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Chemung Financial Corporation Reports Third Quarter 2025 Net Income of $7.8 million, or $1.62 per share

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Chemung Financial (Nasdaq: CHMG) reported 3Q2025 net income $7.8M, or $1.62 per share, versus a net loss of $6.5M in 2Q2025 and net income $5.7M in 3Q2024. Net interest income rose to $22.7M (+9.1% QoQ; +23.4% YoY) and fully taxable equivalent net interest margin improved to 3.45% (up 40 bps QoQ). Average yield on interest-earning assets increased 32 bps to 5.15%; cost of funds fell to 1.85%. Year-to-date loan growth annualized ~8.4%, commercial loans +13.6% annualized. The board raised the quarterly dividend by $0.02 (6.3%). Provision for credit losses was $1.1M; non-interest income recovered after a prior-quarter securities sale loss.

Chemung Financial (Nasdaq: CHMG) ha riportato un utile netto nel 3Q2025 di 7,8 milioni di dollari, ovvero 1,62 dollari per azione, rispetto a una perdita netta di 6,5 milioni nel 2Q2025 e a un utile netto di 5,7 milioni nel 3Q2024. Il reddito da interessi netti è aumentato a 22,7 milioni di dollari (+9,1% QoQ; +23,4% YoY) e il margine di reddito da interessi netto completamente imponibile è migliorato a 3,45% (aumenti di 40 bps QoQ). Il rendimento medio sugli asset che producono interessi è aumentato di 32 bps a 5,15%; il costo dei fondi è sceso a 1,85%. La crescita dei prestiti dall'inizio dell'anno annualizzata è circa 8,4%, i prestiti commerciali +13,6% annualizzato. Il consiglio di amministrazione ha aumentato il dividendo trimestrale di 0,02 dollari (6,3%). La provision for credit losses è stata 1,1 milioni di dollari; i ricavi non legati agli interessi si sono ripresi dopo una perdita da vendita di titoli del trimestre precedente.

Chemung Financial (Nasdaq: CHMG) reportó ingresos netos del 3T2025 de 7,8 millones de dólares, o 1,62 dólares por acción, frente a una pérdida neta de 6,5 millones en el 2T2025 y a un ingreso neto de 5,7 millones en el 3T2024. Los ingresos netos por intereses aumentaron a 22,7 millones de dólares (+9,1% QoQ; +23,4% YoY) y el margen de interés neto equivalente imponible se amélioró a 3,45% (sube 40 puntos base QoQ). El rendimiento medio de los activos que generan intereses subió 32 puntos base a 5,15%; el costo de fondos cayó a 1,85%. El crecimiento de préstamos acumulado desde principios de año es ~8,4% anualizado, los préstamos comerciales +13,6% anualizados. La junta elevó el dividendo trimestral en 0,02 dólares (6,3%). La provisión para pérdidas crediticias fue de 1,1 millones de dólares; los ingresos no por intereses se recuperaron tras una pérdida por venta de valores del trimestre anterior.

Chemung Financial(Nasdaq: CHMG) 은 3분기2025년 순이익 $7.8M, 주당 $1.62를 보고했으며, 이는 2분기2025의 순손실 $6.5M 및 3분기2024의 순이익 $5.7M과 비교됩니다. 순이자이익은 $22.7M로 상승했고(+QoQ 9.1%; +YoY 23.4%), 완전과세등가 순이자마진은 3.45%로 개선되었습니다( QoQ 40bp 상승). 이자수익자산의 평균수익률은 5.15%로 32bp 상승했고, 자금비용은 1.85%로 하락했습니다. 연초 누적 대출성장은 연환산 약 8.4%, 상업대출은 연환산 +13.6%입니다. 이사회는 분기배당을 0.02달러 인상했습니다(6.3%). 대손충당금은 $1.1M였고, 전 분기의 증권 매각 손실 이후 비이자수익이 회복되었습니다.

Chemung Financial (Nasdaq : CHMG) a déclaré un résultat net du 3T2025 de 7,8 millions de dollars, soit 1,62 dollars par action, contre une perte nette de 6,5 millions au 2T2025 et un résultat net de 5,7 millions au 3T2024. Le revenu net d'intérêts est passé à 22,7 millions de dollars (+9,1 % QoQ; +23,4 % YoY) et la marge nette d'intérêt équivalente imposable s'est améliorée à 3,45 % (hausse de 40 points de base QoQ). Le rendement moyen sur les actifs générant des intérêts a augmenté de 32 points de base pour atteindre 5,15 % ; le coût des fonds a diminué à 1,85 %. La croissance des prêts cumulée à ce jour est annualisée d'environ 8,4 %, les prêts commerciaux affichant +13,6 % annualisés. Le conseil d'administration a relevé le dividende trimestriel de 0,02 dollar (6,3 %). La provision pour pertes sur crédits s'élève à 1,1 million de dollars ; les revenus non liés aux intérêts se sont redressés après une perte sur la vente de titres du trimestre précédent.

Chemung Financial (Nasdaq: CHMG) meldete im 3Q2025 einen Nettogewinn von 7,8 Mio. USD, bzw. 1,62 USD pro Aktie, gegenüber einem Nettogewinn von 5,7 Mio. USD im 3Q2024, einer Verlustmeldung von 6,5 Mio. USD im 2Q2025. Der Nettodarlehens- bzw. Zinsgewinn stieg auf 22,7 Mio. USD (+9,1% QoQ; +23,4% YoY) und die vollständig steuerlich äquivalente Nettomarge des Zinsniveaus verbesserte sich auf 3,45% (40 Basispunkte QoQ). Die durchschnittliche Verzinsung der zinstragenden Vermögenswerte stieg um 32 Basispunkte auf 5,15%; die Kosten des Kapitals sanken auf 1,85%. Die Kreditwachstumsrate seit Jahresbeginn beträgt annualisiert ca. 8,4%, Gewerbekredite +13,6% annualisiert. Der Vorstand hat die vierteljährliche Dividende um 0,02 USD erhöht (6,3%). Die Widerrufsforderung für Kreditverluste betrug 1,1 Mio. USD; die nicht-zinsbezogenen Einnahmen erholten sich nach einem Verlust aus dem Wertpapierverkauf im Vorquartal.

Chemung Financial (ناسداك: CHMG) أبلغت عن صافي دخل للربع الثالث 2025 بمقدار 7.8 مليون دولار، أو 1.62 دولار للسهم، مقارنة بخسارة صافية تبلغ 6.5 مليون دولار في 2Q2025 وصافي دخل قدره 5.7 مليون دولار في 3Q2024. ارتفع صافي دخل الفوائد ليصل إلى 22.7 مليون دولار (+9.1% فصلياً؛ +23.4% سنوياً) وتحسن الهامش الدافعي للفوائد القابلة للضريبة بالكامل إلى 3.45% (ارتفاع 40 نقطة أساس فصلياً). ارتفع العائد المتوسط على الأصول المولدة للفوائد بمقدار 32 نقطة أساس ليصل إلى 5.15%؛ وتراجع تكلفة الأموال إلى 1.85%. النمو القائم على القروض حتى تاريخه هو نحو 8.4% سنوياً، والقروض التجارية +13.6% سنوياً. قرر المجلس رفع الأسهم الموزعة ربع السنوية بمقدار 0.02 دولار (6.3%). بلغت مخصصات خسائر الائتمان 1.1 مليون دولار; وارتفعت الإيرادات غير المرتبطة بالفوائد بعد خسارة بيع الأوراق المالية في الربع السابق.

Chemung Financial (纳斯达克: CHMG) 报告称，3Q2025 净利润为 780 万美元，合每股 1.62 美元；相比之下，2Q2025 净亏损 650 万美元，3Q2024 净利润 570 万美元。净利息收入上升至 2270 万美元（环比 +9.1%；同比 +23.4%），完全应税等效净利息边际收益率提升至 3.45%（环比上升 40 个基点）。利息资产的平均收益率上升至 5.15%，成本资金下降至 1.85%。年初至今贷款增长为约 8.4%（年化），商业贷款年化增长为 +13.6%。董事会将季度股息提高 0.02 美元（6.3%）。信贷损失准备金为 110 万美元；在前一季度证券出售损失后，非利息收入实现回升。

Positive
  • Net income $7.8M in 3Q2025 (recovery from 2Q loss)
  • Net interest income $22.7M, +9.1% QoQ
  • NIM 3.45%, +40 bps QoQ
  • Year-to-date loan growth ~8.4% annualized; commercial loans +13.6%
  • Quarterly dividend increased $0.02 (6.3%)
Negative
  • Prior-quarter $17.5M pre-tax loss on sale of securities reduced earlier earnings
  • Tax expense increased by $4.7M QoQ due to prior-quarter loss impact
  • Average taxable securities balances fell $199.3M QoQ after sales

Insights

Chemung Financial returned to profitability with stronger net interest income, margin expansion, and a small dividend raise; credit trends appear stable.

Net income of $7.8 million ($1.62 per share) in 3Q 2025 follows a $6.5 million loss in 2Q 2025 and compares to $5.7 million in 3Q 2024, driven by higher net interest income of $22.7 million and a rise in fully taxable equivalent net interest margin to 3.45%. Management attributes the improvement to balance sheet repositioning that increased the average yield on interest-earning assets to 5.15% and reduced total cost of funds to 1.85%, with loan growth concentrated in commercial real estate and commercial loans.

