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.
Chemung Financial Corporation (Nasdaq: CHMG) reported a net income of $5.8 million, or $1.20 per share, for Q2 2020, up from $5.0 million in Q2 2019. Factors contributing to this growth include increased net interest income of $15.6 million, attributed to $985 thousand in Paycheck Protection Program (PPP) fees, and effective expense management. Total assets surpassed $2.1 billion for the first time, with a significant rise in loans by 14.42%. Despite the pandemic, the Corporation successfully aided local businesses and maintained a robust liquidity position.
Chemung Financial Corporation (Nasdaq: CHMG) has declared a quarterly cash dividend of $0.26 per share. This dividend will be payable on July 1, 2020, to shareholders on record as of June 17, 2020. Headquartered in Elmira, New York, Chemung Financial operates 32 retail offices through its principal subsidiary, Chemung Canal Trust Company, which is the oldest locally-owned community bank in New York State, established in 1833. The company also includes CFS Group, Inc. and Chemung Risk Management, Inc.
Chemung Financial Corporation (Nasdaq: CHMG) reported a net income of $2.5 million, or $0.51 per share, for Q1 2020, down from $4.5 million, or $0.92 per share, in Q1 2019. This decline reflects increased provisions for loan losses due to economic impacts from COVID-19. Key highlights include a 4.3% increase in total shareholders’ equity and a rise in tangible book value per share to $34.25. However, net interest income decreased slightly, and non-interest income fell by 4%. The provision for loan losses saw a significant increase of 179% as the corporation adapts to the changing economic landscape.