Chemung Financial Corporation Reports Fourth Quarter 2025 Net Income of $7.7 million, or $1.61 per share & Annual Financial Results
Rhea-AI Summary
Chemung Financial Corporation (Nasdaq: CHMG) reported fourth quarter 2025 net income of $7.7 million, or $1.61 per share, and annual GAAP net income of $15.1 million, or $3.14 per share, which included a $17.5 million loss on sales of available-for-sale securities tied to a balance sheet repositioning. Non-GAAP net income (ex-one-time items) was $27.9 million for 2025, up 17.8% year-over-year. Key operating metrics: full-year net interest margin rose to 3.26% (up 50 bps YoY) and annual loan growth was $198.1 million (9.6%), with commercial loans up 14.3%.
Positive
- Non-GAAP net income rose to $27.9M (+17.8% YoY)
- Net interest margin improved 50 basis points YoY to 3.26%
- Total loans grew $198.1M (9.6%) in 2025
- Commercial loan growth of $217.4M (+14.3%) in 2025
- Canal Bank loans in Western NY grew 66% to over $235M
Negative
- $17.5M loss on sale of available-for-sale securities reduced GAAP earnings
- GAAP annual net income declined to $15.1M from $23.7M (>-10% YoY)
- Provision for credit losses increased by $4.5M to $4.4M for 2025
- Non-interest income fell 65.9% year-over-year (impacted by securities loss)
News Market Reaction – CHMG
In the Jan 27 session, CHMG gained 2.48%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 21 | Q3 2025 earnings | Positive | +2.4% | Return to profit with higher net interest income and margin expansion. |
| Jul 17 | Q2 2025 earnings | Negative | -1.6% | Net loss driven by balance sheet repositioning and securities sale loss. |
| Jan 28 | 2024 earnings | Positive | +14.6% | Solid 2024 earnings with Q4 margin expansion and loan growth momentum. |
| Oct 22 | Q3 2024 earnings | Neutral | -0.0% | Moderate earnings growth with higher net interest and non-interest income. |
| Jul 18 | Q2 2024 earnings | Negative | -2.6% | Lower earnings as net interest income declined and provisions increased. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally prompted aligned price moves, with positive operational updates often met by gains and weaker quarters or restructuring-linked losses met by modest declines.
Recent earnings for Chemung Financial show a progression from 2024’s annual net income of $23.7M to a 2025 balance-sheet repositioning that drove a one-time $17.5M securities sale loss but improved margins. Q2 2025 reported a net loss of $6.5M tied to that repositioning, followed by recovery in Q3 2025 net income of $7.8M and net interest margin of 3.45%. Earlier 2024 quarters featured steady profitability and loan growth. Today’s Q4 2025 and full-year 2025 results continue this theme of higher net interest margin and commercial loan growth post-repositioning.
Key Terms
net interest margin financial
basis points financial
available for sale securities financial
subordinated debt financial
Federal Funds Target Range Upper Limit financial
provision for credit losses financial
effective tax rate financial
Employee Retention Tax Credit regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
ELMIRA, N.Y., Jan. 26, 2026 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of
“Fourth quarter results highlight the sustained benefits of the Corporation’s strategic repositioning efforts throughout the year,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation. “Meaningful expansion in net interest margin of 16 basis points compared to the prior quarter, combined with strong commercial loan growth across key markets, reflects our continued ability to support high-quality client demand while maintaining disciplined funding cost management,” Tomson added.
“As we close out 2025, I want to thank our customers for their continued trust and partnership, and our colleagues across Chemung Financial Corporation for their dedication to making a meaningful difference for the individuals, businesses, and communities we serve,” added Tomson. “We enter 2026 with a clear and disciplined focus on strengthening our capabilities, enhancing how we serve our customers, and improving our processes to build greater scale, resiliency, and sustainable growth," ended Tomson.
Fourth Quarter and Full Year 2025 Highlights:
- Non-GAAP net income and earnings per share, excluding the impact of one time items in the second quarter of 2025, was
$27.9 million and$5.80 , respectively for the year ended December 31, 2025, compared to$23.7 million and$4.96 , respectively for the prior year, increases of17.8% and17.0% .1 - Net interest margin increased 16 basis points, to
3.61% , for the fourth quarter 2025, compared to3.45% for the third quarter 2025. Net interest margin for the year ended December 31, 2025 increased 50 basis points to3.26% , compared to2.76% for the prior year.1 - Annual loan growth in 2025 totaled
$198.1 million , or9.6% , including annual commercial loan growth of$217.4 million , or14.3% . Total loans in the Corporation's Canal Bank division in Western New York grew66% in 2025, to over$235 million . - Dividends declared during the fourth quarter of 2025 were
$0.34 per share.
1 See the GAAP to Non-GAAP reconciliations.
2025 vs 2024
Net Interest Income:
Net interest income for the year ended December 31, 2025 totaled
Interest expense on deposits decreased largely due to a decrease of 42 basis points in the average cost of total interest-bearing deposits, which included brokered deposits, and a decrease of
Interest income on loans increased mainly due to an increase of
The increase in the average yield on total loans was mainly due to increases of 35 basis points and 15 basis points in the average yields on residential mortgages and consumer loans, respectively, partially offset by a decrease of six basis points in the average yield on total commercial loans, each compared to the prior year. The increase in the average yield on residential mortgages was primarily due to an increase in origination volumes during 2025, nearly all of which carried interest rates above the portfolio's overall average yield, due to the elevated interest rate environment. The increase in the average yield on consumer loans was largely due to fast turnover in the indirect auto portfolio as older, lower-yielding balances were replaced by higher-yielding balances, partially offset by lower yields on originations of promotional home equity lines of credit, and the impact of declines in benchmark interest rates, such as the Prime rate, on variable rate home equity loans and lines. The decrease in the average yield on commercial loans was largely due to a decrease in interest rates on variable rate commercial and industrial loans, including lines of credit, due to the declining market interest rate environment. Yields on originations of commercial real estate loans during 2025 were largely above the average yield on total commercial loans. Interest income on interest-earning deposits increased largely due to an increase of
Interest and dividend income on taxable securities decreased primarily due to the Corporation's sales of available for sale securities with a book value of
Fully taxable equivalent net interest margin was
Provision for Credit Losses:
Provision for credit losses for the year ended December 31, 2025 was
Non-Interest Income:
Non-interest income for the year ended December 31, 2025 was
The increase in other non-interest income was largely due to a gain of
Non-Interest Expense:
Non-interest expense for the year ended December 31, 2025 was
Salaries and wages increased primarily due to additional staffing in the Corporation's Canal Bank division in Western New York, including commercial lenders, wealth management professionals, and branch personnel, as well as merit-based wage increases. The increase in pension and other employee benefits was largely due to an increase in employee healthcare-related expenses, compared to the prior year, as well as an increase in payroll tax expenses, compared to the prior year. The decrease in FDIC insurance was mainly due to improved metrics used to calculate the current year assessment, as well as a smaller decrease associated with a decline in total assessed assets.
