Chemung Financial Corporation Reports Record Quarterly Results; First Quarter 2026 Net Income of $9.2 million, or $1.91 per share
Rhea-AI Summary
Chemung Financial Corporation (Nasdaq: CHMG) reported record first quarter 2026 net income of $9.2 million, or $1.91 per share, beating prior quarterly records by 14.6% (net income) and 11.0% (EPS). Quarterly adjusted efficiency ratio improved to 58.27%. Annualized loan growth totaled 7.5%, with period-end Canal Bank growth near 15%. Dividends of $0.34 per share were declared.
Results reflect balance sheet repositioning, expansion into Western New York and lower provision expense driven by a CECL recalibration.
Positive
- Net income $9.2M (record quarter)
- EPS $1.91 (record quarter)
- Adjusted efficiency ratio 58.27% (lowest on record)
- NII YoY +19.2% compared to Q1 2025
- Annualized loan growth 7.5%; Canal Bank period-end ~15%
Negative
- Average taxable securities decreased $257.5M YoY from sales
- Average borrowings increased $50.7M QoQ, raising interest expense
- Average yield on loans down 10 bps QoQ, pressuring interest income
News Market Reaction – CHMG
In the Apr 17 session, CHMG gained 5.94%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 26 | Quarterly earnings | Positive | +2.5% | Strong Q4 2025 earnings, higher non‑GAAP income and loan growth. |
| Oct 21 | Quarterly earnings | Positive | +2.4% | Q3 2025 rebound from prior loss with higher NIM and loan growth. |
| Jul 17 | Quarterly earnings | Negative | -1.6% | Q2 2025 net loss driven by securities sale and repositioning. |
| Apr 18 | Quarterly earnings | Neutral | -0.9% | Q1 2025 steady earnings with modest loan and margin expansion. |
| Jan 28 | Annual & quarterly | Neutral | +14.6% | 2024 earnings slightly below 2023 but Q4 growth and better margins. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often been followed by meaningful moves, with most past reports showing price reactions that aligned with the underlying results.
Over the past year, Chemung Financial’s earnings history shows a mix of steady profitability and one strategic loss. Events on Jan 28, 2025 and Apr 18, 2025 highlighted solid annual and first‑quarter results with margin expansion and loan growth. A Q2 2025 loss on $245.5M securities sales reflected balance sheet repositioning, followed by improving Q3 and Q4 2025 earnings. Today’s record Q1 2026 results build on that margin and loan‑growth trajectory.
Key Terms
cecl financial
sofr financial
fhlbny financial
brokered deposits financial
available for sale securities financial
subordinated debt financial
net interest margin financial
federal funds target range upper limit financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
ELMIRA, N.Y., April 17, 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
“Record quarterly earnings validate the Corporation's strategic initiatives in recent years, including our entrance into the Western New York market and a balance sheet repositioning in 2025, both of which significantly contributed to first quarter results," said Anders M. Tomson, President and CEO of Chemung Financial Corporation. “For an institution with over 190 years of history, delivering record performance can only be achieved through thoughtful execution and a sustained commitment to improvement," added Tomson.
"While our geographic footprint has expanded in recent years, our success remains dependent on the values which have served the Corporation well in its past. Attainment of results at this level is only maintainable by continuing to support the communities in each of our markets," stated Tomson. "As we reflect on the milestones achieved this quarter, we remain as focused as ever on delivering consistent and durable performance in the periods ahead," Tomson concluded.
First Quarter 2026 Highlights:
- Net income and earnings per share of
$9.2 million and$1.91 , respectively, each represent the highest quarterly earnings in Chemung Financial Corporation's history, and exceeded previous quarterly records by14.6% and11.0% , respectively. - Quarterly adjusted efficiency ratio of
58.27% was also the lowest in the Corporation's history, an improvement of1.85% compared to the fourth quarter of 2025 and7.37% compared to the first quarter of 2025. 1 - Annualized loan growth totaled
7.5% , including period-end growth of nearly15% in the Western New York Canal Bank division. Loan growth in the Capital Bank division exceeded7% , annualized. - In March, the Corporation opened a representative office in downtown Buffalo, New York to support the growing operations of its Canal Bank division.
- Dividends declared during the first quarter of 2026 were
$0.34 per share.
1 See the GAAP to Non-GAAP reconciliations.
1st Quarter 2026 vs 4th Quarter 2025
Net Interest Income:
Net interest income for the first quarter of 2026 totaled
Interest income on interest-earning deposits decreased largely due to a decline of
The increase in average balances of total loans was concentrated in commercial loans, which increased
Interest expense on borrowed funds increased largely due to an increase of
Interest expense on deposits decreased mainly due to a decrease of 16 basis points in the average cost of total customer interest-bearing deposits, compared to the prior quarter, mostly due to decreases of 23 and eight basis points, respectively, in the average cost of savings and money market deposits, and interest-bearing demand deposits. The decrease in the average cost of savings and money market deposits was primarily due to targeted and tiered reductions in interest rates on existing money market accounts during both the prior quarter and the current quarter to better align with changes in market interest rates. The decrease in the average cost of interest-bearing demand deposits was partially due to relationship-based repricing, as well as lower average balances of municipal deposits in the current quarter, which are generally higher cost than comparable consumer and commercial deposits. Partially offsetting the decrease in total interest expense on deposits was 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 first quarter of 2026 totaled
Non-Interest Expense:
Non-interest expense for the first quarter of 2026 totaled
Income Tax Expense:
Income tax expense for the first quarter of 2026 was
1st Quarter 2026 vs 1st Quarter 2025
Net Interest Income:
Net interest income for the first quarter of 2026 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 45 basis points in the average yield on residential mortgages, and to a lesser degree a three basis point increase in the average yield on commercial loans. The increase in the average yield on residential mortgages was largely due to yields on mortgages originated during 2025 and year to date in 2026 generally being higher than the portfolio's 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 first quarters of 2025 and 2026.
