Business
Chemung Financial Corporation Reports Second Quarter 2020 Net Income of $5.8 million, or $1.20 per Share
ELMIRA, N.Y., July 20, 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., July 20, 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 $5.8 million, or $1.20 per share, for the second quarter of 2020, compared to $5.0 million, or $1.02 per share, for the second quarter of 2019. \n “Our results in the second quarter reflected increased net interest income and a continued focus on expense management,” according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. “Throughout the quarter, we processed a significant number of loans through the Small Business Administration’s Paycheck Protection Program to help support businesses and their employees in our communities. We were also able to assist our retail customers by waiving certain deposit fees and modifying or deferring loans. The positive results we achieved are due in large part to the dedication and flexibility of our employees as we navigated the COVID-19 pandemic throughout the second quarter,” Tomson added. Second Quarter Highlights1: Total Assets increased to $2.1 billion, the first time over $2.0 billion in the Company's history Net interest income included $985 thousand in Paycheck Protection Program (\"PPP\") fees and increased $528 thousand from the prior quarter, to $15.6 million for the second quarter of 2020, the highest in the Company's history Total shareholders’ equity increased $12.0 million, or 6.55% Tangible book value per share increased from $32.74 to $35.86, or 9.53% 2 Book value per share increased from $37.35 to $40.51, or 8.46% Return on Average Assets in the second quarter increased to 1.15% from 0.55% in the previous quarter Average interest earning assets increased $215.5 million to $1.931 billion for the second quarter of 2020 when compared to average interest earning assets for the first quarter of 2020 Loans, net of deferred fees, increased $188.8 million, or 14.42% 1 Balance sheet comparisons are calculated for June 30, 2020 versus December 31, 2019. 2 See GAAP to Non-GAAP Reconciliations, included within. 2nd Quarter 2020 vs 2nd Quarter 2019 Net Interest Income: Net interest income for the current quarter totaled $15.6 million compared with $15.1 million for the same period in the prior year, an increase of $0.5 million, or 3.2%, due primarily to increase...