Chemung Financial Q3 2026 earnings total $12.7M
Third-quarter results included $12.7 million in net income, while deposits rose 5.0% from December 31, 2025.
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Rhea-AI Filing Summary
Chemung Financial Corporation (CHMG) furnished its third-quarter 2026 investor presentation, reporting net income of $12.7 million and earnings per share of $2.63. Year-to-date net income was $30.7 million; pre-provision net revenue increased $2.8 million, or 24.9%, from the same period a year earlier. Net interest margin was 3.74%, up 7 basis points from the prior quarter.
Annualized year-to-date loan growth was 7.7%, including 11.7% commercial loan growth; total loans were $2.401 billion as of September 30, 2026. Deposits totaled $2.385 billion, up $114.6 million, or 5.0%, from December 31, 2025. The quarterly dividend increased $0.02 per share during 2026, or 5.9%, to $0.36.
As part of its balance-sheet restructuring, the company sold approximately $245 million or more of low-yielding available-for-sale securities, by book value, in June 2025 and raised $45 million of subordinated debt. It allocated proceeds to pay down higher-cost wholesale funding and support loan growth.
Positive
- Minor pointQuarterly dividend rose 5.9% to $0.36 per share during 2026.
Negative
- None.
Filing Explained
The presentation reports that Chemung Canal Trust Company completed its conversion from a New York-chartered trust company to a national bank on
8-K Event Classification
Key Figures
Key Terms
pre-provision net revenue financial
net interest margin financial
Nonaccrual financial
uninsured deposits financial
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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
| of incorporation) | Identification No.) |
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading symbol | Name of exchange on which registered | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 7.01 | Regulation FD Disclosure |
The management of Chemung Financial Corporation (the “Corporation”) intends to participate in meetings with interested parties, which may include institutional investors and others, during the fourth quarter of 2026 to discuss the Corporation’s strategies, recent performance, and trends. Anders M. Tomson, Chief Executive Officer, and Dale M. McKim III, Chief Financial Officer and Treasurer, are expected to present at such meetings.
The investor presentation prepared by the Corporation for use in these meetings is available on the Corporation’s website at www.chemungcanal.com under Investor Relations and “Investor Presentation.” Investors should note that the Corporation announces material information in Securities and Exchange Commission (the “SEC”) filings and press releases. Based on guidance from the SEC, the Corporation may also use the Investor Relations section of its corporate website, www.chemungcanal.com, to communicate with investors about the Corporation. It is possible that the information posted there could be deemed to be material information. The information on the Corporation’s website is not incorporated by reference into this Current Report on Form 8-K.
This investor presentation is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, except as shall be expressly set forth by specific reference in such filing.
The investor presentation is furnished as Exhibit 99.1 to this report.
| ITEM 9.01 | Financial Statements and Exhibits |
(d) Exhibits
Exhibit No.
| 99.1 | Third Quarter 2026 Investor Presentation | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| CHEMUNG FINANCIAL CORPORATION | ||
| November 3, 2026 | By: /s/ Dale M. McKim, III | |
| Dale M. McKim, III | ||
| Chief Financial Officer and Treasurer |
Exhibit 99.1
Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Chemung Financial Corporation With You Today 2 Anders Tomson President & Chief Executive Officer Dale McKim Executive Vice President & Chief Financial Officer
Chemung Financial Corporation Safe Harbor Statement Forward - looking Statements: This report contains forward - looking statements within the meaning of Section 27A of the Securities Act. The Corporation intends its forward - looking statements to be covered by the safe harbor provisions for forward - looking statements in these sections. 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'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, difficulties in managing the Corporation’s growth, recent bank failures, changes in FDIC assessments, public health issues, geopolitical conflicts, 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 SEC, including the discussion under the heading “Item 1A. Risk Factors” in the Corporation’s 2025 Annual Report on Form 10 - K. These filings are available publicly on the SEC’s web site at http://www.sec.gov , on the Corporation's web site 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. 3
Chemung Financial Corporation Key Takeaways 4 Third Quarter 2026 Investor Presentation Continued strength and momentum in underlying businesses Core spread - based improvement complemented by stable wealth management revenue Stable deposit base and ample liquidity Majority of deposits sourced from stable, legacy markets. Strategic balance sheet restructuring driving enhanced earnings Support growth strategies and improve funding profile. Valuable wealth management business High touch relationships with affluent clients provides dependable non - interest income stream. Solid and stable credit quality Consistently low non - performing assets and charge - offs. Contiguous geographic expansion Expansion of the franchise in higher growth markets of Albany and Buffalo.