Interest expense on deposits decreased primarily due to a decrease of 43 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 first quarter of 2026 was
Non-Interest Expense:
Non-interest expense for the first quarter of 2026 was
Salaries and wages increased primarily due to an increase in expenses relating to annual incentives, as well as merit- based increases in base salaries, compared to the same period in the prior year. Pension and other employee benefits increased mainly due to an increase in employee healthcare-related expenses.
Income Tax Expense:
Income tax expense for the first quarter of 2026 was
Asset Quality
Non-performing loans totaled
Non-performing assets totaled
Delinquent loans, inclusive of delinquent non-performing loans, totaled
Annualized net recoveries of previously charged-off loans for the first quarter of 2026 were
The allowance for credit losses on loans was
Balance Sheet Activity
Total assets were
Loans, net of deferred origination fees and costs, increased due to an increase of
Cash and cash equivalents increased primarily due to an increase of
Total liabilities were
The increase in total deposits reflected growth of
The increase in non interest-bearing deposits mainly reflected targeted checking account promotional activity, including enhanced debit card reward program incentives at account opening. The increase was relatively evenly distributed between consumer, commercial, and municipal customers. Non interest-bearing deposits comprised
Advances and other debt decreased primarily due to an increase in total deposits. Advances and other debt as of March 31, 2026 consisted of multiple FHLBNY term advances totaling
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 March 31, 2026, the Corporation's cash and cash equivalents balance was
As of March 31, 2026, uninsured deposits totaled
The Corporation had no outstanding brokered deposits as of March 31, 2026 or December 31, 2025. The Corporation may use brokered deposits in the future in funding asset growth or as an additional source of liquidity in supporting ongoing operations.
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
On April 3, 2026, Chemung Canal Trust Company filed an application with the Office of the Comptroller of the Currency (the "OCC") to convert its state charter in the State of New York to a national bank charter. The conversion is subject to the approval of the OCC.
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, geopolitical conflicts, 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 2025 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.
For further information contact:
Dale M. McKim, III, EVP and CFO
dmckim@chemungcanal.com
Phone: 607-737-3714
| Chemung Financial Corporation | ||||||||||||||||||||
| Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
| (in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from financial institutions | $ | 27,679 | $ | 22,772 | $ | 32,445 | $ | 35,825 | $ | 32,087 | ||||||||||
| Interest-earning deposits in other financial institutions | 25,691 | 27,325 | 75,201 | 284,226 | 21,348 | |||||||||||||||
| Total cash and cash equivalents | 53,370 | 50,097 | 107,646 | 320,051 | 53,435 | |||||||||||||||
| Equity investments | 3,776 | 3,765 | 3,616 | 3,387 | 3,249 | |||||||||||||||
| Securities available for sale | 275,318 | 280,598 | 280,514 | 287,335 | 528,327 | |||||||||||||||
| Securities held to maturity | 640 | 640 | 680 | 680 | 808 | |||||||||||||||
| FHLB and FRB stock, at cost | 8,964 | 9,466 | 5,524 | 6,826 | 8,040 | |||||||||||||||
| Total investment securities | 284,922 | 290,704 | 286,718 | 294,841 | 537,175 | |||||||||||||||
| Commercial | 1,786,541 | 1,733,912 | 1,671,261 | 1,591,999 | 1,555,988 | |||||||||||||||
| Residential mortgage | 285,990 | 286,885 | 277,729 | 278,221 | 275,448 | |||||||||||||||
| Consumer | 239,174 | 248,764 | 253,366 | 262,194 | 266,200 | |||||||||||||||
| Loans, net of deferred loan fees | 2,311,705 | 2,269,561 | 2,202,356 | 2,132,414 | 2,097,636 | |||||||||||||||