Dependencies and risks remain explicit: the prior-quarter pre-tax loss on securities sales materially depressed 2Q results and raised taxes this quarter, and provision for credit losses held at $1.1 million despite loan growth. Watch near-term items that will determine sustainability: quarterly loan growth trends (commercial vs. consumer), recurring non-interest income stability following the securities sale, and provision/charge-off levels over the next two to four quarters. The announced dividend increase of $0.02 per share (to $0.34 this quarter) signals capital distribution capacity but merits monitoring alongside capital ratios and credit metrics.

ELMIRA, N.Y., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $7.8 million, or $1.62 per share, for the third quarter of 2025, compared to a net loss of $6.5 million, or $1.35 per share, for the second quarter of 2025, and net income of $5.7 million, or $1.19 per share, for the third quarter of 2024.

“Third quarter results demonstrate the importance of the Corporation's balance sheet repositioning efforts undertaken over the past two quarters. Net interest income growth of $1.9 million, or approximately 9% compared to the prior quarter, reflects the immediate positive impact these actions have had on earnings by enabling continued investment in quality loan opportunities while simultaneously managing funding costs,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation.

“We are encouraged by continued strength in credit quality and the resilience of our core operations,” added Tomson. “These results affirm the strategic direction we've taken and the disciplined execution of our strategy by our team across all of our divisions. With strong pipelines in key markets and a continued focus on relationship banking, the Corporation remains well positioned to deliver long-term value for our clients, communities, and shareholders,” concluded Tomson.

Third Quarter Highlights:

  • The Corporation announced a $0.02 per share dividend increase during the third quarter, representing a 6.3% increase over the prior quarter. Year-to-date increases have totaled $0.03 per share, or 9.7% compared to the same period in the prior year. Dividends declared during the third quarter of 2025 were $0.34 per share.

  • Average yield on interest-earning assets increased 32 basis points, to 5.15%, for the third quarter 2025, compared to 4.83% for the second quarter 2025, and cost of funds decreased nine basis points, to 1.85%, for the third quarter 2025, compared to 1.94% for the second quarter 2025.

  • Total year-to-date loan growth approximated 8.4% on an annualized basis, including annualized commercial loan growth of 13.6%.

  • Net interest margin increased 40 basis points, to 3.45%, for the third quarter 2025, compared to 3.05% for the second quarter 2025, largely due to the impact of the Corporation's balance sheet repositioning efforts.1

1 See the GAAP to Non-GAAP reconciliations.

3rd Quarter 2025 vs 2nd Quarter 2025

Net Interest Income:

Net interest income for the third quarter of 2025 totaled $22.7 million, compared to $20.8 million for the prior quarter, an increase of $1.9 million, or 9.1%, driven by increases of $1.6 million in interest income on loans and $0.3 million in interest income on interest-earning deposits, and a decrease of $0.9 million in interest expense on deposits, partially offset by a decrease of $0.9 million in interest income on taxable securities.

Interest income on loans increased primarily due to an increase of $63.1 million in average balances of total loans, as well as an increase of seven basis points in the average yield on total loans, compared to the prior quarter. The increase in average balances of total loans was concentrated in commercial loans, which increased $68.5 million, and was largely concentrated in commercial real estate. Approximately half of the increase in average balances of commercial loans was attributable to the Corporation's Capital Bank division in the Albany market, while remaining growth was relatively evenly split between the Corporation's Canal Bank and Chemung Canal divisions in the Buffalo and Southern Tier markets, respectively. The average yield on commercial loans increased five basis points compared to the prior quarter, largely due to origination yields during the third quarter exceeding the portfolio's overall yield from the prior quarter. Average balances of residential mortgage loans increased $1.3 million compared to the prior quarter, and the average yield on residential mortgage loans increased 25 basis points compared to the prior quarter. The increase in the average yield on residential mortgage loans was primarily due to the recognition of interest income on the payoff of a previous nonaccrual loan and the recognition of deferred fees upon the payoff of several larger loans during the third quarter of 2025. Average balances of consumer loans decreased $6.7 million compared to the prior quarter, while the average yield on consumer loans decreased five basis points compared to the prior quarter. The decrease in average balances of consumer loans was mainly due to a decrease in average balances of indirect auto loans, due to the Corporation's continued prioritization of other types of lending, while the decrease in the average yield was primarily due to advances on promotional home equity lines of credit, which carry a below-market introductory interest rate, as well as normal runoff of higher interest rate indirect auto loans.

Interest income on interest-earning deposits increased largely due to an increase of $24.1 million in average balances of interest-earning deposits, primarily comprised of remaining proceeds from the Corporation's sale of available for sale securities and issuance of subordinated notes in the prior quarter, net of proceeds used to pay off wholesale funding liabilities and the funding of commercial loan growth. Proceeds from the above cash-generating transactions were reflected in average balances for only a portion of the prior quarter. Partially offsetting this increase was a decrease of nine basis points in the average yield on interest-earning deposits, compared to the prior quarter, primarily due to a decrease in the interest rate earned on deposits at the Federal Reserve Bank of New York (FRBNY) as a result of a decrease in the Federal Reserve's Federal Funds Target Range Upper Limit of 25 basis points during the third quarter.

Interest expense on deposits decreased primarily due to a decrease of $85.7 million in average balances of brokered deposits, compared to the prior quarter. The Corporation paid off $100.0 million in brokered deposits during July 2025 as part of its balance sheet repositioning efforts. Average balances of customer interest-bearing deposits decreased $16.9 million compared to the prior quarter, and were largely offset by an increase of $13.4 million in average balances of non-interest bearing deposits. The decrease in average balances of customer interest-bearing deposits was mainly due to a decrease of $11.6 million in average balances of customer time deposits, largely due to changes in the Corporation's promotional offerings in recent periods. The changes in promotional offerings were also the largest contributing factor in the decrease of four basis points in the average cost of customer time deposits compared to the prior quarter. Additionally, average balances of interest-bearing demand deposits decreased $8.5 million while the average cost of interest-bearing demand deposits increased one basis point, each compared to the prior quarter.

Interest income on taxable securities decreased largely due to a decrease of $199.3 million in average balances of taxable securities, partially offset by an increase of seven basis points in the average yield on taxable securities, each compared to the prior quarter. The decrease in average balances was primarily due to the Corporation's sale of available for sale securities in the prior quarter. The increase in the average yield was mainly due to a decrease in amortization expense, largely due to sales of available for sale securities which had higher levels of amortization in the prior quarter.

Interest expense on borrowed funds decreased mainly due to a decrease of $38.6 million in average balances of borrowed funds, despite an increase of 243 basis points in the average cost of borrowed funds. The decrease in average balances of borrowed funds was largely due to the payoff of Federal Home Loan Bank of New York (FHLBNY) term advances at maturity with a portion of the proceeds from the Corporation's sale of available for sale securities, partially offset by an increase of $33.9 million in average balances of subordinated debt, due to the issuance of subordinated debt in June 2025. The issuance of subordinated debt was the primary driver in the increase in the average cost of borrowed funds compared to the prior quarter.

Fully taxable equivalent net interest margin was 3.45% for the current quarter, compared to 3.05% for the prior quarter. Average interest-earning assets decreased $132.2 million and average interest-bearing liabilities decreased $141.1 million during the third quarter, compared to the prior quarter. The average yield on interest-earning assets increased 32 basis points to 5.15%, while the average cost of interest-bearing liabilities decreased six basis points to 2.51%, compared to the prior quarter. Total cost of funds was 1.85% for the current quarter, compared to 1.94% for the prior quarter, a decrease of nine basis points.

Provision for Credit Losses:

Provision for credit losses was $1.1 million for the third quarter of 2025, in line with the prior quarter. The provision was largely due to growth in commercial loan balances, a decline in modeled prepayment speeds, and smaller adjustments in other model inputs, partially offset by slight improvements in Federal Open Market Committee (FOMC) forecasts used in modeling. A decrease in net charge-offs compared to the prior quarter did not have a significant impact on the change in provision expense for the current quarter.

Non-Interest Income:

Non-interest income for the third quarter of 2025 totaled $6.1 million, compared to a loss of $10.7 million for the prior quarter. The Corporation recognized a pre-tax loss of $17.5 million on the sale of a portion of its available for sale securities portfolio in the second quarter of 2025. Recurring non-interest income (see Non-GAAP reconciliations) for the current quarter, which excludes the loss on the sale of available for sale securities and a gain on the sale of a previous branch property during the prior quarter, was consistent with the prior quarter. Major line items comprising non-interest income for the current quarter were each consistent with the prior quarter.

As previously disclosed, the loss recognized on the sale of available for sale securities was a major component of the Corporation's strategic balance sheet repositioning efforts and included the sale of securities with a total book value of $244.8 million in the prior quarter. Securities sold included all the Corporation's U.S. Treasury and SBA pooled-loan securities, as well as portions of the Corporation's mortgage-backed securities and municipal bonds. The pre-tax loss represented 7.1% of the book value of securities sold. The Corporation also recognized a gain of $0.6 million on the sale of its previously disclosed held for sale branch property in Ithaca, New York during the prior quarter, with the operations of the branch having been consolidated into a nearby branch during 2024.

Non-Interest Expense:

Non-interest expense for the third quarter of 2025 totaled $17.6 million, compared to $17.8 million for the prior quarter, a decrease of $0.2 million, or 1.1%, driven by decreases across expense line items, including decreases of $0.2 million in professional services and $0.1 million in each of marketing and advertising, FDIC insurance, and other non-interest expense, partially offset by increases of $0.3 million in salaries and wages and $0.2 million in pension and other employee benefits.

