven by increases
of $0.2 million in other non-interest income and $0.1 million in
service charges on deposit accounts, offset by a decrease of $0.2
million in the change in fair value of equity investments.
Other non-interest income increased primarily
due to an increase in interest rate swap fee income compared to the
prior quarter. The increase in service charges on deposit accounts
was mainly due to fee rate increases which were phased in during
the fourth quarter of 2024. The decrease in the change in fair
value of equity investments was largely due to a decrease in the
market value of assets held for the Corporation's deferred
compensation plan, compared to the increase in market value in the
prior quarter.
Non-Interest Expense:
Non-interest expense for the fourth quarter of
2024 was $17.8 million, compared to $16.5 million for the
prior quarter, an increase of $1.3 million, or 7.9%, driven by
increases of $0.7 million in pension and other employee benefits,
$0.3 million in salaries and wages, $0.2 million in professional
services, and $0.1 million in data processing expenses.
Pension and other employee benefits increased
compared to the prior quarter primarily due to an increase in
employee healthcare-related expenses. The increase in salaries and
wages was largely due to an increase in quarterly incentive
compensation expense and additional staffing for the Corporation's
newly established Western New York regional banking center. The
increase in professional services was primarily due to an increase
in consulting fees compared to the prior quarter. The increase in
data processing was primarily due to an increase in debit card
procurement expenses and cybersecurity initiatives.
Income Tax Expense:
Income tax expense for the fourth quarter of
2024 was $1.6 million, compared to $1.5 million for the prior
quarter, an increase of $0.1 million. The effective tax rate for
the current quarter increased to 21.2% from 20.9% in the prior
quarter. The increase in income tax expense was primarily due to an
increase in pretax income.
4th Quarter
2024 vs 4th
Quarter 2023
Net Interest Income:
Net interest income for the fourth quarter of
2024 totaled $19.8 million, compared to $17.9 million for the same
period in the prior year, an increase of $1.9 million, or 10.6%,
driven by increases of $2.7 million in interest income on
loans, including fees and $0.3 million in interest income on
interest-earning deposits, and a decrease of $0.2 million in
interest expense on borrowed funds, partially offset by an increase
of $0.8 million in interest expense on deposits and a decrease
of $0.4 million in interest income on taxable securities.
Interest income on loans, including fees,
increased primarily due to a $116.8 million increase in
average balances of commercial loans and an increase of 22 basis
points in the average yield on commercial loans, compared to the
same period in the prior year. The increase in average balances of
commercial loans was concentrated in commercial real estate, while
the increase in the average yield on commercial loans was mainly
due to higher total origination yields throughout 2024. Average
balances of residential mortgage loans decreased $4.7 million
compared to the same period in the prior year, due to an increase
in sales of new originations to the secondary market, while the
average yield on residential mortgage loans increased 40 basis
points compared to the same period in the prior year, partially due
to higher origination yields on loans held for investment in 2024.
Average consumer loan balances decreased $21.9 million
compared to the same period in the prior year, largely due to net
runoff of the indirect auto portfolio, while the average yield on
consumer loans increased 49 basis points, primarily due to runoff
of older vintage indirect auto loans, replaced by higher yielding
new originations. Interest income on interest-earning deposits
increased mainly due to a $22.7 million increase in average
balances of interest-earning deposits, compared to the same period
in the prior year.
The decrease in interest expense on borrowed
funds was primarily due to a decrease of $12.0 million in
average balances of FHLBNY overnight advances, and a decrease of 86
basis points in the average interest rate paid on FHLBNY overnight
advances, compared to the same period in the prior year. Average
balances of FHLBNY overnight advances decreased due to the
liquidity provided by an increase in customer deposits, compared to
the same period in the prior year. The decrease in the average
interest rate paid on FHLBNY overnight advances was primarily due
to the declining interest rate environment in the current year
period, compared to the static interest rate environment in the
prior year period.
Interest expense on deposits increased primarily
due to an increase of $105.9 million in average balances of
customer interest-bearing deposits, and an increase of 17 basis
points in the average interest rate paid on customer
interest-bearing deposits, compared to the same period in the prior
year. Both the increase in average balances of and the average
interest rate paid on customer interest-bearing deposits was
largely due to CD campaigns throughout 2024. The average balances
of customer time deposits increased $93.5 million, and the
average interest rate paid on customer time deposits increased 25
basis points, compared to the same period in the prior year.
Customer time deposits comprised 22.1% of average total deposits
for the three months ended December 31, 2024, compared to 18.7% for
the same period in the prior year. The average balances of and
average interest rate paid on brokered deposits decreased
$29.2 million and 60 basis points, respectively, compared to
the same period in the prior year. The decrease in the average
balances of brokered deposits was mainly due to the liquidity
provided by an increase in total customer deposits, compared to the
same period in the prior year. The decrease in interest income on
taxable securities was largely due to paydowns and maturities of
available for sale securities between the prior year period and
current year period of $54.5 million, primarily on SBA pooled
loan securities and mortgage-backed securities.
Fully taxable equivalent net interest margin was
2.92% for the fourth quarter of 2024, compared to 2.69% for the
same period in the prior year. Average interest-earning assets
increased $57.4 million, while average interest-bearing
liabilities increased $68.6 million, compared to the same
period in the prior year. The average yield on interest-earning
assets increased 29 basis points to 4.79%, while the average cost
of interest-bearing liabilities increased five basis points to
2.73%, compared to the same period in the prior year.
Provision for Credit
Losses:
Provision for credit losses decreased $1.7
million for the fourth quarter of 2024, compared to the same period
in the prior year. The decrease was largely due to a $0.9 million
specific allocation on a commercial real estate relationship in the
fourth quarter of the prior year as well as a substantial decline
in prepayment speeds used in the Bank's CECL model in the fourth
quarter of the prior year.
Non-Interest Income:
Non-interest income for the fourth quarter of
2024 was $6.1 million, compared to $5.9 million for the same period
in the prior year, an increase of $0.2 million, or 3.4%, driven by
increases of $0.3 million in wealth management group fee income,
$0.1 million in service charges on deposit accounts, and $0.1
million in other non-interest income, partially offset by a
decrease of $0.3 million in the change in fair value of equity
investments.
The increase in wealth management group fee
income was primarily due to fee rate increases effective July 1,
2024. The increase in service charges on deposit accounts was
largely due to fee rate increases phased in during the fourth
quarter of the current year. The increase in other non-interest
income was mainly due to an increase in interest rate swap fee
income, compared to the same period in the prior year. The decrease
in the change in fair value of equity investments was mainly due to
a decrease in the market value of assets held for the Corporation's
deferred compensation plan during the current year period, compared
to an increase in market value in the prior year period.
Non-Interest Expense:
Non-interest expense for the fourth quarter of
2024 was $17.8 million, compared to $16.8 million for the same
period in the prior year, an increase of $1.0 million, or 5.9%,
driven by increases of $0.6 million in salaries and wages, $0.4
million in pension and other employee benefits, and $0.2 million in
data processing, partially offset by a decrease of $0.4 million in
other non-interest expense.
Salaries and wages increased primarily 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, as well as an increase in incentive
compensation expense. The increase in pension and other employee
benefits expense was largely due to additional payroll tax expense,
employee profit-sharing expense, and employee healthcare-related
expense compared to the same period in the prior year. The increase
in data processing was primarily due to increases in software and
debit card related expenses, the addition of new contracts, and
cybersecurity initiatives. The decrease in other non-interest
expense was largely due to a decrease in non-loan charge-offs
compared to the same period in the prior year.
Income Tax Expense:
Income tax expense for the fourth quarter of
2024 was $1.6 million, compared to $0.8 million for the
fourth quarter of 2023, an increase of $0.8 million. The
effective tax rate for the current quarter was 21.2%, compared to
18.1% for the same period in the prior year. The increase in income
tax expense was primarily due to an increase in pretax income.
Asset Quality
Non-performing loans totaled $9.0 million as of
December 31, 2024, or 0.43% of total loans, compared to $10.4
million, or 0.53% of total loans as of December 31, 2023. The
decrease in non-performing loans was mainly due to the payoff of
two large nonaccrual loans, a $2.2 million construction loan and a
$1.9 million commercial real estate loan, during the current year.
There was $1.2 million in paydowns on other non-performing
commercial loans during 2024. $3.9 million in commercial loan
balances were added to non-performing loans during 2024, comprised
of $3.5 million in commercial real estate loans and $0.4 million in
commercial and industrial loans. Net charge-offs on commercial
loans totaled $0.2 million in 2024. The net changes in
non-performing residential mortgage and consumer loans were an
increase of $0.1 million and a decrease of $0.1 million,
respectively. Non-performing assets, which are comprised of
non-performing loans, other real estate owned, and repossessed
vehicles, were $9.6 million, or 0.35% of total assets as of
December 31, 2024, compared to $10.7 million, or 0.40% of total
assets as of December 31, 2023. Other real estate owned was $0.4
million and repossessed vehicles was $0.2 million as of December
31, 2024.