| Allowance for credit losses | (24,890 | ) | (24,209 | ) | (23,645 | ) | (22,665 | ) | (22,522 | ) | ||||||||||
| Loans, net | 2,286,815 | 2,245,352 | 2,178,711 | 2,109,749 | 2,075,114 | |||||||||||||||
| Loans held for sale | 2,708 | 2,102 | 3,075 | 2,212 | 284 | |||||||||||||||
| Premises and equipment, net | 15,050 | 15,401 | 15,376 | 15,438 | 16,222 | |||||||||||||||
| Operating lease right-of-use assets | 5,485 | 4,755 | 4,943 | 5,139 | 5,332 | |||||||||||||||
| Goodwill | 21,824 | 21,824 | 21,824 | 21,824 | 21,824 | |||||||||||||||
| Accrued interest receivable and other assets | 74,772 | 76,235 | 74,725 | 79,847 | 84,090 | |||||||||||||||
| Total assets | $ | 2,748,722 | $ | 2,710,235 | $ | 2,696,634 | $ | 2,852,488 | $ | 2,796,725 | ||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non interest-bearing demand deposits | $ | 641,039 | $ | 624,532 | $ | 633,216 | $ | 624,389 | $ | 619,645 | ||||||||||
| Interest-bearing demand deposits | 331,114 | 326,645 | 356,271 | 348,169 | 339,790 | |||||||||||||||
| Money market deposits | 632,729 | 601,391 | 652,289 | 639,706 | 625,505 | |||||||||||||||
| Savings deposits | 251,073 | 254,490 | 231,905 | 238,228 | 249,541 | |||||||||||||||
| Time deposits | 457,941 | 463,616 | 484,835 | 618,470 | 598,915 | |||||||||||||||
| Total deposits | 2,313,896 | 2,270,674 | 2,358,516 | 2,468,962 | 2,433,396 | |||||||||||||||
| Advances and other debt | 79,066 | 90,554 | 3,530 | 58,616 | 88,701 | |||||||||||||||
| Subordinated debt, net of deferred issuance costs | 44,054 | 44,028 | 44,002 | 44,146 | — | |||||||||||||||
| Operating lease liabilities | 5,679 | 4,937 | 5,124 | 5,319 | 5,516 | |||||||||||||||
| Accrued interest payable and other liabilities | 43,098 | 45,333 | 40,154 | 40,479 | 40,806 | |||||||||||||||
| Total liabilities | 2,485,793 | 2,455,526 | 2,451,326 | 2,617,522 | 2,568,419 | |||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Common stock | 53 | 53 | 53 | 53 | 53 | |||||||||||||||
| Additional paid-in capital | 49,194 | 49,547 | 49,027 | 48,502 | 48,157 | |||||||||||||||
| Retained earnings | 264,044 | 256,484 | 250,373 | 244,211 | 252,195 | |||||||||||||||
| Treasury stock, at cost | (14,638 | ) | (15,322 | ) | (15,069 | ) | (15,095 | ) | (15,180 | ) | ||||||||||
| Accumulated other comprehensive loss | (35,724 | ) | (36,053 | ) | (39,076 | ) | (42,705 | ) | (56,919 | ) | ||||||||||
| Total shareholders' equity | 262,929 | 254,709 | 245,308 | 234,966 | 228,306 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,748,722 | $ | 2,710,235 | $ | 2,696,634 | $ | 2,852,488 | $ | 2,796,725 | ||||||||||
| Period-end shares outstanding | 4,837 | 4,809 | 4,812 | 4,810 | 4,807 | |||||||||||||||
| Chemung Financial Corporation | |||||||||||
| Consolidated Statements of Income (Unaudited) | |||||||||||
| Three Months Ended March 31, | Percent Change | ||||||||||
| (in thousands, except per share data) | 2026 | 2025 | |||||||||
| Interest and dividend income: | |||||||||||
| Loans, including fees | $ | 31,521 | $ | 28,099 | 12.2 | ||||||
| Taxable securities | 1,687 | 3,023 | (44.2 | ) | |||||||
| Tax exempt securities | 74 | 251 | (70.5 | ) | |||||||
| Interest-earning deposits | 303 | 325 | (6.8 | ) | |||||||
| Total interest and dividend income | 33,585 | 31,698 | 6.0 | ||||||||
| Interest expense: | |||||||||||
| Deposits | 8,539 | 11,156 | (23.5 | ) | |||||||
| Borrowed funds | 1,462 | 725 | 101.7 | ||||||||
| Total interest expense | 10,001 | 11,881 | (15.8 | ) | |||||||
| Net interest income | 23,584 | 19,817 | 19.0 | ||||||||
| Provision for credit losses | 601 | 1,092 | (45.0 | ) | |||||||
| Net interest income after provision for credit losses | 22,983 | 18,725 | 22.7 | ||||||||
| Non-interest income: | |||||||||||
| Wealth management group fee income | 3,145 | 2,867 | 9.7 | ||||||||
| Service charges on deposit accounts | 1,051 | 1,120 | (6.2 | ) | |||||||
| Interchange revenue from debit card transactions | 1,014 | 1,037 | (2.2 | ) | |||||||
| Change in fair value of equity investments | (71 | ) | (47 | ) | (51.1 | ) | |||||