Professional services decreased largely due to a decrease in tax-related services for the Corporation's Wealth Management Group compared to the prior quarter. Marketing and advertising decreased largely due to a decrease in digital advertising expenses due to the end of certain promotional campaigns which were active throughout the first half of 2025. FDIC insurance decreased compared to the prior quarter as a result of favorable changes in metrics used to determine assessment rates, including favorable changes in credit metrics. The decrease in other non-interest expense was mainly due to recoveries of non-loan charge-offs from prior periods and a higher level of non-loan charge-offs in the prior quarter, compared to the current quarter. Salaries and wages increased due to an increase in performance-based compensation in the current quarter, compared to the prior quarter, and recognition of expense on the accelerated vesting of restricted stock grants for employees retiring during the current quarter. Pension and other employee benefits increased largely due to an increase in employee healthcare-related expenses compared to the prior quarter.

Income Tax Expense:

Income tax expense for the third quarter of 2025 was $2.3 million, compared to a tax benefit of $2.4 million for the prior quarter, an increase of $4.7 million. The increase in income tax expense was primarily due to the net loss on the Corporation's sale of available for sale securities in the second quarter of 2025.

3rd Quarter 2025 vs 3rd Quarter 2024

Net Interest Income:

Net interest income for the third quarter of 2025 totaled $22.7 million, compared to $18.4 million for the same period in the prior year, an increase of $4.3 million, or 23.4%, driven by increases of $2.4 million in interest income on loans and $0.7 million in interest income on interest-earning deposits, and a decrease of $2.8 million in interest expense on deposits, partially offset by a decrease of $1.4 million in interest income on taxable securities.

Interest income on loans increased largely due to an increase of $151.4 million in average balances of total loans compared to the same period in the prior year, as well as an increase of three basis points in the average yield on total loans compared to the same period in the prior year. The increase in average balances of total loans was concentrated in commercial loans, which increased $183.3 million compared to the same period in the prior year, largely comprised of growth in commercial real estate, particularly in the Corporation's Capital region and Western New York markets. The average yield on commercial loans decreased seven basis points compared to the same period in the prior year, largely due to declines in benchmark interest rates on existing variable rate loans, the lower market interest rate environment for new originations, and $0.2 million in interest income recognized on the payoff of a nonaccrual commercial real estate loan in the third quarter of 2024.

Average balances of residential mortgage loans increased $4.3 million and the average yield on residential mortgage loans increased 41 basis points, each compared to the same period in the prior year. The increase in average balances of residential mortgage loans was largely due to stronger origination activity year-to-date in 2025 compared to the same period in the prior year, however originations remain below typical historical levels. The increase in the average yield on residential mortgage loans was largely due to the higher interest rate environment resulting in origination yields which exceed the portfolio's average yield, as well as the recognition of interest income on the payoff of a previously nonaccrual loan and deferred fee income on early payoffs during the current period. Average balances of consumer loans decreased $36.2 million, while the average yield on consumer loans increased five basis points compared to the same period in the prior year. The decrease in average balances was largely due to normal portfolio turnover and lower origination activity in the indirect auto portfolio segment, as the Corporation has continued prioritizing funding other types of lending during the past year, and the increase in the average yield on consumer loans was primarily due to portfolio turnover in the indirect auto portfolio as older, lower-yielding balances were replaced by higher-yielding balances. The increase in average yield on consumer loans was partially offset by lower yields on originations of promotional home equity lines of credit and the impact of declines in benchmark interest rates, such as the Prime rate, over the past year on variable rate home equity loans and lines.

Interest income on interest-earning deposits increased largely due to an increase of $64.3 million in average balances of interest-earning deposits, despite a decrease of 50 basis points in the average yield on interest-earning deposits, each compared to the same period in the prior year. Average balances of interest-earning deposits increased primarily due to proceeds from the Corporation's sale of available for sale securities and issuance of subordinated debt in the second quarter of 2025, net of payoffs of wholesale funding sources in the third quarter of 2025 and funding of commercial loan growth. The decrease in the average yield on interest-earning deposits was largely due to a decrease in the Federal Funds Target Range Upper Limit of 125 basis points between the third quarter of 2024 and third quarter of 2025. Deposits held at the FRBNY receive interest at a rate 10 basis points below the Federal Funds Target Range Upper Limit.

Interest expense on deposits decreased mainly due to decreases of $58.7 million in average balances of brokered deposits and $47.0 million in average balances of customer time deposits, as well as decreases of 104 and 88 basis points in the average cost of brokered deposits and customer time deposits, respectively, compared to the same period in the prior year. Average balances of brokered deposits decreased due to the Corporation's payoff of all outstanding balances of brokered deposits during July 2025 as part of its balance sheet repositioning efforts. The decrease in the average cost of brokered deposits compared to the same period in the prior year was largely due to the declining interest rate environment, which the Corporation benefited from by largely utilizing brokered deposits with terms of three months or less. Average balances and the average cost of customer time deposits each decreased largely due to changes in the Corporation's promotional CD campaign offerings over the past year, including a shift in strategic focus beginning in 2024 toward shorter-term offerings to take advantage of the declining interest rate environment. Average balances of customer time deposits decreased to 21.7% of total average deposits in the third quarter of 2025 from 23.0% in the third quarter of 2024.

Including customer time deposits, average balances of total interest-bearing customer deposits decreased $25.6 million, compared to the same period in the prior year and the average cost of customer interest-bearing deposits decreased 44 basis points, compared to the same period in the prior year. Combined, these changes resulted in a decrease of 52 basis points in the average cost of interest-bearing deposits compared to the same period in the prior year, from 2.88% in the third quarter of 2024 to 2.36% in the third quarter of 2025. Additionally, average balances of non-interest bearing deposits increased $17.2 million compared to the same period in the prior year. The deposit beta on total deposits was 34% between the third quarters of 2024 and 2025.

Interest income on taxable securities decreased largely due to a decrease of $271.3 million in average balances of taxable securities, as well as a decrease of four basis points in the average yield on taxable securities, both compared to the same period in the prior year. The decrease in average balances was mainly attributable to $244.8 million in sales of available for sale securities during the second quarter of 2025 as part of the Corporation's balance sheet repositioning efforts and normal paydown activity between the third quarters of 2024 and 2025. The decrease in the average yield on taxable securities was primarily due to the average yield of securities sold in the second quarter of 2025 being higher than the overall average yield on the portfolio at the time of the sale.

Fully taxable equivalent net interest margin was 3.45% for the third quarter of 2025, compared to 2.72% for the same period in the prior year. Average interest-earning assets decreased $82.3 million, while average interest-bearing liabilities decreased $104.7 million, compared to the same period in the prior year, both primarily due to the net impact of the Corporation's balance sheet repositioning efforts. The average yield on interest-earning assets increased 37 basis points to 5.15%, while the average cost of interest-bearing liabilities decreased 46 basis points to 2.51%, compared to the same period in the prior year. Total cost of funds was 1.85% for the current quarter, compared to 2.24% for the same period in the prior year, a decrease of 39 basis points.

Provision for Credit Losses:

Provision for credit losses was $1.1 million for the third quarter of 2025, compared to $0.6 million for the same period in the prior year, an increase of $0.5 million. The increase was mostly due to stronger loan growth in the third quarter of 2025, which totaled $69.9 million, compared to loan growth of $17.5 million for the same period in the prior year, and adjustments to model inputs between the third quarters of 2024 and 2025.

Non-Interest Income:

Non-interest income for the third quarter of 2025 was $6.1 million, compared to $5.9 million for the same period in the prior year, an increase of $0.2 million, or 3.4%, driven by increases of $0.1 million in each of other non-interest income and service charges on deposits.

Other non-interest income increased mainly due to an increase in interest rate swap fees, reflecting an increase in originations of loans with interest rate swap exposures in the third quarter of 2025, compared to the same period in the prior year, as well as an increase in commission income attributable to the Corporation's CFS Group. Service charges on deposit accounts increased largely due to fee schedule increases which were phased in during the fourth quarter of 2024.

Non-Interest Expense:

Non-interest expense for the third quarter of 2025 was $17.6 million, compared to $16.5 million for the same period in the prior year, an increase of $1.1 million, or 6.7%, driven by increases of $0.8 million in salaries and wages and $0.7 million in pension and other employee benefits, partially offset by decreases of $0.2 million in FDIC insurance and $0.1 million in each of other non-interest expense and loan expense.

Salaries and wages increased largely due to an increase in base salaries, which included staffing in the Corporation's Western New York Canal Bank division, consisting of additional lending, branch, and wealth management personnel. Also contributing to the increase were merit-based salary increases for existing employees. Pension and employee benefits increased largely due to an increase in employee healthcare-related expenses compared to the same period in the prior year. FDIC insurance decreased largely due to favorable changes in metrics used to determine assessment rates. Other non-interest expense decreased due to decreases across a number of expense categories included in the line item. Loan expense decreased largely due to decreases in legal expenses compared to the same period in the prior year.

Income Tax Expense:

Income tax expense for the third quarter of 2025 was $2.3 million, compared to $1.5 million for the same period in the prior year, an increase of $0.8 million. The effective tax rate for the current quarter increased to 22.6%, compared to 20.9% for the same period in the prior year. The increase in income tax expense was primarily due to an increase in pretax income.