Total loan delinquencies as of December 31, 2024
decreased compared to December 31, 2023. Annualized net charge-offs
to total average loans for the fourth quarter of 2024 were 0.12%,
compared to 0.02% for the third quarter of 2024, and were 0.06% for
the year ended December 31, 2024, compared to 0.05% for the year
ended December 31, 2023. Annualized commercial net charge-offs were
0.07% of average commercial loan balances for the fourth quarter of
2024, primarily due to $0.3 million in net charge-offs on two
commercial and industrial loans. Commercial net charge-offs for the
year ended December 31, 2024 were 0.01% of average commercial loan
balances. Annualized consumer net charge-offs were 0.45% of average
consumer loan balances for the fourth quarter of 2024, and 0.35% of
average consumer loan balances for the year ended December 31,
2024, both largely concentrated in indirect auto loans. Residential
mortgage loans had net recovery rates for both the fourth quarter
of 2024 and the year ended December 31, 2024.
The allowance for credit losses was
$21.4 million as of December 31, 2024 and $22.5 million
as of December 31, 2023. The allowance for credit losses on
unfunded commitments, a component of other liabilities, was
$0.8 million as of December 31, 2024 and $0.9 million as
of December 31, 2023. The decrease in the allowance for credit
losses was mainly due to the annual review and update to the loss
drivers which the Bank's CECL model is based upon. Recalibration of
loss drivers resulted in a decline in the baseline loss rates which
the model utilizes, and were applied beginning in the first quarter
of 2024. Additionally, the FOMC projection for U.S. GDP improved as
of December 31, 2024 compared to December 31, 2023. Partially
offsetting these declines were loan growth, a decline in modeled
prepayment speeds, and a slightly weaker FOMC projection for
national unemployment as of December 31, 2024 compared to December
31, 2023. The allowance for credit losses was 238.87% of
non-performing loans as of December 31, 2024 and 216.28% as of
December 31, 2023. The allowance for credit losses to total loans
was 1.03% as of December 31, 2024 and 1.14% as of December 31,
2023. Provision for credit losses as a percentage of period-end
loan balances was 0.03% for the fourth quarter of 2024.
Balance Sheet Activity
Total assets were $2.776 billion as of December
31, 2024, compared to $2.711 billion as of December 31, 2023, an
increase of $65.6 million, or 2.4%. This increase was driven
by increases of $98.8 million in loans, net of deferred
origination fees and costs, $10.2 million in cash and cash
equivalents, and $2.7 million in accrued interest receivable
and other assets, partially offset by a decrease of $48.9 million
in total investment securities.
Loans, net of deferred origination fees and
costs increased primarily due to growth concentrated in the
commercial loan portfolio, which increased $129.2 million, or 9.3%,
compared to prior year-end. Growth in commercial loans during the
current year consisted of $35.1 million in commercial and
industrial balances and $94.1 million in commercial real estate
balances. Consumer loans decreased $27.4 million, or 8.9%, compared
to prior-year end, largely due to lower indirect auto loan
origination activity during the current year, and a relatively fast
turnover rate in the portfolio. Residential mortgages decreased
$3.0 million, or 1.1% compared to prior year-end, as the
Corporation continued to elect to sell a portion of originations
into the secondary market and demand remained weakened in the
current interest rate environment.
The increase in cash and cash equivalents was
mainly due to an increase of $77.2 million in FHLBNY overnight
advances and $49.6 million in net paydowns and maturities of
available for sale securities, partially offset by an increase of
$98.8 million in loans, net of deferred origination fees and
costs, and a decrease of $32.5 million in total deposits. The
increase in accrued interest receivable and other assets was
largely due to increases in prepaid expenses and interest
receivable on interest rate swaps.
Total investment securities decreased primarily
due to a decrease of $52.6 million in securities available for
sale, compared to prior year-end. Net paydowns and maturities of
securities available for sale for the current year totaled $49.6
million, mainly due to paydowns on mortgage-backed securities and
SBA pooled loan securities. The market value of securities
available for sale decreased $0.7 million, due to unfavorable
changes in market interest rates during the current year. Partially
offsetting the decrease in total investment securities was an
increase of $3.6 million in FHLB and FRB stock, at cost, mainly due
to an increase in FHLBNY overnight advances as of December 31,
2024, compared to prior year-end.
Total liabilities were $2.561 billion as of
December 31, 2024, compared to $2.515 billion as of December 31,
2023, an increase of $45.6 million, or 1.8%. This increase was
driven by increases of $77.9 million in advances and other debt and
$0.4 million in accrued interest payable and other liabilities,
partially offset by a decrease of $32.5 million in deposits.
Advances and other debt increased mainly due to
an increase of $77.2 million in FHLBNY overnight advances and an
increase of $0.7 million in finance lease obligations. The increase
in accrued interest payable and other liabilities was primarily due
to an increase in interest payable on deposits of $0.6 million.
Total deposits decreased by $32.5 million or
1.3%, compared to prior year-end, largely due to decreases of $50.6
million in brokered deposits, $28.6 million in money market
deposits, and $27.4 million in non interest-bearing demand
deposits. These decreases were partially offset by increases of
$62.3 million in customer time deposits and $15.4 million in
interest-bearing demand deposits. Additionally, savings deposits
decreased $3.6 million. Non interest-bearing deposits comprised
26.1% and 26.9% of total deposits as of December 31, 2024 and
December 31, 2023, respectively.
Total shareholders’ equity was $215.3 million as
of December 31, 2024, compared to $195.2 million as of December 31,
2023, an increase of $20.1 million, or 10.3%, driven by an increase
of $17.8 million in retained earnings and a decrease of
$0.9 million in accumulated other comprehensive loss. The
increase in retained earnings was mainly due to net income of
$23.7 million, offset by dividends declared of
$5.9 million during the year ended December 31, 2024. The
decrease in accumulated other comprehensive loss was largely due to
revised actuarial assumptions relating to the Corporation's pension
plans, offset by the unfavorable impact of interest rates on
available for sale securities during the current year.
The total equity to total assets ratio was 7.76%
as of December 31, 2024, compared to 7.20% as of December 31, 2023,
and the tangible equity to tangible assets ratio was 7.02% as of
December 31, 2024, compared to 6.45% as of December 31, 2023.1 Book
value per share and tangible book value per share increased to
$45.13 and $40.55, respectively as of December 31, 2024 from $41.07
and $36.48, respectively as of December 31, 2023.1 As of December
31, 2024, the Bank’s capital ratios were in excess of those
required to be considered well-capitalized under the regulatory
framework for prompt corrective action.
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 $250,000 or greater, brokered deposits, FHLBNY
overnight and term advances, and FRB advances. Borrowings may be
used on a short-term basis for liquidity purposes or on a long-term
basis to fund asset growth. As of December 31, 2024, the
Corporation's cash and cash equivalents balance was $47.0 million.
The Corporation also maintains an investment portfolio of
securities available for sale, comprised primarily of US Government
treasury securities, SBA loan pools, mortgage-backed securities,
and municipal bonds. Although this portfolio generates interest
income for the Corporation, it also serves as an available source
of liquidity and capital if the need should arise. As of December
31, 2024, the Corporation's investment in securities available for
sale was $531.4 million, $349.9 million of which was not
pledged as collateral. Additionally, as of December 31, 2024 the
Bank's total advance line capacity at the Federal Home Loan Bank of
New York was $221.1 million, $109.1 million of which was
utilized and $112.0 million of which was available as
additional borrowing capacity. In January 2024, the Corporation
utilized the BTFP with an advance of $50.0 million, which the
Corporation paid off in October 2024, without prepayment
penalty.
As of December 31, 2024, uninsured deposits
totaled $652.3 million, or 27.2% of total deposits, including
$145.6 million of municipal deposits collateralized by pledged
assets, when required. As of December 31, 2023, uninsured deposits
totaled $655.7 million, or 27.0% of total deposits, including
$153.2 million of municipal deposits collateralized by pledged
assets. Due to their fluidity, the Corporation closely monitors
uninsured deposit levels when considering liquidity management
strategies.
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 December 31, 2024, the
Corporation had entered into brokered deposit arrangements with
multiple brokers. As of December 31, 2024, brokered deposits
carried terms between 3 and 48 months, totaling $92.2 million.
Excluding brokered deposits, total deposits increased
$18.1 million compared to December 31, 2023.