About Us Elmira, Albany, Buffalo, NY 5
Chemung Financial Corporation Oldest locally owned and managed community bank in New York State, dating to 1833. Subsidiary bank - Chemung Canal Trust Company, N.A. - operates with 30 branches over 14 counties in New York and Pennsylvania. Operating as Capital Bank in Albany, New York market and Canal Bank in Buffalo, New York market. Trust and Wealth Management division with $2.3 bn in assets under management or administration. On October 1, approved by OCC to convert state charter in New York to national charter. Listed on NASDAQ Global Select (Ticker: CHMG) Market Capitalization of $391.3 million at September 30, 2026 About Us 6 History Operations Legal & Market 6 Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Revenue Growth ▪ Deposit initiatives focusing and enhancing growth in identified verticals. ▪ Well positioned to opportunistically acquire when operational model and pricing is right. Seeking wealth management, whole bank or branch opportunities. ▪ Continue scaling the wealth management practice, with a focus on the Western New York market. ▪ Fee and pricing discipline. Operating Efficiencies ▪ Continual evaluation of branch distribution model. ▪ Optimization of vendor contracts. ▪ Rationalization of headcount and outsourcing opportunities. ▪ Robotic Process Automation and Artificial Intelligence. Customer Experience and Brand ▪ Growth of Canal Bank brand in Western New York. ▪ Introduction of enhanced digital experience. ▪ Relationship focus. ▪ Unifying Chemung Canal with its divisions under a single name: Canal Bank & Trust, N.A. Colleagues and Community ▪ Believe and behave like a community bank. ▪ Recognized community partner within our markets. ▪ Incentive compensation plans to maintain competitiveness and drive the strategy. Core Strategies 7
Chemung Financial Corporation Third Quarter 2026 Highlights 8 EPS $2.63 Net Income $12.7 million ROAA 1.80% ROAE 18.36% Net Interest Margin 3.74% ACL - to - total loans 1.05% Non - performing loans - to - total loans 0.57% Performance Ratios 8 Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Third Quarter 2026 Highlights 9 ▪ YTD net income of $30.7 million and EPS of $6.36 ▪ QTD net income of $12.7 million and EPS of $2.63 for the third quarter ▪ QTD pre - provision net revenue increased $2.8 million, or 24.9%, compared to the same period in the prior year ▪ Net interest margin increased 7 bps quarter over quarter, from 3.67% to 3.74% ▪ Yield on interest - earning assets increased 7 bps to 5.25% ▪ Cost of funds unchanged at 1.67% ▪ Quarterly dividend increased $0.02 per share during 2026, or 5.9%, to $0.36 ▪ Completed charter conversion from New York chartered trust company to a national bank on October 1 ▪ Annualized loan growth of 7.7% YTD, including annualized commercial loan growth of 11.7% ▪ Year to date adjusted efficiency ratio was 58.83%, compared to 64.08% for the same period in the prior year, an improvement of 525 basis points. 9 Third Quarter 2026 Investor Presentation September 30, 2026 figures unaudited. Refer to the GAAP - to - Non - GAAP Reconciliation on slide 53.
Chemung Financial Corporation CHMG - Market Indicators 10 Total Shareholder Return Third Quarter 2026 Investor Presentation 103.90% 120.08% 57.33% 35.82% 77.32% 18.38% Five Year Three Year One Year Price to Tangible Book Value 1.20 1.15 1.56 1.34 1.21 1.00 1.20 1.40 1.60 2024 2025 Q3 2026 9.84 9.62 10.15 11.78 10.11 5.00 10.00 15.00 2024 2025 Q3 2026 Chemung Financial Peer Group** Price to Earnings (TTM) *Third quarter 2025 earnings figures adjusted, refer GAAP to Non - GAAP reconciliation in 2025 10 - Q filed November 6, 2025 **Peer group as defined in the Corporation’s Proxy Statement Pursuant to Section 14(a) filed April 23, 2026. Peer group data not available as of October 27, 2026 88.62% 32.03% 17.32% 49.61% 18.88% 5.55% Five Year Three Year One Year ABA NASDAQ Community Bank Index (XABQ) Chemung Financial September 30, 2026 December 31, 2025