Asset Quality

Non-performing loans totaled $7.8 million as of September 30, 2025, or 0.35% of total loans, compared to $9.0 million, or 0.43% of total loans as of December 31, 2024. The decrease in non-performing loans was largely due to commercial payoff, paydown, and charge-off activity during the first nine months of 2025. There were $2.2 million in paydowns and payoffs of non-performing commercial loans in the first nine months of 2025, including the payoff of a $1.0 million multifamily commercial mortgage and payoffs of three other commercial mortgages with balances at payoff of at least $0.1 million. Additionally, $0.8 million in non-performing commercial and industrial loan balances were charged off in the first nine months of 2025, nearly all of which was charged off in the second quarter. These decreases were partially offset by $0.4 million in commercial loan balances added to non-performing loans in the first nine months of 2025. Retail non-performing loans increased $1.4 million compared to December 31, 2024, with the increase being relatively evenly distributed among residential mortgages, home equity loans and lines, and indirect auto loans. Non-performing assets, which are comprised of non-performing loans, other real estate owned, and repossessed vehicles, were $8.0 million, or 0.30% of total assets as of September 30, 2025, compared to $9.6 million, or 0.35% of total assets as of December 31, 2024. The decrease in non-performing assets was largely due to a decrease in non-performing loans. Other real estate owned decreased to $0.1 million as of September 30, 2025 from $0.4 million as of December 31, 2024, and was comprised of only one property as of September 30, 2025, while repossessed vehicles were $0.2 million as of both September 30, 2025 and December 31, 2024.

Total loan delinquencies decreased as of September 30, 2025 compared to December 31, 2024, consisting of a decrease in commercial loan delinquencies, partially offset by an increase in retail loan delinquencies. Commercial loan delinquencies, inclusive of delinquent nonaccrual loans, decreased to $3.8 million as of September 30, 2025, compared to $5.3 million as of December 31, 2024, while retail loan delinquencies increased to $7.3 million as of September 30, 2025 from $6.6 million as of December 31, 2024, largely due to increases in residential mortgage and indirect consumer loan delinquencies. Annualized net charge-offs as a percentage of total average loans for the third quarter of 2025 were 0.02%, compared to 0.19% for the second quarter of 2025, a decrease of 17 basis points. Net charge-offs experienced in the third quarter of 2025 were concentrated in the indirect auto segment of the consumer loan portfolio. Annualized consumer net charge-offs were 0.23% of average balances in the third quarter of 2025. Both commercial loans and residential mortgage loans had net recoveries in the third quarter of 2025. Annualized net charge-offs as a percentage of total average loans for the nine months ended September 30, 2025 were 0.08%, compared to 0.04% for the nine months ended September 30, 2024, an increase of four basis points, largely due to a $0.7 million commercial and industrial loan charge-off in the second quarter of 2025. Annualized commercial net charge-offs for the nine months ended September 30, 2025 were 0.06% of average balances while annualized consumer net charge-offs were 0.30% of average balances. Residential mortgage loans had net recoveries for the nine months ended September 30, 2025.

The allowance for credit losses on loans was $23.6 million as of September 30, 2025, compared to $21.4 million as of December 31, 2024. The allowance for credit losses on unfunded commitments, a component of other liabilities, was $0.5 million as of September 30, 2025 and $0.8 million as of December 31, 2024. The increase in the allowance for credit losses on loans was primarily attributable to the annual review and update to loss drivers used in the Bank's CECL model, which resulted in higher baseline loss rates for most of the Bank's portfolio segments, as well as year-to-date loan growth, concentrated in commercial real estate. Also contributing to the increase in the allowance were declines in modeled prepayment speeds and deterioration in FOMC forecasted data points for national unemployment and GDP growth, among other adjustments to model inputs. Forecasts for year-end 2025 GDP growth decreased 50 basis points compared to December 31, 2024, while forecasts for year-end 2025 unemployment increased 20 basis points compared to December 31, 2024. 2026 forecasts were increasingly important to the model as of September 30, 2025, compared to the first and second quarters of 2025. Partially offsetting an overall increase in the allowance was a $0.8 million decrease in allowance allocations on individually analyzed loans, largely due to commercial net charge-offs in the second quarter of 2025. The ratio of allowance for credit losses on loans to total loans was 1.07% as of September 30, 2025 and 1.03% as of December 31, 2024, while the allowance for credit losses on loans was 304.63% of non-performing loans as of September 30, 2025 and 238.87% as of December 31, 2024. Provision for credit losses as a percentage of period-end loan balances was 0.05% for both the second and third quarters of 2025.

Balance Sheet Activity

Total assets were $2.697 billion as of September 30, 2025, compared to $2.776 billion as of December 31, 2024, a decrease of $79.5 million, or 2.9%. This decrease was driven by the Corporation's balance sheet repositioning efforts during 2025, which included the sale of a portion of the available for sale securities portfolio, issuance of subordinated debt, and payoff of the entirety of the Corporation's wholesale funding sources. Securities available for sale decreased $250.9 million, while loans, net of deferred origination costs, increased $130.9 million and cash and cash equivalents increased $60.6 million, each compared to December 31, 2024.

Securities available for sale decreased primarily due to the Corporation's ongoing strategic balance sheet repositioning, which included the sale of available for sale securities with a market value totaling $227.3 million in the second quarter of 2025. The sale of securities included the Corporation's entire portfolio of U.S. Treasury and SBA pooled-loan securities, as well as portions of the mortgage-backed securities and municipal bonds portfolios. Also contributing to the decrease were year-to-date net paydowns and maturities on available for sale securities totaling $39.9 million, largely on mortgage-backed and SBA pooled-loan securities. Partially offsetting the overall decrease in the available for sale securities portfolio was an increase of $17.6 million in the fair value of securities, mainly due to favorable changes in interest rates compared to December 31, 2024.

Loans, net of deferred origination fees and costs increased mainly due to growth in commercial loan balances. Total commercial loan balances increased $154.7 million, or 10.2%, compared to prior year-end, comprised of increases of $145.0 million in commercial real estate balances and of $9.7 million in commercial and industrial balances. Approximately half of year-to-date commercial loan growth was attributable to the Corporation's Capital Bank division in the Albany market, while remaining growth was split between the Corporation's Canal Bank and Chemung Canal divisions in the Buffalo and Southern Tier markets, respectively. The Corporation continues to experience strong demand for commercial lending products. Residential mortgages increased $2.8 million, or 1.0%, compared to prior year-end, with overall year-to-date origination activity through September 30, 2025 increasing compared to the same period in the prior year. Consumer loans decreased $26.5 million, or 9.5%, compared to prior year-end, largely due to lower levels of indirect auto loan origination activity, and a relatively fast turnover rate in the portfolio. Indirect origination activity increased during the third quarter of 2025, compared to the first two quarters of 2025, as a result of a decrease in interest rates offered in the indirect lending program for certain higher credit tiers. The overall decrease in consumer loan balances was partially offset by an increase of $9.9 million in balances of home equity loans and lines, partially due to the Corporation's promotional efforts during 2025.

Cash and cash equivalents increased largely due to proceeds of $227.3 million from the Corporation's sale of available for sale securities in the second quarter of 2025. Additionally, proceeds from the Corporation's issuance of subordinated debt in the second quarter of 2025 also contributed to the increase in cash and cash equivalents balances. The Corporation utilized a portion of these proceeds to pay off wholesale funding which matured early in the third quarter of 2025 and fund loan growth totaling 8.4% on an annualized basis, which served as the primary offsets to the increase in total cash and cash equivalents compared to prior year-end.

Total liabilities were $2.451 billion as of September 30, 2025, compared to $2.561 billion as of December 31, 2024, a decrease of $109.5 million, or 4.3%. Similar to the decrease in total assets, this decrease was driven by the Corporation's balance sheet repositioning efforts during 2025. Advances and other debt decreased $109.4 million and total deposits decreased $38.4 million, while subordinated debt, net of deferred issuance costs, increased $44.0 million, each compared to December 31, 2024.

Advances and other debt decreased primarily due to the payoff of all the Corporation's wholesale funding obligations during the third quarter of 2025, which included FHLBNY term advances. Additionally, prior to their payoff, the Corporation shifted its wholesale funding mix toward short-term brokered deposits, decreasing total advances and other debt. Advances and other debt as of September 30, 2025 was comprised exclusively of finance lease liabilities totaling $3.5 million, while the composition of advances and other debt as of prior year-end was largely comprised of FHLBNY overnight advances.

Total deposits decreased $38.4 million, or 1.6%, compared to the prior year-end, largely due to a decrease in brokered deposits of $92.2 million, partially offset by an increase of $53.8 million in total customer deposits, each compared to prior year-end. The decrease in brokered deposits represents the payoff of all outstanding brokered deposits at maturity in the third quarter of 2025 using proceeds from the Corporation's sale of available for sale securities and issuance of subordinated debt. The increase in total customer deposits was attributable to increases of $57.2 million in money market deposits, $49.7 million in interest-bearing demand deposits, and $7.5 million in non-interest bearing demand deposits, partially offset by decreases of $46.9 million in customer time deposits and $13.6 million in savings deposits.

Both the increases in money market deposits and interest-bearing demand deposits were mainly attributable to seasonal inflows of municipal deposits, as well as net inflows of commercial client deposits compared to prior year-end. The increase in non-interest bearing demand deposits was primarily due to net inflows from both individuals and commercial clients compared to prior year-end. Non interest-bearing deposits comprised 26.8% and 26.1% of total deposits as of September 30, 2025 and December 31, 2024, respectively, largely the result of a decrease in brokered deposits compared to prior year-end. The decrease in customer time deposits was largely due to maturities of previous CD campaign offerings which were not renewed. In 2025, the Corporation has focused on shorter-duration CD campaigns and has reduced interest rates on campaign offerings since prior year-end. The Corporation's reliance on growth in time deposit balances to fund asset growth declined year-to-date during 2025 as a result of strengthened liquidity from the net proceeds of the Corporation's balance sheet repositioning, as well as increases in other deposit account types.

