Chemung Financial Corporation Reports Second Quarter 2022 Net Income of $8.0 million, or $1.72 per Share

ELMIRA, N.Y., July 21, 2022 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $8.0 million, or $1.72 per share, for the second quarter of 2022, compared to $6.8 million, or $1.45 per share, for the second quarter of 2021.

“Chemung Financial Corporation had another record quarter with earnings of $8.0 million, or $1.72 per share,” stated Anders M. Tomson, President and CEO. “Our results for the second quarter were driven by a meaningful increase in net interest income, supported by strong organic loan growth pared with rising interest rates. The continued improvement in the credit quality of our loan portfolios also contributed to a significant reduction in our allowance for loan losses for the quarter," Tomson added.

Second Quarter Highlights¹:

• Second quarter earnings per share grew to $1.72 per share from the prior quarter ended March 31, 2022, of $1.46 per share, representing the highest earnings per share recorded in the Corporation's 188-year history.
   
• Loans¹, excluding PPP, grew $136.5 million, or 9.46%.
   
• Year to date net interest margin increased to 2.92% for the six months ended June 30, 2022, an eleven basis points increase when compared to the same period in the prior year. Net interest income grew $2.5 million, or 7.7% in the six month period ending June 30, 2022, when compared to the same period in the prior year, primarily due to an increase in mortgage loan average balances and an increase in the average yield on commercial loans.
   
• Net interest margin increased ten basis points in the second quarter of 2022 to 2.97% when compared to the prior quarter. Net interest income grew $1.0 million, or 5.8% in the second quarter of 2022 when compared to the prior quarter, primarily due to a 6.3% increase in interest income on loans, including fees when compared to first quarter, generated by increases in the average balances and average yields of the loan portfolio.
   
• Dividends declared during the second quarter 2022 were $0.31 per share.

¹ Balance sheet comparisons are calculated as of June 30, 2022 versus December 31, 2021.

2nd Quarter 2022 vs 2nd Quarter 2021

Net Interest Income:

Net interest income for the second quarter of 2022 totaled $17.6 million compared to $16.1 million for the same period in the prior year, an increase of $1.5 million, or 9.7%, due primarily to increases of $0.9 million in interest and dividend income on taxable securities, and $0.7 million in interest income on loans, including fees, and a decrease of $0.1 million in interest expense on deposits, offset by an increase of $0.1 million in interest expense on borrowed funds.

The increase in interest and dividend income on taxable securities was due primarily to an increase in average invested balances of $122.0 million, and an increase in the average yield due to an increase in average interest rates. The increase in interest income on loans, including fees was due primarily to an increase in average balances on mortgage loans and an increase in the commercial loan portfolio average yield due to an increase in average interest rates. The decrease in interest expense on deposits was due primarily to a decrease in the average balances on time deposits. The increase in interest expense on borrowed funds was due primarily to an increase in overnight borrowing in the current quarter, when compared to the same period in the prior year.

Fully taxable equivalent net interest margin was 2.97% for the second quarter 2022, compared to 2.76% for the same period in the prior year. Average interest-earning assets increased $42.8 million for the three months ended June 30, 2022 compared to the same period in the prior year. The average yield on interest-earning assets increased 22 basis points to 3.12%, and the average cost of interest-bearing liabilities increased one basis point to 0.24%, for the three months ended June 30, 2022, compared to the same period in the prior year.

Non-Interest Income:

Non-interest income for the second quarter of 2022 was $5.3 million compared to $6.5 million for the same period in the prior year, a decrease of $1.2 million, or 18.1%. The decrease in the current quarter was due primarily to decreases of $0.5 million in other non-interest income, $0.3 million in change in fair value of equity investments, $0.3 million in net gains on sales of loans held for sale, and $0.2 million in wealth management group fee income, offset by an increase of $0.2 million in service charges on deposit accounts.

The decrease in other non-interest income was primarily attributable to a $0.5 million one-time refund of real estate and sales tax in the same period of the prior year, and the timing of the receipt of Mastercard incentives when compared to the same period in the prior year. The decrease in fair value of equity investments in the current quarter was due to a decrease in the market value of the assets held. The decrease in net gains on sales of loans held for sale was primarily attributable to a decrease in residential mortgage loans sold into the secondary market as a result of the increase in market interest rates when compared to the same period in the prior year. The decrease in wealth management group income was primarily due to a decrease in the market value of assets. The increase in service charges on deposit accounts in the current quarter was primarily attributable to an increase in NSF and overdraft fees when compared to the same period in the prior year.

Non-Interest Expense:

Non-interest expense for the second quarter of 2022 was $14.3 million compared to $13.9 million for the same period in the prior year, an increase of $0.4 million, or 3.5%. The increase can be mostly attributed to increases of $0.5 million in pension and other employee benefits and $0.4 million in data processing expenses, offset by a decreases of $0.1 million in net occupancy expenses and $0.1 million marketing and advertising expenses.

Pension and other employee benefits increased primarily due to an increase in employee healthcare costs when compared to the same quarter in the prior year. Data processing expenses increased primarily due to expenses related to the Corporation's Tap-to-Pay program supporting contactless transactions, and the timing of invoices. Net occupancy expenses decreased primarily due to decreases in depreciation expense related to the sale of properties, when compared to the same period in the prior year. Marketing and advertising expenses decreased primarily due to the timing of initiatives.

