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Chemung Financial Corp (CHMG) delivers community-focused banking and wealth management services across New York and Pennsylvania. This news hub provides investors and stakeholders with timely updates on strategic initiatives, financial performance, and market developments.
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Key updates include quarterly earnings calls, merger/acquisition activity, dividend declarations, and regulatory compliance milestones. Discover how CHMG's locally-driven decision-making impacts regional economic growth through small business lending and personalized financial services.
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Chemung Financial (NASDAQ: CHMG) reported Q1 2025 net income of $6.0 million, or $1.26 per share, compared to $5.9 million in Q4 2024 and $7.1 million in Q1 2024.
Key highlights include:
- Quarterly dividend increased by 3.2% to $0.32 per share
- Net interest margin expanded to 2.96% from 2.92% in Q4 2024
- Interest rate spread increased to 2.17% from 2.06% in Q4 2024
- Annualized loan growth of 5.1%, with commercial loan growth of 10.5%
- Western New York Canal Bank division showed strong performance with 14.9% loan growth and 82.0% deposit growth year-over-year
Net interest income remained stable at $19.8 million, with decreased interest expense on deposits offset by lower interest income on loans and securities. Non-interest income decreased 3.3% to $5.9 million, while non-interest expense decreased 5.1% to $16.9 million compared to Q4 2024.
Chemung Financial (Nasdaq: CHMG) has announced a dividend increase of $0.01 per share, bringing the quarterly cash dividend to $0.32 per share. The dividend represents a 3.2% increase and will be payable on April 1, 2025, to shareholders of record as of March 18, 2025.
The increase comes as a result of the 's strong financial performance, according to President and CEO Anders M. Tomson. Chemung Financial is a $2.8 billion financial services holding company headquartered in Elmira, New York, operating 30 offices through its principal subsidiary, Chemung Canal Trust Company, which was established in 1833 and is New York State's oldest locally-owned and managed community bank.
Chemung Financial (CHMG) reported annual net income of $23.7 million ($4.96 per share) for 2024, down from $25.0 million ($5.28 per share) in 2023. Fourth quarter 2024 net income was $5.9 million ($1.24 per share), up from $5.7 million in Q3 2024 and $3.8 million in Q4 2023.
Key highlights include net interest margin expansion to 2.92% in Q4 2024 from 2.72% in Q3 2024, and annual loan growth of 5.0% with commercial and industrial growth of 13.3% and commercial real estate growth of 8.4%. Net interest income for 2024 was $74.1 million, slightly down from $74.5 million in 2023.
The bank saw improvements in asset quality with decreased non-performing loans ratios and maintained a dividend of $0.31 per share in Q4 2024.
Chemung Financial (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share, payable on January 2, 2025, to shareholders of record as of December 19, 2024. The company, with $2.8 billion in assets, operates through its main subsidiary Chemung Canal Trust Company, managing 31 offices. Founded in 1833, it is New York State's oldest locally-owned community bank. The also owns CFS Group, providing additional services including mutual funds, annuities, brokerage, tax preparation, and insurance.
Chemung Financial (CHMG) reported net income of $5.7 million, or $1.19 per share, for the third quarter of 2024. This compares to $5.0 million ($1.05 per share) in Q2 2024 and $7.6 million ($1.61 per share) in Q3 2023. Key highlights include:
- Opening of a new branch in Williamsville, New York
- Improvement in tangible equity to tangible assets ratio by 66 basis points to 7.22%
- Increase in net interest income to $18.4 million, up 3.4% from Q2 2024
- Non-interest income rose to $5.9 million, a 5.4% increase from Q2 2024
- Non-interest expense increased to $16.5 million, up 1.9% from Q2 2024
The company saw improvements in interest income on loans and deposits, partially offset by higher interest expenses. Asset quality remained stable with non-performing loans at 0.52% of total loans.
Chemung Financial (Nasdaq: CHMG) has announced a quarterly cash dividend of $0.31 per share, payable on October 1, 2024, to common stock shareholders of record as of September 19, 2024. The company, a $2.8 billion financial services holding company, operates through its principal subsidiary, Chemung Canal Trust Company, the oldest locally-owned and managed community bank in New York State.
Established in 1833, Chemung Canal Trust Company is a full-service community bank with full trust powers. The also owns CFS Group, Inc., which offers non-traditional financial services including mutual funds, annuities, brokerage services, tax preparation, and insurance.
Chemung Financial (Nasdaq: CHMG) reported a net income of $5.0 million, or $1.05 per share, for Q2 2024, down from $7.1 million, or $1.48 per share, in Q1 2024, and $6.3 million, or $1.33 per share, in Q2 2023. The net interest income decreased to $17.8 million from $18.1 million in Q1 2024 and $18.6 million in Q2 2023. Provision for credit losses increased by $2.9 million from Q1 2024 and $0.6 million from Q2 2023. Non-performing assets fell to $8.9 million from $10.7 million as of December 31, 2023. The efficiency ratio improved by 88 basis points to 69.19%. The Board declared a quarterly dividend of $0.31 per share. Despite challenges in funding costs, the focused on expense management and commercial loan growth.
Chemung Financial (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share. This dividend will be payable on July 1, 2024, to shareholders of record by June 17, 2024. Chemung Financial , headquartered in Elmira, New York, is a $2.8 billion financial services holding company. It operates 31 offices through its main subsidiary, Chemung Canal Trust Company, which is the oldest community bank in New York State. The also owns CFS Group, offering various financial services such as mutual funds, annuities, and tax preparation.
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