Other Items
The market value of total assets under
management or administration in our Wealth Management Group was
$2.212 billion as of December 31, 2024, including
$301.9 million of assets under management or administration
for the Corporation, compared to $2.242 billion as of December 31,
2023, including $381.3 million of assets under management or
administration for the Corporation, a decrease of
$30.4 million, or 1.4%. Excluding assets under management or
administration for the Corporation, total market value of Wealth
Management Group assets increased $49.0 million, or 2.6%,
largely due to market improvements during 2024.
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 5% of its then outstanding shares. The repurchase
program permits shares to be repurchased in open market or
privately negotiated transactions, through block trades, and
pursuant to any trading plan that may be adopted in accordance with
Rule 10b5-1 of the Securities Exchange Act of 1934. As of December
31, 2024, a total of 49,184 shares of common stock at a total cost
of $2.0 million were repurchased by the Corporation under its
share repurchase program. No shares were repurchased in the fourth
quarter of 2024. The weighted average cost was $40.42 per share
repurchased. Remaining buyback authority under the share repurchase
program was 200,816 shares as of December 31, 2024.
During the fourth quarter, the Bank opened a
full-service branch and regional banking center at 5529 Main Street
in Williamsville, New York under the Canal Bank, a division of
Chemung Canal Trust Company, name. After receiving regulatory
approval, the Bank consolidated its previous branch operations in
Clarence, New York into its Williamsville branch operations in
December, and has converted the Clarence location into
administrative offices in support of the Bank's Western New York
operations. Additionally, in November the Bank's Ithaca, New York
"Station" branch operations were consolidated into its nearby
Ithaca location on Elmira Road.
About Chemung Financial
Corporation
Chemung Financial Corporation is a $2.8 billion
financial services holding company headquartered in Elmira, New
York and operates 30 retail offices through its principal
subsidiary, Chemung Canal Trust Company, a full service community
bank with trust powers. Established in 1833, Chemung Canal Trust
Company is the oldest locally-owned and managed community bank in
New York State. Chemung Financial Corporation is also the parent of
CFS Group, Inc., a financial services subsidiary offering
non-traditional services including mutual funds, annuities,
brokerage services, tax preparation services, and insurance.
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
and 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 promise
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, cyber security risks, 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 2023 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) |
|
|
|
|
|
|
|
|
|
|
| |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
(in thousands) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
| Cash and due from financial
institutions |
|
$ |
26,224 |
|
|
$ |
36,247 |
|
|
$ |
23,184 |
|
|
$ |
22,984 |
|
|
$ |
22,247 |
|
| Interest-earning deposits in
other financial institutions |
|
|
20,811 |
|
|
|
44,193 |
|
|
|
47,033 |
|
|
|
71,878 |
|
|
|
14,600 |
|
|
Total cash and cash equivalents |
|
|
47,035 |
|
|
|
80,440 |
|
|
|
70,217 |
|
|
|
94,862 |
|
|
|
36,847 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Equity investments |
|
|
3,235 |
|
|
|
3,244 |
|
|
|
3,090 |
|
|
|
3,093 |
|
|
|
3,046 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Securities available for
sale |
|
|
531,442 |
|
|
|
554,575 |
|
|
|
550,927 |
|
|
|
566,028 |
|
|
|
583,993 |
|
| Securities held to
maturity |
|
|
808 |
|
|
|
657 |
|
|
|
657 |
|
|
|
785 |
|
|
|
785 |
|
| FHLB and FRB stock, at
cost |
|
|
9,117 |
|
|
|
4,189 |
|
|
|
5,506 |
|
|
|
4,071 |
|
|
|
5,498 |
|
|
Total investment securities |
|
|
541,367 |
|
|
|
559,421 |
|
|
|
557,090 |
|
|
|
570,884 |
|
|
|
590,276 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
1,516,525 |
|
|
|
1,464,205 |
|
|
|
1,445,258 |
|
|
|
1,425,437 |
|
|
|
1,387,321 |
|
| Mortgage |
|
|
274,979 |
|
|
|
274,099 |
|
|
|
271,620 |
|
|
|
277,246 |
|
|
|
277,992 |
|
| Consumer |
|
|
279,915 |
|
|
|
290,650 |
|
|
|
294,594 |
|
|
|
300,927 |
|
|
|
307,351 |
|
|
Loans, net of deferred loan fees |
|
|
2,071,419 |
|
|
|
2,028,954 |
|
|
|
2,011,472 |
|
|
|
2,003,610 |
|
|
|
1,972,664 |
|
| Allowance for credit
losses |
|
|
(21,388 |
) |
|
|
(21,441 |
) |
|
|
(21,031 |
) |
|
|
(20,471 |
) |
|
|
(22,517 |
) |
|
Loans, net |
|
|
2,050,031 |
|
|
|
2,007,513 |
|
|
|
1,990,441 |
|
|
|
1,983,139 |
|
|
|
1,950,147 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Loans held for sale |
|
|
— |
|
|
|
— |
|
|
|
381 |
|
|
|
96 |
|
|
|
— |
|
| Premises and equipment,
net |
|
|
16,375 |
|
|
|
14,915 |
|
|
|
14,731 |
|
|
|
14,183 |
|
|
|
14,571 |
|
| Operating lease right-of-use
assets |
|
|
5,446 |
|
|
|
5,637 |
|
|
|
5,827 |
|
|
|
6,018 |
|
|
|
5,648 |
|
| Goodwill |
|
|
21,824 |
|
|
|
21,824 |
|
|
|
21,824 |
|
|
|
21,824 |
|
|
|
21,824 |
|
| Accrued interest receivable
and other assets |
|
|
90,834 |
|
|
|
81,221 |
|
|
|
92,212 |
|
|
|
90,791 |
|
|
|
88,170 |
|
|
Total assets |
|
$ |
2,776,147 |
|
|
$ |
2,774,215 |
|
|
$ |
2,755,813 |
|
|
$ |
2,784,890 |
|
|
$ |
2,710,529 |
|
| |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
| Non-interest-bearing demand
deposits |
|
$ |
625,762 |
|
|
$ |
616,126 |
|
|
$ |
619,192 |
|
|
$ |
656,330 |
|
|
$ |
653,166 |
|
| Interest-bearing demand
deposits |
|
|
306,536 |
|
|
|
349,383 |
|
|
|
328,370 |
|
|
|
315,154 |
|
|
|
291,138 |
|
| Money market deposits |
|
|
595,123 |
|
|
|
630,870 |
|
|
|
613,131 |
|
|
|
631,350 |
|
|
|
623,714 |
|
| Savings deposits |
|
|
245,550 |
|
|
|
242,911 |
|
|
|
248,528 |
|
|
|
248,578 |
|
|
|
249,144 |
|
| Time deposits |
|
|
623,912 |
|
|
|
611,831 |
|
|
|
606,700 |
|
|
|
629,360 |
|
|
|
612,265 |
|
|
Total deposits |
|
|
2,396,883 |
|
|
|
2,451,121 |
|
|
|
2,415,921 |