Income Tax Expense:

Income tax expense for the second quarter of 2022 was $2.3 million compared to $2.1 million for the same period in the prior year, an increase of $0.2 million. The effective tax rate for the current quarter decreased to 22.6% compared to 23.4% for the same period in the prior year. The increase in income tax expense was primarily due to an increase in pretax income.

2nd Quarter 2022 vs 1st Quarter 2022

Net Interest Income:

Net interest income for the second quarter of 2022 totaled $17.6 million compared to $16.7 million for the prior quarter, an increase of $0.9 million, or 5.8%, due primarily to increases of $0.9 million in interest income on loans, including fees, and $0.2 million in interest and dividend income on taxable securities, offset by an increase of $0.1 million in interest expense on borrowed funds.

The increase in interest income on loans, including fees, can be primarily attributed to a $55.3 million increase in average invested loan balances and a 6 basis points increase in the average yield on loans due to an increase in interest rates, when compared to the prior quarter. The Corporation recorded $0.6 million of PPP fees in the second quarter of 2022, of which $0.6 million primarily represented accelerated recognition of fees related to SBA loan forgiveness of $14.9 million in loan balances. In the first quarter of 2022, $1.1 million of PPP fees were recorded, of which $1.0 million represented accelerated recognition of fees related to SBA loan forgiveness of $25.3 million in loan balances. The increase in interest and dividend income on taxable securities can be primarily attributed to a nine basis points increase in the average yield on taxable securities in the second quarter of 2022 as compared to the prior quarter. The increase in total interest expense can be primarily attributed to an increase in overnight FHLBNY borrowing.

Fully taxable equivalent net interest margin was 2.97% in the current quarter compared to 2.87% in the prior quarter. Average interest-earning assets increased $24.4 million in the current quarter compared to the prior quarter. The average yield on interest-earning assets increased twelve basis points to 3.12% and the average cost of interest-bearing liabilities increased three basis points to 0.24%, for the three months ended June 30, 2022, compared to the prior quarter.

Non-Interest Income:

Non-interest income for the second quarter of 2022 was $5.3 million compared to $5.7 million for the prior quarter, a decrease of $0.4 million, or 6.1%. The decrease was mostly attributed to decreases of $0.2 million in other non-interest income, $0.1 million in the change in fair value of equity investments, and $0.1 million in wealth management group fee income, offset by increases of $0.1 million in interchange revenue from debit card transactions, and $0.1 million in service charges on deposit accounts. The decrease in other non-interest income can be primarily attributed to a decrease of $0.1 million in swap fee income and the timing of the receipt of Mastercard incentives, when compared to the prior quarter.

Non-Interest Expense:

Non-interest expense for the second quarter of 2022 was $14.3 million compared to $14.7 million for the prior quarter, a decrease of $0.4 million, or 2.2%. The decrease can be mostly attributed to decreases of $0.6 million in other non-interest expense, and $0.2 million in salaries and wages, offset by increases of $0.3 million in data processing expenses, and $0.2 million in pension and other employee benefits.

The decrease in other non-interest expense can be primarily attributed to decreased spending across most expense categories when compared to the prior quarter, the recapture of $0.2 million of accrued expenditures related to the resolution of a telecommunication contract in the current quarter, and a $0.1 million reserve for additional restitution regarding previously disclosed consumer compliance matters established in the previous quarter. The decrease in salaries and wages can be primarily attributed to a decrease in the market value of the Corporation's deferred compensation plan in the second quarter of 2022. The increase in data processing expense can be primarily attributed to the timing of invoices, when compared to the first quarter. The increase in pension and other employee benefits can be primarily attributed to an increase in employee healthcare costs, when compared to the prior quarter.

Income Tax Expense:

Income tax expense for the second quarter of 2022 was $2.3 million compared to $2.0 million for the prior quarter, an increase of $0.3 million in income tax expense. The effective tax rate for the current quarter increased to 22.6% compared to 22.1% in the prior quarter.

Asset Quality

Non-performing loans totaled $7.4 million at June 30, 2022, or 0.46% of total loans, compared to $8.1 million, or 0.54% of total loans at December 31, 2021. Non-performing assets, which are comprised of non-performing loans and other real estate owned, were $7.7 million, or 0.31% of total assets, at June 30, 2022, compared to $8.2 million, or 0.34% of total assets, at December 31, 2021. The decrease in non-performing loans can mostly be attributed to payments received on non-performing loans across all loan portfolios. The decrease in non-performing assets can be primarily attributed to the decrease in non-performing loans.

Management performs an ongoing assessment of the adequacy of the allowance for loan losses based upon a number of factors including an analysis of historical loss factors, collateral evaluations, recent charge-off experience, credit quality of the loan portfolio, current economic conditions and loan growth. Management continues to evaluate the potential impact of the COVID-19 pandemic as it relates to the loan portfolio. As part of this analysis, management identified what it believes to be higher risk loans through a detailed analysis of industry codes. During 2020, management increased certain allowance qualitative factors based on its assessment of the impact of the current pandemic on local, national, and global economic conditions, as well as the perceived risks inherent in specific industries and credit characteristics.

