Business
Chemung Financial Corporation Reports First Quarter 2023 Net Income of $7.3 million, or $1.54 per Share
ELMIRA, N.Y., April 20, 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., April 20, 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 $7.3 million, or $1.54 per share, for the first quarter of 2023, compared to $6.9 million, or $1.46 per share, for the first quarter of 2022. \"I am pleased to report earnings of $7.3 million, or $1.54 per share, for the first quarter of 2023, the third-highest quarterly earnings in our near 200-year history,\" according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. \"Loan growth and rising interest rates contributed to a 19.6% increase in net interest income, when compared to first quarter 2022. The Bank's strong credit quality continued to drive down our non-performing loans, and a decrease in the mark on the fair value of the securities portfolio, combined with an increase in retained earnings, helped increase our tangible book value for the quarter,\" Tomson added. \"Despite recent events that have heightened the focus on the banking industry, we are confident that our Company is well-positioned from a capital and liquidity perspective. We are a traditional, community-focused bank, with a diverse loan portfolio and deposit base which encompasses a broad cross-section of customers and sources. We will continue to prudently manage our balance sheet and look for opportunities to gain efficiencies in our daily operations,\" Tomson said. First Quarter Highlights1: Loans1, grew $44.3 million, or 2.4%.Net interest income grew $3.3 million, or 19.6% in the first quarter of 2023 when compared to the same period in the prior year.Non-performing loans to total loans decreased from 0.45% as of December 31, 2022 to 0.41% as of March 31, 2023.Book Value per share was $37.53, tangible book value per share increased $2.22, or 7.2%, to $32.91.2Dividends declared during the first quarter 2023 were $0.31 per share. 1 Balance sheet comparisons are calculated as of March 31, 2023 versus December 31, 2022.2 Comparisons as of March 31, 2023 and March 31, 2022. Please refer to GAAP to Non-GAAP Reconciliations 1st Quarter 2023 vs 1st Quarter 2022 Net Interest Income: Net interest income for the first quarter of 2023 totaled $19.9 million compared to $16.7 million for the same period in the prior year, an increase of $3...