Business
Chemung Financial Corporation Reports Annual Net Income of $26.4 million, or $5.64 per Share, and Fourth Quarter 2021 Net Income of $6.5 million, or $1.38 per Share
ELMIRA, N.Y., Jan. 26, 2022 (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. 26, 2022 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $26.4 million, or $5.64 per share, for the year ended December 31, 2021, compared to $19.3 million, or $4.01 per share, for the year ended December 31, 2020. Net income was $6.5 million, or $1.38 per share, for the fourth quarter of 2021, compared to $5.2 million, or $1.11 per share, for the fourth quarter of 2020. “2021 was a record-setting year for our institution, with net income and earnings per share increasing 37.2 percent and 40.7 percent year-over-year, respectively,” said Anders M. Tomson, President & CEO of Chemung Financial Corporation. “Organic loan growth, strong fee income due to new business relationships from the Wealth Management Group, and cost-savings measures all contributed to our successful year,” Tomson added. “We are encouraged by the volume of loans originated from our new presence in Western New York, as well as the trends of an improving efficiency ratio and decreasing non-performing loans.” Fourth Quarter Highlights1: Loans1, net of PPP, grew $89.6 million, or 6.46%.The Corporation's new Clarence, New York office originated $47.0 million in loans1 as of December 31, 2021.The Corporation had no pandemic-related loan modifications1 as of December 31, 2021.Deposits1 increased $117.7 million, or 5.8%.Wealth Management Group realized record fee income of $11.1 million for the year ended December 31, 2021.Non-performing loans decreased from $8.4 million as of September 30, 2021 to $8.1 million as of December 31, 2021, representing 0.54% of total loans.Book Value per share increased 2.5% from $44.00 per share as of September 30, 2021, to $45.09 per share as of December 31, 2021.Tangible Book Value2 per share increased 2.8% from $39.34 per share as of September 30, 2021, to $40.44 per share as of December 31, 2021.Dividends declared during the fourth quarter 2021 were $0.31 per share.As of December 31, 2021, a total of 34,921 shares of common stock at a total cost of $1.3 million were repurchased by the Corporation under its share repurchase program. The weighted average cost was $38.55 per share. Remaining buyback authority under the share repurchase program was 215,079 shares at December 31, 2021. 1 Bala...