The allowance for loan losses was $17.5 million at June 30, 2022 and $21.0 million at December 31, 2021, respectively. The allowance for loan losses was 237.12% of non-performing loans at June 30, 2022 compared to 259.17% at December 31, 2021. The ratio of the allowance for loan losses to total loans was 1.08% at June 30, 2022 compared to 1.38% at December 31, 2021. The ratio of the allowance for loan losses to total loans excluding PPP loans was 1.08% at June 30, 2022, compared to 1.43% at December 31, 2021. The Corporation continues to closely monitor the loan portfolio for effects related to the COVID-19 pandemic. Changes in governmental policies and economic pressures during the pandemic placed stress on certain industries while other industries initially anticipated to be highly impacted by the pandemic demonstrated resilience. Based upon management review of these factors the Corporation released $1.2 million of the pandemic related portion of the allowance during the first quarter of 2022. To date the Corporation has released $3.1 million and utilized $0.5 million of the pandemic related provision, and $1.2 million remains as part of the allowance as of June 30, 2022. As of June 30, 2022, no loan forbearances due to COVID-19 remain.

Balance Sheet Activity

Total assets were $2.450 billion at June 30, 2022 compared to $2.418 billion at December 31, 2021, an increase of $31.4 million, or 1.3%. The increase can be mostly attributed to increases of $99.3 million in loans, net of deferred origination fees and costs, $26.1 million in accrued interest receivable and other assets, $2.8 million in total cash and cash equivalents, and a decrease of $3.5 million in allowance for loan losses, offset by a decrease of $99.0 million in securities available for sale, at estimated fair value.

The increase in loans, net of deferred loan fees, can mostly be attributed to increases of $64.9 million in commercial loans, $17.5 million in residential mortgage loans, and $17.0 million in consumer loans. Paydowns due to SBA forgiveness of PPP loans decreased the total loan portfolio by $40.2 million as of June 30, 2022, when compared to December 31, 2021. The increase in accrued interest receivable and other assets was primarily due to increases of $16.8 million in the deferred tax asset and $8.4 million in the interest rate swap asset. The increase in cash and cash equivalents was primarily due to changes in deposits, securities, and loans. The decrease in securities available for sale can be mostly attributed to $53.4 million in paydowns and a decrease in the fair value of the portfolio of $66.2 million due to increases in interest rates, offset by purchases of $22.7 million.

The decrease in the allowance for loan losses can mostly be attributed to the $1.2 million release of COVID-19 related portion of the allowance in the first quarter of 2022, the $1.5 million release of a specific reserve related to the sale of a large commercial real estate credit, positive impacts of $0.8 million related to upgrades of two large commercial credits, and a $1.0 million decrease in the historical loss factor due to the roll-off of a commercial real estate owner occupied property previously charged off in the second quarter of 2020. These decreases in the allowance were offset by $1.4 million of additional provision related to increased loan growth.

Total liabilities were $2.275 billion at June 30, 2022 compared to $2.207 billion at December 31, 2021, an increase of $68.2 million, or 3.1%. The increase in total liabilities can primarily be attributed to increases of $27.4 million, or 1.3% in deposits, and $10.1 million in accrued interest payable and other liabilities, and $31.2 million in advances and other debt.

The increase in deposits was due primarily to increases of $16.3 million in public deposits, $47.5 million of one-way brokered deposits, and $11.6 million in consumer deposits, offset by a decrease of $48.0 million in commercial deposits. The increase in accrued interest payable and other liabilities was primarily attributed to an increase of $8.2 million in the interest rate swap liability. The increase in advances and other debt can be attributed to an increase in overnight FHLBNY borrowing.

Total shareholders’ equity was $174.7 million at June 30, 2022, compared to $211.5 million at December 31, 2021, a decrease of $36.8 million, or 17.4%, primarily due to a $48.8 million decrease in accumulated other income (loss), offset by an increase of $12.0 million in retained earnings. The decrease in accumulated other comprehensive income (loss) can mostly be attributed to a decrease in the fair market value of the securities portfolio due to the increase in interest rates. The increase in retained earnings was due primarily to net income of $14.9 million, offset by $2.9 million in dividends declared.

The total equity to total assets ratio was 7.13% at June 30, 2022, compared to 8.74% at December 31, 2021. The tangible equity to tangible assets ratio was 6.30% at June 30, 2022 compared to 7.91% at December 31, 2021. Book value per share decreased to $37.24 at June 30, 2022 from $45.09 at December 31, 2021. As of June 30, 2022, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.

Liquidity

Management believes that the Corporation's liquidity position is strong. The Corporation uses a variety of resources to meet its liquidity 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 $100,000 or more, brokered deposits, FHLBNY advances, and other borrowings. As of June 30, 2022, the Corporation's cash and cash equivalents balance was $29.8 million. The Corporation also maintains an investment portfolio of securities available for sale, comprised primarily of mortgage-backed securities and municipal bonds. Although this portfolio generates interest income for the Corporation, it also serves as an available source of liquidity and capital if the need should arise. As of June 30, 2022, the Corporation's investment in securities available for sale was $693.0 million, $499.3 million of which was not pledged as collateral. Additionally, the Bank's unused borrowing capacity at the Federal Home Loan Bank of New York was $151.4 million, as of June 30, 2022. As of June 30, 2022, the Corporation entered into one-way brokered deposit arrangements with 4-week and 13-week terms totaling $47.5 million.

Other Items

The market value of total assets under management or administration in our Wealth Management Group was $1.992 billion at June 30, 2022, including $318.4 million of assets under management or administration for the Corporation, compared to $2.325 billion at December 31, 2021, including $344.2 million of assets under management or administration for the Corporation, a decrease of $332.6 million, or 14.31%, due to a general decline in market value.