Chemung Financial Corporation Balance Sheet Restructuring and Subordinated Debt Raise 11 Third Quarter 2026 Investor Presentation Transaction Overview: Balance Sheet Optimization ▪ Sold ~$245M+ of low yielding AFS securities (Book Value) in June 2025 ▪ Pre - Tax Loss: ~$17.5M ▪ Average Yield on Securities Sold: ~2% ▪ WAL of Securities Sold: ~3 Yrs ▪ Allocated proceeds toward: ▪ Paying down higher cost wholesale funding liabilities ▪ Funding loan growth (since June 30, 2025, grew loans by $268.6 million) Subordinated Debt ▪ Raised $45M of subordinated debt to support key capital ratios Rationale ▪ Replaced low yielding assets and run off expensive borrowings ▪ Transaction resulted in improved profitability metrics; ROAA, EPS, NIM, etc. ▪ Enhanced capital position: decreased CRE ratio and increased TCE Revamped Profitability YTD Comparatives relative to Non - GAAP YTD 2025 Healthy Capital 15.46% Total Risk Based Capital Ratio 12.50% CET1 Ratio 392% Reg. CRE Ratio $6.36 YTD 2026 EPS 1.48% YTD 2026 ROAA 3.67% YTD 2026 NIM + 50 bps + 52 bps Revitalized balance sheet is driving NIM expansion and enhanced earnings are further strengthening capital ratios 8.90% TCE Ratio 15.32% YTD 2026 ROAE + 365 bps + $2.17 *Third quarter 2025 earnings figures adjusted, refer GAAP to Non - GAAP reconciliation in 2025 10 - Q filed November 6, 2025
Chemung Financial Corporation Appendices 12 Corporate and Financial Highlights Background Page 13 Corporate Organization Markets and Share Management Team Community Loans Page 22 Loan Growth Portfolio Composition Commercial Portfolio Non - Performers Investments Page 35 Portfolio Composition Yield and Duration Fair Value and AOCI Deposits Page 39 Deposit Costs Deposits Composition Liquidity Performance Page 44 Net Income Trend Net Interest Margin Non - Interest Income Non - Interest Expense Expense Management Capital Management Third Quarter 2026 Investor Presentation
Background 13
Chemung Financial Corporation Corporate Organization 14 Trust and Wealth Management services Provides mutual funds, securities and insurance brokerage services through LPL Financial Banking operations in Southern Tier and Finger Lakes of New York Wealth Management Group Banking operations in the Capital District of New York Banking operations in the greater Buffalo, New York area Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Markets 15 Legacy Markets Long, deep relationships since 1833 provide stable funding and earnings engine. Steady and even economy, powered by large corporations (Corning, Inc.), higher education (Cornell University, SUNY Binghamton) and tourism. Growth Opportunity New York’s Capital and Western New York regions offer larger population centers undergoing economic renaissances. Large bank consolidation providing market disruption opportunities. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Dominant market share of deposits Legacy Markets Small share of much larger markets; a lot of room to grow. Growth Markets Deployment of lower cost deposits to higher growth markets. Competitive Advantage Share 2026 Deposits ($000s) County 60.0% $792,392 Chemung 2.0% $343,538 Albany 75.2% $227,044 Schuyler 10.6% $153,568 Steuben 26.5% $152,778 Tioga 3.6% $124,219 Broome 7.7% $121,237 Cayuga 4.1% $119,645 Tompkins 0.2% $97,923 Erie 1.4% $92,312 Saratoga 3.8% $61,925 Bradford (PA) 1.0% $33,818 Schenectady 2.5% $21,793 Cortland 3.4% $21,742 Seneca $2,363,934 Total Market Share 16 Albany, NY Third Quarter 2026 Investor Presentation Source: S&P Global, as of June 30, 2026
Chemung Financial Corporation New York Semiconductor Ecosystem 17 Third Quarter 2026 Investor Presentation 156+ Semiconductor & supply chain companies in NYS today $124B Investment since 2022 1 in 4 U.S. made chips will be produced within 350 miles of Upstate New York $9.6B Annual New York State GDP growth between now and 2055 Source: The Governor’s Office of Semiconductor Expansion, Management, and Integration (GO - SEMI) 84,000 Estimated population increase from Micron project alone 30,000 New housing units needed to accommodate growth
Chemung Financial Corporation Technology Investment in Upstate New York Third Quarter 2026 Investor Presentation CAPITAL REGION | Albany and Malta $21B GlobalFoundries | Malta Two new chip plants under a U.S. – Japan initiative; first plant expected online in 2029 with 1,000+ manufacturing jobs $2B Anderon (IBM) | Albany America’s first dedicated quantum chip foundry; first wafers already in production $10B Albany NanoTech Complex North America’s first publicly accessible High NA EUV center; site of IBM’s sub - 1nm chip breakthrough ; over $20B in total R&D invested at NanoTech Campus since inception Source: Company announcements. Project timing and targets are forward - looking. 18 GlobalFoundries in Malta, NY