Income Tax Expense:
Income tax expense for the year ended December 31, 2025 was
4th Quarter 2025 vs 3rd Quarter 2025
Net Interest Income:
Net interest income for the fourth quarter of 2025 totaled
Interest income on loans increased largely due to an increase of
The increase in the average yield on total loans consisted of increases of seven basis points and one basis point, respectively, in the average yields on consumer and commercial loans, partially offset by a decrease of five basis points in the average yield on residential mortgages. The increase in the average yield on consumer loans was largely due to turnover in the indirect auto portfolio as older, lower-yielding balances were replaced by higher-yielding new originations. The increase in the average yield on commercial loans was largely due to strong commercial real estate origination volumes, which were generally funded at yields above the portfolio's overall average yield, as well as the recognition of prepayment penalties and deferred fees associated with multiple larger payoffs during the fourth quarter, partially offset by decreases in interest rates on variable rate commercial loans, due to a general decline in benchmark indices. The decrease in the average yield on residential mortgages was primarily due to recognition of interest income on the payoff of a nonaccrual loan in the prior quarter and the recognition of deferred fees on the payoff of several larger accruing loans in the prior quarter.
Interest expense on deposits decreased mainly due to a decrease of 18 basis points in the average cost of interest-bearing deposits and a decrease of
Interest income on interest-earning deposits decreased largely due to a decrease of
Fully taxable equivalent net interest margin was
Provision for Credit Losses:
Provision for credit losses was
Non-Interest Income:
Non-interest income for the fourth quarter of 2025 totaled
Non-Interest Expense:
Non-interest expense for the fourth quarter of 2025 totaled
Income Tax Expense:
Income tax expense for the fourth quarter of 2025 was
4th Quarter 2025 vs 4th Quarter 2024
Net Interest Income:
Net interest income for the fourth quarter of 2025 totaled
Interest income on loans increased mainly due to an increase of
The increase in the average yield on total loans compared to the same period in the prior year was mainly due to an increase of 34 basis points in the average yield on residential mortgages, and to a lesser degree one and four basis point increases in the average yields on commercial and consumer loans, respectively. The increase in the average yield on residential mortgages was largely due to yields on mortgages originated during 2025 generally being higher than the overall portfolio average yield. The increase in the average yield on commercial loans was largely due to strong origination volumes during 2025, partially offset by a decrease in interest rates on variable rate commercial loans as a result of decreases in benchmark indices between the fourth quarters of 2024 and 2025. The increase in the average yield on consumer loans was largely due to net runoff of older lower-yielding indirect auto loans, which were replaced by higher-yielding loans, partially offset by advances on promotional HELOCs during 2025, and a decrease in the Prime rate compared to the same period in the prior year.
Interest expense on deposits decreased primarily due to a decrease of 49 basis points in the average cost of total interest-bearing deposits and a decrease of
Interest and dividend income on taxable securities decreased largely due to a decrease of
Interest expense on borrowed funds increased largely due to an increase of
Fully taxable equivalent net interest margin was
Provision for Credit Losses:
Provision for credit losses was
Non-Interest Income:
Non-interest income for the fourth quarter of 2025 was
Non-Interest Expense:
Non-interest expense for the fourth quarter of 2025 was
Salaries and wages increased mainly due to merit-based salary increases for existing employees, an increase in incentives compared to the same period in the prior year, and additional staffing in the Corporation's Western New York Canal Bank division, consisting of additional lending, branch, and wealth management personnel. Pension and employee benefits increased largely due to an increase in employee healthcare-related expenses compared to the same period in the prior year. Other non-interest expense increased largely due to the acceleration of charitable donations in the current year period, and an increase in operational losses on the sale of repossessed vehicles compared to the same period in the prior year. The decrease in data processing was primarily due to a decrease in debit card related expenses and a decrease in core service provider expenses, each compared to the same period in the prior year. FDIC insurance decreased largely due to favorable changes in metrics used to determine assessment rates, as well as a smaller decrease associated with a decrease in total assessed assets.
Income Tax Expense:
Income tax expense for the fourth quarter of 2025 was
Asset Quality
Non-performing loans totaled
Total loan delinquencies declined during 2025, compared to December 31, 2024. Total loan delinquencies, inclusive of delinquent nonaccrual loans, were
The allowance for credit losses on loans was
Balance Sheet Activity
Total assets were
Securities available for sale decreased primarily due to the Corporation's completed balance sheet repositioning, which largely occurred during the second and third quarters of 2025, including the sale of available for sale securities with a market value of
Loans, net of deferred origination fees and costs increased mainly due to growth in commercial loan balances. Total commercial loan balances increased
Residential mortgages increased
Total liabilities were
Total deposits decreased
The decrease in customer time deposits was largely due to maturities of previous CD campaign offerings which were not renewed. The increase in interest-bearing demand deposits was largely due to net inflows from municipal and commercial clients compared to prior year-end, while the increase in savings deposits was largely due to net inflows from municipal clients, also compared to prior year-end. The increase in money market deposits was primarily due to inflows from commercial clients, compared to prior year-end. Non interest-bearing deposits comprised
Advances and other debt decreased primarily due to decreased usage of FHLBNY advances as of December 31, 2025 compared to prior year-end, largely due to using proceeds from the Corporation's balance sheet repositioning to fund loan growth during the second half of 2025. Utilization of FHLBNY overnight advances increased during the fourth quarter of 2025, primarily due to seasonal outflows of municipal deposits.
Subordinated debt, net of deferred issuance costs, increased due to the issuance of
Total shareholders’ equity was
The total equity to total assets ratio was
1 See the GAAP to Non-GAAP reconciliations
Liquidity
The Corporation uses a variety of resources to manage its liquidity, and management believes it has the necessary liquidity to allow for flexibility in meeting its various operational and strategic needs. These include short-term investments, cash flow from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits of
As of December 31, 2025, the Corporation's cash and cash equivalents balance was
As of December 31, 2025, uninsured deposits totaled
The Corporation had no outstanding brokered deposits as of December 31, 2025, following the maturity of
Other Items
The market value of total assets under management or administration in our Wealth Management Group was
As previously announced on January 8, 2021, the Corporation's Board of Directors approved a stock repurchase program. Under the repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately
About Chemung Financial Corporation
Chemung Financial Corporation is a
This press release may be found at: www.chemungcanal.com under Investor Relations.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." The Corporation cannot guarantee that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends.
Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2024 Annual Report on Form 10-K. These filings are available publicly on the SEC's website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
| Chemung Financial Corporation | ||||||||||||||||||||
| Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | ||||||||||||||||
| (in thousands) | 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from financial institutions | $ | 22,772 | $ | 32,445 | $ | 35,825 | $ | 32,087 | $ | 26,224 | ||||||||||
| Interest-earning deposits in other financial institutions | 27,325 | 75,201 | 284,226 | 21,348 | 20,811 | |||||||||||||||
| Total cash and cash equivalents | 50,097 | 107,646 | 320,051 | 53,435 | 47,035 | |||||||||||||||
| Equity investments | 3,765 | 3,616 | 3,387 | 3,249 | 3,235 | |||||||||||||||
| Securities available for sale | 280,598 | 280,514 | 287,335 | 528,327 | 531,442 | |||||||||||||||
| Securities held to maturity | 640 | 680 | 680 | 808 | 808 | |||||||||||||||
| FHLB and FRB stock, at cost | 9,466 | 5,524 | 6,826 | 8,040 | 9,117 | |||||||||||||||
| Total investment securities | 290,704 | 286,718 | 294,841 | 537,175 | 541,367 | |||||||||||||||
| Commercial | 1,733,912 | 1,671,261 | 1,591,999 | 1,555,988 | 1,516,525 | |||||||||||||||
| Residential mortgage | 286,885 | 277,729 | 278,221 | 275,448 | 274,979 | |||||||||||||||
| Consumer | 248,764 | 253,366 | 262,194 | 266,200 | 279,915 | |||||||||||||||
| Loans, net of deferred loan fees | 2,269,561 | 2,202,356 | 2,132,414 | 2,097,636 | 2,071,419 | |||||||||||||||
| Allowance for credit losses | (24,209 | ) | (23,645 | ) | (22,665 | ) | (22,522 | ) | (21,388 | ) | ||||||||||
| Loans, net | 2,245,352 | 2,178,711 | 2,109,749 | 2,075,114 | 2,050,031 | |||||||||||||||
| Loans held for sale | 2,102 | 3,075 | 2,212 | 284 | - | |||||||||||||||
| Premises and equipment, net | 15,401 | 15,376 | 15,438 | 16,222 | 16,375 | |||||||||||||||
| Operating lease right-of-use assets | 4,755 | 4,943 | 5,139 | 5,332 | 5,446 | |||||||||||||||
| Goodwill | 21,824 | 21,824 | 21,824 | 21,824 | 21,824 | |||||||||||||||
| Accrued interest receivable and other assets | 76,235 | 74,725 | 79,847 | 84,090 | 90,834 | |||||||||||||||
| Total assets | $ | 2,710,235 | $ | 2,696,634 | $ | 2,852,488 | $ | 2,796,725 | $ | 2,776,147 | ||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non interest-bearing demand deposits | $ | 624,532 | $ | 633,216 | $ | 624,389 | $ | 619,645 | $ | 625,762 | ||||||||||
| Interest-bearing demand deposits | 326,645 | 356,271 | 348,169 | 339,790 | 306,536 | |||||||||||||||
| Money market deposits | 601,391 | 652,289 | 639,706 | 625,505 | 595,123 | |||||||||||||||
| Savings deposits | 254,490 | 231,905 | 238,228 | 249,541 | 245,550 | |||||||||||||||
| Time deposits | 463,616 | 484,835 | 618,470 | 598,915 | 623,912 | |||||||||||||||
| Total deposits | 2,270,674 | 2,358,516 | 2,468,962 | 2,433,396 | 2,396,883 | |||||||||||||||
| Advances and other debt | 90,554 | 3,530 | 58,616 | 88,701 | 112,889 | |||||||||||||||
| Subordinated debt, net of deferred issuance costs | 44,028 | 44,002 | 44,146 | — | — | |||||||||||||||
| Operating lease liabilities | 4,937 | 5,124 | 5,319 | 5,516 | 5,629 | |||||||||||||||
| Accrued interest payable and other liabilities | 45,333 | 40,154 | 40,479 | 40,806 | 45,437 | |||||||||||||||
| Total liabilities | 2,455,526 | 2,451,326 | 2,617,522 | 2,568,419 | 2,560,838 | |||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Common stock | 53 | 53 | 53 | 53 | 53 | |||||||||||||||
| Additional paid-in capital | 49,547 | 49,027 | 48,502 | 48,157 | 48,783 | |||||||||||||||
| Retained earnings | 256,484 | 250,373 | 244,211 | 252,195 | 247,705 | |||||||||||||||
| Treasury stock, at cost | (15,322 | ) | (15,069 | ) | (15,095 | ) | (15,180 | ) | (16,167 | ) | ||||||||||
| Accumulated other comprehensive loss | (36,053 | ) | (39,076 | ) | (42,705 | ) | (56,919 | ) | (65,065 | ) | ||||||||||
| Total shareholders' equity | 254,709 | 245,308 | 234,966 | 228,306 | 215,309 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,710,235 | $ | 2,696,634 | $ | 2,852,488 | $ | 2,796,725 | $ | 2,776,147 | ||||||||||
| Period-end shares outstanding | 4,809 | 4,812 | 4,810 | 4,807 | 4,771 | |||||||||||||||
| Chemung Financial Corporation | ||||||||||||||||||||||
| Consolidated Statements of Income (Unaudited) | ||||||||||||||||||||||
| Three Months Ended December 31, | Percent Change | Twelve Months Ended December 31, | Percent Change | |||||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||||
| Loans, including fees | $ | 31,809 | $ | 28,805 | 10.4 | $ | 120,376 | $ | 112,128 | 7.4 | ||||||||||||
| Taxable securities | 1,670 | 3,161 | (47.2 | ) | 8,876 | 13,029 | (31.9 | ) | ||||||||||||||
| Tax exempt securities | 75 | 247 | (69.6 | ) | 620 | 1,009 | (38.6 | ) | ||||||||||||||
| Interest-earning deposits | 665 | 384 | 73.2 | 2,963 | 1,398 | 111.9 | ||||||||||||||||
| Total interest and dividend income | 34,219 | 32,597 | 5.0 | 132,835 | 127,564 | 4.1 | ||||||||||||||||
| Interest expense: | ||||||||||||||||||||||
| Deposits | 9,390 | 12,191 | (23.0 | ) | 41,793 | 50,052 | (16.5 | ) | ||||||||||||||
| Borrowed funds | 985 | 585 | 68.4 | 3,885 | 3,453 | 12.5 | ||||||||||||||||
| Total interest expense | 10,375 | 12,776 | (18.8 | ) | 45,678 | 53,505 | (14.6 | ) | ||||||||||||||
| Net interest income | 23,844 | 19,821 | 20.3 | 87,157 | 74,059 | 17.7 | ||||||||||||||||
| Provision (credit) for credit losses | 1,136 | 551 | 106.2 | 4,437 | (46 | ) | N/M | |||||||||||||||