As previously announced on January 8, 2021, the Corporation announced that the Board of Directors approved a new stock repurchase program. Under the new repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its then outstanding shares. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. As of June 30, 2022, a total of 49,184 shares of common stock at a total cost of $2.0 million were repurchased by the Corporation under its share repurchase program. No shares were repurchased in the second quarter of 2022. The weighted average cost was $40.42 per share repurchased. Remaining buyback authority under the share repurchase program was 200,816 shares at June 30, 2022.

About Chemung Financial Corporation

Chemung Financial Corporation is a $2.4 billion financial services holding company headquartered in Elmira, New York and operates 31 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.

This press release may be found at: www.chemungcanal.com under Investor Relations.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." The Corporation cannot promise that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, cyber security risks, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, COVID-19, 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 2021 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:
Karl F. Krebs, EVP and CFO
kkrebs@chemungcanal.com
Phone: 607-737-3714

Chemung Financial Corporation
Consolidated Balance Sheets (Unaudited)
		June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(in thousands)			2022			2022			2021			2021			2021
ASSETS
Cash and due from financial institutions		$	24,371		$	21,757		$	17,365		$	28,859		$	27,439
Interest-earning deposits in other financial institutions			5,397			43,726			9,616			32,838			29,358
Total cash and cash equivalents			29,768			65,483			26,981			61,697			56,797
Equity investments			2,750			2,949			2,964			2,933			2,856
Securities available for sale			692,995			746,343			792,026			761,531			687,594
Securities held to maturity			2,943			3,576			3,790			3,183			2,981
FHLB and FRB stocks, at cost			5,897			3,576			4,218			3,562			3,562
Total investment securities			701,835			753,495			800,034			768,276			694,137
Commercial			1,124,701			1,102,304			1,059,848			1,060,230			1,105,520
Mortgage			276,847			264,816			259,334			253,991			246,667
Consumer			216,014			199,405			199,067			202,447			205,812
Loans, net of deferred loan fees			1,617,562			1,566,525			1,518,249			1,516,668			1,557,999
Allowance for loan losses			(17,485	)		(19,928	)		(21,025	)		(20,940	)		(20,676	)
Loans, net			1,600,077			1,546,597			1,497,224			1,495,728			1,537,323
Loans held for sale			—			345			396			224			—
Premises and equipment, net			16,812			17,260			17,969			18,370			19,094
Operating lease right-of-use assets			6,841			7,035			7,234			7,084			7,274
Goodwill			21,824			21,824			21,824			21,824			21,824
Other intangible assets, net			—			4			15			26			68
Accrued interest receivable and other assets			70,004			59,903			43,834			41,494			41,339
Total assets		$	2,449,911		$	2,474,895		$	2,418,475		$	2,417,656		$	2,380,712
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest-bearing demand deposits		$	704,996		$	726,699		$	739,607		$	725,181		$	674,205
Interest-bearing demand deposits			267,554			284,689			284,721			282,036			276,250
Money market accounts			641,008			699,506			654,553			661,049			669,953
Savings deposits			285,593			283,369			280,195			275,137			276,496
Time deposits			283,640			255,329			196,357			230,419			241,283
Total deposits			2,182,791			2,249,592			2,155,433			2,173,822			2,138,187
Advances and other debt			49,331			3,527			18,164			3,659			3,724
Operating lease liabilities			6,998			7,186			7,378			7,227			7,409
Accrued interest payable and other liabilities			36,101			29,080			26,045			26,809			27,415
Total liabilities			2,275,221			2,289,385			2,207,020			2,211,517			2,176,735
Shareholders' equity
Common stock			53			53			53			53			53
Additional-paid-in capital			47,196			46,880			46,901			47,203			47,081
Retained earnings			200,870			194,295			188,877			183,873			178,673
Treasury stock, at cost			(18,084	)		(18,113	)		(17,846	)		(17,924	)		(17,972	)
Accumulated other comprehensive income (loss)			(55,345	)		(37,605	)		(6,530	)		(7,066	)		(3,858	)
Total shareholders' equity			174,690			185,510			211,455			206,139			203,977
Total liabilities and shareholders' equity		$	2,449,911		$	2,474,895		$	2,418,475		$	2,417,656		$	2,380,712
Period-end shares outstanding			4,691			4,689			4,689			4,679			4,677