|
|
|
2,480,772 |
|
|
|
2,429,427 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Advances and other debt |
|
|
112,889 |
|
|
|
53,757 |
|
|
|
83,835 |
|
|
|
52,979 |
|
|
|
34,970 |
|
| Operating lease
liabilities |
|
|
5,629 |
|
|
|
5,820 |
|
|
|
6,009 |
|
|
|
6,197 |
|
|
|
5,827 |
|
| Accrued interest payable and
other liabilities |
|
|
45,437 |
|
|
|
42,863 |
|
|
|
48,826 |
|
|
|
47,814 |
|
|
|
45,064 |
|
|
Total liabilities |
|
|
2,560,838 |
|
|
|
2,553,561 |
|
|
|
2,554,591 |
|
|
|
2,587,762 |
|
|
|
2,515,288 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Shareholders'
equity |
|
|
|
|
|
|
|
|
|
|
| Common stock |
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
| Additional paid-in
capital |
|
|
48,783 |
|
|
|
48,457 |
|
|
|
48,102 |
|
|
|
47,794 |
|
|
|
47,773 |
|
| Retained earnings |
|
|
247,705 |
|
|
|
243,266 |
|
|
|
239,021 |
|
|
|
235,506 |
|
|
|
229,930 |
|
| Treasury stock, at cost |
|
|
(16,167 |
) |
|
|
(15,987 |
) |
|
|
(16,043 |
) |
|
|
(16,147 |
) |
|
|
(16,502 |
) |
| Accumulated other
comprehensive loss |
|
|
(65,065 |
) |
|
|
(55,135 |
) |
|
|
(69,911 |
) |
|
|
(70,078 |
) |
|
|
(66,013 |
) |
|
Total shareholders' equity |
|
|
215,309 |
|
|
|
220,654 |
|
|
|
201,222 |
|
|
|
197,128 |
|
|
|
195,241 |
|
|
Total liabilities and shareholders' equity |
|
$ |
2,776,147 |
|
|
$ |
2,774,215 |
|
|
$ |
2,755,813 |
|
|
$ |
2,784,890 |
|
|
$ |
2,710,529 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Period-end shares
outstanding |
|
|
4,771 |
|
|
|
4,774 |
|
|
|
4,772 |
|
|
|
4,768 |
|
|
|
4,754 |
|
| Chemung Financial
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Statements of
Income (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember
31, |
|
PercentChange |
|
Twelve Months EndedDecember
31, |
|
PercentChange |
| (in
thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
28,805 |
|
|
$ |
26,115 |
|
|
|
10.3 |
|
|
$ |
112,128 |
|
|
$ |
97,228 |
|
|
|
15.3 |
|
| Taxable securities |
|
|
3,161 |
|
|
|
3,533 |
|
|
|
(10.5 |
) |
|
|
13,029 |
|
|
|
14,283 |
|
|
|
(8.8 |
) |
| Tax exempt securities |
|
|
247 |
|
|
|
257 |
|
|
|
(3.9 |
) |
|
|
1,009 |
|
|
|
1,035 |
|
|
|
(2.5 |
) |
| Interest-earning deposits |
|
|
384 |
|
|
|
128 |
|
|
|
200.0 |
|
|
|
1,398 |
|
|
|
528 |
|
|
|
164.8 |
|
|
Total interest and dividend income |
|
|
32,597 |
|
|
|
30,033 |
|
|
|
8.5 |
|
|
|
127,564 |
|
|
|
113,074 |
|
|
|
12.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
12,191 |
|
|
|
11,349 |
|
|
|
7.4 |
|
|
|
50,052 |
|
|
|
35,926 |
|
|
|
39.3 |
|
| Borrowed funds |
|
|
585 |
|
|
|
786 |
|
|
|
(25.6 |
) |
|
|
3,453 |
|
|
|
2,691 |
|
|
|
28.3 |
|
|
Total interest expense |
|
|
12,776 |
|
|
|
12,135 |
|
|
|
5.3 |
|
|
|
53,505 |
|
|
|
38,617 |
|
|
|
38.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
19,821 |
|
|
|
17,898 |
|
|
|
10.7 |
|
|
|
74,059 |
|
|
|
74,457 |
|
|
|
(0.5 |
) |
| Provision (credit) for credit
losses |
|
|
551 |
|
|
|
2,300 |
|
|
|
(76.0 |
) |
|
|
(46 |
) |
|
|
3,262 |
|
|
|
(101.4 |
) |
|
Net interest income after provision for credit losses |
|
|
19,270 |
|
|
|
15,598 |
|
|
|
23.5 |
|
|
|
74,105 |
|
|
|
71,195 |
|
|
|
4.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
| Wealth management group fee
income |
|
|
3,019 |
|
|
|
2,744 |
|
|
|
10.0 |
|
|
|
11,573 |
|
|
|
10,460 |
|
|
|
10.6 |
|
| Service charges on deposit
accounts |
|
|
1,113 |
|
|
|
1,001 |
|
|
|
11.2 |
|
|
|
4,042 |
|
|
|
3,919 |
|
|
|
3.1 |
|
| Interchange revenue from debit
card transactions |
|
|
1,099 |
|
|
|
1,138 |
|
|
|
(3.4 |
) |
|
|
4,426 |
|
|
|
4,606 |
|
|
|
(3.9 |
) |
| Net gains on securities
transactions |
|
|
— |
|
|
|
(39 |
) |
|
|
N/M |
|
|
|
— |
|
|
|
(39 |
) |
|
|
N/M |
|
| Change in fair value of equity
investments |
|
|
(54 |
) |
|
|
202 |
|
|
|
(126.7 |
) |
|
|
179 |
|
|
|
103 |
|
|
|
73.8 |
|
| Net gains on sales of loans
held for sale |
|
|
52 |
|
|
|
54 |
|
|
|
(3.7 |
) |
|
|
214 |
|
|
|
144 |
|
|
|
48.6 |
|
| Net gains (losses) on sales of
other real estate owned |
|
|
4 |
|
|
|
23 |
|
|
|
N/M |
|
|
|
(18 |
) |
|
|
37 |
|
|
|
N/M |
|
| Income from bank owned life
insurance |
|
|
9 |
|
|
|
11 |
|
|
|
(18.2 |
) |
|
|
38 |
|
|
|
43 |
|
|
|
(11.6 |
) |
| Other |
|
|
814 |
|
|
|
737 |
|
|
|
10.4 |
|
|
|
2,776 |
|
|
|
5,276 |
|
|
|
(47.4 |
) |
|
Total non-interest income |
|
|
6,056 |
|
|
|
5,871 |
|
|
|
3.2 |
|
|
|
23,230 |
|
|
|
24,549 |
|
|
|
(5.4 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and wages |
|
|
7,450 |
|
|
|
6,803 |
|
|
|
9.5 |
|
|
|
28,457 |
|
|
|
26,832 |
|
|
|
6.1 |
|
| Pension and other employee
benefits |
|
|
2,296 |
|
|
|
1,901 |
|
|
|
20.8 |
|
|
|
8,083 |
|
|
|
7,368 |
|
|
|
9.7 |
|
| Other components of net
periodic pension and postretirement benefits |
|
|
(218 |
) |
|
|
(154 |
) |
|
|
(41.6 |
) |
|
|
(909 |
) |
|
|
(676 |
) |
|
|
(34.5 |
) |
| Net occupancy |
|
|
1,472 |
|
|
|
1,395 |
|
|
|
5.5 |
|
|
|
5,832 |
|
|
|
5,637 |
|
|
|
3.5 |
|
| Furniture and equipment |
|
|
462 |
|
|
|
496 |
|
|
|
(6.9 |
) |
|
|
1,659 |
|
|
|
1,728 |
|
|
|
(4.0 |
) |
| Data processing |
|
|
2,656 |
|
|
|
2,506 |
|
|
|
6.0 |
|
|
|
10,093 |
|
|
|
9,840 |
|
|
|
2.6 |
|
| Professional services |
|
|
714 |
|
|
|
697 |
|
|
|
2.4 |
|
|
|
2,353 |
|
|
|
2,293 |
|
|
|
2.6 |
|
| Marketing and advertising |
|
|
239 |
|
|
|
203 |
|
|
|
17.7 |
|
|
|
1,182 |
|
|
|
923 |
|
|
|
28.1 |
|
| Other real estate owned
expense |
|
|
41 |
|
|
|
(69 |
) |
|
|
N/M |
|
|
|
157 |
|
|
|
(20 |
) |
|
|
N/M |
|
| FDIC insurance |
|
|
503 |
|
|
|
520 |
|
|
|
(3.3 |
) |
|
|
2,120 |
|
|
|
2,128 |
|
|
|
(0.4 |
) |
| Loan expense |
|
|
374 |
|
|
|
258 |
|
|
|
45.0 |
|
|
|
1,182 |
|
|
|
1,047 |
|
|
|
12.9 |
|
| Other |
|
|
1,834 |
|
|
|
2,270 |
|
|
|
(19.2 |
) |
|
|
7,041 |
|
|
|
7,143 |
|
|
|
(1.4 |
) |
|
Total non-interest expense |
|
|
17,823 |
|
|
|
16,826 |
|
|
|
5.9 |
|
|
|
67,250 |
|
|
|
64,243 |
|
|
|
4.7 |
|
|
Income before income tax expense |
|
|
7,503 |
|
|
|
4,643 |
|
|
|
61.6 |
|
|
|
30,085 |
|
|
|
31,501 |
|
|
|
(4.5 |
) |
| Income tax expense |
|
|
1,589 |
|
|
|
841 |
|
|
|
88.9 |
|
|
|
6,414 |
|
|
|
6,501 |
|
|
|
(1.3 |
) |
|
Net income |
|
$ |
5,914 |
|
|
$ |
3,802 |
|
|
|
55.5 |
