Business
Chemung Financial Corporation Reports Third Quarter 2022 Net Income of $6.5 million, or $1.37 per Share
ELMIRA, N.Y., Oct. 20, 2022 (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. 20, 2022 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $6.5 million, or $1.37 per share, for the third quarter of 2022, compared to $6.6 million, or $1.42 per share, for the third quarter of 2021. \"I am pleased to report another quarter of strong financial results for Chemung Financial Corporation, with earnings per share of $1.37,\" said Anders M. Tomson, President and CEO. \"Our interest-earning assets continued to contribute meaningfully to our net interest income this quarter, validating our commitment to organic loan growth which was experienced across all loan portfolios during the quarter. The strength of our balance sheet positions us well for the future,\" Tomson added. Third Quarter Highlights1: Loans1, excluding PPP, grew $266.3 million, or 18.05%. Year to date net interest margin increased to 2.98% for the nine months ended September 30, 2022, a fifteen basis points increase when compared to the same period in the prior year. Net interest income grew $4.6 million, or 9.5% in the nine month period ending September 30, 2022, when compared to the same period in the prior year. Net interest margin increased twenty basis points in the third quarter of 2022 to 3.08% when compared to the prior quarter. Net interest income grew $1.3 million, or 7.6% in the third quarter of 2022 when compared to the prior quarter. Released $1.2 million pandemic related portion of the allowance for loan losses in the third quarter. No pandemic related allowance for loan losses remains as of September 30, 2022. Dividends declared during the third quarter 2022 were $0.31 per share. 1 Balance sheet comparisons are calculated as of September 30, 2022 versus December 31, 2021. 3rd Quarter 2022 vs 3rd Quarter 2021 Net Interest Income: Net interest income for the third quarter of 2022 totaled $19.0 million compared to $16.8 million for the same period in the prior year, an increase of $2.2 million, or 12.8%, due primarily to increases of $3.0 million in interest income on loans, including fees, and $0.3 million in interest and dividend income on taxable securities, offset by increases of $1.0 million in interest expense on deposits, and $0.2 million in interest expense on borrowed funds. The increase...