Chemung Financial Corporation Consolidated Statements of Income (Unaudited)
		Three Months Ended June 30,								Percent			Six Months Ended June 30,								Percent
(in thousands, except per share data)			2022				2021			Change				2022				2021			Change
Interest and dividend income:
Loans, including fees		$	15,390			$	14,692			4.8			$	29,871			$	29,309			1.9
Taxable securities			2,863				1,951			46.7				5,551				3,753			47.9
Tax exempt securities			268				266			0.8				538				527			2.1
Interest-earning deposits			17				36			(52.8	)			36				96			(62.5	)
Total interest and dividend income			18,538				16,945			9.4				35,996				33,685			6.9
Interest expense:
Deposits			769				832			(7.6	)			1,517				1,753			(13.5	)
Borrowed funds			128				34			276.5				161				67			140.3
Total interest expense			897				866			3.6				1,678				1,820			(7.8	)
Net interest income			17,641				16,079			9.7				34,318				31,865			7.7
Provision for loan losses			(1,744	)			(150	)		1,062.7				(2,889	)			(409	)		606.4
Net interest income after provision for loan losses			19,385				16,229			19.4				37,207				32,274			15.3
Non-interest income:
Wealth management group fee income			2,628				2,803			(6.2	)			5,385				5,481			(1.8	)
Service charges on deposit accounts			936				732			27.9				1,800				1,449			24.2
Interchange revenue from debit card transactions			1,206				1,262			(4.4	)			2,336				2,385			(2.1	)
Change in fair value of equity investments			(242	)			102			(337.3	)			(355	)			188			N/M
Net gains on sales of loans held for sale			25				342			(92.7	)			99				642			(84.6	)
Net gains (losses) on sales of other real estate owned			46				—			N/M				46				(18	)		(355.6	)
Income from bank owned life insurance			11				12			(8.3	)			22				27			(18.5	)
Other			709				1,239			(42.8	)			1,649				1,959			(15.8	)
Total non-interest income			5,319				6,492			(18.1	)			10,982				12,113			(9.3	)
Non-interest expense:
Salaries and wages			6,056				6,037			0.3				12,279				11,799			4.1
Pension and other employee benefits			1,937				1,480			30.9				3,655				2,939			24.4
Other components of net periodic pension and postretirement benefits			(403	)			(391	)		3.1				(811	)			(782	)		3.7
Net occupancy			1,369				1,491			(8.2	)			2,796				3,014			(7.2	)
Furniture and equipment			410				410			—				847				776			9.1
Data processing			2,468				2,048			20.5				4,655				4,051			14.9
Professional services			664				535			24.1				1,185				989			19.8
Amortization of intangible assets			4				89			(95.5	)			15				190			(92.1	)
Marketing and advertising			184				284			(35.2	)			460				410			12.2
Other real estate owned expense			8				5			60.0				(29	)			17			(270.6	)
FDIC insurance			284				329			(13.7	)			598				719			(16.8	)
Loan expense			176				290			(39.3	)			391				524			(25.4	)
Other			1,185				1,244			(4.7	)			2,969				2,558			16.1
Total non-interest expense			14,342				13,851			3.5				29,010				27,204			6.6
Income before income tax expense			10,362				8,870			16.8				19,179				17,183			11.6
Income tax expense			2,338				2,075			12.7				4,288				3,858			11.1
Net income		$	8,024			$	6,795			18.1			$	14,891			$	13,325			11.8
Basic and diluted earnings per share		$	1.72			$	1.45						$	3.18			$	2.84
Cash dividends declared per share			0.31				0.31							0.62				0.57
Average basic and diluted shares outstanding			4,690				4,680							4,690				4,686

N/M - Not Meaningful

Chemung Financial Corporation		As of or for the Three Months Ended																	As of or for the Six Months Ended
Consolidated Financial Highlights (Unaudited) (in thousands, except per share data)		June 30, 2022				Mar. 31, 2022				Dec. 31, 2021			Sept. 30, 2021			June 30, 2021			June 30, 2022			June 30, 2021
RESULTS OF OPERATIONS Interest income		$	18,538			$	17,458			$	17,690		$	17,633		$	16,945		$	35,996		$	33,685
Interest expense			897				781				798			801			866			1,678			1,820
Net interest income			17,641				16,677				16,892			16,832			16,079			34,318			31,865
Provision (credit) for loan losses			(1,744		)		(1,145		)		70			356			(150	)		(2,889	)		(409	)
Net interest income after provision for loan losses			19,385				17,822				16,822			16,476			16,229			37,207			32,274
Non-interest income			5,319				5,663				5,787			5,970			6,492			10,982			12,113
Non-interest expense			14,342				14,668				14,378			14,100			13,851			29,010			27,204
Income before income tax expense			10,362				8,817				8,231			8,346			8,870			19,179			17,183
Income tax expense			2,338				1,950				1,777			1,700			2,075			4,288			3,858
Net income		$		8,024		$		6,867		$	6,454		$	6,646		$	6,795		$	14,891		$	13,325

