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Chemung Financial Corporation Reports Fourth Quarter 2019 Net Income of $4.2 Million, or $0.87 per Share
ELMIRA, N.Y., Jan. 22, 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., Jan. 22, 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 $4.2 million, or $0.87 per share, for the fourth quarter of 2019, compared to $5.7 million, or $1.18 per share, for the fourth quarter of 2018. \n Anders M. Tomson, Chemung Financial Corporation CEO, stated: “2019 was a year of mixed results for the corporation, largely dominated by the deterioration of two large commercial credits, both of which required a significant reserve allowance earlier in the calendar year. These previously reported, isolated incidents overshadowed our continuing focus on balance sheet quality, expense reduction through operating efficiencies and the increase of fee income generated by the portfolio expansion of our Wealth Management Group,” said Anders M. Tomson, President & CEO. “We are optimistic that our community banking model will yield positive results in the coming year, and when coupled with strategic technology opportunities, continued enhancements to our delivery channels and an even greater emphasis on client attraction and retention, we expect to continue to deliver strong results to our constituent stakeholders,” Tomson added. 2019 Highlights1: Total shareholders’ equity increased $17.6 million, or 10.7% Tangible book value per share increased from $29.22 to $32.74, or 12.05% Average interest earning assets increased $35.9 million to $1.675 billion Net charge-offs to average loans decreased from .41% to .11% Total equity to total assets at the end of the period increased from 9.40% to 10.22% 1 Balance sheet comparisons are calculated for December 31, 2019 versus December 31, 2018. 2019 vs 2018 Net Interest Income: Net interest income for the year ended December 31, 2019 totaled $60.6 million compared with $60.5 million for the prior year, an increase of $0.1 million, or 0.2%, due primarily to a $2.4 million increase in total interest and dividend income, offset by a $2.2 million increase in total interest expense. The increase in total interest and dividend income was due primarily to increases in interest income on interest-earning deposits of $1.5 million, interest and fees of $0.4 million from loans, and interest income from taxable securities of $0.5 million, compared to the prior y...