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.
Chemung Financial Corporation (Nasdaq: CHMG) reported a strong financial performance for 2021, achieving a net income of $26.4 million ($5.64 per share), a 37.2% increase over 2020. The fourth quarter net income reached $6.5 million ($1.38 per share), up 25% year-over-year. Key factors included organic loan growth of $89.6 million and a 5.8% rise in deposits, while non-performing loans decreased to 0.54% of total loans. Share repurchase activities involved 34,921 shares at a cost of $1.3 million. Overall, the corporation's metrics indicate a solid operational foundation amidst the ongoing pandemic challenges.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share. This dividend is scheduled for payment on January 3, 2022, to shareholders on record by the close of business on December 20, 2021. As a financial services holding company with operations totaling $2.5 billion, Chemung operates 31 offices through its subsidiary, Chemung Canal Trust Company, the oldest community bank in New York State.
Chemung Financial Corporation (CHMG) reported a net income of $6.6 million ($1.42 per share) for Q3 2021, up from $5.7 million ($1.19 per share) in Q3 2020. Deposits increased by $136 million (6.7%), while non-performing loans decreased slightly to $8.4 million. The net interest income rose to $16.8 million, a 6.1% increase attributed to higher interest on taxable securities. Total assets reached $2.4 billion, with an equity increase of 3.2% to $206.1 million. Dividends declared were $0.31 per share. The company continues to monitor the impact of COVID-19 on its operations.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.31 per share, set to be paid on October 1, 2021. Shareholders on record as of the close of business on September 17, 2021 will receive this dividend. The company, with assets of $2.5 billion, operates through Chemung Canal Trust Company, the oldest community bank in New York State, and is involved in various financial services, including mutual funds and insurance.
Chemung Financial Corporation (CHMG) reported a strong second quarter of 2021 with net income of $6.8 million, or $1.45 per share, up from $5.8 million, or $1.20 per share, in Q2 2020. This marked the highest earnings per share in the company's history. A 19.2% dividend increase to $0.31 per share was announced. Key metrics included a credit provision for loan losses of $0.2 million and a decrease in non-performing loans, totaling 0.55% of total loans. Total assets rose to $2.381 billion, with a notable increase in securities and deposits, demonstrating strong financial health.
Chemung Financial Corporation (Nasdaq: CHMG) announced a 19.2% increase in its quarterly cash dividend, raising it to $0.31 per share. The dividend will be payable on July 1, 2021, to shareholders of record as of June 17, 2021. CEO Anders M. Tomson expressed pride in the company’s strong financial results that enabled this increase, highlighting their long history of uninterrupted cash dividends.
Chemung Financial Corporation (CHMG) reported a net income of $6.5 million, or $1.39 per share, for Q1 2021, up from $2.5 million, or $0.51 per share, in Q1 2020. Key highlights include a decrease in the efficiency ratio to 62.38% and a provision credit for loan losses of $0.3 million. Non-performing loans fell to $9.3 million, comprising 0.59% of total loans. The corporation processed $75.1 million in Paycheck Protection Program loans, demonstrating solid customer support during the pandemic. Total assets reached $2.442 billion, marking a 7.2% increase from the previous quarter.
Chemung Financial Corporation (CHMG) announced a quarterly cash dividend of $0.26 per share, payable on April 1, 2021. Shareholders of record as of March 18, 2021 will receive this dividend. Based in Elmira, New York, Chemung Financial holds approximately $2.3 billion in assets and operates 30 retail offices through its subsidiary, Chemung Canal Trust Company, the oldest locally-owned community bank in New York. The company also includes CFS Group, a financial services subsidiary, and Chemung Risk Management, a captive insurance firm.
Chemung Financial Corporation (Nasdaq: CHMG) reported net income of $19.3 million for the year ended December 31, 2020, up from $15.6 million in 2019. Q4 earnings reached $5.2 million, or $1.11 per share, compared to $4.2 million, or $0.87 per share in Q4 2019. Total assets rose by 27.5% to $2.279 billion, driven by a $227.2 million increase in loans. Shareholders’ equity increased by $17.1 million. Despite challenges from COVID-19, the corporation enhanced its loan allowance due to anticipated credit losses. Non-interest income rose 5.2% to $21.1 million, while non-performing loans decreased significantly.
Chemung Financial Corporation (NASDAQ: CHMG) announced a stock repurchase program allowing for the buyback of up to 250,000 shares, approximately 5% of its outstanding shares. This initiative will commence post the release of the Corporation’s year-end earnings. Shares may be repurchased through open market or negotiated transactions at management's discretion, influenced by market conditions and financial performance. This program is subject to suspension or modification based on various factors, including alternative investment opportunities and liquidity needs.