| Net interest income after provision for credit losses | 22,708 | 19,270 | 17.8 | 82,720 | 74,105 | 11.6 | ||||||||||||||||
| Non-interest income: | ||||||||||||||||||||||
| Wealth management group fee income | 3,118 | 3,019 | 3.3 | 11,945 | 11,573 | 3.2 | ||||||||||||||||
| Service charges on deposit accounts | 1,099 | 1,113 | (1.3 | ) | 4,427 | 4,042 | 9.5 | |||||||||||||||
| Interchange revenue from debit card transactions | 1,082 | 1,099 | (1.5 | ) | 4,302 | 4,426 | (2.8 | ) | ||||||||||||||
| Net gains (losses) on securities transactions | — | — | N/M | (17,498 | ) | — | N/M | |||||||||||||||
| Change in fair value of equity investments | 14 | (54 | ) | (125.9 | ) | 211 | 179 | 17.9 | ||||||||||||||
| Net gains on sales of loans held for sale | 92 | 52 | 76.9 | 261 | 214 | 22.0 | ||||||||||||||||
| Net gains (losses) on sales of other real estate owned | 10 | 4 | 150.0 | 2 | (18 | ) | N/M | |||||||||||||||
| Income from bank owned life insurance | 8 | 9 | (11.1 | ) | 32 | 38 | (15.8 | ) | ||||||||||||||
| Other | 1,250 | 814 | 53.6 | 4,263 | 2,776 | 53.6 | ||||||||||||||||
| Total non-interest income | 6,673 | 6,056 | 10.2 | 7,945 | 23,230 | (65.8 | ) | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||||
| Salaries and wages | 7,856 | 7,450 | 5.4 | 30,569 | 28,457 | 7.4 | ||||||||||||||||
| Pension and other employee benefits | 2,555 | 2,296 | 11.3 | 8,887 | 8,083 | 9.9 | ||||||||||||||||
| Other components of net periodic pension and postretirement benefits | (113 | ) | (218 | ) | 48.2 | (452 | ) | (909 | ) | 50.3 | ||||||||||||
| Net occupancy | 1,477 | 1,472 | 0.3 | 5,812 | 5,832 | (0.3 | ) | |||||||||||||||
| Furniture and equipment | 475 | 462 | 2.8 | 1,702 | 1,659 | 2.6 | ||||||||||||||||
| Data processing | 2,417 | 2,656 | (9.0 | ) | 10,048 | 10,093 | (0.4 | ) | ||||||||||||||
| Professional services | 627 | 714 | (12.2 | ) | 2,706 | 2,353 | 15.0 | |||||||||||||||
| Marketing and advertising | 355 | 239 | 48.5 | 1,248 | 1,182 | 5.6 | ||||||||||||||||
| Other real estate owned expense | 1 | 41 | (97.6 | ) | 23 | 157 | (85.4 | ) | ||||||||||||||
| FDIC insurance | 293 | 503 | (41.7 | ) | 1,518 | 2,120 | (28.4 | ) | ||||||||||||||
| Loan expense | 316 | 374 | (15.5 | ) | 1,152 | 1,182 | (2.5 | ) | ||||||||||||||
| Other | 2,129 | 1,834 | 16.1 | 7,516 | 7,041 | 6.7 | ||||||||||||||||
| Total non-interest expense | 18,388 | 17,823 | 3.2 | 70,729 | 67,250 | 5.2 | ||||||||||||||||
| Income before income tax expense | 10,993 | 7,503 | 46.5 | 19,936 | 30,085 | (33.7 | ) | |||||||||||||||
| Income tax expense | 3,252 | 1,589 | 104.7 | 4,832 | 6,414 | (24.7 | ) | |||||||||||||||
| Net income | $ | 7,741 | $ | 5,914 | 30.9 | $ | 15,104 | $ | 23,671 | (36.2 | ) | |||||||||||
| Basic and diluted earnings per share | $ | 1.61 | $ | 1.24 | $ | 3.14 | $ | 4.96 | ||||||||||||||
| Cash dividends declared per share | $ | 0.34 | $ | 0.31 | $ | 1.32 | $ | 1.24 | ||||||||||||||
| Average basic and diluted shares outstanding | 4,811 | 4,774 | 4,804 | 4,770 | ||||||||||||||||||
| N/M - Not Meaningful | ||||||||||||||||||||||
| Chemung Financial Corporation | As of or for the Three Months Ended | As of or for the Twelve 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) | 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| RESULTS OF OPERATIONS | ||||||||||||||||||||||||||||
| Interest income | $ | 34,219 | $ | 33,884 | $ | 33,034 | $ | 31,698 | $ | 32,597 | $ | 132,835 | $ | 127,564 | ||||||||||||||
| Interest expense | 10,375 | 11,196 | 12,226 | 11,881 | 12,776 | 45,678 | 53,505 | |||||||||||||||||||||
| Net interest income | 23,844 | 22,688 | 20,808 | 19,817 | 19,821 | 87,157 | 74,059 | |||||||||||||||||||||
| Provision (credit) for credit losses | 1,136 | 1,064 | 1,145 | 1,092 | 551 | 4,437 | (46 | ) | ||||||||||||||||||||
| Net interest income after provision for credit losses | 22,708 | 21,624 | 19,663 | 18,725 | 19,270 | 82,720 | 74,105 | |||||||||||||||||||||
| Non-interest income | 6,673 | 6,088 | (10,705 | ) | 5,889 | 6,056 | 7,945 | 23,230 | ||||||||||||||||||||
| Non-interest expense | 18,388 | 17,645 | 17,769 | 16,927 | 17,823 | 70,729 | 67,250 | |||||||||||||||||||||
| Income before income tax expense | 10,993 | 10,067 | (8,811 | ) | 7,687 | 7,503 | 19,936 | 30,085 | ||||||||||||||||||||
| Income tax expense | 3,252 | 2,275 | (2,359 | ) | 1,664 | 1,589 | 4,832 | 6,414 | ||||||||||||||||||||
| Net income | $ | 7,741 | $ | 7,792 | $ | (6,452 | ) | $ | 6,023 | $ | 5,914 | $ | 15,104 | $ | 23,671 | |||||||||||||
| Basic and diluted earnings per share | $ | 1.61 | $ | 1.62 | $ | (1.35 | ) | $ | 1.26 | $ | 1.24 | $ | 3.14 | $ | 4.96 | |||||||||||||
| Average basic and diluted shares outstanding | 4,811 | 4,811 | 4,808 | 4,791 | 4,774 | 4,804 | 4,770 | |||||||||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||||||||||
| Return on average assets | 1.14 | % | 1.15 | % | (0.92 | %) | 0.88 | % | 0.85 | % | 0.55 | % | 0.86 | % | ||||||||||||||
| Return on average equity | 12.17 | % | 12.89 | % | (11.29 | %) | 10.96 | % | 10.73 | % | 6.40 | % | 11.53 | % | ||||||||||||||
| Return on average tangible equity (a) | 13.32 | % | 14.18 | % | (12.48 | %) | 12.15 | % | 11.92 | % | 7.05 | % | 12.90 | % | ||||||||||||||
| Efficiency ratio (unadjusted) (e) | 60.25 | % | 61.32 | % | 175.88 | % | 65.85 | % | 68.88 | % | 74.37 | % | 69.12 | % | ||||||||||||||
| Efficiency ratio (adjusted) (a) | 60.12 | % | 61.18 | % | 65.69 | % | 65.64 | % | 68.64 | % | 63.00 | % | 68.89 | % | ||||||||||||||
| Non-interest expense to average assets | 2.71 | % | 2.61 | % | 2.54 | % | 2.47 | % | 2.57 | % | 2.58 | % | 2.45 | % | ||||||||||||||