|
|
$ |
23,671 |
|
|
$ |
25,000 |
|
|
|
(5.3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings per
share |
|
$ |
1.24 |
|
|
$ |
0.80 |
|
|
|
|
$ |
4.96 |
|
|
$ |
5.28 |
|
|
|
| Cash dividends declared per
share |
|
$ |
0.31 |
|
|
$ |
0.31 |
|
|
|
|
$ |
1.24 |
|
|
$ |
1.24 |
|
|
|
| Average basic and diluted
shares outstanding |
|
|
4,774 |
|
|
|
4,743 |
|
|
|
|
|
4,770 |
|
|
|
4,732 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| N/M - Not Meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
| Chemung Financial
Corporation |
|
As of or for the Three Months Ended |
|
As of or for theTwelve Months
Ended |
| Consolidated Financial
Highlights (Unaudited) |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
(in thousands, except per share data) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
RESULTS OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
$ |
32,597 |
|
|
$ |
32,362 |
|
|
$ |
31,386 |
|
|
$ |
31,219 |
|
|
$ |
30,033 |
|
|
$ |
127,564 |
|
|
$ |
113,074 |
|
| Interest expense |
|
|
12,776 |
|
|
|
13,974 |
|
|
|
13,625 |
|
|
|
13,130 |
|
|
|
12,135 |
|
|
|
53,505 |
|
|
|
38,617 |
|
| Net interest income |
|
|
19,821 |
|
|
|
18,388 |
|
|
|
17,761 |
|
|
|
18,089 |
|
|
|
17,898 |
|
|
|
74,059 |
|
|
|
74,457 |
|
| Provision (credit) for credit
losses |
|
|
551 |
|
|
|
564 |
|
|
|
879 |
|
|
|
(2,040 |
) |
|
|
2,300 |
|
|
|
(46 |
) |
|
|
3,262 |
|
| Net interest income after
provision for credit losses |
|
|
19,270 |
|
|
|
17,824 |
|
|
|
16,882 |
|
|
|
20,129 |
|
|
|
15,598 |
|
|
|
74,105 |
|
|
|
71,195 |
|
| Non-interest income |
|
|
6,056 |
|
|
|
5,919 |
|
|
|
5,598 |
|
|
|
5,657 |
|
|
|
5,871 |
|
|
|
23,230 |
|
|
|
24,549 |
|
| Non-interest expense |
|
|
17,823 |
|
|
|
16,510 |
|
|
|
16,219 |
|
|
|
16,698 |
|
|
|
16,826 |
|
|
|
67,250 |
|
|
|
64,243 |
|
| Income before income tax
expense |
|
|
7,503 |
|
|
|
7,233 |
|
|
|
6,261 |
|
|
|
9,088 |
|
|
|
4,643 |
|
|
|
30,085 |
|
|
|
31,501 |
|
| Income tax expense |
|
|
1,589 |
|
|
|
1,513 |
|
|
|
1,274 |
|
|
|
2,038 |
|
|
|
841 |
|
|
|
6,414 |
|
|
|
6,501 |
|
| Net income |
|
$ |
5,914 |
|
|
$ |
5,720 |
|
|
$ |
4,987 |
|
|
$ |
7,050 |
|
|
$ |
3,802 |
|
|
$ |
23,671 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings per
share |
|
$ |
1.24 |
|
|
$ |
1.19 |
|
|
$ |
1.05 |
|
|
$ |
1.48 |
|
|
$ |
0.80 |
|
|
$ |
4.96 |
|
|
$ |
5.28 |
|
| Average basic and diluted
shares outstanding |
|
|
4,774 |
|
|
|
4,773 |
|
|
|
4,770 |
|
|
|
4,764 |
|
|
|
4,743 |
|
|
|
4,770 |
|
|
|
4,732 |
|
| PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
|
|
0.85 |
% |
|
|
0.83 |
% |
|
|
0.73 |
% |
|
|
1.04 |
% |
|
|
0.56 |
% |
|
|
0.86 |
% |
|
|
0.94 |
% |
| Return on average equity |
|
|
10.73 |
% |
|
|
10.81 |
% |
|
|
10.27 |
% |
|
|
14.48 |
% |
|
|
8.63 |
% |
|
|
11.53 |
% |
|
|
14.11 |
% |
| Return on average tangible
equity (a) |
|
|
11.92 |
% |
|
|
12.07 |
% |
|
|
11.56 |
% |
|
|
16.29 |
% |
|
|
9.86 |
% |
|
|
12.90 |
% |
|
|
16.09 |
% |
| Efficiency ratio (unadjusted)
(e) |
|
|
68.88 |
% |
|
|
67.92 |
% |
|
|
69.43 |
% |
|
|
70.32 |
% |
|
|
70.79 |
% |
|
|
69.12 |
% |
|
|
64.89 |
% |
| Efficiency ratio (adjusted)
(a) |
|
|
68.64 |
% |
|
|
67.69 |
% |
|
|
69.19 |
% |
|
|
70.07 |
% |
|
|
70.42 |
% |
|
|
68.89 |
% |
|
|
66.20 |
% |
| Non-interest expense to
average assets |
|
|
2.57 |
% |
|
|
2.39 |
% |
|
|
2.38 |
% |
|
|
2.47 |
% |
|
|
2.48 |
% |
|
|
2.45 |
% |
|
|
2.41 |
% |
| Loans to deposits |
|
|
86.42 |
% |
|
|
82.78 |
% |
|
|
83.26 |
% |
|
|
80.77 |
% |
|
|
81.20 |
% |
|
|
86.42 |
% |
|
|
81.20 |
% |
| YIELDS / RATES - Fully
Taxable Equivalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield on loans |
|
|
5.61 |
% |
|
|
5.65 |
% |
|
|
5.52 |
% |
|
|
5.51 |
% |
|
|
5.31 |
% |
|
|
5.57 |
% |
|
|
5.13 |
% |
| Yield on investments |
|
|
2.29 |
% |
|
|
2.21 |
% |
|
|
2.27 |
% |
|
|
2.35 |
% |
|
|
2.24 |
% |
|
|
2.28 |
% |
|
|
2.21 |
% |
| Yield on interest-earning
assets |
|
|
4.79 |
% |
|
|
4.78 |
% |
|
|
4.69 |
% |
|
|
4.70 |
% |
|
|
4.50 |
% |
|
|
4.74 |
% |
|
|
4.33 |
% |
| Cost of interest-bearing
deposits |
|
|
2.67 |
% |
|
|
2.88 |
% |
|
|
2.86 |
% |
|
|
2.75 |
% |
|
|
2.59 |
% |
|
|
2.79 |
% |
|
|
2.11 |
% |
| Cost of borrowings |
|
|
4.74 |
% |
|
|
5.08 |
% |
|
|
5.04 |
% |
|
|
5.15 |
% |
|
|
5.52 |
% |
|
|
5.03 |
% |
|
|
5.17 |
% |
| Cost of interest-bearing
liabilities |
|
|
2.73 |
% |
|
|
2.97 |
% |
|
|
2.94 |
% |
|
|
2.85 |
% |
|
|
2.68 |
% |
|
|
2.87 |
% |
|
|
2.20 |
% |
| Interest rate spread |
|
|
2.06 |
% |
|
|
1.81 |
% |
|
|
1.75 |
% |
|
|
1.85 |
% |
|
|
1.82 |
% |
|
|
1.87 |
% |
|
|
2.13 |
% |
| Net interest margin, fully
taxable equivalent |
|
|
2.92 |
% |
|
|
2.72 |
% |
|
|
2.66 |
% |
|
|
2.73 |
% |
|
|
2.69 |
% |
|
|
2.76 |
% |
|
|
2.85 |
% |
| CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity to total assets
at end of period |
|
|
7.76 |
% |
|
|
7.95 |
% |
|
|
7.30 |
% |
|
|
7.08 |
% |
|
|
7.20 |
% |
|
|
7.76 |
% |
|
|
7.20 |
% |
| Tangible equity to tangible
assets at end of period (a) |
|
|
7.02 |
% |
|
|
7.22 |
% |
|
|
6.56 |
% |
|
|
6.34 |
% |
|
|
6.45 |
% |
|
|
7.02 |
% |
|
|
6.45 |
% |
| Book value per share |
|
$ |
45.13 |
|
|
$ |
46.22 |
|
|
$ |
42.17 |
|
|
$ |
41.34 |
|
|
$ |
41.07 |
|
|
$ |
45.13 |
|
|
$ |
41.07 |
|
| Tangible book value per share
(a) |
|
|
40.55 |
|
|
|
41.65 |
|
|
|
37.59 |
|
|
|
36.77 |
|
|
|
36.48 |
|
|
|
40.55 |
|
|
|
36.48 |
|
| Period-end market value per
share |
|
|
48.81 |
|
|
|
48.02 |
|
|
|
48.00 |
|
|
|
42.48 |
|
|
|
49.80 |
|
|
|
48.81 |
|
|
|
49.80 |
|
| Dividends declared per
share |
|
|
0.31 |
|
|
|
0.31 |
|
|
|
0.31 |
|
|
|
0.31 |
|
|
|
0.31 |
|
|
|
1.24 |
|
|
|
1.24 |
|
| AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans and loans held for sale
(b) |
|
$ |
2,046,270 |
|
|
$ |
2,020,280 |
|
|
$ |
2,009,823 |
|
|
$ |
1,989,185 |
|
|
$ |
1,956,022 |
|
|
$ |
2,016,481 |
|
|
$ |
1,898,986 |
|
| Interest-earning assets |
|
|
2,711,995 |
|
|
|
2,699,968 |
|
|
|
2,699,402 |
|
|
|
2,681,059 |
|
|
|
2,654,638 |
|
|
|
2,698,148 |
|
|
|
2,621,251 |
|
| Total assets |
|
|
2,761,875 |
|
|
|
2,751,392 |
|
|
|
2,740,967 |
|
|
|
2,724,391 |
|
|
|
2,688,536 |
|
|
|
2,744,721 |
|
|
|