Subordinated debt, net of deferred issuance costs, increased due to the issuance of $45.0 million in 7.75% fixed-to-floating rate notes in June 2025 in a private offering. There were $1.0 million in deferred issuance costs associated with the offering. The subordinated debt qualifies as tier 2 capital at the holding company and tier 1 capital at the Bank. Of the $45.0 million in subordinated debt issued, $37.0 million was downstreamed to the Bank, qualifying as tier 1 capital. The notes carry an original term of ten years and are redeemable by the Corporation beginning in June 2030, and beginning in June 2030 will float based on the then current Three-Month Term SOFR, plus 415 basis points. Further details regarding the offering can be found in the Corporation's Form 8-K filed with the Securities and Exchange Commission on June 10, 2025.

Total shareholders’ equity was $245.3 million as of September 30, 2025, compared to $215.3 million as of December 31, 2024, an increase of $30.0 million, or 13.9%, driven by a decrease of $26.0 million in accumulated other comprehensive loss and an increase of $2.7 million in retained earnings. The decrease in accumulated other comprehensive loss was largely due to the reclassification of a portion of losses attributable to the available for sale securities portfolio into current period earnings, due to the Corporation's sale of available for sale securities in the second quarter of 2025, as well as an increase in the fair value of securities available for sale, primarily due to favorable changes in market interest rates. The increase in retained earnings was mainly due to net income for the nine months ended September 30, 2025, totaling $7.4 million, which is inclusive of a $13.2 million loss on the sale of available for sale securities in the second quarter of 2025, net of tax impacts, partially offset by dividends declared of $4.7 million during the nine months ended September 30, 2025.

The total equity to total assets ratio was 9.10% as of September 30, 2025, compared to 7.76% as of December 31, 2024, and the tangible equity to tangible assets ratio was 8.36% as of September 30, 2025, compared to 7.02% as of December 31, 2024.1 Book value per share and tangible book value per share increased to $50.98 and $46.44, respectively, as of September 30, 2025, from $45.13 and $40.55, respectively, as of December 31, 2024.1 The Corporation's sale of securities available for sale did not impact book value per share or tangible book value per share. As of September 30, 2025, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.

1 See the GAAP to Non-GAAP reconciliations

Liquidity

The Corporation uses a variety of resources to manage its liquidity, and management believes it has the necessary liquidity to allow for flexibility in meeting its various operational and strategic needs. These include short-term investments, cash flow from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits of $250,000 or greater, brokered deposits, FHLBNY overnight and term advances, and FRB advances. Borrowings may be used on a short-term basis for liquidity purposes or on a long-term basis to fund asset growth.

As of September 30, 2025, the Corporation's cash and cash equivalents balance was $107.6 million, largely consisting of remaining proceeds from the Corporation's sale of a portion of its available for sale securities portfolio and subordinated debt issuance in the second quarter of 2025. The Corporation continues to maintain an investment portfolio of securities available for sale, consisting of government-sponsored entity mortgage-backed securities, municipal bonds, and corporate bonds. Although this portfolio generates interest income for the Corporation, it also serves as an available source of liquidity and capital if needed.

As of September 30, 2025, the Corporation's investment in securities available for sale was $280.5 million, $68.4 million of which was not pledged as collateral. Additionally, as of September 30, 2025, the Bank's total advance line capacity at the Federal Home Loan Bank of New York was $169.7 million, all of which was available as of September 30, 2025.

As of September 30, 2025, uninsured deposits totaled $740.4 million, or 31.4% of total deposits, including $204.9 million of municipal deposits collateralized by pledged assets, when required. As of December 31, 2024, uninsured deposits totaled $652.3 million, or 27.2% of total deposits, including $145.6 million of municipal deposits collateralized by pledged assets, when required. Due to their fluidity, the Corporation closely monitors uninsured deposit levels when considering liquidity management strategies.

The Corporation had no outstanding brokered deposits as of September 30, 2025, following the maturity of $100.0 million in early July 2025. As part of its strategic balance sheet repositioning, the Corporation did not replace the brokered deposits, reflecting its efforts to reduce reliance on higher cost wholesale funding sources. The Corporation may use brokered deposits in the future either as a secondary source 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 $2.393 billion as of September 30, 2025, including $335.2 million of assets under management or administration for the Corporation, compared to $2.212 billion as of December 31, 2024, including $301.9 million of assets under management or administration for the Corporation, an increase of $180.6 million, or 8.1%. Excluding assets under management or administration for the Corporation, total market value of Wealth Management Group assets increased $147.3 million, or 7.9%, largely due to improvements in financial markets during 2025.

As previously announced on January 8, 2021, the Corporation's Board of Directors approved a stock repurchase program. Under the repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its then outstanding shares. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. As of September 30, 2025, 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 third quarter of 2025. The weighted average cost was $40.42 per share repurchased. Remaining buyback authority under the share repurchase program was 200,816 shares as of September 30, 2025.

About Chemung Financial Corporation

Chemung Financial Corporation is a $2.7 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services, and insurance.

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

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." The Corporation cannot guarantee that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends.

Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2024 Annual Report on Form 10-K. These filings are available publicly on the SEC's website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.

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)
  Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
(in thousands)  2025   2025   2025   2024   2024 
ASSETS          
Cash and due from financial institutions $32,445  $35,825  $32,087  $26,224  $36,247 
Interest-earning deposits in other financial institutions  75,201   284,226   21,348   20,811   44,193 
Total cash and cash equivalents  107,646   320,051   53,435   47,035   80,440 
           
Equity investments  3,616   3,387   3,249   3,235   3,244 
           
Securities available for sale  280,514   287,335   528,327   531,442   554,575 
Securities held to maturity  680   680   808   808   657 
FHLB and FRB stock, at cost  5,524   6,826   8,040   9,117   4,189 
Total investment securities  286,718   294,841   537,175   541,367   559,421 
           
Commercial  1,671,261   1,591,999   1,555,988   1,516,525   1,464,205 
Residential mortgage  277,729   278,221   275,448   274,979   274,099 
Consumer  253,366   262,194   266,200   279,915   290,650 
Loans, net of deferred loan fees  2,202,356   2,132,414   2,097,636   2,071,419   2,028,954 
Allowance for credit losses  (23,645)  (22,665)  (22,522)  (21,388)  (21,441)
Loans, net  2,178,711   2,109,749   2,075,114   2,050,031   2,007,513 
           
Loans held for sale  3,075   2,212   284   —   — 
Premises and equipment, net  15,376   15,438   16,222   16,375   14,915 
Operating lease right-of-use assets  4,943   5,139   5,332   5,446   5,637 
Goodwill  21,824   21,824   21,824   21,824   21,824 
Accrued interest receivable and other assets  74,725   79,847   84,090   90,834   81,221 
Total assets $2,696,634  $2,852,488  $2,796,725  $2,776,147  $2,774,215 
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Deposits:          
Non interest-bearing demand deposits $633,216  $624,389  $619,645  $625,762  $616,126 
Interest-bearing demand deposits  356,271   348,169   339,790   306,536   349,383 
Money market deposits  652,289   639,706   625,505   595,123   630,870 
Savings deposits  231,905   238,228   249,541   245,550   242,911 
Time deposits  484,835   618,470   598,915   623,912   611,831 
Total deposits  2,358,516   2,468,962   2,433,396   2,396,883   2,451,121 
           
Advances and other debt  3,530   58,616   88,701   112,889   53,757 
Subordinated debt, net of deferred issuance costs  44,002   44,146   —   —   — 
Operating lease liabilities  5,124   5,319   5,516   5,629   5,820 
Accrued interest payable and other liabilities  40,154   40,479   40,806   45,437   42,863 
Total liabilities  2,451,326   2,617,522   2,568,419   2,560,838   2,553,561 
           
Shareholders' equity          
Common stock  53   53   53   53   53 
Additional paid-in capital  49,027   48,502   48,157   48,783   48,457 
Retained earnings  250,373   244,211   252,195   247,705   243,266 
Treasury stock, at cost  (15,069)  (15,095)  (15,180)  (16,167)  (15,987)
Accumulated other comprehensive loss  (39,076)  (42,705)  (56,919)  (65,065)  (55,135)
Total shareholders' equity  245,308   234,966   228,306   215,309   220,654 
Total liabilities and shareholders' equity $2,696,634  $2,852,488  $2,796,725  $2,776,147  $2,774,215 
           
Period-end shares outstanding  4,812   4,810   4,807   4,771   4,774 


Chemung Financial Corporation
Consolidated Statements of Income (Unaudited)
  Three Months Ended
September 30,		 Percent Change
 Nine Months Ended
September 30,		 Percent Change
(in thousands, except per share data)  2025   2024    2025   2024  
Interest and dividend income:            
Loans, including fees $31,033  $28,611  8.5  $88,567  $83,323  6.3 
Taxable securities  1,653   3,060  (46.0)  7,206   9,868  (27.0)
Tax exempt securities  80   250  (68.0)  545   762  (28.5)
Interest-earning deposits  1,118   441  153.5   2,298   1,014  126.6 
Total interest and dividend income  33,884   32,362  4.7   98,616   94,967  3.8 
             
Interest expense:            
Deposits  10,171   13,005  (21.8)  32,403   37,861  (14.4)
Borrowed funds  1,025   969  5.8   2,900   2,868  1.1 
Total interest expense  11,196   13,974  (19.9)  35,303   40,729  (13.3)
             
Net interest income  22,688   18,388  23.4   63,313   54,238  16.7 
Provision (credit) for credit losses  1,064   564  88.7   3,301   (597) 652.9 
Net interest income after provision for credit losses  21,624   17,824  21.3   60,012   54,835  9.4 
             