| Loans to deposits | 99.95 | % | 93.38 | % | 86.37 | % | 86.20 | % | 86.42 | % | 99.95 | % | 86.42 | % | ||||||||||||||
| YIELDS / RATES - Fully Taxable Equivalent | ||||||||||||||||||||||||||||
| Yield on loans | 5.69 | % | 5.68 | % | 5.61 | % | 5.49 | % | 5.61 | % | 5.62 | % | 5.57 | % | ||||||||||||||
| Yield on investments | 2.40 | % | 2.55 | % | 2.27 | % | 2.26 | % | 2.29 | % | 2.35 | % | 2.28 | % | ||||||||||||||
| Yield on interest-earning assets | 5.18 | % | 5.15 | % | 4.83 | % | 4.72 | % | 4.79 | % | 4.97 | % | 4.74 | % | ||||||||||||||
| Cost of interest-bearing deposits | 2.18 | % | 2.36 | % | 2.45 | % | 2.48 | % | 2.67 | % | 2.37 | % | 2.79 | % | ||||||||||||||
| Cost of borrowings | 7.42 | % | 7.33 | % | 4.90 | % | 4.54 | % | 4.74 | % | 5.83 | % | 5.03 | % | ||||||||||||||
| Cost of interest-bearing liabilities | 2.34 | % | 2.51 | % | 2.57 | % | 2.55 | % | 2.73 | % | 2.50 | % | 2.87 | % | ||||||||||||||
| Cost of funds | 1.72 | % | 1.85 | % | 1.94 | % | 1.92 | % | 2.04 | % | 1.86 | % | 2.15 | % | ||||||||||||||
| Interest rate spread | 2.84 | % | 2.64 | % | 2.26 | % | 2.17 | % | 2.06 | % | 2.47 | % | 1.87 | % | ||||||||||||||
| Net interest margin, fully taxable equivalent | 3.61 | % | 3.45 | % | 3.05 | % | 2.96 | % | 2.92 | % | 3.26 | % | 2.76 | % | ||||||||||||||
| CAPITAL | ||||||||||||||||||||||||||||
| Total equity to total assets at end of period | 9.40 | % | 9.10 | % | 8.24 | % | 8.16 | % | 7.76 | % | 9.40 | % | 7.76 | % | ||||||||||||||
| Tangible equity to tangible assets at end of period (a) | 8.66 | % | 8.36 | % | 7.53 | % | 7.44 | % | 7.02 | % | 8.66 | % | 7.02 | % | ||||||||||||||
| Book value per share | $ | 52.97 | $ | 50.98 | $ | 48.85 | $ | 47.49 | $ | 45.13 | $ | 52.97 | $ | 45.13 | ||||||||||||||
| Tangible book value per share (a) | 48.43 | 46.44 | 44.31 | 42.95 | 40.55 | 48.43 | 40.55 | |||||||||||||||||||||
| Period-end market value per share | 55.80 | 52.52 | 48.47 | 47.57 | 48.81 | 55.80 | 48.81 | |||||||||||||||||||||
| Dividends declared per share | 0.34 | 0.34 | 0.32 | 0.32 | 0.31 | 1.32 | 1.24 | |||||||||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||||||||||
| Loans and loans held for sale (b) | $ | 2,223,188 | $ | 2,171,673 | $ | 2,108,557 | $ | 2,077,739 | $ | 2,046,270 | $ | 2,145,759 | $ | 2,016,481 | ||||||||||||||
| Interest-earning assets | 2,625,177 | 2,617,680 | 2,749,856 | 2,729,661 | 2,711,995 | 2,680,133 | 2,698,148 | |||||||||||||||||||||
| Total assets | 2,691,963 | 2,684,273 | 2,802,226 | 2,784,414 | 2,761,875 | 2,740,311 | 2,744,721 | |||||||||||||||||||||
| Deposits | 2,340,931 | 2,343,596 | 2,432,713 | 2,445,597 | 2,446,662 | 2,390,295 | 2,419,744 | |||||||||||||||||||||
| Total equity | 252,325 | 239,836 | 229,161 | 222,802 | 219,254 | 236,122 | 205,280 | |||||||||||||||||||||
| Tangible equity (a) | 230,501 | 218,012 | 207,337 | 200,978 | 197,430 | 214,298 | 183,456 | |||||||||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||||||||||
| Net charge-offs | $ | 532 | $ | 86 | $ | 992 | $ | 262 | $ | 594 | $ | 1,872 | $ | 1,160 | ||||||||||||||
| Non-performing loans (c) | 7,908 | 7,762 | 8,237 | 9,881 | 8,954 | 7,908 | 8,954 | |||||||||||||||||||||
| Non-performing assets (d) | 8,165 | 7,972 | 8,447 | 10,282 | 9,606 | 8,165 | 9,606 | |||||||||||||||||||||
| Allowance for credit losses | 24,209 | 23,465 | 22,665 | 22,522 | 21,388 | 24,209 | 21,388 | |||||||||||||||||||||
| Annualized net charge-offs to average loans | 0.09 | % | 0.02 | % | 0.19 | % | 0.05 | % | 0.12 | % | 0.09 | % | 0.06 | % | ||||||||||||||
| Non-performing loans to total loans | 0.35 | % | 0.35 | % | 0.39 | % | 0.47 | % | 0.43 | % | 0.35 | % | 0.43 | % | ||||||||||||||
| Non-performing assets to total assets | 0.30 | % | 0.30 | % | 0.30 | % | 0.37 | % | 0.35 | % | 0.30 | % | 0.35 | % | ||||||||||||||
| Allowance for credit losses to total loans | 1.07 | % | 1.07 | % | 1.06 | % | 1.07 | % | 1.03 | % | 1.07 | % | 1.03 | % | ||||||||||||||
| Allowance for credit losses to non-performing loans | 306.13 | % | 304.63 | % | 275.16 | % | 227.93 | % | 238.87 | % | 306.13 | % | 238.87 | % | ||||||||||||||
| (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 nonaccrual loans only. | ||||||||||||||||||||||||||||
| (d) Non-performing assets include non-performing loans plus other real estate owned and repossessed vehicles. | ||||||||||||||||||||||||||||
| (e) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income. | ||||||||||||||||||||||||||||
| Chemung Financial Corporation | |||||||||||||||||||||||||||||||||
| Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited) | |||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2025 vs. 2024 | |||||||||||||||||||||||||||||||
| (in thousands) | Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | Total Change | Due to Volume | Due to Rate | ||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||
| Commercial loans | $ | 1,687,255 | $ | 25,156 | 5.92 | % | $ | 1,486,012 | $ | 22,069 | 5.91 | % | $ | 3,087 | $ | 3,049 | $ | 38 | |||||||||||||||
| Residential mortgage loans | 284,942 | 3,111 | 4.33 | % | 274,705 | 2,739 | 3.99 | % | 372 | 113 | 259 | ||||||||||||||||||||||
| Consumer loans | 250,991 | 3,591 | 5.68 | % | 285,553 | 4,051 | 5.64 | % | (460 | ) | (489 | ) | 29 | ||||||||||||||||||||
| Taxable securities | 326,139 | 1,681 | 2.04 | % | 594,667 | 3,169 | 2.12 | % | (1,488 | ) | (1,373 | ) | (115 | ) | |||||||||||||||||||
| Tax-exempt securities | 11,238 | 85 | 3.00 | % | 37,776 | 273 | 2.88 | % | (188 | ) | (199 | ) | 11 | ||||||||||||||||||||
