Welcome to our dedicated page for Chemung Financia news (Ticker: CHMG), a resource for investors and traders seeking the latest updates and insights on Chemung Financia stock.
Chemung Financial Corp (CHMG) delivers community-focused banking and wealth management services across New York and Pennsylvania. This news hub provides investors and stakeholders with timely updates on strategic initiatives, financial performance, and market developments.
Access official press releases, earnings reports, and regulatory filings alongside analysis of leadership changes, product launches, and community reinvestment programs. Our curated collection simplifies tracking CHMG's dual focus on traditional banking operations and comprehensive wealth management solutions.
Key updates include quarterly earnings calls, merger/acquisition activity, dividend declarations, and regulatory compliance milestones. Discover how CHMG's locally-driven decision-making impacts regional economic growth through small business lending and personalized financial services.
Bookmark this page for continuous access to verified information about one of America's oldest community banking institutions. Monitor CHMG's commitment to balancing historical banking values with modern wealth management strategies through our maintained news archive.
Chemung Financial Corporation (Nasdaq: CHMG) reported a net income of $7.3 million, or $1.54 per share, for Q1 2023, marking an increase from $6.9 million or $1.46 per share in Q1 2022. Key highlights include:
- Net interest income rose by 19.6% to $19.9 million.
- Loans grew by 2.4% to $44.3 million.
- Non-performing loans decreased from 0.45% to 0.41% of total loans.
- Tangible book value per share increased by 7.2% to $32.91.
Despite increasing challenges in the banking sector, the company maintains strong capital ratios and liquidity, affirming a solid market position.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share, set to be paid on April 3, 2023. Shareholders on record as of March 20, 2023 will receive this dividend. The company, based in Elmira, New York, is valued at $2.6 billion and operates through its principal subsidiary, Chemung Canal Trust Company, the oldest locally-owned community bank in New York. With a history dating back to 1833, it also has subsidiaries like CFS Group, Inc. and Chemung Risk Management, Inc..
Chemung Financial Corporation (Nasdaq: CHMG) reported record net income of $28.8 million, or $6.13 per share, for 2022, marking a 9.1% increase from 2021. The fourth quarter net income was $7.4 million, or $1.58 per share, compared to $6.5 million in Q4 2021. Loans grew by $353.6 million (23.97%), with a net interest margin of 3.05% for the year. Non-performing loans decreased to 0.45% of total loans. Non-interest income fell 10.2% year-over-year, and expenses increased by 6.5%. Total assets rose to $2.646 billion, while total equity decreased to $166.4 million.
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