Business
Chemung Financial Corporation Reports Annual Net Income of $23.7 million, or $4.96 per share, and Fourth Quarter 2024 Net Income of $5.9 million, or $1.24 per share
ELMIRA, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust
About this update from Chemung Financial Corp
[{"type":"text","content":"ELMIRA, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $23.7 million, or $4.96 per share, for the year ended December 31, 2024, compared to $25.0 million, or $5.28 per share, for the year ended December 31, 2023. Net income was $5.9 million, or $1.24 per share, for the fourth quarter of 2024, compared to $5.7 million, or $1.19 per share, for the third quarter of 2024, and $3.8 million, or $0.80 per share, for the fourth quarter of 2023. \"A prudent and relationship-based effort to manage funding costs provided a tailwind for fourth quarter earnings, and capped a solid year of results in an uncertain environment,\" said Anders M. Tomson, President and CEO of Chemung Financial Corporation. \"Strong net interest margin expansion speaks to the execution of Bank-wide strategic initiatives and a thoughtful approach to loan growth, particularly in our newly established Canal Bank division,\" added Tomson. \"As we reflect on 2024 and look ahead to 2025, the Corporation is situated to perform well, due in large part to the combined efforts of our team over the past year. Our results demonstrate the continued value of a community-focused approach to banking, which we look forward to carrying on in the coming year,\" concluded Tomson. Fourth Quarter Highlights: Net interest margin expanded 20 basis points compared to the prior quarter, from 2.72% in the third quarter 2024 to 2.92% in the fourth quarter 2024. 1 Annual loan growth totaled 5.0% for the year ended December 31, 2024, including commercial and industrial growth of 13.3% and commercial real estate growth of 8.4%. Non-performing loans to total loans declined nine basis points compared to September 30, 2024 and ten basis points compared to December 31, 2023, while non-performing assets to total assets declined five basis points compared to both September 30, 2024 and December 31, 2023. Dividends declared during the fourth quarter 2024 were $0.31 per share. 1 See the GAAP to Non-GAAP reconciliations. 2024 vs 2023 Net Interest Income: Net interest income for the year ended December 31, 2024 totaled $74.1 million, compared to $74.5 million for the prior year, a decrease of $0.4 million, or 0.5%, driven by increases of $14.1 million in i...