Business
Chemung Financial Corporation Reports First Quarter 2022 Net Income of $6.9 million, or $1.46 per Share
ELMIRA, N.Y., April 21, 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., April 21, 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 $6.9 million, or $1.46 per share, for the first quarter of 2022, compared to $6.5 million, or $1.39 per share, for the first quarter of 2021. Anders M. Tomson, President and CEO of Chemung Financial Corporation, stated: “I am pleased to report strong financial results for the first quarter of 2022, including earnings of $6.9 million, or $1.46 per share. This total represents the highest quarterly earnings per share in our Corporation’s long history. Increases in net-interest income as well as the release of a portion of the COVID-19 related reserves contributed to our results, and we remain encouraged by our continuing trend of decreasing non-performing loans and our organic loan growth across our footprint.” First Quarter Highlights1: First quarter earnings per share grew to $1.46 per share from the prior quarter ended December 31, 2021, of $1.38 per share, representing the highest earnings per share recorded in the Corporation's 188-year history.Loans1, excluding PPP, grew $73.5 million, or 4.98%.Deposits1 increased $94.2 million, or 4.4%.Non-performing loans decreased from $8.1 million as of December 31, 2021 to $7.7 million as of March 31, 2022, representing 0.49% of total loans, a decrease of five basis points.Dividends declared during the first quarter 2022 were $0.31 per share.Improved credit outlook related to reduced concerns over the pandemic, resulted in the release of $1.2 million of the pandemic-related portion of the allowance for loan losses as of March 31, 2022. 1 Balance sheet comparisons are calculated as of March 31, 2022 versus December 31, 2021. 1st Quarter 2022 vs 1st Quarter 2021 Net Interest Income: Net interest income for the first quarter of 2022 totaled $16.7 million compared to $15.8 million for the same period in the prior year, an increase of $0.9 million, or 5.6%, due primarily to an increase of $0.9 million in interest and dividend income on taxable securities, and a decrease of $0.2 million in interest expense on deposits, offset by a decrease of $0.1 million in interest income on loans, including fees. The increase in interest and dividend income on taxable securities was due primarily to an...