Chemung Financial Corporation Technology Investment in Upstate New York Third Quarter 2026 Investor Presentation WESTERN NEW YORK | Buffalo $7 5 M M Empire AI | University at Buffalo 15 - megawatt AI computing center; completion expected January 2028 Empire AI statewide consortium backed by $500MM+ in private and public funding SOUTHERN TIER | Corning and Binghamton $ 40 B * Corning Incorporated *2030 sales target, about 3x 2024 sales of $13.1B, driven by recent agreements with Meta and NVIDIA, strengthening a community anchor Source: Company announcements. Project timing and targets are forward - looking. 19 $45MM Binghamton “Battery Hub” A warded federal funding through NSF’s Innovation Engines Program in 2026. Binghamton University also opened a cleanroom for electronics research Binghamton, NY Edmund B. Hayes Hall University at Buffalo
Chemung Financial Corporation EVP, Senior Banking Officer Industry Experience: 33 years Years with CHMG: 10 years Previously with TD Bank Kimberly Hazelton President and CEO Industry Experience: 33 years Years with CHMG: 15 years Previously with Citizens Anders Tomson Experienced Management Team EVP & CFO Industry Experience: 30 years Years with CHMG: 3 years Previously with KPMG LLP and Evans Bancorp Dale McKim Regional President Industry Experience: 37 years Years with CHMG: 7 years Previously with Five Star Bank Jeffrey Kenefick President, Capital Bank Industry Experience: 24 years Years with CHMG: 12 years Previously with First Niagara Daniel Fariello EVP, Chief Credit Officer Industry Experience: 44 years Years with CHMG: 7 years Previously with Key Bank Peter Cosgrove EVP and Chief Information Officer Industry Experience: 28 years Years with CHMG: 9 years Previously with BOK Financial Dale Cole 20 Vincent Cutrona President, Canal Bank Industry Experience: 29 years Years with CHMG: 2 years Previously with M&T Bank and Evans Bancorp Third Quarter 2026 Investor Presentation EVP, Chief Risk Officer Industry Experience: 23 years Years with CHMG: 9 years Previously with JPMorgan Private Bank Mary Meisner EVP, Wealth Management Industry Experience : 24 years Previously with Nottingham Advisors Timothy Calkins
Chemung Financial Corporation Supporting Our Communities 21 Volunteering Nearly 12,000 Hours Distributing Over $700,000 in Donations and Sponsorships Achieve | Albany Medical Center | American Cancer Society | American Heart Association | ARCs | Arnot Museum | Arnot Health | Auburn Public Theater | Boy Scouts | Broome County Council of Churches Buddy Walk | Capital City Rescue Mission | Capital Region Sponsor - A - Scholar | CareFirst | Career Development Council | Catholic Charities Clemens Center | Colonie Senior Center | Community Foundations | Corning Community College | Disabled American Veterans | Elmira College | Food Bank of the Southern Tier | Girl Scouts | Glassfest | Glove House | Grand Prix Festival | Guthrie | Habitat for Humanity | Historical Society | Ithaca Science Center | Jefferson Awards | JDRF | Junior Achievement | Kiwanis | Lions | Lourdes Foundation | Meals on Wheels | Multiple Sclerosis | Muscular Dystrophy | NAACP | Office for the Aging | PAL | Public Television Reading is Fundamental | Red Cross | Rockwell Museum | Ronald McDonald House Charities | Rotary | Sock Out Cancer | Sidney Albert Jewish Community Center | SPCA | St. Peter’s Hospital | United Health Services | Youth Sports Leagues | YMCA & YWCA… and many many more! Third Quarter 2026 Investor Presentation
Loans 22
Chemung Financial Corporation 13.8% 13.4% 14.4% 14.3% 13.4% 54.5% 56.9% 58.8% 62.1% 65.1% 15.6% 14.1% 13.3% 12.7% 12.0% 11.0% 10.7% 8.6% 5.8% 4.3% 5.1% 4.9% 4.9% 5.1% 5.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Loans by Type (%) Other Cons. Indirect Cons. Res. Mort. Comm. Mort. Comm. & Ind. Summary of Loan Growth 23 ▪ Total Loans: $2.401 billion as of September 30, 2026 ▪ Originated $407.9MM in Commercial Loans YTD 2026 ▪ Originated $92.7MM in Consumer Loans YTD 2026 ▪ Launched Canal Bank brand in Western NY during 2024 - $332.3MM in loans as of September 30, 2026 *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation
Chemung Financial Corporation $651.5 $665.7 $626.9 $616.7 $575.0 $1,098.1 $1,206.6 $1,302.6 $1,417.8 $1,493.7 $79.8 $100.4 $141.9 $235.1 $332.3 Loans by Division ($ Millions) Chemung Capital Canal Summary of Loan Growth Q3 2026 2025 2024 2023 2022 24.0% 27.2% 30.3% 33.8% 35.6% Chemung 62.2% 62.4% 62.8% 61.1% 60.0% Capital 13.8% 10.4% 6.9% 5.1% 4.4% Canal 24 *CAGR: December 31, 2021 to September 30, 2026 *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation
Chemung Financial Corporation 13.4% 7.9% 57.2% 12.0% 9.5% Portfolio Concentrations to Total Loans September 30, 2026 Commercial & Ind. CRE Owner Occupied CRE Non-Owner Occupied Residential Mort. Consumer Loan Composition 25 ▪ Effectively managing portfolio composition by establishing limits such as exposure and percentage of capital deployed for each category. ▪ Tactical use of participations to manage risk and capital. *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation
Chemung Financial Corporation 2022 2023 2024 2025 Q3 2026 C&I 109% 105% 109% 99% 91% CRE OO 46% 49% 52% 55% 53% CRE NOO 387% 397% 392% 378% 386% RRE 124% 110% 100% 88% 81% Consumer 128% 122% 102% 76% 64% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Portfolio Composition to Tier 1 Capital & ACL September 30, 2026 Loan Composition 26 *The CRE Ratio above does not agree to the regulatory guidelines due to inclusion of owner - occupied loans. The regulatory guidel ine measure was 391.6% at September 30,2026. September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation
Chemung Financial Corporation $230.6 $251.9 $274.3 $326.0 $355.9 $200.0 $220.0 $240.0 $260.0 $280.0 $300.0 $320.0 $340.0 $360.0 $380.0 2022 2023 2024 2025 Q3 2026 ***CECL Adopted 1/1/2023 (in millions) Bank-Level Tier 1 Capital and ACL Tier 1 Capital and ACL 27 ▪ $37.0MM of 2025 subordinated debt proceeds downstreamed to the Bank qualify as Tier 1 capital. ▪ Risk management function continually monitors and stress tests CRE exposure consistent with 2006 and 2015 interagency guidance. *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation
Chemung Financial Corporation 68.3% 3.3% 4.7% 1.9% 4.4% 6.2% 2.3% 8.9% NAICS Descriptions Real Estate, Rental & Leasing Manufacturing Health Care & Social Assistance Wholesale Trade Construction Accommodation & Food Services Arts, Entertainment & Recreation Other Commercial Loan Portfolio – September 30, 2026 28 *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation 39.5% 17.1% 26.5% 10.0% 6.9% Loan Types Non-Owner Occupied Commercial & Industrial Multi-Family Owner Occupied Construction
Chemung Financial Corporation Multifamily 33% Retail 18% Construction 9% Office 9% Warehouse 8% Hotel 6% Other 17% $1.56 Billion Commercial Real Estate 29 *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation As of September 30, 2026 CRE Portfolio Metrics $1.55 million Average loan size $0.98 million / 0.06% of total CRE Past due 30 - 89 days $5.77 million / 0.37% of total CRE Nonaccrual $105.46 million / 6.75% of total CRE Special mention $7.44 million / 0.48% of total CRE Classified 12.99% of total CRE CRE < $1 million 609 316 71 10 0 100 200 300 400 500 600 700 < $1.0MM $1.0MM - $5.0MM $5.0MM - $10.0MM > $10.0MM Number of CRE Loans by Balance
Chemung Financial Corporation 30 Third Quarter 2026 Investor Presentation Commercial Real Estate ▪ Focused on loans in existing markets. ▪ Continued strong CRE growth across footprint. ▪ Strong sponsor and guarantor support. *September 30, 2026 figures unaudited $80.7 Million in CRE Loan Balances outside of New York State © GeoNames, Microsoft, TomTom Powered by Bing CRE Loan Balances by Collateral County - 75,000,000 150,000,000 Loan Balances
Chemung Financial Corporation 684,332 88,588 96,585 97,400 95,160 500,608 0% 10% 20% 30% 40% 50% - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 2026 2027 2028 2029 2030 2031 & After CRE Repricing Schedule (As of September 30, 2026) Balances ($ Thousands) % of CRE Commercial Real Estate Maturity & Repricing Details 31 Third Quarter 2026 Investor Presentation *September 30, 2026 figures unaudited CRE loans scheduled to mature in 2031 and after are $942.2 million or 60.2% of total CRE loans. Variable Rate 43% Adjustable Rate 30% Fixed Rate 27% 31,884 105,907 93,485 122,677 266,528 0% 2% 4% 6% 8% 10% 12% 14% 16% - 50,000 100,000 150,000 200,000 250,000 300,000 2026 2027 2028 2029 2030 CRE Maturity Schedule (As of September 30, 2026)