| Interest-earning deposits | 64,612 | 665 | 4.08 | % | 33,282 | 384 | 4.59 | % | 281 | 328 | (47 | ) | |||||||||||||||||||||
| Total interest-earning assets | 2,625,177 | 34,289 | 5.18 | % | 2,711,995 | 32,685 | 4.79 | % | 1,604 | 1,429 | 175 | ||||||||||||||||||||||
| Non interest-earning assets: | |||||||||||||||||||||||||||||||||
| Cash and due from banks | 25,200 | 25,056 | |||||||||||||||||||||||||||||||
| Other assets | 65,311 | 46,352 | |||||||||||||||||||||||||||||||
| Allowance for credit losses | (23,725 | ) | (21,528 | ) | |||||||||||||||||||||||||||||
| Total assets | $ | 2,691,963 | $ | 2,761,875 | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Interest-bearing checking | $ | 349,082 | $ | 1,340 | 1.52 | % | $ | 327,223 | $ | 1,391 | 1.69 | % | $ | (51 | ) | $ | 91 | $ | (142 | ) | |||||||||||||
| Savings and money market | 893,129 | 4,213 | 1.87 | % | 871,196 | 4,278 | 1.95 | % | (65 | ) | 109 | (174 | ) | ||||||||||||||||||||
| Time deposits | 465,043 | 3,837 | 3.27 | % | 540,817 | 5,618 | 4.13 | % | (1,781 | ) | (717 | ) | (1,064 | ) | |||||||||||||||||||
| Brokered deposits | — | — | — | % | 74,861 | 904 | 4.80 | % | (904 | ) | (904 | ) | — | ||||||||||||||||||||
| FHLBNY overnight advances | 5,161 | 50 | 3.84 | % | 41,408 | 505 | 4.77 | % | (455 | ) | (372 | ) | (83 | ) | |||||||||||||||||||
| Term advances and other debt | 3,473 | 37 | 4.23 | % | 6,987 | 80 | 4.56 | % | (43 | ) | (37 | ) | (6 | ) | |||||||||||||||||||
| Subordinated debt | 44,044 | 898 | 8.09 | % | — | — | — | % | 898 | 898 | — | ||||||||||||||||||||||
| Total interest-bearing liabilities | 1,759,932 | 10,375 | 2.34 | % | 1,862,492 | 12,776 | 2.73 | % | (2,401 | ) | (932 | ) | (1,469 | ) | |||||||||||||||||||
| Non interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Demand deposits | 633,677 | 632,565 | |||||||||||||||||||||||||||||||
| Other liabilities | 46,029 | 47,564 | |||||||||||||||||||||||||||||||
| Total liabilities | 2,439,638 | 2,542,621 | |||||||||||||||||||||||||||||||
| Shareholders' equity | 252,325 | 219,254 | |||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,691,963 | $ | 2,761,875 | |||||||||||||||||||||||||||||
| Fully taxable equivalent net interest income | 23,914 | 19,909 | $ | 4,005 | $ | 2,361 | $ | 1,644 | |||||||||||||||||||||||||
| Net interest rate spread (1) | 2.84 | % | 2.06 | % | |||||||||||||||||||||||||||||
| Net interest margin, fully taxable equivalent (2) | 3.61 | % | 2.92 | % | |||||||||||||||||||||||||||||
| Taxable equivalent adjustment | (70 | ) | (88 | ) | |||||||||||||||||||||||||||||
| Net interest income | $ | 23,844 | $ | 19,821 | |||||||||||||||||||||||||||||
| (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 Ended December 31, 2025 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2025 vs. 2024 | |||||||||||||||||||||||||||||||
| (in thousands) | Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | Total Change | Due to Volume | Due to Rate | ||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||
| Commercial loans | $ | 1,605,835 | $ | 94,144 | 5.86 | % | $ | 1,446,493 | $ | 85,570 | 5.92 | % | $ | 8,574 | $ | 9,441 | $ | (867 | ) | ||||||||||||||
| Residential mortgage loans | 278,658 | 11,722 | 4.21 | % | 274,801 | 10,618 | 3.86 | % | 1,104 | 148 | 956 | ||||||||||||||||||||||
| Consumer loans | 261,266 | 14,707 | 5.63 | % | 295,187 | 16,165 | 5.48 | % | (1,458 | ) | (1,893 | ) | 435 | ||||||||||||||||||||
| Taxable securities | 443,643 | 8,896 | 2.01 | % | 613,375 | 13,046 | 2.13 | % | (4,150 | ) | (3,448 | ) | (702 | ) | |||||||||||||||||||
| Tax-exempt securities | 23,103 | 696 | 3.01 | % | 39,032 | 1,103 | 2.83 | % | (407 | ) | (474 | ) | 67 | ||||||||||||||||||||
| Interest-earning deposits | 67,628 | 2,963 | 4.38 | % | 29,260 | 1,398 | 4.78 | % | 1,565 | 1,691 | (126 | ) | |||||||||||||||||||||
| Total interest-earning assets | 2,680,133 | 133,128 | 4.97 | % | 2,698,148 | 127,900 | 4.74 | % | 5,228 | 5,465 | (237 | ) | |||||||||||||||||||||
| Non interest-earning assets: | |||||||||||||||||||||||||||||||||
| Cash and due from banks | 25,710 | 25,112 | |||||||||||||||||||||||||||||||
| Other assets | 57,159 | 42,950 | |||||||||||||||||||||||||||||||
| Allowance for credit losses | (22,691 | ) | (21,489 | ) | |||||||||||||||||||||||||||||
| Total assets | $ | 2,740,311 | $ | 2,744,721 | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Interest-bearing checking | $ | 336,674 | $ | 5,228 | 1.55 | % | $ | 313,070 | $ | 5,561 | 1.78 | % | $ | (333 | ) | $ | 408 | $ | (741 | ) | |||||||||||||
| Savings and money market | 872,776 | 16,692 | 1.91 | % | 863,849 | 17,468 | 2.02 | % | (776 | ) | 179 | (955 | ) | ||||||||||||||||||||
| Time deposits | 501,546 | 17,506 | 3.49 | % | 526,727 | 22,221 | 4.22 | % | (4,715 | ) | (1,021 | ) | (3,694 | ) | |||||||||||||||||||
| Brokered deposits | 52,775 | 2,367 | 4.49 | % | 90,729 | 4,802 | 5.29 | % | (2,435 | ) | (1,788 | ) | (647 | ) | |||||||||||||||||||
| FHLBNY overnight advances | 7,523 | 336 | 4.47 | % | 21,907 | 1,151 | 5.17 | % | (815 | ) | (676 | ) | (139 | ) | |||||||||||||||||||
| Term advances and other debt | 34,368 | 1,546 | 4.50 | % | 46,363 | 2,302 | 4.97 | % | (756 | ) | (554 | ) | (202 | ) | |||||||||||||||||||
| Subordinated debt | 24,775 | 2,003 | 8.08 | % | — | — | — | % | 2,003 | 2,003 | — | ||||||||||||||||||||||
| Total interest-bearing liabilities | 1,830,437 | 45,678 | 2.50 | % | 1,862,645 | 53,505 | 2.87 | % | (7,827 | ) | (1,449 | ) | (6,378 | ) | |||||||||||||||||||