Non-interest income:            
Wealth management group fee income  2,967   2,991  (0.8)  8,827   8,554  3.2 
Service charges on deposit accounts  1,094   1,016  7.7   3,328   2,929  13.6 
Interchange revenue from debit card transactions  1,073   1,123  (4.5)  3,220   3,327  (3.2)
Net gains (losses) on securities transactions  —   —  N/M  (17,498)  —  N/M
Change in fair value of equity investments  136   118  15.3   197   233  (15.5)
Net gains on sales of loans held for sale  78   91  (14.3)  169   162  4.3 
Net gains (losses) on sales of other real estate owned  —   (19) 100.0   (8)  (22) 63.6 
Income from bank owned life insurance  8   10  (20.0)  24   29  (17.2)
Other  732   589  24.3   3,013   1,962  53.6 
Total non-interest income  6,088   5,919  2.9   1,272   17,174  (92.6)
             
Non-interest expense:            
Salaries and wages  7,925   7,168  10.6   22,713   21,007  8.1 
Pension and other employee benefits  2,298   1,627  41.2   6,332   5,787  9.4 
Other components of net periodic pension and postretirement benefits  (113)  (227) 50.2   (339)  (691) 50.9 
Net occupancy  1,371   1,422  (3.6)  4,335   4,360  (0.6)
Furniture and equipment  399   402  (0.7)  1,227   1,197  2.5 
Data processing  2,534   2,567  (1.3)  7,631   7,437  2.6 
Professional services  636   522  21.8   2,079   1,639  26.8 
Marketing and advertising  203   210  (3.3)  893   943  (5.3)
Other real estate owned expense  8   55  (85.5)  22   116  (81.0)
FDIC insurance  352   524  (32.8)  1,225   1,617  (24.2)
Loan expense  262   353  (25.8)  836   808  3.5 
Other  1,770   1,887  (6.2)  5,387   5,207  3.5 
Total non-interest expense  17,645   16,510  6.9   52,341   49,427  5.9 
                       
Income before income tax expense  10,067   7,233  39.2   8,943   22,582  (60.4)
Income tax expense  2,275   1,513  50.4   1,580   4,825  (67.3)
Net income $7,792  $5,720  36.2  $7,363  $17,757  (58.5)
             
Basic and diluted earnings per share $1.62  $1.19    $1.53  $3.72   
Cash dividends declared per share $0.34  $0.31    $0.98  $0.93   
Average basic and diluted shares outstanding  4,811   4,773     4,802   4,769   
             
N/M - Not Meaningful            


Chemung Financial Corporation As of or for the Three Months Ended As of or for the
Nine Months Ended
Consolidated Financial Highlights (Unaudited) Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
(in thousands, except per share data)  2025   2025   2025   2024   2024   2025   2024 
RESULTS OF OPERATIONS              
Interest income $33,884  $33,034  $31,698  $32,597  $32,362  $98,616  $94,967 
Interest expense  11,196   12,226   11,881   12,776   13,974   35,303   40,729 
Net interest income  22,688   20,808   19,817   19,821   18,388   63,313   54,238 
Provision (credit) for credit losses  1,064   1,145   1,092   551   564   3,301   (597)
Net interest income after provision for credit losses  21,624   19,663   18,725   19,270   17,824   60,012   54,835 
Non-interest income  6,088   (10,705)  5,889   6,056   5,919   1,272   17,174 
Non-interest expense  17,645   17,769   16,927   17,823   16,510   52,341   49,427 
Income before income tax expense  10,067   (8,811)  7,687   7,503   7,233   8,943   22,582 
Income tax expense  2,275   (2,359)  1,664   1,589   1,513   1,580   4,825 
Net income $7,792  $(6,452) $6,023  $5,914  $5,720  $7,363  $17,757 
               
Basic and diluted earnings per share $1.62  $(1.35) $1.26  $1.24  $1.19  $1.53  $3.72 
Average basic and diluted shares outstanding  4,811   4,808   4,791   4,774   4,773   4,802   4,769 
PERFORMANCE RATIOS              
Return on average assets  1.15%  (0.92%)  0.88%  0.85%  0.83%  0.36%  0.87%
Return on average equity  12.89%  (11.29%)  10.96%  10.73%  10.81%  4.27%  11.82%
Return on average tangible equity (a)  14.18%  (12.48%)  12.15%  11.92%  12.07%  4.71%  13.27%
Efficiency ratio (unadjusted) (e)  61.32%  175.88%  65.85%  68.88%  67.92%  81.04%  69.21%
Efficiency ratio (adjusted) (a)  61.18%  65.69%  65.64%  68.64%  67.69%  64.08%  68.97%
Non-interest expense to average assets  2.61%  2.54%  2.47%  2.57%  2.39%  2.54%  2.41%
Loans to deposits  93.38%  86.37%  86.20%  86.42%  82.78%  93.38%  82.78%
YIELDS / RATES - Fully Taxable Equivalent              
Yield on loans  5.68%  5.61%  5.49%  5.61%  5.65%  5.60%  5.56%
Yield on investments  2.55%  2.27%  2.26%  2.29%  2.21%  2.34%  2.28%
Yield on interest-earning assets  5.15%  4.83%  4.72%  4.79%  4.78%  4.90%  4.72%
Cost of interest-bearing deposits  2.36%  2.45%  2.48%  2.67%  2.88%  2.43%  2.83%
Cost of borrowings  7.33%  4.90%  4.54%  4.74%  5.08%  5.43%  5.09%
Cost of interest-bearing liabilities  2.51%  2.57%  2.55%  2.73%  2.97%  2.55%  2.92%
Cost of funds  1.85%  1.94%  1.92%  2.04%  2.24%  1.90%  2.19%
Interest rate spread  2.64%  2.26%  2.17%  2.06%  1.81%  2.35%  1.80%
Net interest margin, fully taxable equivalent  3.45%  3.05%  2.96%  2.92%  2.72%  3.15%  2.70%
CAPITAL              
Total equity to total assets at end of period  9.10%  8.24%  8.16%  7.76%  7.95%  9.10%  7.95%
Tangible equity to tangible assets at end of period (a)  8.36%  7.53%  7.44%  7.02%  7.22%  8.36%  7.22%
Book value per share $50.98  $48.85  $47.49  $45.13  $46.22  $50.98  $46.22 
Tangible book value per share (a)  46.44   44.31   42.95   40.55   41.65   46.44   41.65 
Period-end market value per share  52.52   48.47   47.57   48.81   48.02   52.52   48.02 
Dividends declared per share  0.34   0.32   0.32   0.31   0.31   0.98   0.93 
AVERAGE BALANCES              
Loans and loans held for sale (b) $2,171,673  $2,108,557  $2,077,739  $2,046,270  $2,020,280  $2,119,666  $2,006,479 
Interest-earning assets  2,617,680   2,749,856   2,729,661   2,711,995   2,699,968   2,698,654   2,693,499 
Total assets  2,684,273   2,802,226   2,784,414   2,761,875   2,751,392   2,756,604   2,738,962 
Deposits  2,343,596   2,432,713   2,445,597   2,446,662   2,410,735   2,406,929   2,410,706 
Total equity  239,836   229,161   222,802   219,254   210,421   230,662   200,588 
Tangible equity (a)  218,012   207,337   200,978   197,430   188,597   208,838   178,764 
ASSET QUALITY              
Net charge-offs $86  $992  $262  $594  $78  $1,340  $566 
Non-performing loans (c)  7,762   8,237   9,881   8,954   10,545   7,762   10,545 
Non-performing assets (d)  7,972   8,447   10,282   9,606   11,134   7,972   11,134 
Allowance for credit losses  23,645   22,665   22,522   21,388   21,441   23,645   21,441 
Annualized net charge-offs to average loans 0.02%  0.19%  0.05%  0.12%  0.02%  0.08%  0.04%
Non-performing loans to total loans  0.35%  0.39%  0.47%  0.43%  0.52%  0.35%  0.52%
Non-performing assets to total assets  0.30%  0.30%  0.37%  0.35%  0.40%  0.30%  0.40%
Allowance for credit losses to total loans  1.07%  1.06%  1.07%  1.03%  1.06%  1.07%  1.06%
Allowance for credit losses to non-performing loans 304.63%  275.16%  227.93%  238.87%  203.33%  304.63%  203.33%
               
(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
September 30, 2025		 Three Months Ended
September 30, 2024		 Three Months Ended
September 30, 2025 vs. 2024
(in thousands) Average Balance Interest Yield / Rate Average Balance Interest Yield / Rate Total Change Due to Volume Due to Rate
                   
Interest-earning assets:                  
Commercial loans $1,636,743  $24,383  5.91% $1,453,418  $21,854  5.98% $2,529  $2,783  $(254)
Residential mortgage loans  277,682   3,063  4.38%  273,374   2,713  3.97%  350   46   304 
Consumer loans  257,248   3,638  5.61%  293,488   4,102  5.56%  (464)  (501)  37 
Taxable securities  334,290   1,656  1.97%  605,631   3,063  2.01%  (1,407)  (1,347)  (60)
Tax-exempt securities  11,864   93  3.11%  38,537   272  2.81%  (179)  (205)  26 
Interest-earning deposits  99,853   1,118  4.44%  35,520   441  4.94%  677   726   (49)
Total interest-earning assets  2,617,680   33,951  5.15%  2,699,968   32,445  4.78%  1,506   1,502   4 
                   
Non interest-earning assets:                  
Cash and due from banks  26,580       25,086           
Other assets  62,923       47,571           
Allowance for credit losses  (22,910)      (21,233)          
Total assets $2,684,273      $2,751,392           
                   