| Net gains on sales of loans held for sale | 21 | 40 | (47.5 | ) | |||||||
| Net gains (losses) on sales of other real estate owned | — | (11 | ) | (100.0 | ) | ||||||
| Income from bank owned life insurance | 7 | 8 | (12.5 | ) | |||||||
| Other | 1,153 | 875 | 31.8 | ||||||||
| Total non-interest income | 6,320 | 5,889 | 7.3 | ||||||||
| Non-interest expense: | |||||||||||
| Salaries and wages | 7,600 | 7,209 | 5.4 | ||||||||
| Pension and other employee benefits | 2,122 | 1,922 | 10.4 | ||||||||
| Other components of net periodic pension and postretirement benefits | (142 | ) | (113 | ) | (25.7 | ) | |||||
| Net occupancy | 1,528 | 1,533 | (0.3 | ) | |||||||
| Furniture and equipment | 409 | 373 | 9.7 | ||||||||
| Data processing | 2,536 | 2,534 | 0.1 | ||||||||
| Professional services | 691 | 638 | 8.3 | ||||||||
| Marketing and advertising | 241 | 339 | (28.9 | ) | |||||||
| Other real estate owned expense | 8 | 11 | (27.3 | ) | |||||||
| FDIC insurance | 315 | 439 | (28.2 | ) | |||||||
| Loan expense | 334 | 278 | 20.1 | ||||||||
| Other | 1,820 | 1,764 | 3.2 | ||||||||
| Total non-interest expense | 17,462 | 16,927 | 3.2 | ||||||||
| Income before income tax expense | 11,841 | 7,687 | 54.0 | ||||||||
| Income tax expense | 2,642 | 1,664 | 58.8 | ||||||||
| Net income | $ | 9,199 | $ | 6,023 | 52.7 | ||||||
| Basic and diluted earnings per share | $ | 1.91 | $ | 1.26 | |||||||
| Cash dividends declared per share | $ | 0.34 | $ | 0.32 | |||||||
| Average basic and diluted shares outstanding | 4,825 | 4,791 | |||||||||
| N/M - Not Meaningful | |||||||||||
| Chemung Financial Corporation | As of or for the Three Months Ended | |||||||||||||||||||
| Consolidated Financial Highlights (Unaudited) | March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
| RESULTS OF OPERATIONS | ||||||||||||||||||||
| Interest income | $ | 33,585 | $ | 34,219 | $ | 33,884 | $ | 33,034 | $ | 31,698 | ||||||||||
| Interest expense | 10,001 | 10,375 | 11,196 | 12,226 | 11,881 | |||||||||||||||
| Net interest income | 23,584 | 23,844 | 22,688 | 20,808 | 19,817 | |||||||||||||||
| Provision for credit losses | 601 | 1,136 | 1,064 | 1,145 | 1,092 | |||||||||||||||
| Net interest income after provision for credit losses | 22,983 | 22,708 | 21,624 | 19,663 | 18,725 | |||||||||||||||
| Non-interest income | 6,320 | 6,673 | 6,088 | (10,705 | ) | 5,889 | ||||||||||||||
| Non-interest expense | 17,462 | 18,388 | 17,645 | 17,769 | 16,927 | |||||||||||||||
| Income (loss) before income tax expense | 11,841 | 10,993 | 10,067 | (8,811 | ) | 7,687 | ||||||||||||||
| Income tax expense | 2,642 | 3,252 | 2,275 | (2,359 | ) | 1,664 | ||||||||||||||
| Net income (loss) | $ | 9,199 | $ | 7,741 | $ | 7,792 | $ | (6,452 | ) | $ | 6,023 | |||||||||
| Basic and diluted earnings per share | $ | 1.91 | $ | 1.61 | $ | 1.62 | $ | (1.35 | ) | $ | 1.26 | |||||||||
| Average basic and diluted shares outstanding | 4,825 | 4,811 | 4,811 | 4,808 | 4,791 | |||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | 1.36 | % | 1.14 | % | 1.15 | % | (0.92 | %) | 0.88 | % | ||||||||||
| Return on average equity | 14.25 | % | 12.17 | % | 12.89 | % | (11.29 | %) | 10.96 | % | ||||||||||
| Return on average tangible equity (a) | 15.54 | % | 13.32 | % | 14.18 | % | (12.48 | %) | 12.15 | % | ||||||||||
| Efficiency ratio (unadjusted) (e) | 58.39 | % | 60.25 | % | 61.32 | % | 175.88 | % | 65.85 | % | ||||||||||
| Efficiency ratio (adjusted) (a) | 58.27 | % | 60.12 | % | 61.18 | % | 65.69 | % | 65.64 | % | ||||||||||
| Non-interest expense to average assets | 2.59 | % | 2.71 | % | 2.61 | % | 2.54 | % | 2.47 | % | ||||||||||
| Loans to deposits | 99.91 | % | 99.95 | % | 93.38 | % | 86.37 | % | 86.20 | % | ||||||||||
| YIELDS / RATES - Fully Taxable Equivalent | ||||||||||||||||||||
| Yield on loans | 5.59 | % | 5.69 | % | 5.68 | % | 5.61 | % | 5.49 | % | ||||||||||
| Yield on investments | 2.28 | % | 2.40 | % | 2.55 | % | 2.27 | % | 2.26 | % | ||||||||||
| Yield on interest-earning assets | 5.13 | % | 5.18 | % | 5.15 | % | 4.83 | % | 4.72 | % | ||||||||||