| Non interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Demand deposits | 626,524 | 625,369 | |||||||||||||||||||||||||||||||
| Other liabilities | 47,228 | 51,427 | |||||||||||||||||||||||||||||||
| Total liabilities | 2,504,189 | 2,539,441 | |||||||||||||||||||||||||||||||
| Shareholders' equity | 236,122 | 205,280 | |||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,740,311 | $ | 2,744,721 | |||||||||||||||||||||||||||||
| Fully taxable equivalent net interest income | 87,450 | 74,395 | $ | 13,055 | $ | 6,914 | $ | 6,141 | |||||||||||||||||||||||||
| Net interest rate spread (1) | 2.47 | % | 1.87 | % | |||||||||||||||||||||||||||||
| Net interest margin, fully taxable equivalent (2) | 3.26 | % | 2.76 | % | |||||||||||||||||||||||||||||
| Taxable equivalent adjustment | (293 | ) | (336 | ) | |||||||||||||||||||||||||||||
| Net interest income | $ | 87,157 | $ | 74,059 | |||||||||||||||||||||||||||||
| (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) | |||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2025 | Three Months Ended September 30, 2025 | Three Months Ended December 31, 2025 vs. September 30, 2025 | |||||||||||||||||||||||||||||||
| (in thousands) | Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | Total Change | Due to Volume | Due to Rate | ||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||
| Commercial loans | $ | 1,687,255 | $ | 25,156 | 5.92 | % | $ | 1,636,743 | $ | 24,383 | 5.91 | % | $ | 773 | $ | 733 | $ | 40 | |||||||||||||||
| Residential mortgage loans | 284,942 | 3,111 | 4.33 | % | 277,682 | 3,063 | 4.38 | % | 48 | 82 | (34 | ) | |||||||||||||||||||||
| Consumer loans | 250,991 | 3,591 | 5.68 | % | 257,248 | 3,638 | 5.61 | % | (47 | ) | (91 | ) | 44 | ||||||||||||||||||||
| Taxable securities | 326,139 | 1,681 | 2.04 | % | 334,290 | 1,656 | 1.97 | % | 25 | (38 | ) | 63 | |||||||||||||||||||||
| Tax-exempt securities | 11,238 | 85 | 3.00 | % | 11,864 | 93 | 3.11 | % | (8 | ) | (5 | ) | (3 | ) | |||||||||||||||||||
| Interest-earning deposits | 64,612 | 665 | 4.08 | % | 99,853 | 1,118 | 4.44 | % | (453 | ) | (368 | ) | (85 | ) | |||||||||||||||||||
| Total interest-earning assets | 2,625,177 | 34,289 | 5.18 | % | 2,617,680 | 33,951 | 5.15 | % | 338 | 313 | 25 | ||||||||||||||||||||||
| Non interest-earning assets: | |||||||||||||||||||||||||||||||||
| Cash and due from banks | 25,200 | 26,580 | |||||||||||||||||||||||||||||||
| Other assets | 65,311 | 62,923 | |||||||||||||||||||||||||||||||
| Allowance for credit losses | (23,725 | ) | (22,910 | ) | |||||||||||||||||||||||||||||
| Total assets | $ | 2,691,963 | $ | 2,684,273 | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Interest-bearing checking | $ | 349,082 | $ | 1,340 | 1.52 | % | $ | 326,464 | $ | 1,287 | 1.56 | % | $ | 53 | $ | 87 | $ | (34 | ) | ||||||||||||||
| Savings and money market | 893,129 | 4,213 | 1.87 | % | 870,958 | 4,376 | 1.99 | % | (163 | ) | 108 | (271 | ) | ||||||||||||||||||||
| Time deposits | 465,043 | 3,837 | 3.27 | % | 507,557 | 4,429 | 3.46 | % | (592 | ) | (358 | ) | (234 | ) | |||||||||||||||||||
| Brokered deposits | — | — | — | % | 7,174 | 79 | 4.37 | % | (79 | ) | (79 | ) | — | ||||||||||||||||||||
| FHLBNY overnight advances | 5,161 | 50 | 3.84 | % | 23 | — | — | % | 50 | 50 | — | ||||||||||||||||||||||
| Term advances and other debt | 3,473 | 37 | 4.23 | % | 11,331 | 127 | 4.45 | % | (90 | ) | (84 | ) | (6 | ) | |||||||||||||||||||
| Subordinated debt | 44,044 | 898 | 8.09 | % | 44,105 | 898 | 8.08 | % | — | (4 | ) | 4 | |||||||||||||||||||||
| Total interest-bearing liabilities | 1,759,932 | 10,375 | 2.34 | % | 1,767,612 | 11,196 | 2.51 | % | (821 | ) | (280 | ) | (541 | ) | |||||||||||||||||||
| Non interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Demand deposits | 633,677 | 631,443 | |||||||||||||||||||||||||||||||
| Other liabilities | 46,029 | 45,382 | |||||||||||||||||||||||||||||||
| Total liabilities | 2,439,638 | 2,444,437 | |||||||||||||||||||||||||||||||
| Shareholders' equity | 252,325 | 239,836 | |||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,691,963 | $ | 2,684,273 | |||||||||||||||||||||||||||||
| Fully taxable equivalent net interest income | 23,914 | 22,755 | $ | 1,159 | $ | 593 | $ | 566 | |||||||||||||||||||||||||
| Net interest rate spread (1) | 2.84 | % | 2.64 | % | |||||||||||||||||||||||||||||
| Net interest margin, fully taxable equivalent (2) | 3.61 | % | 3.45 | % | |||||||||||||||||||||||||||||
| Taxable equivalent adjustment | (70 | ) | (67 | ) | |||||||||||||||||||||||||||||
| Net interest income | $ | 23,844 | $ | 22,688 | |||||||||||||||||||||||||||||
| (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) | 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT | ||||||||||||||||||||||||||||
| Net interest income (GAAP) | $ | 23,844 | $ | 22,688 | $ | 20,808 | $ | 19,817 | $ | 19,821 | $ | 87,157 | $ | 74,059 | ||||||||||||||
| Fully taxable equivalent adjustment | 70 | 67 | 76 | 80 | 88 | 293 | 336 | |||||||||||||||||||||
| Fully taxable equivalent net interest income (non-GAAP) | $ | 23,914 | $ | 22,755 | $ | 20,884 | $ | 19,897 | $ | 19,909 | $ | 87,450 | $ | 74,395 | ||||||||||||||
| Average interest-earning assets (GAAP) | $ | 2,625,177 | $ | 2,617,680 | $ | 2,749,856 | $ | 2,729,661 | $ | 2,711,995 | $ | 2,680,133 | $ | 2,698,148 | ||||||||||||||
| Net interest margin - fully taxable equivalent (non-GAAP) | 3.61 | % | 3.45 | % | 3.05 | % | 2.96 | % | 2.92 | % | 3.26 | % | 2.76 | % | ||||||||||||||
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) | 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| EFFICIENCY RATIO | ||||||||||||||||||||||||||||
