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Chemung Financial Corporation Reports Second Quarter 2021 Net Income of $6.8 million, or $1.45 per Share
ELMIRA, N.Y., July 22, 2021 (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 22, 2021 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $6.8 million, or $1.45 per share, for the second quarter of 2021, compared to $5.8 million, or $1.20 per share, for the second quarter of 2020. “Chemung Financial Corporation delivered strong financial results in the second quarter, with earnings per share increasing to $1.45, the highest-recorded number in our nearly 188-year-history,” said Anders M. Tomson, President & CEO. “The continued strong performance of our Corporation allowed us to reward our shareholders in May with a quarterly dividend increase of $0.05 per share, or 19.2 percent, which represented the Corporation’s first dividend increase since 2012,” Tomson added. “As we move into the second half of 2021, I am excited about the significant growth opportunities that lie ahead of us as we continue to execute on our strategic plan.” Second Quarter Highlights1: Second quarter earnings per share grew to $1.45 per share from the prior quarter, ended March 31, 2021, of $1.39 per share, representing the highest earnings per share recorded in the Corporation's nearly 188-year history.Second quarter dividends per share increased 19.2% to $0.31 per share, from $0.26 per share in the prior quarter.The total provision for loan losses was a credit of $0.2 million primarily due to the $1.5 million release of pandemic related provision, offset by the impairment of a commercial real estate loan.Non-performing loans decreased from $9.3 million as of March 31, 2021 to $8.6 million as of June 30, 2021, representing 0.55% of total loans.Book Value1 per share increased 4.7% from $41.60 per share as of March 31, 2021, to $43.57 per share as of June 30, 2021.Tangible Book Value2 per share increased 5.4% from $36.91 per share as of March 31, 2021, to $38.90 per share as of June 30, 2021. 1 Balance sheet comparisons are calculated as of June 30, 2021 versus December 31, 2020.2 See GAAP to Non-GAAP Reconciliations, included within. 2nd Quarter 2021 vs 2nd Quarter 2020 Net Interest Income: Net interest income for the second quarter of 2021 totaled $16.1 million compared to $15.6 million for the same period in the prior year, an increase of $0.5 million, or 3.1%, due primarily to an increas...