Business
Chemung Financial Corporation Reports Annual Net Income of $25.0 million, or $5.28 per share, and Fourth Quarter 2023 Net Income of $3.8 million, or $0.80 per share
ELMIRA, N.Y., Jan. 25, 2024 (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. 25, 2024 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $25.0 million, or $5.28 per share, for the year ended December 31, 2023, compared to $28.8 million, or $6.13 per share, for the year ended December 31, 2022. Net income was $3.8 million, or $0.80 per share, for the fourth quarter of 2023, compared to $7.6 million, or $1.61 per share, for the third quarter of 2023, and $7.4 million, or $1.58 per share, for the fourth quarter of 2022. \"Our fourth quarter performance was challenged by certain credit related events that we do not believe are indicative of portfolio quality. Overall, our team delivered another strong year of financial results,” said Anders M. Tomson, President and CEO of the Corporation. \"Net interest margins continue to stabilize in light of improved loan pricing and moderation of pressures on funding costs. Looking into 2024, we are committed to driving revenue growth while prudently managing our cost base,\" Tomson further stated. Dale McKim III, Executive Vice President and CFO of the Corporation added, \"We continue to focus on expense management and efficiencies throughout the organization, and have been diligent in pursuing new opportunities. In the fourth quarter, we undertook strategic realignments that will position us for improved long-term performance.\" Fourth Quarter Highlights: Tangible common equity to tangible assets improved 94 basis points, from 5.51% to 6.45%.1 2Commercial loan growth was 11.1% for the fiscal year. 1Chemung Canal Trust Company celebrated its 190th anniversary in 2023.Share value appreciated by $3.93 to $49.80 at December 31, 2023, an increase of 8.6% from December 31, 2022.Dividends declared during the fourth quarter 2023 were $0.31 per share. 1 Balance sheet comparisons are calculated as of December 31, 2023 versus December 31, 2022. 2 See the GAAP to Non-GAAP reconciliations. The total equity to total assets ratio was 7.20% as of December 31, 2023 compared to 6.29% as of December 31, 2022. 2023 vs 2022 Net Interest Income: Net interest income for the year ended December 31, 2023 totaled $74.5 million compared to $74.2 million for the prior year, an increase of $0.3 million, or 0.4%. This increase was primarily driven by inc...