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 Corporation reports news centered on community banking, trust services, wealth management and related financial services through Chemung Canal Trust Company and CFS Group, Inc. The company’s updates commonly cover quarterly earnings, net interest income and margin trends, loan and deposit activity, commercial lending, credit quality, and market activity across its New York footprint.
Recurring announcements also include common-stock dividends, balance sheet and securities-portfolio actions, subordinated debt and capital-management developments, investor presentations, and third-party credit ratings. Company news frequently ties operating results to Core Banking, Wealth Management, and CFS-related activities.
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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.