Basic and diluted earnings per share	$	1.72		$	1.46		$	1.38		$	1.42		$	1.45		$	3.18		$	2.84
Average basic and diluted shares outstanding		4,690			4,689			4,682			4,678			4,680			4,690			4,686
PERFORMANCE RATIOS
Return on average assets		1.32	%		1.14	%		1.04	%		1.09	%		1.11	%		1.23	%		1.12	%
Return on average equity		18.06	%		13.68	%		12.30	%		12.68	%		13.58	%		15.73	%		13.41	%
Return on average tangible equity (a)		20.58	%		15.32	%		13.74	%		14.16	%		15.25	%		17.77	%		15.07	%
Efficiency ratio (unadjusted) (f)		62.47	%		65.66	%		63.40	%		61.84	%		61.37	%		64.04	%		61.86	%
Efficiency ratio (adjusted) (a) (b)		62.17	%		65.32	%		63.11	%		61.40	%		60.72	%		63.72	%		61.17	%
Non-interest expense to average assets		2.35	%		2.43	%		2.32	%		2.30	%		2.27	%		2.39	%		2.28	%
Loans to deposits		74.11	%		69.64	%		70.44	%		69.77	%		72.87	%		74.11	%		72.87	%
YIELDS / RATES - Fully Taxable Equivalent
Yield on loans		3.90	%		3.84	%		3.90	%		3.84	%		3.72	%		3.87	%		3.77	%
Yield on investments		1.60	%		1.47	%		1.35	%		1.49	%		1.21	%		1.53	%		1.24	%
Yield on interest-earning assets		3.12	%		3.00	%		2.99	%		3.02	%		2.90	%		3.06	%		2.97	%
Cost of interest-bearing deposits		0.21	%		0.20	%		0.21	%		0.21	%		0.22	%		0.21	%		0.24	%
Cost of borrowings		1.70	%		2.65	%		2.16	%		3.56	%		3.64	%		1.83	%		3.58	%
Cost of interest-bearing liabilities		0.24	%		0.21	%		0.22	%		0.22	%		0.23	%		0.23	%		0.25	%
Interest rate spread		2.88	%		2.79	%		2.77	%		2.80	%		2.67	%		2.83	%		2.72	%
Net interest margin, fully taxable equivalent		2.97	%		2.87	%		2.85	%		2.88	%		2.76	%		2.92	%		2.81	%
CAPITAL
Total equity to total assets at end of period		7.13	%		7.50	%		8.74	%		8.53	%		8.57	%		7.13	%		8.57	%
Tangible equity to tangible assets at end of period (a)		6.30	%		6.67	%		7.91	%		7.69	%		7.72	%		6.30	%		7.72	%
Book value per share	$	37.24		$	39.56		$	45.09		$	44.00		$	43.57		$	37.24		$	43.57
Tangible book value per share (a)		32.59			34.91			40.44			39.34			38.90			32.59			38.90
Period-end market value per share		47.00			46.69			46.45			45.30			44.31			47.00			44.31
Dividends declared per share		0.31			0.31			0.31			0.31			0.31			0.62			0.57
AVERAGE BALANCES Loans and loans held for sale (c)	$	1,587,777		$	1,532,445		$	1,520,478		$	1,519,264		$	1,585,902		$	1,560,264		$	1,571,714
Interest earning assets		2,395,704			2,371,275			2,364,578			2,327,817			2,352,908			2,383,557			2,302,402
Total assets		2,446,763			2,451,944			2,454,294			2,427,107			2,447,587			2,449,339			2,402,823
Deposits		2,203,231			2,211,442			2,205,632			2,181,517			2,210,413			2,207,314			2,164,445
Total equity		178,207			203,613			208,147			208,023			200,627			190,841			200,332
Tangible equity (a)		156,382			181,778			186,302			186,155			178,681			169,011			178,337
ASSET QUALITY Net charge-offs (recoveries)	$	699		$	(48	)	$	(15	)	$	92		$	83		$	651		$	(161	)
Non-performing loans (d)		7,374			7,703			8,114			8,373			8,583			7,374			8,583
Non-performing assets (e)		7,665			7,956			8,226			8,544			8,707			7,665			8,707
Allowance for loan losses		17,485			19,928			21,025			20,940			20,676			17,485			20,676
Annualized net charge-offs (recoveries) to average loans		0.18	%		(0.01	%)		(0.01	%)		0.02	%		0.02	%		0.08	%		(0.02	%)
Non-performing loans to total loans		0.46	%		0.49	%		0.54	%		0.56	%		0.55	%		0.46	%		0.55	%
Non-performing assets to total assets		0.31	%		0.32	%		0.34	%		0.35	%		0.37	%		0.31	%		0.37	%
Allowance for loan losses to total loans		1.08	%		1.27	%		1.38	%		1.38	%		1.33	%		1.08	%		1.33	%
Allowance for loan losses to total loans, net of PPP		1.08	%		1.29	%		1.43	%		1.45	%		1.46	%		1.08	%		1.46	%
Allowance for loan losses to non-performing loans		237.12	%		258.65	%		259.17	%		250.08	%		240.89	%		237.12	%		240.89	%

(a) See the GAAP to Non-GAAP reconciliations.
(b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets less legal reserve divided by the total of fully taxable equivalent net interest income plus non- interest income less net gains or losses on securities transactions.
(c) Loans and loans held for sale do not reflect the allowance for loan losses.
(d) Non-performing loans include non-accrual loans only.
(e) Non-performing assets include non-performing loans plus other real estate owned.
(f) 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 June 30, 2022											Three Months Ended June 30, 2021											Three Months Ended June 30, 2022 vs. 2021
	Average Balance				Interest				Yield / Rate			Average Balance				Interest				Yield / Rate			Total Change				Due to Volume				Due to Rate
(in thousands)
Interest earning assets:
Commercial loans	$	1,111,854			$	11,244			4.06	%		$	1,132,348			$	10,613			3.76	%		$	631			$	(195	)		$	826
Mortgage loans		270,112				2,256			3.35	%			246,470				2,160			3.52	%			96				203				(107	)
Consumer loans		205,811				1,927			3.76	%			207,084				1,948			3.77	%			(21	)			(15	)			(6	)
Taxable securities		751,784				2,866			1.53	%			629,789				1,953			1.24	%			913				414				499
Tax-exempt securities		42,222				330			3.13	%			41,571				327			3.16	%			3				6				(3	)
Interest-earning deposits		13,921				18			0.52	%			95,646				36			0.15	%			(18	)			(50	)			32
Total interest earning assets		2,395,704				18,641			3.12	%			2,352,908				17,037			2.90	%			1,604				363				1,241
Non-interest earnings assets: Cash and due from banks		23,702											25,317
Other assets		47,471											90,444
Allowance for loan losses		(20,114	)										(21,082	)
Total assets	$	2,446,763										$	2,447,587
Interest-bearing liabilities: Interest-bearing checking	$	273,723			$	51			0.07	%		$	282,420			$	55			0.08	%		$	(4	)		$	(1	)		$	(3	)
Savings and money market		962,502				242			0.10	%			958,629				233			0.10	%			9				9				—
Time deposits		243,157				476			0.79	%			273,131				544			0.80	%			(68	)			(61	)			(7	)
Long-term advances and other debt		30,264				128			1.70	%			3,746				34			3.64	%			94				121				(27	)
Total int.-bearing liabilities		1,509,646				897			0.24	%			1,517,926				866			0.23	%			31				68				(37	)
Non-interest-bearing liabilities:
Demand deposits		723,849											696,233
Other liabilities		35,061											32,801
Total liabilities		2,268,556											2,246,960
Shareholders' equity		178,207											200,627
Total liabilities and shareholders' equity	$	2,446,763										$	2,447,587
Fully taxable equivalent net interest income						17,744											16,171						$	1,573			$	295			$	1,278
Net interest rate spread (1)									2.88	%										2.67	%
Net interest margin, fully taxable equivalent (2) Taxable equivalent adjustment						(103	)		2.97	%							(92	)		2.76	%
Net interest income					$	17,641										$	16,079