2,660,329 |
|
| Deposits |
|
|
2,446,662 |
|
|
|
2,410,735 |
|
|
|
2,419,169 |
|
|
|
2,402,215 |
|
|
|
2,397,663 |
|
|
|
2,419,744 |
|
|
|
2,377,736 |
|
| Total equity |
|
|
219,254 |
|
|
|
210,421 |
|
|
|
195,375 |
|
|
|
195,860 |
|
|
|
174,868 |
|
|
|
205,280 |
|
|
|
177,187 |
|
| Tangible equity (a) |
|
|
197,430 |
|
|
|
188,597 |
|
|
|
173,551 |
|
|
|
174,036 |
|
|
|
153,044 |
|
|
|
183,456 |
|
|
|
155,363 |
|
| ASSET
QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net charge-offs |
|
$ |
594 |
|
|
$ |
78 |
|
|
$ |
306 |
|
|
$ |
182 |
|
|
$ |
171 |
|
|
$ |
1,160 |
|
|
$ |
941 |
|
| Non-performing loans (c) |
|
|
8,954 |
|
|
|
10,545 |
|
|
|
8,195 |
|
|
|
7,835 |
|
|
|
10,411 |
|
|
|
8,954 |
|
|
|
10,411 |
|
| Non-performing assets (d) |
|
|
9,606 |
|
|
|
11,134 |
|
|
|
8,872 |
|
|
|
8,394 |
|
|
|
10,737 |
|
|
|
9,606 |
|
|
|
10,737 |
|
| Allowance for credit
losses |
|
|
21,388 |
|
|
|
21,441 |
|
|
|
21,031 |
|
|
|
20,471 |
|
|
|
22,517 |
|
|
|
21,388 |
|
|
|
22,517 |
|
| Annualized net
charge-offs to average loans |
|
0.12 |
% |
|
|
0.02 |
% |
|
|
0.06 |
% |
|
|
0.04 |
% |
|
|
0.03 |
% |
|
|
0.06 |
% |
|
|
0.05 |
% |
| Non-performing loans to total
loans |
|
|
0.43 |
% |
|
|
0.52 |
% |
|
|
0.41 |
% |
|
|
0.39 |
% |
|
|
0.53 |
% |
|
|
0.43 |
% |
|
|
0.53 |
% |
| Non-performing assets to total
assets |
|
|
0.35 |
% |
|
|
0.40 |
% |
|
|
0.32 |
% |
|
|
0.30 |
% |
|
|
0.40 |
% |
|
|
0.35 |
% |
|
|
0.40 |
% |
| Allowance for credit losses to
total loans |
|
|
1.03 |
% |
|
|
1.06 |
% |
|
|
1.05 |
% |
|
|
1.02 |
% |
|
|
1.14 |
% |
|
|
1.03 |
% |
|
|
1.14 |
% |
| Allowance for
credit losses to non-performing loans |
|
238.87 |
% |
|
|
203.33 |
% |
|
|
256.63 |
% |
|
|
261.28 |
% |
|
|
216.28 |
% |
|
|
238.87 |
% |
|
|
216.28 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 EndedDecember 31,
2024 |
|
Three Months EndedDecember 31,
2023 |
|
Three Months EndedDecember 31,
2024 vs. 2023 |
| (in thousands) |
|
Average Balance |
|
Interest |
|
Yield /Rate |
|
Average Balance |
|
Interest |
|
Yield /Rate |
|
Total Change |
|
Due toVolume |
|
Due toRate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
$ |
1,486,012 |
|
|
$ |
22,069 |
|
|
5.91 |
% |
|
$ |
1,369,198 |
|
|
$ |
19,649 |
|
|
5.69 |
% |
|
$ |
2,420 |
|
|
$ |
1,665 |
|
|
$ |
755 |
|
| Mortgage loans |
|
|
274,705 |
|
|
|
2,739 |
|
|
3.99 |
% |
|
|
279,361 |
|
|
|
2,531 |
|
|
3.59 |
% |
|
|
208 |
|
|
|
(46 |
) |
|
|
254 |
|
| Consumer loans |
|
|
285,553 |
|
|
|
4,051 |
|
|
5.64 |
% |
|
|
307,463 |
|
|
|
3,991 |
|
|
5.15 |
% |
|
|
60 |
|
|
|
(299 |
) |
|
|
359 |
|
| Taxable securities |
|
|
594,667 |
|
|
|
3,169 |
|
|
2.12 |
% |
|
|
647,650 |
|
|
|
3,537 |
|
|
2.17 |
% |
|
|
(368 |
) |
|
|
(287 |
) |
|
|
(81 |
) |
| Tax-exempt securities |
|
|
37,776 |
|
|
|
273 |
|
|
2.88 |
% |
|
|
40,339 |
|
|
|
284 |
|
|
2.79 |
% |
|
|
(11 |
) |
|
|
(19 |
) |
|
|
8 |
|
| Interest-earning deposits |
|
|
33,282 |
|
|
|
384 |
|
|
4.59 |
% |
|
|
10,627 |
|
|
|
128 |
|
|
4.78 |
% |
|
|
256 |
|
|
|
261 |
|
|
|
(5 |
) |
| Total interest-earning
assets |
|
|
2,711,995 |
|
|
|
32,685 |
|
|
4.79 |
% |
|
|
2,654,638 |
|
|
|
30,120 |
|
|
4.50 |
% |
|
|
2,565 |
|
|
|
1,275 |
|
|
|
1,290 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
|
25,056 |
|
|
|
|
|
|
|
25,142 |
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
46,352 |
|
|
|
|
|
|
|
29,153 |
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit
losses |
|
|
(21,528 |
) |
|
|
|
|
|
|
(20,397 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,761,875 |
|
|
|
|
|
|
$ |
2,688,536 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing checking |
|
$ |
327,223 |
|
|
$ |
1,391 |
|
|
1.69 |
% |
|
$ |
285,733 |
|
|
$ |
1,176 |
|
|
1.63 |
% |
|
$ |
215 |
|
|
$ |
172 |
|
|
$ |
43 |
|
| Savings and money market |
|
|
871,196 |
|
|
|
4,278 |
|
|
1.95 |
% |
|
|
900,367 |
|
|
|
4,383 |
|
|
1.93 |
% |
|
|
(105 |
) |
|
|
(148 |
) |
|
|
43 |
|
| Time deposits |
|
|
540,817 |
|
|
|
5,618 |
|
|
4.13 |
% |
|
|
447,273 |
|
|
|
4,374 |
|
|
3.88 |
% |
|
|
1,244 |
|
|
|
951 |
|
|
|
293 |
|
| Brokered deposits |
|
|
74,861 |
|
|
|
904 |
|
|
4.80 |
% |
|
|
104,043 |
|
|
|
1,416 |
|
|
5.40 |
% |
|
|
(512 |
) |
|
|
(367 |
) |
|
|
(145 |
) |
| FHLBNY overnight advances |
|
|
41,408 |
|
|
|
505 |
|
|
4.77 |
% |
|
|
53,390 |
|
|
|
758 |
|
|
5.63 |
% |
|
|
(253 |
) |
|
|
(150 |
) |
|
|
(103 |
) |
| FRB advances and other
debt |
|
|
6,987 |
|
|
|
80 |
|
|
4.56 |
% |
|
|
3,074 |
|
|
|
28 |
|
|
3.61 |
% |
|
|
52 |
|
|
|
44 |
|
|
|
8 |
|
| Total interest-bearing
liabilities |
|
|
1,862,492 |
|
|
|
12,776 |
|
|
2.73 |
% |
|
|
1,793,880 |
|
|
|
12,135 |
|
|
2.68 |
% |
|
|
641 |
|
|
|
502 |
|
|
|
139 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
|
632,565 |
|
|
|
|
|
|
|
660,247 |
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
47,564 |
|
|
|
|
|
|
|
59,541 |
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
2,542,621 |
|
|
|
|
|
|
|
2,513,668 |
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity |
|
|
219,254 |
|
|
|
|
|
|
|
174,868 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,761,875 |
|
|
|
|
|
|
$ |
2,688,536 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fully taxable equivalent net
interest income |
|
|
|
|
19,909 |
|
|
|
|
|
|
|
17,985 |
|
|
|
|
$ |
1,924 |
|
|
$ |
773 |
|
|
$ |
1,151 |
|
| Net interest rate spread
(1) |
|
|
|
|
|
2.06 |
% |
|
|
|
|
|
1.82 |
% |
|
|
|
|
|
|
| Net interest margin, fully
taxable equivalent (2) |
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
2.69 |
% |
|
|
|
|
|
|
| Taxable equivalent
adjustment |
|
|
|
|
(88 |
) |
|
|
|
|
|
|
(87 |
) |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
$ |
19,821 |
|
|
|
|
|
|
$ |
17,898 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
|
|
|
|
|
|
|
|
|
|
|
|
| Average
Consolidated Balance Sheets & Net Interest Income Analysis and
Rate/Volume Analysis of Net Interest Income (Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Twelve Months EndedDecember 31,
2024 |
|
Twelve Months EndedDecember 31,
2023 |
|
Twelve Months EndedDecember 31,
2024 vs. 2023 |
| (in thousands) |
|
Average Balance |
|
Interest |
|
Yield /Rate |
|
Average Balance |
