Business
Chemung Financial Corporation Reports Third Quarter 2020 Net Income of $5.7 million, or $1.19 per Share
ELMIRA, N.Y., Oct. 19, 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., Oct. 19, 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 $5.7 million, or $1.19 per share, for the third quarter of 2020, compared to $2.0 million, or $0.40 per share, for the third quarter of 2019.\n \"We are pleased to report another strong quarter with third quarter earnings of $1.19 per share,\" according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. \"Third quarter results included a 4.8% increase in net interest income and a 1.2% reduction in non-interest expenses, when compared to the third quarter of last year. Our efficiency ratio continued to improve throughout the year as did our non-interest expense to average assets ratio reinforcing our continued focus on expense management. We have remained committed to supporting our clients as they navigate these uncertain times, pivoting to assist as they begin the SBA's loan forgiveness application process. As we look toward the end of this unique and unprecedented year for our country and our communities, we are secure in the knowledge that our company is well-positioned from a capital and liquidity perspective to provide the necessary stability to our customers and communities as they work toward renewal and recovery,\" Tomson added. Third Quarter Highlights1: Third quarter earnings per share grew to $1.19 per share as of September 30, 2020 versus $0.40 as of September 30, 2019Total shareholders’ equity increased $14.4 million, or 7.87% from December 31, 2019Tangible book value per share increased from $32.74 to $36.83, or 12.49% from December 31, 20192Loans, net of deferred fees, increased $229.3 million, including $189.8 million of Payroll Protection Program (PPP) loans, or 17.51% from December 31, 2019As of September 30, 2020, a total of 184,360 shares of common stock have been repurchased at a weighted average cost of $27.57 per share since the inception of the Corporation's share repurchase program 1 Balance sheet comparisons are calculated for September 30, 2020 versus December 31, 2019.2 See GAAP to Non-GAAP Reconciliations, included within. 3rd Quarter 2020 vs 3rd Quarter 2019 Net Interest Income: Net interest income for the current quarter totaled $15.9 million compared to $15.1 million for t...