Chemung Financial Corporation Residential Mortgage 56% Home Equity 10% HELOC 13% Indirect 20% Direct 1% $515.5 Million Consumer Loans 32 *September 30, 2026 figures unaudited **Annualized Third Quarter 2026 Investor Presentation As of September 30, 2026 Consumer Portfolio Metrics $7.93 million / 1.54% of consumer Past due 30 - 89 days $5.15 million / 1.00% of consumer Nonaccrual $0.64 million / 0.16% of consumer** YTD Net charge - offs 0.69% 1.02% 2.25% 8.31% 2.98% 4.87% 4.44% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 740 & Above 720 - 739 700 - 719 680 - 699 660 - 679 640 - 659 Below 640 Consumer Loans by Credit Tier ($ in Thousands) Loan Balance Percent Delinquent
Chemung Financial Corporation Fixed Rate Loans by Maturity Date 33 *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 After 2035 Consumer 127 4,051 16,999 26,485 25,308 20,257 19,454 6,569 3,028 2,734 34,991 Residential Mortgage 2,462 8,384 1,375 2,241 4,501 5,900 5,387 2,817 6,718 22,662 155,234 Commercial 12,454 60,030 66,205 65,540 111,747 89,640 61,093 35,080 6,892 129 24,911 Weighted Average Rate 5.46% 5.51% 4.93% 6.23% 6.22% 5.68% 4.92% 5.35% 4.60% 3.20% 5.00% 5.46% 5.51% 4.93% 6.23% 6.22% 5.68% 4.92% 5.35% 4.60% 3.20% 5.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% (25,000) 25,000 75,000 125,000 175,000 225,000 Fixed Rate Loans by Maturity ($ in Thousands) Commercial Residential Mortgage Consumer Weighted Average Rate
Chemung Financial Corporation 0.56% 0.57% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Non - Performing Loans and Assets (% of Total) Non-performing assets to total assets Non-performing loans to total loans Trends in Non - Performing Assets 34 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation $13,798 $16,078 $5,000 $7,500 $10,000 $12,500 $15,000 Non - Performing Loans and Assets ($ Thousands) Non Performing Loans Non Performing Assets ▪ The increase in NPLs during 2026 primarily reflects a $2.2 million C&I loan and $5.3 million across two NOO CRE relationships , partially offset by OREO transfers and payoffs. Adequate collateral or credit loss provisioning cover all commercial NPLs.
Investments 35
Chemung Financial Corporation 8.8% 9.5% 10.7% 68.8% 69.1% 68.8% 90.3% 91.1% 6.1% 6.6% 6.7% 3.7% 3.5% 16.3% 14.8% 13.8% 6.0% 5.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022 2023 2024 2025 Q3 2026 Securities Available for Sale by Type (%) U.S. Government & Enterprises MBS & CMO States & Political Other Sec. Investment Portfolio Composition 36 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation 2.28% 4.7 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 1.50% 1.70% 1.90% 2.10% 2.30% 2.50% 2022 2023 2024 2025 Q3 2026 Investment Portfolio Yield Duration - Years Investment Portfolio - Yield & Duration 37 ▪ Utilized proceeds from 2025 securities sales to reduce wholesale funding and support future loan growth ▪ Approximately $2 million a month in projected cash flows ▪ Principal cash flows representing 45% to 50% of the portfolio to be received in the next five years *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation $55,574 $55,332 $56,906 $435,131 $403,824 $365,934 $253,306 $230,778 $38,892 $38,686 $35,505 $10,310 $8,932 $102,992 $86,151 $73,097 $16,982 $13,719 $(96,609) $(85,099) $(85,829) $(47,290) $(58,450) $(120,000) $(100,000) $(80,000) $(60,000) $(40,000) $(20,000) $- $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 2022 2023 2024 2025 Q3 2026 Fair Values ($000) U.S. Government & Enterprises MBS & CMO States & Political Other Unrealized (Loss) Investment Portfolio – Fair Value and AOCI 38 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Deposits 39
