Business
Chemung Financial Corporation Reports Second Quarter 2024 Net Income of $5.0 million, or $1.05 per share
ELMIRA, N.Y., July 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., July 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 $5.0 million, or $1.05 per share, for the second quarter of 2024, compared to $7.1 million, or $1.48 per share, for the first quarter of 2024, and $6.3 million, or $1.33 per share, for the second quarter of 2023. “Commercial credit pipelines remain robust, especially in our Capital District and Western New York markets,” said Anders M. Tomson, President and CEO of the Corporation. “Funding costs continue to remain challenging, impacting net interest income expansion commensurate with our loan growth,” Tomson added. “We continue to remain focused on expense management, especially with the rationalization of our branch footprint. We recently announced that the Bank will be opening its second office in Erie County as well as consolidating its Ithaca Station office with the existing Elmira Road office,” said Tomson. Second Quarter Highlights: The Corporation's efficiency ratio improved by 88 basis points to 69.19% for the second quarter of 2024, compared to the prior quarter, and 123 basis points from the fourth quarter of 2023. 1Tangible equity to tangible assets improved by 22 basis points to 6.56% as of June 30, 2024, compared to prior quarter-end, and 11 basis points compared to December 31, 2023. 1The Corporation announced the establishment of Canal Bank, a division of Chemung Canal Trust Company, and a new regional banking center in Williamsville, New York.Dividends declared during the second quarter 2024 were $0.31 per share. 1 See the GAAP to Non-GAAP reconciliations. 2nd Quarter 2024 vs 1st Quarter 2024 Net Interest Income: Net interest income for the second quarter of 2024 totaled $17.8 million compared to $18.1 million for the prior quarter, a decrease of $0.3 million, or 1.7%, driven primarily by an increase of $0.6 million in interest expense on deposits and a decrease of $0.3 million in interest income on taxable securities, offset by increases of $0.3 million in interest income on loans, including fees and $0.2 million in interest income on interest-earning deposits, and a decrease of $0.1 million in interest expense on borrowed funds. Interest expense on deposits increased primarily due to growth in the average ba...