Interest-bearing liabilities:                  
Interest-bearing checking $326,464  $1,287  1.56% $311,406  $1,445  1.85% $(158) $70  $(228)
Savings and money market  870,958   4,376  1.99%  864,541   4,607  2.12%  (231)  36   (267)
Time deposits  507,557   4,429  3.46%  554,605   6,056  4.34%  (1,627)  (480)  (1,147)
Brokered deposits  7,174   79  4.37%  65,913   897  5.41%  (818)  (673)  (145)
FHLBNY overnight advances  23   —  —%  541   7  5.06%  (7)  (4)  (3)
Term advances and other debt  11,331   127  4.45%  75,305   962  5.08%  (835)  (728)  (107)
Subordinated debt  44,105   898  8.08%  —   —  N/A  898   898   — 
Total interest-bearing liabilities  1,767,612   11,196  2.51%  1,872,311   13,974  2.97%  (2,778)  (881)  (1,897)
                   
Non interest-bearing liabilities:                  
Demand deposits  631,443       614,270           
Other liabilities  45,382       54,390           
Total liabilities  2,444,437       2,540,971           
Shareholders' equity  239,836       210,421           
Total liabilities and shareholders' equity $2,684,273      $2,751,392           
                   
Fully taxable equivalent net interest income    22,755       18,471    $4,284  $2,383  $1,901 
Net interest rate spread (1)     2.64%     1.81%      
Net interest margin, fully taxable equivalent (2)     3.45%     2.72%      
Taxable equivalent adjustment    (67)      (83)        
Net interest income   $22,688      $18,388         
                   
(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)
                   
  Nine Months Ended
September 30, 2025		 Nine Months Ended
September 30, 2024		 Nine Months Ended
September 30, 2025 vs. 2024
  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 $1,578,397  $68,988  5.84% $1,433,224  $63,501  5.92% $5,487  $6,355  $(868)
Residential mortgage loans  276,540   8,611  4.16%  274,834   7,879  3.82%  732   48   684 
Consumer loans  264,729   11,116  5.61%  298,421   12,114  5.42%  (998)  (1,409)  411 
Taxable securities  483,242   7,215  2.00%  619,657   9,877  2.13%  (2,662)  (2,084)  (578)
Tax-exempt securities  27,101   611  3.01%  39,453   830  2.81%  (219)  (275)  56 
Interest-earning deposits  68,645   2,298  4.48%  27,910   1,014  4.85%  1,284   1,367   (83)
Total interest-earning assets  2,698,654   98,839  4.90%  2,693,499   95,215  4.72%  3,624   4,002   (378)
                   
Non interest-earning assets:                  
Cash and due from banks  25,882       25,131           
Other assets  54,411       41,807           
Allowance for credit losses  (22,343)      (21,475)          
Total assets $2,756,604      $2,738,962           
                   
Interest-bearing liabilities:                  
Interest-bearing checking $332,492  $3,888  1.56% $308,318  $4,170  1.81% $(282) $315  $(597)
Savings and money market  865,917   12,479  1.93%  861,382   13,190  2.05%  (711)  69   (780)
Time deposits  513,847   13,669  3.56%  521,997   16,603  4.25%  (2,934)  (257)  (2,677)
Brokered deposits  70,560   2,367  4.49%  96,056   3,898  5.42%  (1,531)  (930)  (601)
FHLBNY overnight advances  8,319   286  4.60%  15,359   646  5.53%  (360)  (263)  (97)
Term advances and other debt  44,778   1,509  4.51%  59,584   2,222  4.98%  (713)  (517)  (196)
Subordinated debt  18,281   1,105  8.08%  —   —  N/A  1,105   1,105   — 
Total interest-bearing liabilities  1,854,194   35,303  2.55%  1,862,696   40,729  2.92%  (5,426)  (478)  (4,948)
                   
Non interest-bearing liabilities:                  
Demand deposits  624,113       622,953           
Other liabilities  47,635       52,725           
Total liabilities  2,525,942       2,538,374           
Shareholders' equity  230,662       200,588           
Total liabilities and shareholders' equity $2,756,604      $2,738,962           
                   
Fully taxable equivalent net interest income    63,536       54,486    $9,050  $4,480  $4,570 
Net interest rate spread (1)     2.35%     1.80%      
Net interest margin, fully taxable equivalent (2)     3.15%     2.70%      
Taxable equivalent adjustment    (223)      (248)        
Net interest income   $63,313      $54,238         
                   
(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
September 30, 2025		 Three Months Ended
June 30, 2025		 Three Months Ended
September 30, 2025 vs.
June 30, 2025
  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 $1,636,743  $24,383  5.91% $1,568,239  $22,909  5.86% $1,474  $1,233  $241 
Residential mortgage loans  277,682   3,063  4.38%  276,391   2,847  4.13%  216   15   201 
Consumer loans  257,248   3,638  5.61%  263,927   3,727  5.66%  (89)  (66)  (23)
Taxable securities  334,290   1,656  1.97%  533,573   2,533  1.90%  (877)  (969)  92 
Tax-exempt securities  11,864   93  3.11%  31,967   239  3.00%  (146)  (155)  9 
Interest-earning deposits  99,853   1,118  4.44%  75,759   855  4.53%  263   280   (17)
Total interest-earning assets  2,617,680   33,951  5.15%  2,749,856   33,110  4.83%  841   338   503 
                   
Non interest-earning assets:                  
Cash and due from banks  26,580       25,005           
Other assets  62,923       49,911           
Allowance for credit losses  (22,910)      (22,546)          
Total assets $2,684,273      $2,802,226           
                   
Interest-bearing liabilities:                  
Interest-bearing checking $326,464  $1,287  1.56% $334,957  $1,297  1.55% $(10) $(21) $11 
Savings and money market  870,958   4,376  1.99%  867,723   4,237  1.96%  139   27   112 
Time deposits  507,557   4,429  3.46%  519,181   4,536  3.50%  (107)  (71)  (36)
Brokered deposits  7,174   79  4.37%  92,826   1,006  4.35%  (927)  (932)  5 
FHLBNY overnight advances  23   —  —%  4,381   50  4.58%  (50)  (25)  (25)
Term advances and other debt  11,331   127  4.45%  79,413   893  4.51%  (766)  (754)  (12)
Subordinated debt  44,105   898  8.08%  10,254   207  8.10%  691   694   (3)
Total interest-bearing liabilities  1,767,612   11,196  2.51%  1,908,735   12,226  2.57%  (1,030)  (1,082)  52 
                   
Non interest-bearing liabilities:                  
Demand deposits  631,443       618,026           
Other liabilities  45,382       46,304           
Total liabilities  2,444,437       2,573,065           
Shareholders' equity  239,836       229,161           
Total liabilities and shareholders' equity $2,684,273      $2,802,226           
                   
Fully taxable equivalent net interest income    22,755       20,884    $1,871  $1,420  $451 
Net interest rate spread (1)     2.64%     2.26%      
Net interest margin, fully taxable equivalent (2)     3.45%     3.05%      
Taxable equivalent adjustment    (67)      (76)        
Net interest income   $22,688      $20,808         
                   
(1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.
 

Chemung Financial Corporation

GAAP to Non-GAAP Reconciliations (Unaudited)

The Corporation prepares its Consolidated Financial Statements in accordance with GAAP. See the Corporation’s unaudited consolidated balance sheets and statements of income contained within this press release. That presentation provides the reader with an understanding of the Corporation’s results that can be tracked consistently from period-to-period and enables a comparison of the Corporation’s performance with other companies’ GAAP financial statements.

In addition to analyzing the Corporation’s results on a reported basis, management uses certain non-GAAP financial measures, because it believes these non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Corporation and, therefore, facilitate a comparison of the Corporation with the performance of other companies. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

The SEC has adopted Regulation G, which applies to all public disclosures, including earnings releases, made by registered companies that contain “non-GAAP financial measures.” Under Regulation G, companies making public disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the Corporation’s reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. The SEC has exempted from the definition of “non-GAAP financial measures” certain commonly used financial measures that are not based on GAAP. When these exempted measures are included in public disclosures, supplemental information is not required. The following measures used in this Report, which are commonly utilized by financial institutions, have not been specifically exempted by the SEC and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules, although we are unable to state with certainty that the SEC would so regard them.

Fully Taxable Equivalent Net Interest Income and Net Interest Margin

Net interest income is commonly presented on a tax-equivalent basis. That is, to the extent that some component of the institution's net interest income, which is presented on a before-tax basis, is exempt from taxation (e.g., is received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added to the actual before-tax net interest income total. This adjustment is considered helpful in comparing one financial institution's net interest income to that of other institutions or in analyzing any institution’s net interest income trend line over time, to correct any analytical distortion that might otherwise arise from the fact that financial institutions vary widely in the proportions of their portfolios that are invested in tax-exempt securities, and that even a single institution may significantly alter over time the proportion of its own portfolio that is invested in tax-exempt obligations. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest-earning assets. For purposes of this measure as well, fully taxable equivalent net interest income is generally used by financial institutions, as opposed to actual net interest income, again to provide a better basis of comparison from institution to institution and to better demonstrate a single institution’s performance over time. The Corporation follows these practices.