(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)

	Six Months Ended June 30, 2022											Six Months Ended June 30, 2021											Six Months Ended June 30, 2022 vs. 2021
(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	$	1,092,240			$	21,791			4.02	%		$	1,118,307			$	21,085			3.80	%		$	706			$	(498	)		$	1,204
Mortgage loans		266,105			4,409				3.34	%			244,414				4,256			3.51	%			153				366				(213	)
Consumer loans		201,919			3,743				3.74	%			208,993				4,026			3.88	%			(283	)			(137	)			(146	)
Taxable securities		755,127			5,556				1.48	%			584,180				3,757			1.30	%			1,799				1,221				578
Tax-exempt securities		42,328			663				3.16	%			41,272				649			3.17	%			14				16				(2	)
Interest-earning deposits		25,838			36				0.28	%			105,236				96			0.18	%			(60	)			(95	)			35
Total interest earning assets		2,383,557			36,198				3.06	%			2,302,402				33,869			2.97	%			2,329				873				1,456
Non-interest earnings assets:
Cash and due from banks		24,220											26,469
Other assets		62,230											95,139
Allowance for loan losses		(20,668	)										(21,187	)
Total assets	$	2,449,339										$	2,402,823
Interest-bearing liabilities:
Interest-bearing checking	$	283,521			$	107			0.08	%		$	288,426			$	122			0.09	%		$	(15	)		$	(2	)		$	(13	)
Savings and money market		958,919				454			0.10	%			920,076				508			0.11	%			(54	)			12				(66	)
Time deposits		242,334				956			0.80	%			283,442				1,123			0.80	%			(167	)			(167	)			—
Capital leases and other debt		17,722				161			1.83	%			3,777				67			3.58	%			94				141				(47	)
Total int.-bearing liabilities		1,502,496				1,678			0.23	%			1,495,721				1,820			0.25	%			(142	)			(16	)			(126	)
Non-interest-bearing liabilities:
Demand deposits		722,540											672,501
Other liabilities		33,462											34,269
Total liabilities		2,258,498											2,202,491
Shareholders' equity		190,841											200,332
Total liabilities and shareholders' equity	$	2,449,339										$	2,402,823
Fully taxable equivalent net interest
income						34,520											32,049						$	2,471			$	889			$	1,582
Net interest rate spread (1)									2.83	%										2.72	%
Net interest margin, fully taxable
equivalent (2)									2.92	%										2.81	%
Taxable equivalent adjustment						(202	)										(184	)
Net interest income					$	34,318										$	31,865

(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 its competitors. 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																As of or for the Six Months Ended
(in thousands, except ratio data)	June 30, 2022			March 31, 2022			Dec. 31, 2021			Sept. 30, 2021			June 30, 2021				June 30, 2022			June 30, 2021
NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT
Net interest income (GAAP)	$	17,641		$	16,677		$	16,892		$	16,832		$	16,079			$	34,318		$	31,865
Fully taxable equivalent adjustment		103			99			105			94			92				202			184
Fully taxable equivalent net interest income (non-GAAP)	$	17,744		$	16,776		$	16,997		$	16,926		$	16,171			$	34,520		$	32,049
Average interest-earning assets (GAAP)	$	2,395,704		$	2,371,275		$	2,364,578		$	2,327,817		$	2,352,908			$	2,383,557		$	2,302,402
Net interest margin - fully taxable equivalent (non-GAAP)		2.97	%		2.87	%		2.85	%		2.88	%		2.76	%			2.92	%		2.81	%

