Business
Chemung Financial Corporation Reports Annual Net Income of $28.8 million, or $6.13 per share, and Fourth Quarter 2022 Net Income of $7.4 million, or $1.58 per Share
ELMIRA, N.Y., Jan. 26, 2023 (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, 2023 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $28.8 million, or $6.13 per share, for the year ended December 31, 2022, compared to $26.4 million, or $5.64 per share, for the year ended December 31, 2021. Net income was $7.4 million, or $1.58 per share, for the fourth quarter of 2022, compared to $6.5 million, or $1.38 per share, for the fourth quarter of 2021. “I am pleased to report strong 2022 results for Chemung Financial Corporation, with earnings totaling $6.13 per share, the highest in our 189-year history,” said Anders M. Tomson, President & CEO. “Robust growth in the loan portfolios, and expansion of our net-interest margin contributed significantly to a 13.1 percent increase in net-interest income, compared to the prior year. We achieved this while continuing to maintain our standards of strong underwriting and credit quality. As we move forward into 2023, we remain committed to creating value for our shareholders and contributing meaningfully to the communities that we serve,” Tomson added. Fourth Quarter Highlights1: Record annual EPS of $6.13 per share, highest in Corporation's 189-year history.Loans1, excluding PPP, grew $353.6 million, or 23.97%.Net interest margin increased to 3.05% for the twelve months ended December 31, 2022, a twenty-one basis points increase when compared to the prior year.Net interest income grew $8.6 million, or 13.1% in the twelve month period ended December 31, 2022, when compared to the prior year.Net interest margin increased eighteen basis points in the fourth quarter of 2022 to 3.26% when compared to the prior quarter.Net interest income grew $1.9 million, or 9.9% in the fourth quarter of 2022 when compared to the prior quarter.Non-performing loans to total loans decreased from 0.54% as of December 31, 2021 to 0.45% as of December 31, 2022.Released $2.4 million pandemic related portion of the allowance for loan losses in the year ended December 31, 2022. No pandemic related allowance for loan losses remains as of December 31, 2022.Dividends declared during the fourth quarter 2022 were $0.31 per share. 1 Balance sheet comparisons are calculated as of December 31, 2022 versus December 31, 2021. 2022 vs 2021 Net Interest Income: ...