Chemung Financial Corp · NASDAQ:CHMG
Chemung Financial — Q3 2025 Earnings Presentation
56 slides from Chemung Financial's earnings presentation, Nov 7, 2025
Slide 1: Chemung Financial Corporation
Chemung Financial Corporation
Slide 2: With You Today
With You Today Anders Tomson President & Chief Executive Officer Dale McKim Executive Vice President & Chief Financial Officer 2 Chemung Financial Corporation
Slide 3: Safe Harbor Statement
Safe Harbor Statement 3 Chemung Financial Corporation Forward - looking Statements: This report contains forward - looking statements within the meaning of Section 27A of the Securities Act. The Corporation intends its forward - looking statements to be covered by the safe harbor provisions for forw
Slide 4: Key Takeaways
Key Takeaways Continued strength and momentum in underlying businesses High customer engagement across all business lines and geographies. Stable deposit base and ample liquidity Majority of deposits sourced from stable, legacy markets. Strategic balance sheet restructuring driving enhanced earnings
Slide 5: About Us
About Us Elmira, NY 5
Slide 6: About Us
Chemung Financial Corporation Oldest locally owned and managed community bank in New York State, dating to 1833 . New York chartered bank and member of the Federal Reserve Listed on NASDAQ Global Select (Ticker: CHMG) Market Capitalization of $252.7 million at September 30, 2025 About Us History Ope
Slide 7: Strategic priorities: revenue growth, efficiencies, customer experience
Chemung Financial Corporation Revenue Growth ▪ Drive loan growth in Albany and Buffalo with legacy market deposits and proceeds from balance sheet restructuring. ▪ Well positioned to opportunistically acquire when operational model and pricing is right. Seeking wealth management, whole bank or branc
Slide 8: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights EPS $1.62 Net Income $7.8 million ROA 1.15% ROE 12.89% Net Interest Margin 3.45% ACL - to - total loans 1.07% Non - performing loans - to - total loans 0.35% Performance Ratios 8 Chemung Financial Corporation
Slide 9: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights 9 Chemung Financial Corporation ▪ Announced $0.02 per share dividend increase for third quarter 2025, representing a 6.3% increase over the prior quarter ▪ Net interest margin expanded 40 bp compared to the prior quarter, from 3 . 05 % to 3 . 45 % ▪ Average yield on int
Slide 10: Balance Sheet Restructuring and Subordinated Debt Raise
Balance Sheet Restructuring and Subordinated Debt Raise 10 Chemung Financial Corporation Transaction Overview: Balance Sheet Optimization ▪ Sold ~$245M+ of low yielding AFS securities (Book Value) ▪ Pre - Tax Loss: ~$17.5M ▪ Average Yield on Securities Sold: ~2% ▪ WAL of Securities Sold: ~3 Yrs ▪ Al
Slide 11: Appendices
Appendices Corporate and Financial Highlights Background Page 12 Corporate Organization Markets and Share Management Team Community Loans Page 21 Loan Growth Portfolio Composition Commercial Portfolio Non - Performers Investments Page 35 Portfolio Composition Yield and Duration Fair Value and AOCI D
Slide 12: Background
Background 12
Slide 13: Corporate Organization
Corporate Organization Trust and Wealth Management services Provides mutual funds, securities and insurance brokerage services through LPL Financial Banking operations in Southern Tier and Finger Lakes of New York Wealth Management Group Banking operations in the Capital District of New York Banking
Slide 14: Markets
Markets Legacy Markets Long, deep relationships since 1833 provide stable funding and earnings engine. Steady and even economy, powered by large corporations (Corning, Inc.), higher education (Cornell University, SUNY Binghamton) and tourism. Growth Opportunity New York’s Capital and Western New Yor
Slide 15: Legacy and Growth Markets deposit share
Legacy Markets Dominant market share of deposits Growth Markets Small share of much larger markets; a lot of room to grow. Competitive Advantage Deployment of lower cost deposits to higher growth markets . Share 2025 Deposits County 64.56% $910,682,000 Chemung 2.06% $348,924,000 Albany 73.96% $217,8
Slide 16: NY SMART I-Corridor Initiative
NY SMART I - Corridor Initiative ▪ Overview • Goal : Transform New York State into a leading hub for semiconductor manufacturing • Projection : By 2034, 25% of U.S. chips produced within a 350 - mile radius ▪ Current Infrastructure • Fabrication Plants : 5 • Supply Chain Firms : ~100 ▪ Key Projects
Slide 17: Albany NanoTech Complex
Albany NanoTech Complex ▪ Albany selected to host the first National Semiconductor Technology Center (NSTC) , a significant milestone for the region • This center is part of the CHIPS and Science Act and aims to bolster the U.S. semiconductor industry. • Location : Albany NanoTech Complex, Albany, N