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																				As of or for the Six Months Ended
(in thousands, except ratio data)	June 30, 2022				March 31, 2022				Dec. 31, 2021				Sept. 30, 2021				June 30, 2021				June 30, 2022			June 30, 2021
EFFICIENCY RATIO Net interest income (GAAP)	$	17,641			$	16,677			$	16,892			$	16,832			$	16,079			$	34,318		$	31,865
Fully taxable equivalent adjustment		103				99				105				94				92				202			184
Fully taxable equivalent net interest income (non-GAAP)	$	17,744			$	16,776			$	16,997			$	16,926			$	16,171			$	34,520		$	32,049
Non-interest income (GAAP)	$	5,319			$	5,663			$	5,787			$	5,970			$	6,492			$	10,982		$	12,113
Less: net (gains) losses on security transactions		—				—				—				—				—				—			—
Adjusted non-interest income (non-GAAP)	$	5,319			$	5,663			$	5,787			$	5,970			$	6,492			$	10,982		$	12,113
Non-interest expense (GAAP)	$	14,342			$	14,668			$	14,378			$	14,100			$	13,851			$	29,010		$	27,204
Less: amortization of intangible assets		(4	)			(11	)			(11	)			(42	)			(89	)			(15	)		(190	)
Adjusted non-interest expense (non-GAAP)	$	14,338			$	14,657			$	14,367			$	14,058			$	13,762			$	28,995		$	27,014
Efficiency ratio (unadjusted)		62.47	%			65.66	%			63.40	%			61.84	%			61.37	%			64.04	%		61.86	%
Efficiency ratio (adjusted)		62.17	%			65.32	%			63.11	%			61.40	%			60.72	%			63.72	%		61.17	%

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																As of or for the Six Months Ended
(in thousands, except per share and ratio data)	June 30, 2022			March 31, 2022			Dec. 31, 2021			Sept. 30, 2021			June 30, 2021				June 30, 2022			June 30, 2021
TANGIBLE EQUITY AND TANGIBLE ASSETS
(PERIOD END) Total shareholders' equity (GAAP)	$	174,690		$	185,510		$	211,455		$	206,139		$	203,977			$	174,690		$	203,977
Less: intangible assets		(21,824	)		(21,828	)		(21,839	)		(21,850	)		(21,892	)			(21,824	)		(21,892	)
Tangible equity (non-GAAP)	$	152,866		$	163,682		$	189,616		$	184,289		$	182,085			$	152,866		$	182,085
Total assets (GAAP)	$	2,449,911		$	2,474,895		$	2,418,475		$	2,417,656		$	2,380,712			$	2,449,911		$	2,380,712
Less: intangible assets		(21,824	)		(21,828	)		(21,839	)		(21,850	)		(21,892	)			(21,824	)		(21,892	)
Tangible assets (non-GAAP)	$	2,428,087		$	2,453,067		$	2,396,636		$	2,395,806		$	2,358,820			$	2,428,087		$	2,358,820
Total equity to total assets at end of period (GAAP)		7.13	%		7.49	%		8.74	%		8.53	%		8.57	%			7.13	%		8.57	%
Book value per share (GAAP)	$	37.24		$	39.56		$	45.09		$	44.00		$	43.57			$	37.24		$	43.57
Tangible equity to tangible assets at end of period (non-GAAP)		6.30	%		6.67	%		7.91	%		7.69	%		7.72	%			6.30	%		7.72	%
Tangible book value per share (non-GAAP)	$	32.59		$	34.91		$	40.44		$	39.34		$	38.90			$	32.59		$	38.90

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																As of or for the Six Months Ended
(in thousands, except ratio data)	June 30, 2022			March 31, 2022			Dec. 31, 2021			Sept. 30, 2021			June 30, 2021				June 30, 2022			June 30, 2021
TANGIBLE EQUITY (AVERAGE) Total average shareholders' equity (GAAP)	$	178,207		$	203,613		$	208,147		$	208,023		$	200,627			$	190,841		$	200,332
Less: average intangible assets		(21,825	)		(21,835	)		(21,845	)		(21,868	)		(21,946	)			(21,830	)		(21,995	)
Average tangible equity (non-GAAP)	$	156,382		$	181,778		$	186,302		$	186,155		$	178,681			$	169,011		$	178,337
Return on average equity (GAAP)		18.06	%		13.68	%		12.30	%		12.68	%		13.58	%	15.73			%		13.41	%
Return on average tangible equity (non-GAAP)		20.58	%		15.32	%		13.74	%		14.16	%		15.25	%	17.77			%		15.07	%

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																				As of or for the Six Months Ended
(in thousands, except per share and ratio data)	June 30, 2022				March 31, 2022				Dec. 31, 2021				Sept. 30, 2021				June 30, 2021				June 30, 2022			June 30, 2021
NON-GAAP NET INCOME Reported net income (GAAP)	$	8,024			$	6,867			$	6,454			$	6,646			$	6,795			$	14,891		$	13,325
Net (gains) losses on security transactions (net of tax)		—				—				—				—				—				—			—
Net income (non-GAAP)	$	8,024			$	6,867			$	6,454			$	6,646			$	6,795			$	14,891		$	13,325
Average basic and diluted shares outstanding		4,690				4,689				4,682				4,678				4,680				4,690			4,686
Reported basic and diluted earnings per share (GAAP)	$	1.72			$	1.46			$	1.38			$	1.42			$	1.45			$	3.18		$	2.84
Reported return on average assets (GAAP)		1.32	%			1.14	%			1.04	%			1.09	%			1.11	%			1.23	%		1.12	%
Reported return on average equity (GAAP)		18.06	%			13.68	%			12.30	%			12.68	%			13.58	%			15.73	%		13.41	%
Basic and diluted earnings per share (non-GAAP)	$	1.71			$	1.46			$	1.38			$	1.42			$	1.45			$	3.18		$	2.84
Return on average assets (non-GAAP)		1.32	%			1.14	%			1.04	%			1.09	%			1.11	%			1.23	%		1.12	%
Return on average equity (non-GAAP)		18.06	%			13.68	%			12.30	%			12.68	%			13.58	%			15.73	%		13.41	%

Category: Financial

Source: Chemung Financial Corp