Business
Chemung Financial Corporation Reports First Quarter 2020 Net Income of $2.5 million, or $0.51 per Share
ELMIRA, N.Y., May 04, 2020 (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., May 04, 2020 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $2.5 million, or $0.51 per share, for the first quarter of 2020, compared to $4.5 million, or $0.92 per share, for the first quarter of 2019.\n “Our first quarter 2020 net income totaled $2.5 million, or $0.51 per share. While this result is less than the comparable quarter of 2019, we believe our additional provision for loan loss in the current quarter reflects our assessment of the weakening economic conditions, not just throughout our footprint, but regionally and globally,” according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. “The states of emergencies declared nationally, as well as in New York and Pennsylvania, have prompted the temporary closure of non-essential businesses, resulting in layoffs, furloughs or terminations of employees. Many of the impacted individuals and businesses are our clients,” Tomson said. “In an effort to mitigate the long-term financial impact to our company resulting from the COVID-19 pandemic’s effects, we have been continuously and carefully evaluating the conditions contributing to this financial uncertainty, and we have been responsive and focused in the application of our resources. This includes evaluating our allowance and increasing our provision for loan losses, participating in the Paycheck Protection Program for the benefit our communities and customers, and providing our employees, a safe work environment,” Tomson added. First Quarter Highlights1: Total shareholders’ equity increased $7.8 million, or 4.28% Tangible book value per share increased from $32.74 to $34.25, or 4.61% 2 Book value per share increased from $37.35 to $38.83, or 1.96 % Average interest earning assets increased $9.8 million to $1.716 billion for the first quarter 2020 when compared to average interest earning assets for the 4th quarter of 2019 Net charge-offs to average loans decreased from 0.21% in the 4th quarter of 2019 to 0.09% for the 1st quarter of 2020 Total equity to total assets at the end of the period increased from 10.22% to 10.34% Loans, net of deferred fees, increased $11.2 million, or 0.86% Provision for loan losses recorded in the 1st quarter of 2020 was $3.1 milli...