|
Interest |
|
Yield /Rate |
|
TotalChange |
|
Due toVolume |
|
Due toRate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
$ |
1,446,493 |
|
|
$ |
85,570 |
|
|
5.92 |
% |
|
$ |
1,309,692 |
|
|
$ |
72,698 |
|
|
5.55 |
% |
|
$ |
12,872 |
|
|
$ |
7,857 |
|
|
$ |
5,015 |
|
| Mortgage loans |
|
|
274,801 |
|
|
|
10,618 |
|
|
3.86 |
% |
|
|
283,093 |
|
|
|
10,084 |
|
|
3.56 |
% |
|
|
534 |
|
|
|
(302 |
) |
|
|
836 |
|
| Consumer loans |
|
|
295,187 |
|
|
|
16,165 |
|
|
5.48 |
% |
|
|
306,201 |
|
|
|
14,664 |
|
|
4.79 |
% |
|
|
1,501 |
|
|
|
(547 |
) |
|
|
2,048 |
|
| Taxable securities |
|
|
613,375 |
|
|
|
13,046 |
|
|
2.13 |
% |
|
|
671,345 |
|
|
|
14,295 |
|
|
2.13 |
% |
|
|
(1,249 |
) |
|
|
(1,249 |
) |
|
|
— |
|
| Tax-exempt securities |
|
|
39,032 |
|
|
|
1,103 |
|
|
2.83 |
% |
|
|
40,506 |
|
|
|
1,171 |
|
|
2.89 |
% |
|
|
(68 |
) |
|
|
(44 |
) |
|
|
(24 |
) |
| Interest-earning deposits |
|
|
29,260 |
|
|
|
1,398 |
|
|
4.78 |
% |
|
|
10,414 |
|
|
|
528 |
|
|
5.07 |
% |
|
|
870 |
|
|
|
902 |
|
|
|
(32 |
) |
| Total interest-earning
assets |
|
|
2,698,148 |
|
|
|
127,900 |
|
|
4.74 |
% |
|
|
2,621,251 |
|
|
|
113,440 |
|
|
4.33 |
% |
|
|
14,460 |
|
|
|
6,617 |
|
|
|
7,843 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
|
25,112 |
|
|
|
|
|
|
|
25,419 |
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
42,950 |
|
|
|
|
|
|
|
33,871 |
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit
losses |
|
|
(21,489 |
) |
|
|
|
|
|
|
(20,212 |
) |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
2,744,721 |
|
|
|
|
|
|
$ |
2,660,329 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing checking |
|
$ |
313,070 |
|
|
$ |
5,561 |
|
|
1.78 |
% |
|
$ |
286,097 |
|
|
$ |
3,136 |
|
|
1.10 |
% |
|
$ |
2,425 |
|
|
$ |
321 |
|
|
$ |
2,104 |
|
| Savings and money market |
|
|
863,849 |
|
|
|
17,468 |
|
|
2.02 |
% |
|
|
899,996 |
|
|
|
13,027 |
|
|
1.45 |
% |
|
|
4,441 |
|
|
|
(542 |
) |
|
|
4,983 |
|
| Time deposits |
|
|
526,727 |
|
|
|
22,221 |
|
|
4.22 |
% |
|
|
375,545 |
|
|
|
12,414 |
|
|
3.31 |
% |
|
|
9,807 |
|
|
|
5,827 |
|
|
|
3,980 |
|
| Brokered deposits |
|
|
90,729 |
|
|
|
4,802 |
|
|
5.29 |
% |
|
|
140,845 |
|
|
|
7,349 |
|
|
5.22 |
% |
|
|
(2,547 |
) |
|
|
(2,645 |
) |
|
|
98 |
|
| FHLBNY overnight advances |
|
|
21,907 |
|
|
|
1,151 |
|
|
5.17 |
% |
|
|
48,851 |
|
|
|
2,577 |
|
|
5.28 |
% |
|
|
(1,426 |
) |
|
|
(1,374 |
) |
|
|
(52 |
) |
| FRB advances and other
debt |
|
|
46,363 |
|
|
|
2,302 |
|
|
4.97 |
% |
|
|
3,177 |
|
|
|
114 |
|
|
3.59 |
% |
|
|
2,188 |
|
|
|
2,128 |
|
|
|
60 |
|
| Total interest-bearing
liabilities |
|
|
1,862,645 |
|
|
|
53,505 |
|
|
2.87 |
% |
|
|
1,754,511 |
|
|
|
38,617 |
|
|
2.20 |
% |
|
|
14,888 |
|
|
|
3,715 |
|
|
|
11,173 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
|
625,369 |
|
|
|
|
|
|
|
675,253 |
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
51,427 |
|
|
|
|
|
|
|
53,378 |
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
2,539,441 |
|
|
|
|
|
|
|
2,483,142 |
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity |
|
|
205,280 |
|
|
|
|
|
|
|
177,187 |
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and
shareholders' equity |
|
$ |
2,744,721 |
|
|
|
|
|
|
$ |
2,660,329 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fully taxable equivalent net
interest income |
|
|
|
|
74,395 |
|
|
|
|
|
|
|
74,823 |
|
|
|
|
$ |
(428 |
) |
|
$ |
2,902 |
|
|
$ |
(3,330 |
) |
| Net interest rate spread
(1) |
|
|
|
|
|
1.87 |
% |
|
|
|
|
|
2.13 |
% |
|
|
|
|
|
|
| Net interest margin, fully
taxable equivalent (2) |
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
2.85 |
% |
|
|
|
|
|
|
| Taxable equivalent
adjustment |
|
|
|
|
(336 |
) |
|
|
|
|
|
|
(366 |
) |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
$ |
74,059 |
|
|
|
|
|
|
$ |
74,457 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
| |
|
As of or for the Three Months Ended |
|
Twelve Months Ended |
| |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
(in thousands, except ratio data) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
NET INTEREST MARGIN - FULLY TAXABLE
EQUIVALENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income
(GAAP) |
|
$ |
19,821 |
|
|
$ |
18,388 |
|
|
$ |
17,761 |
|
|
$ |
18,089 |
|
|
$ |
17,898 |
|
|
$ |
74,059 |
|
|
$ |
74,457 |
|
| Fully taxable equivalent
adjustment |
|
|
88 |
|
|
|
83 |
|
|
|
81 |
|
|
|
84 |
|
|
|
87 |
|
|
|
336 |
|
|
|
366 |
|
| Fully taxable equivalent net
interest income (non-GAAP) |
|
$ |
19,909 |
|
|
$ |
18,471 |
|
|
$ |
17,842 |
|
|
$ |
18,173 |
|
|
$ |
17,985 |
|
|
$ |
74,395 |
|
|
$ |
74,823 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average interest-earning
assets (GAAP) |
|
$ |
2,711,995 |
|
|
$ |
2,699,968 |
|
|
$ |
2,699,402 |
|
|
$ |
2,681,059 |
|
|
$ |
2,654,638 |
|
|
$ |
2,698,148 |
|
|
$ |
2,621,251 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin - fully
taxable equivalent (non-GAAP) |
|
|
2.92 |
% |
|
|
2.72 |
% |
|
|
2.66 |
% |
|
|
2.73 |
% |
|
|
2.69 |
% |
|
|
2.76 |
% |
|
|
2.85 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| |
|
As of or for the Three Months Ended |
|
Twelve Months Ended |
| |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
(in thousands, except ratio data) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income
(GAAP) |
|
$ |
19,821 |
|
|
$ |
18,388 |
|
|
$ |
17,761 |
|
|
$ |
18,089 |
|
|
$ |
17,898 |
|
|
$ |
74,059 |
|
|
$ |
74,457 |
|
| Fully taxable equivalent
adjustment |
|
|
88 |
|
|
|
83 |
|
|
|
81 |
|
|
|
84 |
|
|
|
87 |
|
|
|
336 |
|
|
|
366 |
|
| Fully taxable equivalent net
interest income (non-GAAP) |
|
$ |
19,909 |
|
|
$ |
18,471 |
|
|
$ |
17,842 |
|
|
$ |
18,173 |
|
|
$ |
17,985 |
|
|
$ |
74,395 |
|
|
$ |
74,823 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income
(GAAP) |
|
$ |
6,056 |
|
|
$ |
5,919 |
|
|
$ |
5,598 |
|
|
$ |
5,657 |
|
|
$ |
5,871 |
|
|
$ |
23,230 |
|
|
$ |
24,549 |
|
| Less: net (gains) losses on
security transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
39 |
|
|
|
— |
|
|
|
39 |
|
| Less: recognition of employee
retention tax credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,370 |
) |
