Business
Chemung Financial Corporation Reports Third Quarter 2023 Net Income of $7.6 million, or $1.61 per Share
ELMIRA, N.Y., Oct. 24, 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., Oct. 24, 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 $7.6 million, or $1.61 per share, for the third quarter of 2023, compared to $6.5 million, or $1.37 per share, for the third quarter of 2022, and $6.3 million, or $1.33 per share, for the second quarter of 2023. “The Company again demonstrated solid financial performance in the third quarter,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation.\" As evidenced by our loan growth, we are continuing to support our customers while competitors in the marketplace have reduced their lending activities. This customer focused approach has served us well throughout our 190-year legacy,” added Tomson. Third Quarter Highlights1: Commercial loan growth approximated 9.9% on an annualized basis. 1Total deposits increased 3.5% from the prior quarter-end, to $2.473 billion, as of September 30, 2023. Non-performing loans to total loans decreased from 0.45% to 0.35%. 1Non-interest expense to average assets improved by 8 basis points from the prior quarter, from 2.41% to 2.33%. Dividends declared during the third quarter 2023 were $0.31 per share. 1 Balance sheet comparisons are calculated as of September 30, 2023 versus December 31, 2022. 3rd Quarter 2023 vs 3rd Quarter 2022 Net Interest Income: Net interest income for the third quarter of 2023 totaled $18.0 million compared to $19.0 million for the same period in the prior year, a decrease of $1.0 million, or 5.3%, due primarily to an increase of $8.9 million in interest expense on deposits, offset by increases of $7.4 million in interest income on loans, including fees, and $0.6 million in interest and dividend income on taxable securities. Interest expense paid on borrowed funds was relatively flat in the third quarter of 2023, increasing $0.1 million when compared to the same period in the prior year. The increase in interest expense on deposits was due primarily to a 197 basis points increase in average rates paid on interest-bearing deposits, which included brokered deposits. This increase was the result of a shift in the deposit mix towards higher cost accounts, when compared to the same period in the prior year. The increase in interest expense on borrowed funds w...