            As of or for the
  As of or for the Three Months Ended Nine Months Ended
  Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
(in thousands, except ratio data)  2025   2025   2025   2024   2024   2025   2024 
NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT              
Net interest income (GAAP) $22,688  $20,808  $19,817  $19,821  $18,388  $63,313  $54,238 
Fully taxable equivalent adjustment  67   76   80   88   83   223   248 
Fully taxable equivalent net interest income (non-GAAP) $22,755  $20,884  $19,897  $19,909  $18,471  $63,536  $54,486 
               
Average interest-earning assets (GAAP) $2,617,680  $2,749,856  $2,729,661  $2,711,995  $2,699,968  $2,698,654  $2,693,499 
               
Net interest margin - fully taxable equivalent (non-GAAP)  3.45%  3.05%  2.96%  2.92%  2.72%  3.15%  2.70%
                             

Efficiency Ratio

The unadjusted efficiency ratio is calculated as non-interest expense divided by total revenue (net interest income and non-interest income). The adjusted efficiency ratio is a non-GAAP financial measure which represents the Corporation’s ability to turn resources into revenue and is calculated as non-interest expense divided by total revenue (fully taxable equivalent net interest income and non-interest income), adjusted for one-time occurrences and amortization. This measure is meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s productivity measured by the amount of revenue generated for each dollar spent.

            As of or for the
  As of or for the Three Months Ended Nine Months Ended
  Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
(in thousands, except ratio data)  2025   2025   2025   2024   2024   2025   2024 
EFFICIENCY RATIO              
Net interest income (GAAP) $22,688  $20,808  $19,817  $19,821  $18,388  $63,313  $54,238 
Fully taxable equivalent adjustment  67   76   80   88   83   223   248 
Fully taxable equivalent net interest income (non-GAAP) $22,755  $20,884  $19,897  $19,909  $18,471  $63,536  $54,486 
               
Non-interest income (GAAP) $6,088  $(10,705) $5,889  $6,056  $5,919  $1,272  $17,174 
Less: net (gains) losses on security transactions  —   17,498   —   —   —   17,498   — 
Less: (gain) loss on sale of branch property  —   (629)  —   —   —   (629)  — 
Adjusted non-interest income (non-GAAP) $6,088  $6,164  $5,889  $6,056  $5,919  $18,141  $17,174 
               
Non-interest expense (GAAP) $17,645  $17,769  $16,927  $17,823  $16,510  $52,341  $49,427 
               
Efficiency ratio (unadjusted)  61.32%  175.88%  65.85%  68.88%  67.92%  81.04%  69.21%
Efficiency ratio (adjusted)  61.18%  65.69%  65.64%  68.64%  67.69%  64.08%  68.97%
                             

Tangible Equity and Tangible Assets (Period-End)

Tangible equity, tangible assets, and tangible book value per share are each non-GAAP financial measures. Tangible equity represents the Corporation’s stockholders’ equity, less goodwill and intangible assets. Tangible assets represents the Corporation’s total assets, less goodwill and other intangible assets. Tangible book value per share represents the Corporation’s tangible equity divided by common shares at period-end. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.

            As of or for the
  As of or for the Three Months Ended Nine Months Ended
  Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
(in thousands, except per share and ratio data)  2025   2025   2025   2024   2024   2025   2024 
TANGIBLE EQUITY AND TANGIBLE ASSETS              
(PERIOD END)              
Total shareholders' equity (GAAP) $245,308  $234,966  $228,306  $215,309  $220,654  $245,308  $220,654 
Less: intangible assets  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)
Tangible equity (non-GAAP) $223,484  $213,142  $206,482  $193,485  $198,830  $223,484  $198,830 
               
Total assets (GAAP) $2,696,634  $2,852,488  $2,796,725  $2,776,147  $2,774,215  $2,696,634  $2,774,215 
Less: intangible assets  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)
Tangible assets (non-GAAP) $2,674,810  $2,830,664  $2,774,901  $2,754,323  $2,752,391  $2,674,810  $2,752,391 
               
Total equity to total assets at end of period (GAAP)  9.10%  8.24%  8.16%  7.76%  7.95%  9.10%  7.95%
Book value per share (GAAP) $50.98  $48.85  $47.49  $45.13  $46.22  $50.98  $46.22 
               
Tangible equity to tangible assets at end of period (non-GAAP)  8.36%  7.53%  7.44%  7.02%  7.22%  8.36%  7.22%
Tangible book value per share (non-GAAP) $46.44  $44.31  $42.95  $40.55  $41.65  $46.44  $41.65 
                             

Tangible Equity (Average)

Average tangible equity and return on average tangible equity are each non-GAAP financial measures. Average tangible equity represents the Corporation’s average stockholders’ equity, less average goodwill and intangible assets for the period. Return on average tangible equity measures the Corporation’s earnings as a percentage of average tangible equity. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.

            As of or for the
  As of or for the Three Months Ended Nine Months Ended
  Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
(in thousands, except ratio data)  2025   2025   2025   2024   2024   2025   2024 
TANGIBLE EQUITY (AVERAGE)              
Total average shareholders' equity (GAAP) $239,836  $229,161  $222,802  $219,254  $210,421  $230,662  $200,588 
Less: average intangible assets  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)  (21,824)
Average tangible equity (non-GAAP) $218,012  $207,337  $200,978  $197,430  $188,597  $208,838  $178,764 
               
Return on average equity (GAAP)  12.89%  (11.29%)  10.96%  10.73%  10.81%  4.27%  11.82%
Return on average tangible equity (non-GAAP)  14.18%  (12.48%)  12.15%  11.92%  12.07%  4.71%  13.27%
                             

Adjustments for Certain Items of Income or Expense

In addition to disclosures of certain GAAP financial measures, including net income, EPS, ROA, and ROE, we may also provide comparative disclosures that adjust these GAAP financial measures for a particular period by removing from the calculation thereof the impact of certain transactions or other material items of income or expense occurring during the period, including certain nonrecurring items. The Corporation believes that the resulting non-GAAP financial measures may improve an understanding of its results of operations by separating out any such transactions or items that may have had a disproportionate positive or negative impact on the Corporation’s financial results during the particular period in question. In the Corporation’s presentation of any such non-GAAP (adjusted) financial measures not specifically discussed in the preceding paragraphs, the Corporation supplies the supplemental financial information and explanations required under Regulation G.

            As of or for the
  As of or for the Three Months Ended Nine Months Ended
  Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
(in thousands, except per share and ratio data)  2025   2025   2025   2024   2024   2025   2024 
NON-GAAP NET INCOME              
Reported net income (GAAP) $7,792  $(6,452) $6,023  $5,914  $5,720  $7,363  $17,757 
Net (gains) losses on security transactions (net of tax)  —   13,237   —   —   —   13,237   — 
Net (gain) loss on sale of branch property (net of tax)  —   (463)  —   —   —   (463)  — 
Net income (non-GAAP) $7,792  $6,322  $6,023  $5,914  $5,720  $20,137  $17,757 
               
Average basic and diluted shares outstanding  4,811   4,808   4,791   4,774   4,773   4,802   4,769 
               
Reported basic and diluted earnings per share (GAAP) $1.62  $(1.35) $1.26  $1.24  $1.19  $1.53  $3.72 
Reported return on average assets (GAAP)  1.15%  (0.92%)  0.88%  0.85%  0.83%  0.36%  0.87%
Reported return on average equity (GAAP)  12.89%  (11.29%)  10.96%  10.73%  10.81%  4.27%  11.82%
               
Basic and diluted earnings per share (non-GAAP) $1.62  $1.31  $1.26  $1.24  $1.19  $4.19  $3.72 
Return on average assets (non-GAAP)  1.15%  0.90%  0.88%  0.85%  0.83%  0.98%  0.87%
Return on average equity (non-GAAP)  12.89%  11.07%  10.96%  10.73%  10.81%  11.67%  11.82%

Category: Financial

Source: Chemung Financial Corp


FAQ

What was Chemung Financial (CHMG) net income and EPS for 3Q2025?

Chemung Financial reported $7.8M net income, or $1.62 per share, for 3Q2025.

How did CHMG net interest income and NIM change in 3Q2025?

Net interest income was $22.7M (up 9.1% QoQ) and fully taxable equivalent NIM rose to 3.45% (+40 bps QoQ).

What loan growth did Chemung Financial report in 3Q2025 for CHMG?

Year-to-date loan growth was approximately 8.4% annualized, with commercial loan growth of 13.6% annualized.

Did CHMG change its dividend in 3Q2025 and by how much?

Yes. The company increased the quarterly dividend by $0.02 per share, a 6.3% rise versus the prior quarter.

Why did CHMG non-interest income swing from a loss to a gain in 3Q2025?

3Q2025 non-interest income recovered after a $17.5M pre-tax loss on the sale of available-for-sale securities recorded in 2Q2025.

What was Chemung Financial's provision for credit losses in 3Q2025 for CHMG?

The provision for credit losses was $1.1M in 3Q2025, unchanged from the prior quarter.
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Chemung Financia

NASDAQ:CHMG

CHMG Rankings

#4144 Ranked by Market Cap
#1392 Ranked by Dividends

CHMG Latest News

Aug 19, 2025
Chemung Financial Corporation Announces Dividend Increase
Jul 17, 2025
Chemung Financial Corporation Reports Second Quarter 2025 Results
May 27, 2025
KBRA Assigns Ratings to Chemung Financial Corporation
May 22, 2025
Chemung Financial Corporation Announces Quarterly Dividend
Apr 18, 2025
Chemung Financial Corporation Reports First Quarter 2025 Net Income of $6.0 million, or $1.26 per share

CHMG Latest SEC Filings

Oct 21, 2025
[8-K] CHEMUNG FINANCIAL CORP Reports Material Event
Oct 2, 2025
[Form 4] CHEMUNG FINANCIAL CORP Insider Trading Activity
Sep 11, 2025
[8-K] Chemung Financial Corp Reports Material Event
Sep 2, 2025
[8-K] Chemung Financial Corp Reports Material Event
Aug 19, 2025
[8-K] Chemung Financial Corp Reports Material Event

CHMG Stock Data

244.86M
4.10M
13.99%
45.86%
0.57%
Banks - Regional
State Commercial Banks
Link
United States
ELMIRA

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