Business
Chemung Financial Corporation Reports Third Quarter 2021 Net Income of $6.6 million, or $1.42 per Share
ELMIRA, N.Y, Oct. 21, 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, Oct. 21, 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 $6.6 million, or $1.42 per share, for the third quarter of 2021, compared to $5.7 million, or $1.19 per share, for the third quarter of 2020. \"I am pleased to report another strong quarter of financial results for Chemung Financial Corporation, with earnings per share of $1.42,” said Anders M. Tomson, President and CEO. “Our company’s continued organic growth in core deposits, loans, and interest-earning assets contributed to these positive third quarter results, along with significant contributions from our Wealth Management Group and CFS Group, Inc. Additionally, the strength of our balance sheet continues to position us well for the future, and we are encouraged by the recent trend of decreasing non-performing loan balances,” Tomson added. Third Quarter Highlights1: Deposits1 increased $136.0 million, or 6.7%. Non-performing loans decreased from $8.6 million as of June 30, 2021 to $8.4 million as of September 30, 2021, representing 0.56% of total loans. Book Value per share increased 1.0% from $43.57 per share as of June 30, 2021, to $44.00 per share as of September 30, 2021. Tangible Book Value2 per share increased 1.1% from $38.90 per share as of June 30, 2021, to $39.34 per share as of September 30, 2021. Dividends declared during the quarter were $0.31 per share. 1 Balance sheet comparisons are calculated as of September 30, 2021 versus December 31, 2020. 2 See GAAP to Non-GAAP Reconciliations, included within. 3rd Quarter 2021 vs 3rd Quarter 2020 Net Interest Income: Net interest income for the third quarter of 2021 totaled $16.8 million compared to $15.9 million for the same period in the prior year, an increase of $0.9 million, or 6.1%, due primarily to an increase of $1.2 million in interest and dividend income on taxable securities, offset by decreases of $0.2 million in interest income on loans, including fees, and $0.1 million in interest income on interest-earning deposits. The increase in interest and dividend income on taxable securities was due primarily to an increase in average invested balances of $379.8 million and the one-time recognition of $0.5 million related to a prepayment penalty on a mortgage- ba...