| Cost of interest-bearing deposits | 2.05 | % | 2.18 | % | 2.36 | % | 2.45 | % | 2.48 | % | ||||||||||
| Cost of borrowings | 5.74 | % | 7.42 | % | 7.33 | % | 4.90 | % | 4.54 | % | ||||||||||
| Cost of interest-bearing liabilities | 2.27 | % | 2.34 | % | 2.51 | % | 2.57 | % | 2.55 | % | ||||||||||
| Cost of funds | 1.67 | % | 1.72 | % | 1.85 | % | 1.94 | % | 1.92 | % | ||||||||||
| Interest rate spread | 2.86 | % | 2.84 | % | 2.64 | % | 2.26 | % | 2.17 | % | ||||||||||
| Net interest margin, fully taxable equivalent | 3.60 | % | 3.61 | % | 3.45 | % | 3.05 | % | 2.96 | % | ||||||||||
| CAPITAL | ||||||||||||||||||||
| Total equity to total assets at end of period | 9.57 | % | 9.40 | % | 9.10 | % | 8.24 | % | 8.16 | % | ||||||||||
| Tangible equity to tangible assets at end of period (a) | 8.84 | % | 8.66 | % | 8.36 | % | 7.53 | % | 7.44 | % | ||||||||||
| Book value per share | $ | 54.36 | $ | 52.97 | $ | 50.98 | $ | 48.85 | $ | 47.49 | ||||||||||
| Tangible book value per share (a) | 49.85 | 48.43 | 46.44 | 44.31 | 42.95 | |||||||||||||||
| Period-end market value per share | 53.82 | 55.80 | 52.52 | 48.47 | 47.57 | |||||||||||||||
| Dividends declared per share | 0.34 | 0.34 | 0.34 | 0.32 | 0.32 | |||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Loans and loans held for sale (b) | $ | 2,292,239 | $ | 2,223,188 | $ | 2,171,673 | $ | 2,108,557 | $ | 2,077,739 | ||||||||||
| Interest-earning assets | 2,662,192 | 2,625,177 | 2,617,680 | 2,749,856 | 2,729,661 | |||||||||||||||
| Total assets | 2,733,232 | 2,691,963 | 2,684,273 | 2,802,226 | 2,784,414 | |||||||||||||||
| Deposits | 2,319,614 | 2,340,931 | 2,343,596 | 2,432,713 | 2,445,597 | |||||||||||||||
| Total equity | 261,823 | 252,325 | 239,836 | 229,161 | 222,802 | |||||||||||||||
| Tangible equity (a) | 239,999 | 230,501 | 218,012 | 207,337 | 200,978 | |||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Net charge-offs (recoveries) | $ | (94 | ) | $ | 532 | $ | 86 | $ | 992 | $ | 262 | |||||||||
| Non-performing loans (c) | 7,627 | 7,908 | 7,762 | 8,237 | 9,881 | |||||||||||||||
| Non-performing assets (d) | 9,758 | 8,165 | 7,972 | 8,447 | 10,282 | |||||||||||||||
| Allowance for credit losses | 24,890 | 24,209 | 23,465 | 22,665 | 22,522 | |||||||||||||||
| Annualized net charge-offs (recoveries) to average loans | (0.02 | %) | 0.09 | % | 0.02 | % | 0.19 | % | 0.05 | % | ||||||||||
| Non-performing loans to total loans | 0.33 | % | 0.35 | % | 0.35 | % | 0.39 | % | 0.47 | % | ||||||||||
| Non-performing assets to total assets | 0.36 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.37 | % | ||||||||||
| Allowance for credit losses to total loans | 1.08 | % | 1.07 | % | 1.07 | % | 1.06 | % | 1.07 | % | ||||||||||
| Allowance for credit losses to non-performing loans | 326.34 | % | 306.13 | % | 304.63 | % | 275.16 | % | 227.93 | % | ||||||||||
| (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 March 31, 2026 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2026 vs. 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 | $ | 1,761,997 | $ | 25,110 | 5.78 | % | $ | 1,529,028 | $ | 21,696 | 5.75 | % | $ | 3,414 | $ | 3,301 | $ | 113 | |||||||||||||||
| Residential mortgage loans | 286,210 | 3,125 | 4.43 | % | 275,524 | 2,701 | 3.98 | % | 424 | 108 | 316 | ||||||||||||||||||||||
| Consumer loans | 244,032 | 3,334 | 5.54 | % | 273,187 | 3,751 | 5.57 | % | (417 | ) | (397 | ) | (20 | ) | |||||||||||||||||||
| Taxable securities | 327,163 | 1,690 | 2.09 | % | 584,614 | 3,026 | 2.10 | % | (1,336 | ) | (1,322 | ) | (14 | ) | |||||||||||||||||||
| Tax-exempt securities | 10,925 | 85 | 3.16 | % | 37,758 | 279 | 3.00 | % | (194 | ) | (208 | ) | 14 | ||||||||||||||||||||
| Interest-earning deposits | 31,865 | 303 | 3.86 | % | 29,550 | 325 | 4.46 | % | (22 | ) | 24 | (46 | ) | ||||||||||||||||||||
| Total interest-earning assets | 2,662,192 | 33,647 | 5.13 | % | 2,729,661 | 31,778 | 4.72 | % | 1,869 | 1,506 | 363 | ||||||||||||||||||||||
| Non interest-earning assets: | |||||||||||||||||||||||||||||||||
