Business
Chemung Financial Corporation Reports First Quarter 2024 Net Income of $7.1 million, or $1.48 per share
ELMIRA, N.Y., April 18, 2024 (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 18, 2024 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $7.1 million, or $1.48 per share, for the first quarter of 2024, compared to $3.8 million, or $0.80 per share, for the fourth quarter of 2023, and $7.3 million, or $1.54 per share, for the first quarter of 2023. “We have started out 2024 with another strong quarter of results from our core businesses,” said Anders M. Tomson, President and CEO of the Corporation. “Improving credit metrics and 6% annualized loan growth in a challenging environment is an endorsement of our client focused business model and franchise,“ Tomson added. First Quarter Highlights: Total loans exceeded $2.0 billion for the first time in the Corporation's 190-year history, growing $30.9 million during the first quarter.1Fully taxable equivalent net interest margin expanded by four basis points during the first quarter of 2024 to 2.73%, from 2.69% during the fourth quarter of 2023.2Non-performing loans to total loans decreased by 14 basis points to 0.39% as of March 31, 2024, from 0.53% as of December 31, 2023.1Dividends declared during the first quarter 2024 were $0.31 per share. 1 Balance sheet comparisons are calculated as of March 31, 2024 versus December 31, 2023. 2 See the GAAP to Non-GAAP reconciliations. 1st Quarter 2024 vs 4th Quarter 2023 Net Interest Income: Net interest income for the first quarter of 2024 totaled $18.1 million compared to $17.9 million for the prior quarter, an increase of $0.2 million, or 1.1%, driven primarily by an increase of $1.1 million in interest income on loans, including fees, offset by increases of $0.8 million in interest expense on deposits and $0.2 million in interest expense on borrowed funds. Interest income on loans, including fees, increased primarily due to a $37.8 million increase in average commercial loan balances, and a 21 basis points increase in the average yield on commercial loans, compared to the prior quarter. Interest income on commercial loans for the first quarter of 2024 included $0.3 million in deferred interest recognized on the payoff of a nonaccrual commercial real estate loan. Average balances of consumer and residential mortgage loans decreased by $2.9 million and $1.7 million respectiv...