Chemung Financial Corporation 31.5% 26.9% 26.1% 27.5% 27.9% 11.7% 12.0% 12.8% 14.4% 14.1% 27.5% 25.7% 24.8% 26.5% 29.5% 12.0% 10.2% 10.3% 11.2% 10.1% 14.1% 19.3% 22.2% 20.4% 18.4% 3.2% 5.9% 3.8% 2022 2023 2024 2025 YTD 2026 Account Types (%) Non-Interest Bearing DDA Interest Bearing DDA Money Market Savings Time Deposit Brokered Deposits 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2022 2023 2024 2025 YTD 2026 Cost of Deposits NOW Savings and Money Market Time Deposits Brokered Deposits Total Cost of Interest Bearing Deposits YTD 2026 2025 2024 2023 2022 Rate 1.44% 1.55% 1.78% 1.10% 0.15% NOW 1.74% 1.91% 2.02% 1.45% 0.24% Savings and Money Market 3.11% 3.49% 4.22% 3.31% 1.08% Time Deposits 3.76% 4.49% 5.29% 5.22% 2.87% Brokered Deposits 2.06% 2.37% 2.79% 2.11% 0.44% Total Cost of Interest Bearing Deposits 1.49% 1.75% 2.07% 1.51% 0.30% Total Cost of Deposits 1.67% 1.86% 2.15% 1.59% 0.32% Total Cost of Funds Deposit Costs 40 • Q3 2026 Total Deposits $2.385B; up $114.6 million, or 5.0%, from December 31, 2025 • No brokered deposits as of September 30, 2026 or December 31, 2025 • Increase in total deposits compared to December 31, 2025 partially due to municipal funds, geographic expansion and a new escrow deposit vertical *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation 51.2% 50.2% 50.4% 43.8% 45.0% 44.1% 42.0% 44.9% 47.3% 45.1% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 31.2% 32.2% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 7.1% 8.8% 3.1% 5.9% 3.8% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% 14.4% 13.9% Deposits by Customer (%) Consumer Commercial Public Brokered ICS / CDARS Deposit Composition 41 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation $1,815.5 $1,899.8 $1,892.2 $1,857.5 $1,889.0 $435.2 $381.0 $399.4 $363.7 $401.0 $73.5 $142.8 $92.2 $3.0 $5.8 $13.1 $49.5 $95.2 30.1% 27.0% 27.2% 30.1% 33.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 2022 2023 2024 2025 Q3 2026 Deposits by Division ($ Millions) Chemung Capital Brokered Canal Uninsured Deposits Deposit Composition 42 *CAGR December 31, 2021 to September 30, 2026 excluding brokered deposits **September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Liquidity 43 Williamsville, New York Branch As of September 30, 2026 Remaining Available Outstanding Total Available Dollars in Thousands 93,576 $ 85,000 $ 178,576 $ FHLB Advances 65,000 - 65,000 Correspondent Bank Lines of Credit 285,134 - 285,134 Brokered Deposits 60,137 - 60,137 Unencumbered Securities 503,847 $ 85,000 $ 588,847 $ Total Sources of Liquidity 797,547 $ Uninsured Deposits (1) 33.4% Uninsured Deposits to Total Deposits (1) Includes $211.0 million in public funds that are collateralized when required. Third Quarter 2026 Investor Presentation
Performance 44
Chemung Financial Corporation GAAP Net Income - Quarterly Trend ($ Thousands) 45 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation $28.8MM $25.0MM $23.7MM $15.1MM $30.7MM 2022 2023 2024 2025 2026 $6,867 $8,024 $6,453 $7,439 $7,270 $6,280 $7,648 $3,802 $7,050 $4,987 $5,720 $5,914 $6,023 $(6,452) $7,792 $7,741 $9,199 $8,810 $12,707 $(10,000) $(5,000) $- $5,000 $10,000 $15,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Chemung Financial Corporation Non - GAAP Net Income - Quarterly Trend ($ Thousands) 46 *September 30, 2026 figures unaudited. Third quarter 2023 earnings figures adjusted, refer GAAP to Non - GAAP reconciliation in 2023 10 - Q filed November 9, 2023. Second quarter 2025 earnings figures adjusted, refer GAAP to Non - GAAP reconciliation in 2025 10 - Q filed August 7, 2025. Third Quarter 2026 Investor Presentation $28.8MM $23.2MM $23.7MM $27.9MM $30.7MM 2022 2023 2024 2025 2026 $6,867 $8,024 $6,453 $7,439 $7,270 $6,280 $5,775 $3,831 $7,050 $4,987 $5,720 $5,914 $6,023 $6,322 $7,792 $7,741 $9,199 $8,810 $12,707 $(8,000) $(3,000) $2,000 $7,000 $12,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Chemung Financial Corporation 2022 2023 2024 2025 2026 Q1 2.87% 3.14% 2.73% 2.96% 3.60% Q2 2.97% 2.87% 2.66% 3.05% 3.67% Q3 3.08% 2.73% 2.72% 3.45% 3.74% Q4 3.26% 2.69% 2.92% 3.61% YTD 3.05% 2.85% 2.76% 3.26% 3.67% 3.05% 2.85% 2.76% 3.26% 3.67% 2.00% 2.50% 3.00% 3.50% 4.00% Fully Taxable Equivalent Net Interest Margin (%) Q1 Q2 Q3 Q4 YTD Net Interest Margin 47 *September 30, 2026 figures unaudited. ▪ 39% of the loan portfolio reprices or matures within the next 90 days ▪ 47% of the commercial loan portfolio reprices or matures within the next 90 days ▪ 91% of the commercial loan portfolio reprices or matures within the next 5 years ▪ 72% of the commercial loan portfolio is variable or adjustable Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Overdraft