| Adjusted non-interest income
(non-GAAP) |
|
$ |
6,056 |
|
|
$ |
5,919 |
|
|
$ |
5,598 |
|
|
$ |
5,657 |
|
|
$ |
5,910 |
|
|
$ |
23,230 |
|
|
$ |
22,218 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expense
(GAAP) |
|
$ |
17,823 |
|
|
$ |
16,510 |
|
|
$ |
16,219 |
|
|
$ |
16,698 |
|
|
$ |
16,826 |
|
|
$ |
67,250 |
|
|
$ |
64,243 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio
(unadjusted) |
|
|
68.88 |
% |
|
|
67.92 |
% |
|
|
69.43 |
% |
|
|
70.32 |
% |
|
|
70.79 |
% |
|
|
69.12 |
% |
|
|
64.89 |
% |
| Efficiency ratio
(adjusted) |
|
|
68.64 |
% |
|
|
67.69 |
% |
|
|
69.19 |
% |
|
|
70.07 |
% |
|
|
70.42 |
% |
|
|
68.89 |
% |
|
|
66.20 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| |
|
As of or for the Three Months Ended |
|
Twelve Months Ended |
| |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
(in thousands, except per share and ratio data) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
TANGIBLE EQUITY AND TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (PERIOD
END) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholders' equity
(GAAP) |
|
$ |
215,309 |
|
|
$ |
220,654 |
|
|
$ |
201,222 |
|
|
$ |
197,128 |
|
|
$ |
195,241 |
|
|
$ |
215,309 |
|
|
$ |
195,241 |
|
| Less: intangible assets |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
| Tangible equity
(non-GAAP) |
|
$ |
193,485 |
|
|
$ |
198,830 |
|
|
$ |
179,398 |
|
|
$ |
175,304 |
|
|
$ |
173,417 |
|
|
$ |
193,485 |
|
|
$ |
173,417 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets (GAAP) |
|
$ |
2,776,147 |
|
|
$ |
2,774,215 |
|
|
$ |
2,755,813 |
|
|
$ |
2,784,890 |
|
|
$ |
2,710,529 |
|
|
$ |
2,776,147 |
|
|
$ |
2,710,529 |
|
| Less: intangible assets |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
| Tangible assets
(non-GAAP) |
|
$ |
2,754,323 |
|
|
$ |
2,752,391 |
|
|
$ |
2,733,989 |
|
|
$ |
2,763,066 |
|
|
$ |
2,688,705 |
|
|
$ |
2,754,323 |
|
|
$ |
2,688,705 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity to total assets
at end of period (GAAP) |
|
|
7.76 |
% |
|
|
7.95 |
% |
|
|
7.30 |
% |
|
|
7.08 |
% |
|
|
7.20 |
% |
|
|
7.76 |
% |
|
|
7.20 |
% |
| Book value per share
(GAAP) |
|
$ |
45.13 |
|
|
$ |
46.22 |
|
|
$ |
42.17 |
|
|
$ |
41.34 |
|
|
$ |
41.07 |
|
|
$ |
45.13 |
|
|
$ |
41.07 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible equity to tangible
assets at end of period (non-GAAP) |
|
|
7.02 |
% |
|
|
7.22 |
% |
|
|
6.56 |
% |
|
|
6.34 |
% |
|
|
6.45 |
% |
|
|
7.02 |
% |
|
|
6.45 |
% |
| Tangible book value per share
(non-GAAP) |
|
$ |
40.55 |
|
|
$ |
41.65 |
|
|
$ |
37.59 |
|
|
$ |
36.77 |
|
|
$ |
36.48 |
|
|
$ |
40.55 |
|
|
$ |
36.48 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| |
|
As of or for the Three Months Ended |
|
Twelve Months Ended |
| |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
(in thousands, except ratio data) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
TANGIBLE EQUITY (AVERAGE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total average shareholders'
equity (GAAP) |
|
$ |
219,254 |
|
|
$ |
210,421 |
|
|
$ |
195,375 |
|
|
$ |
195,860 |
|
|
$ |
174,868 |
|
|
$ |
205,280 |
|
|
$ |
177,187 |
|
| Less: average intangible
assets |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
|
|
(21,824 |
) |
| Average tangible equity
(non-GAAP) |
|
$ |
197,430 |
|
|
$ |
188,597 |
|
|
$ |
173,551 |
|
|
$ |
174,036 |
|
|
$ |
153,044 |
|
|
$ |
183,456 |
|
|
$ |
155,363 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average equity
(GAAP) |
|
|
10.73 |
% |
|
|
10.81 |
% |
|
|
10.27 |
% |
|
|
14.48 |
% |
|
|
8.63 |
% |
|
|
11.53 |
% |
|
|
14.11 |
% |
| Return on average tangible
equity (non-GAAP) |
|
|
11.92 |
% |
|
|
12.07 |
% |
|
|
11.56 |
% |
|
|
16.29 |
% |
|
|
9.86 |
% |
|
|
12.90 |
% |
|
|
16.09 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| |
|
As of or for the Three Months Ended |
|
Twelve Months Ended |
| |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
(in thousands, except per share and ratio data) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
NON-GAAP NET INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reported net income
(GAAP) |
|
$ |
5,914 |
|
|
$ |
5,720 |
|
|
$ |
4,987 |
|
|
$ |
7,050 |
|
|
$ |
3,802 |
|
|
$ |
23,671 |
|
|
$ |
25,000 |
|
| Net (gains) losses on security
transactions (net of tax) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
29 |
|
| Recognition of employee
retention tax credit (net of tax) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,873 |
) |
| Net income (non-GAAP) |
|
$ |
5,914 |
|
|
$ |
5,720 |
|
|
$ |
4,987 |
|
|
$ |
7,050 |
|
|
$ |
3,831 |
|
|
$ |
23,671 |
|
|
$ |
23,156 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average basic and diluted
shares outstanding |
|
|
4,774 |
|
|
|
4,773 |
|
|
|
4,770 |
|
|
|
4,764 |
|
|
|
4,743 |
|
|
|
4,770 |
|
|
|
4,732 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reported basic and diluted
earnings per share (GAAP) |
|
$ |
1.24 |
|
|
$ |
1.19 |
|
|
$ |
1.05 |
|
|
$ |
1.48 |
|
|
$ |
0.80 |
|
|
$ |
4.96 |
|
|
$ |
5.28 |
|
| Reported return on average
assets (GAAP) |
|
|
0.85 |
% |
|
|
0.83 |
% |
|
|
0.73 |
% |
|
|
1.04 |
% |
|
|
0.56 |
% |
|
|
0.86 |
% |
|
|
0.94 |
% |
| Reported return on average
equity (GAAP) |
|
|
10.73 |
% |
|
|
10.81 |
% |
|
|
10.27 |
% |
|
|
14.48 |
% |
|
|
8.63 |
% |
|
|
11.53 |
% |
|
|
14.11 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings per
share (non-GAAP) |
|
$ |
1.24 |
|
|
$ |
1.19 |
|
|
$ |
1.05 |
|
|
$ |
1.48 |
|
|
$ |
0.81 |
|
|
$ |
4.96 |
|
|
$ |
4.89 |
|
| Return on average assets
(non-GAAP) |
|
|
0.85 |
% |
|
|
0.83 |
% |
|
|
0.73 |
% |
|
|
1.04 |
% |
|
|
0.57 |
% |
|
|
0.86 |
% |
|
|
0.87 |
% |
| Return on average equity
(non-GAAP) |
|
|
10.73 |
% |
|
|
10.81 |
% |
|
|
10.27 |
% |
|
|
14.48 |
% |
|
|
8.69 |
% |
|
|
11.53 |
% |
|
|
13.07 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category: Financial
Source: Chemung Financial Corp
For further information contact:Dale M. McKim,
III, EVP and CFOdmckim@chemungcanal.comPhone: 607-737-3714
Chemung Financial (NASDAQ:CHMG)
過去 株価チャート
から 2 2025 まで 3 2025
Chemung Financial (NASDAQ:CHMG)
過去 株価チャート
から 3 2024 まで 3 2025