| Cash and due from banks | 26,244 | 26,055 | |||||||||||||||||||||||||||||||
| Other assets | 69,391 | 50,256 | |||||||||||||||||||||||||||||||
| Allowance for credit losses | (24,595 | ) | (21,558 | ) | |||||||||||||||||||||||||||||
| Total assets | $ | 2,733,232 | $ | 2,784,414 | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Interest-bearing checking | $ | 332,718 | $ | 1,180 | 1.44 | % | $ | 336,162 | $ | 1,303 | 1.57 | % | $ | (123 | ) | $ | (13 | ) | $ | (110 | ) | ||||||||||||
| Savings and money market | 860,382 | 3,487 | 1.64 | % | 858,937 | 3,866 | 1.83 | % | (379 | ) | 7 | (386 | ) | ||||||||||||||||||||
| Time deposits | 462,536 | 3,577 | 3.14 | % | 514,884 | 4,704 | 3.71 | % | (1,127 | ) | (449 | ) | (678 | ) | |||||||||||||||||||
| Brokered deposits | 31,725 | 295 | 3.77 | % | 112,840 | 1,283 | 4.61 | % | (988 | ) | (788 | ) | (200 | ) | |||||||||||||||||||
| FHLBNY overnight advances | 26,244 | 252 | 3.89 | % | 20,781 | 236 | 4.61 | % | 16 | 56 | (40 | ) | |||||||||||||||||||||
| Term advances and other debt | 33,054 | 312 | 3.83 | % | 43,950 | 489 | 4.51 | % | (177 | ) | (110 | ) | (67 | ) | |||||||||||||||||||
| Subordinated debt | 44,038 | 898 | 8.27 | % | — | — | — | % | 898 | 898 | — | ||||||||||||||||||||||
| Total interest-bearing liabilities | 1,790,697 | 10,001 | 2.27 | % | 1,887,554 | 11,881 | 2.55 | % | (1,880 | ) | (399 | ) | (1,481 | ) | |||||||||||||||||||
| Non interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
| Demand deposits | 632,253 | 622,774 | |||||||||||||||||||||||||||||||
| Other liabilities | 48,459 | 51,284 | |||||||||||||||||||||||||||||||
| Total liabilities | 2,471,409 | 2,561,612 | |||||||||||||||||||||||||||||||
| Shareholders' equity | 261,823 | 222,802 | |||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,733,232 | $ | 2,784,414 | |||||||||||||||||||||||||||||
| Fully taxable equivalent net interest income | 23,646 | 19,897 | $ | 3,749 | $ | 1,905 | $ | 1,844 | |||||||||||||||||||||||||
| Net interest rate spread (1) | 2.86 | % | 2.17 | % | |||||||||||||||||||||||||||||
| Net interest margin, fully taxable equivalent (2) | 3.60 | % | 2.96 | % | |||||||||||||||||||||||||||||
| Taxable equivalent adjustment | (62 | ) | (80 | ) | |||||||||||||||||||||||||||||
| Net interest income | $ | 23,584 | $ | 19,817 | |||||||||||||||||||||||||||||
(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 March 31, 2026 | Three Months Ended December 31, 2025 | Three Months Ended March 31, 2026 vs. December 31, 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 | $ | 1,761,997 | $ | 25,110 | 5.78 | % | $ | 1,687,255 | $ | 25,156 | 5.92 | % | $ | (46 | ) | $ | 729 | $ | (775 | ) | ||||||||||||||
| Residential mortgage loans | 286,210 | 3,125 | 4.43 | % | 284,942 | 3,111 | 4.33 | % | 14 | 2 | 12 | |||||||||||||||||||||||
| Consumer loans | 244,032 | 3,334 | 5.54 | % | 250,991 | 3,591 | 5.68 | % | (257 | ) | (135 | ) | (122 | ) | ||||||||||||||||||||
| Taxable securities | 327,163 | 1,690 | 2.09 | % | 326,139 | 1,681 | 2.04 | % | 9 | 1 | 8 | |||||||||||||||||||||||
| Tax-exempt securities | 10,925 | 85 | 3.16 | % | 11,238 | 85 | 3.00 | % | — | (3 | ) | 3 | ||||||||||||||||||||||
| Interest-earning deposits | 31,865 | 303 | 3.86 | % | 64,612 | 665 | 4.08 | % | (362 | ) | (327 | ) | (35 | ) | ||||||||||||||||||||
| Total interest-earning assets | 2,662,192 | 33,647 | 5.13 | % | 2,625,177 | 34,289 | 5.18 | % | (642 | ) | 267 | (909 | ) | |||||||||||||||||||||
| Non interest-earning assets: | ||||||||||||||||||||||||||||||||||
| Cash and due from banks | 26,244 | 25,200 | ||||||||||||||||||||||||||||||||
| Other assets | 69,391 | 65,311 | ||||||||||||||||||||||||||||||||
| Allowance for credit losses | (24,595 | ) | (23,725 | ) | ||||||||||||||||||||||||||||||
| Total assets | $ | 2,733,232 | $ | 2,691,963 | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
| Interest-bearing checking | $ | 332,718 | $ | 1,180 | 1.44 | % | $ | 349,082 | $ | 1,340 | 1.52 | % | $ | (160 | ) | $ | (75 | ) | $ | (85 | ) | |||||||||||||