Fees 10.7% Other Deposit Service Charges 5.8% Interchange Income 16.8% Wealth Management Revenue 49.6% CFS Group, Inc. Revenue 6.6% Net Gains on Sales of Loans 0.6% Change in FV of Equity Securities 0.8% Other 9.1% $19.1 Million Year to Date 2026 Retirement Services 31% Investment Management 32% Personal Trust & Fiduciary 30% Custody 4% Tax 1% Other 2% Wealth Management Group Income $9.5 Million Year to Date 2026 Non - Interest Income Components 48 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Wealth Management and CFS Group, Inc. Revenue 49 *September 30, 2026 figures unaudited. **CAGR December 31, 2022 to December 31, 2025 Third Quarter 2026 Investor Presentation 2022 2023 2024 2025 YTD 2026 Wealth Management Revenue $10,280 $10,460 $11,573 $11,945 $9,484 CFS Group, Inc. Revenue $1,079 $995 $1,054 $1,176 $1,261 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 Revenue($ Thousands)
Chemung Financial Corporation Salaries , 43.5% Data Processing , 14.1% Employee Benefits , 11.2% Net Occupancy , 8.1% FDIC Insurance , 1.7% Professional Services , 4.4% Furniture/Equipment , 2.6% Marketing , 1.6% Other , 12.8% $54.9 Million Year to Date 2026 Salaries Data Processing Employee Benefits Net Occupancy FDIC Insurance Professional Services Furniture/Equipment Marketing Other Non - Interest Expense Components 50 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation 65.71 61.71 61.71 66.20 68.89 63.00 58.83 50.00 55.00 60.00 65.00 70.00 75.00 2020 2021 2022 2023 2024 2025 YTD 2026 Efficiency Ratio (%)** Expense Management and Control 51 Goal is both cost containment and cost savings ▪ Increase efficiency in banking operations ▪ AI and robotics initiatives ▪ Develop clear action plans to implement best practices across the organization ▪ Growth without adding cost Cost savings recognized: ▪ Reduction in headcount ▪ Frozen pension plan and post - retirement healthcare accruals ▪ Consolidation of six branch locations within existing footprint **Efficiency ratio (adjusted) is non - interest expense less amortization of intangible assets divided by the total of fully taxab le equivalent net interest income plus non - interest income less net gains or losses on securities transactions and net gains or losses on the sale of branch property *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation
Chemung Financial Corporation Capital Management 52 ▪ Positioned to remain profitable and pay dividends ▪ Increased quarterly dividend $0.05 per share since Q4 2024, or 16.1% to $0.36 ▪ Announced share repurchase program of 250,000 shares in January 2021 ▪ As of September 30, 2026: 49,184 shares had been repurchased Third Quarter 2026 Investor Presentation *September 30, 2026 figures unaudited ** Payout ratio using non - GAAP revenue. Refer to the GAAP - to - Non - GAAP Reconciliation on slide 53. 2022 2023 2024 2025 YTD 2026 Book Value / Share $35.32 $41.07 $45.13 $52.97 $56.51 Tangible Book Value / Share $30.69 $36.48 $40.55 $48.43 $52.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 2022 2023 2024 2025 YTD 2026 Dividends / Share $1.24 $1.24 $1.24 $1.32 $1.04 Payout ratio 20% 25% 25% 23% 16% 15% 17% 19% 21% 23% 25% 27% $- $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00
Chemung Financial Corporation GAAP to Non - GAAP Reconciliation 53 Third Quarter 2026 Investor Presentation *September 30, 2026 figures unaudited.
Chemung Financial Corporation 4.8 million Shares Outstanding $391.3M Market Capitalization $1.04 YTD Dividend Per Share 1.71% Dividend Yield (TTM) 36,765 Average Daily Volume^ $56.51 Book Value Per Share $52.00 Tangible Book Value Per Share $80.86 Stock Price 10.15x Price to Earnings (TTM)* 1.56x Price to Tangible Book 1.48% Return on Average Assets 15.32% Return on Average Equity CHMG Stock At a Glance 54 As of September 30, 2026 (unaudited). *Based on non - GAAP net income. ^YTD, September 30,2026 (unaudited). 54 Third Quarter 2026 Investor Presentation
Chemung Financial Corporation One Chemung Canal Plaza Elmira, New York 14901 Anders Tomson 607 737 - 3756 atomson@chemungcanal.com Get In Touch Chemung Financial Corporation is a $2.9 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. Dale McKim 607 737 - 3714 dmckim@chemungcanal.com 55 Third Quarter 2026 Investor Presentation