Business
Chemung Financial Corporation Reports Second Quarter 2023 Net Income of $6.3 million, or $1.33 per Share
ELMIRA, N.Y., July 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., July 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 $6.3 million, or $1.33 per share, for the second quarter of 2023, compared to $8.0 million, or $1.72 per share, for the second quarter of 2022, and $7.3 million, or $1.54 per share, for the first quarter of 2023. “I’m pleased with the financial results for the second quarter,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation. “Our focus on balance sheet management allowed us to drive meaningful loan growth, while managing deposit costs in a dynamic environment. Continued expense management efforts and strong credit metrics leave us well positioned to execute on our strategic goals in 2023,” added Tomson. Second Quarter Highlights1: Net interest income grew $1.0 million, or 5.4% in the quarter, when compared to the second quarter of 2022.Tangible common equity to tangible assets improved by 36 basis points to 5.87%. 1 2Commercial loan growth approximated 8.7% on an annualized basis. 1Non-performing loans to total loans decreased from 0.45% as of December 31, 2022 to 0.39% as of June 30, 2023.Dividends declared during the second quarter 2023 were $0.31 per share. 1 Balance sheet comparisons are calculated as of June 30, 2023 versus December 31, 2022. 2 Please refer to GAAP to Non-GAAP Reconciliations. 2nd Quarter 2023 vs 2nd Quarter 2022 Net Interest Income: Net interest income for the second quarter of 2023 totaled $18.6 million compared to $17.6 million for the same period in the prior year, an increase of $1.0 million, or 5.4%, due primarily to increases of $8.4 million in interest income on loans, including fees, and $0.8 million in interest and dividend income on taxable securities, offset by increases of $7.7 million in interest expense on deposits, and $0.6 million in interest expense on borrowed funds. The increase in interest income on loans, including fees was due primarily to a 119 basis points increase in the average yield on loans, primarily reflecting an increase in the interest rates in the commercial portfolio, when compared to the same period in the prior year, and a $292.4 million increase in average loan balances, representing increases across all loan categories, when compared to the...