| Savings and money market | 860,382 | 3,487 | 1.64 | % | 893,129 | 4,213 | 1.87 | % | (726 | ) | (167 | ) | (559 | ) | ||||||||||||||||||||
| Time deposits | 462,536 | 3,577 | 3.14 | % | 465,043 | 3,837 | 3.27 | % | (260 | ) | (31 | ) | (229 | ) | ||||||||||||||||||||
| Brokered deposits | 31,725 | 295 | 3.77 | % | — | — | — | % | 295 | 295 | — | |||||||||||||||||||||||
| FHLBNY overnight advances | 26,244 | 252 | 3.89 | % | 5,161 | 50 | 3.84 | % | 202 | 201 | 1 | |||||||||||||||||||||||
| Term advances and other debt | 33,054 | 312 | 3.83 | % | 3,473 | 37 | 4.23 | % | 275 | 278 | (3 | ) | ||||||||||||||||||||||
| Subordinated debt | 44,038 | 898 | 8.27 | % | 44,044 | 898 | 8.09 | % | — | — | — | |||||||||||||||||||||||
| Total interest-bearing liabilities | 1,790,697 | 10,001 | 2.27 | % | 1,759,932 | 10,375 | 2.34 | % | (374 | ) | 501 | (875 | ) | |||||||||||||||||||||
| Non interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
| Demand deposits | 632,253 | 633,677 | ||||||||||||||||||||||||||||||||
| Other liabilities | 48,459 | 46,029 | ||||||||||||||||||||||||||||||||
| Total liabilities | 2,471,409 | 2,439,638 | ||||||||||||||||||||||||||||||||
| Shareholders' equity | 261,823 | 252,325 | ||||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,733,232 | $ | 2,691,963 | ||||||||||||||||||||||||||||||
| Fully taxable equivalent net interest income | 23,646 | 23,914 | $ | (268 | ) | $ | (234 | ) | $ | (34 | ) | |||||||||||||||||||||||
| Net interest rate spread (1) | 2.86 | % | 2.84 | % | ||||||||||||||||||||||||||||||
| Net interest margin, fully taxable equivalent (2) | 3.60 | % | 3.61 | % | ||||||||||||||||||||||||||||||
| Taxable equivalent adjustment | (62 | ) | (70 | ) | ||||||||||||||||||||||||||||||
| Net interest income | $ | 23,584 | $ | 23,844 | ||||||||||||||||||||||||||||||
(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 Three Months Ended | ||||||||||||||||||||
| (in thousands, except ratio data) | March 31, 2026 | Dec. 31, 2025 | Sept. 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||
| NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT | ||||||||||||||||||||
| Net interest income (GAAP) | $ | 23,584 | $ | 23,844 | $ | 22,688 | $ | 20,808 | $ | 19,817 | ||||||||||
| Fully taxable equivalent adjustment | 62 | 70 | 67 | 76 | 80 | |||||||||||||||
| Fully taxable equivalent net interest income (non-GAAP) | $ | 23,646 | $ | 23,914 | $ | 22,755 | $ | 20,884 | $ | 19,897 | ||||||||||
| Average interest-earning assets (GAAP) | $ | 2,662,192 | $ | 2,625,177 | $ | 2,617,680 | $ | 2,749,856 | $ | 2,729,661 | ||||||||||
| Net interest margin - fully taxable equivalent (non-GAAP) | 3.60 | % | 3.61 | % | 3.45 | % | 3.05 | % | 2.96 | % | ||||||||||
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 Three Months Ended | ||||||||||||||||||||
| (in thousands, except ratio data) | March 31, 2026 | Dec. 31, 2025 | Sept. 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||
| EFFICIENCY RATIO | ||||||||||||||||||||
| Net interest income (GAAP) | $ | 23,584 | $ | 23,844 | $ | 22,688 | $ | 20,808 | $ | 19,817 | ||||||||||
| Fully taxable equivalent adjustment | 62 | 70 | 67 | 76 | 80 | |||||||||||||||
| Fully taxable equivalent net interest income (non-GAAP) | $ | 23,646 | $ | 23,914 | $ | 22,755 | $ | 20,884 | $ | 19,897 | ||||||||||
| Non-interest income (GAAP) | $ | 6,320 | $ | 6,673 | $ | 6,088 | $ | (10,705 | ) | $ | 5,889 | |||||||||
| Less: net (gains) losses on security transactions | — | — | — | 17,498 | — | |||||||||||||||
| Less: (gain) loss on sale of branch property | — | — | — | (629 | ) | — | ||||||||||||||
| Adjusted non-interest income (non-GAAP) | $ | 6,320 | $ | 6,673 | $ | 6,088 | $ | 6,164 | $ | 5,889 | ||||||||||
| Non-interest expense (GAAP) | $ | 17,462 | $ | 18,388 | $ | 17,645 | $ | 17,769 | $ | 16,927 | ||||||||||
| Efficiency ratio (unadjusted) | 58.39 | % | 60.25 | % | 61.32 | % | 175.88 | % | 65.85 | % | ||||||||||
| Efficiency ratio (adjusted) | 58.27 | % | 60.12 | % | 61.18 | % | 65.69 | % | 65.64 | % | ||||||||||
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 Three Months Ended | ||||||||||||||||||||