| Net interest income (GAAP) | $ | 23,844 | $ | 22,688 | $ | 20,808 | $ | 19,817 | $ | 19,821 | $ | 87,157 | $ | 74,059 | ||||||||||||||
| Fully taxable equivalent adjustment | 70 | 67 | 76 | 80 | 88 | 293 | 336 | |||||||||||||||||||||
| Fully taxable equivalent net interest income (non-GAAP) | $ | 23,914 | $ | 22,755 | $ | 20,884 | $ | 19,897 | $ | 19,909 | $ | 87,450 | $ | 74,395 | ||||||||||||||
| Non-interest income (GAAP) | $ | 6,673 | $ | 6,088 | $ | (10,705 | ) | $ | 5,889 | $ | 6,056 | $ | 7,945 | $ | 23,230 | |||||||||||||
| Less: net (gains) losses on security transactions | — | — | 17,498 | — | — | 17,498 | — | |||||||||||||||||||||
| Less: (gain) loss on sale of branch property | — | — | (629 | ) | — | — | (629 | ) | — | |||||||||||||||||||
| Adjusted non-interest income (non-GAAP) | $ | 6,673 | $ | 6,088 | $ | 6,164 | $ | 5,889 | $ | 6,056 | $ | 24,814 | $ | 23,230 | ||||||||||||||
| Non-interest expense (GAAP) | $ | 18,388 | $ | 17,645 | $ | 17,769 | $ | 16,927 | $ | 17,823 | $ | 70,729 | $ | 67,250 | ||||||||||||||
| Efficiency ratio (unadjusted) | 60.25 | % | 61.32 | % | 175.88 | % | 65.85 | % | 68.88 | % | 74.37 | % | 69.12 | % | ||||||||||||||
| Efficiency ratio (adjusted) | 60.12 | % | 61.18 | % | 65.69 | % | 65.64 | % | 68.64 | % | 63.00 | % | 68.89 | % | ||||||||||||||
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) | 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| TANGIBLE EQUITY AND TANGIBLE ASSETS | ||||||||||||||||||||||||||||
| (PERIOD END) | ||||||||||||||||||||||||||||
| Total shareholders' equity (GAAP) | $ | 254,709 | $ | 245,308 | $ | 234,966 | $ | 228,306 | $ | 215,309 | $ | 254,709 | $ | 215,309 | ||||||||||||||
| Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||||||
| Tangible equity (non-GAAP) | $ | 232,885 | $ | 223,484 | $ | 213,142 | $ | 206,482 | $ | 193,485 | $ | 232,885 | $ | 193,485 | ||||||||||||||
| Total assets (GAAP) | $ | 2,710,235 | $ | 2,696,634 | $ | 2,852,488 | $ | 2,796,725 | $ | 2,776,147 | $ | 2,710,235 | $ | 2,776,147 | ||||||||||||||
| Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||||||
| Tangible assets (non-GAAP) | $ | 2,688,411 | $ | 2,674,810 | $ | 2,830,664 | $ | 2,774,901 | $ | 2,754,323 | $ | 2,688,411 | $ | 2,754,323 | ||||||||||||||
| Total equity to total assets at end of period (GAAP) | 9.40 | % | 9.10 | % | 8.24 | % | 8.16 | % | 7.76 | % | 9.40 | % | 7.76 | % | ||||||||||||||
| Book value per share (GAAP) | $ | 52.97 | $ | 50.98 | $ | 48.85 | $ | 47.49 | $ | 45.13 | $ | 52.97 | $ | 45.13 | ||||||||||||||
| Tangible equity to tangible assets at end of period (non-GAAP) | 8.66 | % | 8.36 | % | 7.53 | % | 7.44 | % | 7.02 | % | 8.66 | % | 7.02 | % | ||||||||||||||
| Tangible book value per share (non-GAAP) | $ | 48.43 | $ | 46.44 | $ | 44.31 | $ | 42.95 | $ | 40.55 | $ | 48.43 | $ | 40.55 | ||||||||||||||
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) | 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| TANGIBLE EQUITY (AVERAGE) | ||||||||||||||||||||||||||||
| Total average shareholders' equity (GAAP) | $ | 252,325 | $ | 239,836 | $ | 229,161 | $ | 222,802 | $ | 219,254 | $ | 236,122 | $ | 205,280 | ||||||||||||||
| Less: average intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||||||
| Average tangible equity (non-GAAP) | $ | 230,501 | $ | 218,012 | $ | 207,337 | $ | 200,978 | $ | 197,430 | $ | 214,298 | $ | 183,456 | ||||||||||||||
| Return on average equity (GAAP) | 12.17 | % | 12.89 | % | (11.29 | %) | 10.96 | % | 10.73 | % | 6.40 | % | 11.53 | % | ||||||||||||||
| Return on average tangible equity (non-GAAP) | 13.32 | % | 14.18 | % | (12.48 | %) | 12.15 | % | 11.92 | % | 7.05 | % | 12.90 | % | ||||||||||||||
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) | 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| NON-GAAP NET INCOME | ||||||||||||||||||||||||||||
| Reported net income (GAAP) | $ | 7,741 | $ | 7,792 | $ | (6,452 | ) | $ | 6,023 | $ | 5,914 | $ | 15,104 | $ | 23,671 | |||||||||||||
| Net (gains) losses on security transactions (net of tax) | — | — | 13,237 | — | — | 13,237 | — | |||||||||||||||||||||
| Net (gain) loss on sale of branch property (net of tax) | — | — | (463 | ) | — | — | (463 | ) | — | |||||||||||||||||||
| Net income (non-GAAP) | $ | 7,741 | $ | 7,792 | $ | 6,322 | $ | 6,023 | $ | 5,914 | $ | 27,878 | $ | 23,671 | ||||||||||||||
| Average basic and diluted shares outstanding | 4,811 | 4,811 | 4,808 | 4,791 | 4,774 | 4,804 | 4,770 | |||||||||||||||||||||
| Reported basic and diluted earnings per share (GAAP) | $ | 1.61 | $ | 1.62 | $ | (1.35 | ) | $ | 1.26 | $ | 1.24 | $ | 3.14 | $ | 4.96 | |||||||||||||
| Reported return on average assets (GAAP) | 1.14 | % | 1.15 | % | (0.92 | %) | 0.88 | % | 0.85 | % | 0.55 | % | 0.86 | % | ||||||||||||||
| Reported return on average equity (GAAP) | 12.17 | % | 12.89 | % | (11.29 | %) | 10.96 | % | 10.73 | % | 6.40 | % | 11.53 | % | ||||||||||||||
| Basic and diluted earnings per share (non-GAAP) | $ | 1.61 | $ | 1.62 | $ | 1.31 | $ | 1.26 | $ | 1.24 | $ | 5.80 | $ | 4.96 | ||||||||||||||
| Return on average assets (non-GAAP) | 1.14 | % | 1.15 | % | 0.90 | % | 0.88 | % | 0.85 | % | 1.02 | % | 0.86 | % | ||||||||||||||
| Return on average equity (non-GAAP) | 12.17 | % | 12.89 | % | 11.07 | % | 10.96 | % | 10.73 | % | 11.81 | % | 11.53 | % | ||||||||||||||
Category: Financial
Source: Chemung Financial Corp
For further information contact:
Dale M. McKim, III, EVP and CFO
dmckim@chemungcanal.com
Phone: 607-737-3714