| (in thousands, except per share and ratio data) | March 31, 2026 | Dec. 31, 2025 | Sept. 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||
| TANGIBLE EQUITY AND TANGIBLE ASSETS | ||||||||||||||||||||
| (PERIOD END) | ||||||||||||||||||||
| Total shareholders' equity (GAAP) | $ | 262,929 | $ | 254,709 | $ | 245,308 | $ | 234,966 | $ | 228,306 | ||||||||||
| Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||
| Tangible equity (non-GAAP) | $ | 241,105 | $ | 232,885 | $ | 223,484 | $ | 213,142 | $ | 206,482 | ||||||||||
| Total assets (GAAP) | $ | 2,748,722 | $ | 2,710,235 | $ | 2,696,634 | $ | 2,852,488 | $ | 2,796,725 | ||||||||||
| Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||
| Tangible assets (non-GAAP) | $ | 2,726,898 | $ | 2,688,411 | $ | 2,674,810 | $ | 2,830,664 | $ | 2,774,901 | ||||||||||
| Total equity to total assets at end of period (GAAP) | 9.57 | % | 9.40 | % | 9.10 | % | 8.24 | % | 8.16 | % | ||||||||||
| Book value per share (GAAP) | $ | 54.36 | $ | 52.97 | $ | 50.98 | $ | 48.85 | $ | 47.49 | ||||||||||
| Tangible equity to tangible assets at end of period (non-GAAP) | 8.84 | % | 8.66 | % | 8.36 | % | 7.53 | % | 7.44 | % | ||||||||||
| Tangible book value per share (non-GAAP) | $ | 49.85 | $ | 48.43 | $ | 46.44 | $ | 44.31 | $ | 42.95 | ||||||||||
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 Three Months Ended | ||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
| (in thousands, except ratio data) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
| TANGIBLE EQUITY (AVERAGE) | ||||||||||||||||||||
| Total average shareholders' equity (GAAP) | $ | 261,823 | $ | 252,325 | $ | 239,836 | $ | 229,161 | $ | 222,802 | ||||||||||
| Less: average intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | ||||||||||
| Average tangible equity (non-GAAP) | $ | 239,999 | $ | 230,501 | $ | 218,012 | $ | 207,337 | $ | 200,978 | ||||||||||
| Net income (GAAP) | $ | 9,199 | $ | 7,741 | $ | 7,792 | $ | (6,452 | ) | $ | 6,023 | |||||||||
| Return on average equity (GAAP) | 14.25 | % | 12.17 | % | 12.89 | % | (11.29 | %) | 10.96 | % | ||||||||||
| Return on average tangible equity (non-GAAP) | 15.54 | % | 13.32 | % | 14.18 | % | (12.48 | %) | 12.15 | % | ||||||||||
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 Three Months Ended | ||||||||||||||||||||
| (in thousands, except per share and ratio data) | March 31, 2026 | Dec. 31, 2025 | Sept. 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||
| NON-GAAP NET INCOME | ||||||||||||||||||||
| Reported net income (GAAP) | $ | 9,199 | $ | 7,741 | $ | 7,792 | $ | (6,452 | ) | $ | 6,023 | |||||||||
| Net (gains) losses on security transactions (net of tax) | — | — | — | 13,237 | — | |||||||||||||||
| Net (gain) loss on sale of branch property (net of tax) | — | — | — | (463 | ) | — | ||||||||||||||
| Net income (non-GAAP) | $ | 9,199 | $ | 7,741 | $ | 7,792 | $ | 6,322 | $ | 6,023 | ||||||||||
| Average basic and diluted shares outstanding | 4,825 | 4,811 | 4,811 | 4,808 | 4,791 | |||||||||||||||
| Average total assets (GAAP) | $ | 2,733,232 | $ | 2,691,963 | $ | 2,684,273 | $ | 2,802,226 | $ | 2,784,414 | ||||||||||
| Average total shareholders' equity (GAAP) | $ | 261,823 | $ | 252,325 | $ | 239,836 | $ | 229,161 | $ | 222,802 | ||||||||||
| Reported basic and diluted earnings per share (GAAP) | $ | 1.91 | $ | 1.61 | $ | 1.62 | $ | (1.35 | ) | $ | 1.26 | |||||||||
| Reported return on average assets (GAAP) | 1.36 | % | 1.14 | % | 1.15 | % | (0.92 | %) | 0.88 | % | ||||||||||
| Reported return on average equity (GAAP) | 14.25 | % | 12.17 | % | 12.89 | % | (11.29 | %) | 10.96 | % | ||||||||||
| Basic and diluted earnings per share (non-GAAP) | $ | 1.91 | $ | 1.61 | $ | 1.62 | $ | 1.31 | $ | 1.26 | ||||||||||
| Return on average assets (non-GAAP) | 1.36 | % | 1.14 | % | 1.15 | % | 0.90 | % | 0.88 | % | ||||||||||
| Return on average equity (non-GAAP) | 14.25 | % | 12.17 | % | 12.89 | % | 11.07 | % | 10.96 | % | ||||||||||
Category: Financial
Source: Chemung Financial Corp