Slide 18: Empire AI Consortium – SUNY Buffalo
Empire AI Consortium – SUNY Buffalo Overview: • Launched in April 2024 by Governor Kathy Hochul. • Collaboration of New York's leading public and private universities. • Focus on AI research to address societal challenges. Funding: • $275 million from the state for the AI computing center at SUNY Bu
Slide 19: Experienced Management Team
Kimberly Hazelton EVP, Senior Banking Officer Industry Experience: 32 years Years with CHMG: 9 years Previously with TD Bank Anders Tomson President and CEO Industry Experience: 32 years Years with CHMG: 14 years Previously with Citizens Experienced Management Team 1 Dale McKim EVP & CFO Industry Ex
Slide 20: Supporting Our Communities
Supporting Our Communities Volunteering Over 13,000 Hours Distributing Nearly $600,000 in Donations and Sponsorships Achieve | Albany Medical Center | American Cancer Society | American Heart Association | ARCs | Arnot Museum | Arnot Health | Auburn Public Theater | Boy Scouts | Broome County Counci
Slide 21: Loans
Loans 21
Slide 22: Summary of Loan Growth
5.0% 4.9% 4.9% 5.1% 5.3% 6.5% 8.6% 10.7% 11.0% 7.8% 12.6% 13.3% 17.1% 14.1% 15.6% 61.9% 58.8% 56.9% 2.8% 54.5% 52.9% 14.0% 14.4% 13.4% 13.8% 14.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Loans by Type (%) Other Cons. Indirect Cons. Res. Mort. PPP Comm. Mort. Comm. & Ind. Summary of Loan Growth 2
Slide 23: Loans by Division
$592.2 $651.5 $665.7 $626.9 $618.0 $879.0 $1,098.1 $1,206.6 $1,302.6 $1,387.8 $47.0 $79.8 $100.4 $141.9 $196.6 Loans by Division ($ Millions) Chemung Capital Buffalo Summary of Loan Growth Q3 2025 2024 2023 2022 2021 28.06% 30.26% 33.75% 35.60% 39.01% Chemung 63.01% 62.89% 61.17% 60.04% 57.90% Capit
Slide 24: Loan Composition: Portfolio Concentrations
14.04% 7.72% 54.13% 12.61% 11.50% Portfolio Concentrations to Total Loans September 30, 2025 Commercial & Ind. CRE Owner Occupied CRE Non - Owner Occupied Residential Mort. Consumer *September 30, 2025 figures unaudited 24 Chemung Financial Corporation Loan Composition ▪ June capital raise meaningfu
Slide 25: Portfolio Composition to Tier 1 Capital & ACL
2021 2022 2023 2024 Q3 2025 97% 109% 105% 109% 123% C&I 53% 52% 49% 46% 45% CRE OO 375% 392% 397% 387% 339% CRE NOO 87% 100% 110% 124% 124% RRE 80% 102% 122% 128% 95% Consumer 350% 300% 250% 200% 150% 100% 50% 0% *September 30, 2025 figures unaudited 25 Chemung Financial Corporation 450% 400% Portfo
Slide 26: Tier 1 Capital and ACL
10.68% 10.27% 9.24% 8.92% 16.00% $209.1 $230.6 $251.9 $274.3 $318.2 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 2021 2022 2023 2024 Q3 2025 ***CECL Adopted 1/1/2023 (in millions) Bank - Level Tier 1 Capital and ACL Growth Bank
Slide 27: Commercial Loan Portfolio
NAICS Code / Descriptions Balances ($ Thousands) Real Estate, Rental & Leasing 1,146,188 $ Percentage 68.58% 2.91% 48,561 Manufacturing 4.87% 81,401 Health Care & Social Assistance 1.66% 27,826 Wholesale Trade 3.67% 61,293 Construction 6.19% 103,431 Accommodation & Food Services 54,343 148,218 3.25%
Slide 28: Commercial Real Estate
654 289 64 4 0 100 200 300 400 500 600 700 < $1.0MM $1.0MM - $5.0MM $5.0MM - $10.0MM > $10.0MM Number of CRE Loans by Balance Multifamily 33.8% Retail 18.2% Office 9.7% Construction 8.1% Hotel 5.5% Warehouse 7.3% Other 17.5% $1.36 Billion Commercial Real Estate As of September 30, 2025 CRE Portfolio
Slide 29: CRE Loan Balances by Collateral County
Powered by Bing © GeoNames, Microsoft, TomTom Series1 % of CRE Loans 9/30/25 Balances ($ Thousands) Region 61.8% $ 841,640 Capital Region 16.6% 226,048 Southern Tier & Finger Lakes 16.5% 224,642 Western New York 5.1% 69,710 Other 100.0% $ 1,362,040 Total Commercial Real Estate $61.2 Million in CRE L
Slide 30: CRE Maturity & Repricing Details
CRE Repricing Schedule (As of September 30, 2025) 482,961 82,168 94,323 102,515 116,173 35.46% 8.53% 7.53% 6.93% 6.03% 2029 2028 2027 2026 2025 Balance ($ Thousand) % of CRE Loans CRE Maturity Schedule (As of June 30, 2025) Variable Rate 36% Adjustable Rate 35% Fixed Rate 29% ($ Thousands) Amount Ra
Slide 31: Consumer Loans
% of Consumer Loans 9/30/25 Balances ($ Thousands) Consumer Portfolio Composition 52.30% $ 277,729 Residential Mortgage 10.26% 54,510 Home Equity 9.14% 48,562 HELOC 26.96% 143,154 Indirect 1.34% 7,140 Direct 100.00% $ 531,095 Total 0.48% 1.28% 1.46% 4.73% 3.98% Consumer Loans by Credit Score ($ Thou
Slide 32: Fixed Rate Loans by Maturity Date
Fixed Rate Loans by Maturity Date 2035 & Greater 2034 2033 2032 2031 2030 2029 2028 2027 2025 & 2026 35,631,487 3,547,741 4,323,655 7,901,845 22,954,421 34,227,806 44,083,256 34,063,057 12,438,477 3,050,583 Consumer 171,128,177 7,816,773 3,231,520 6,655,537 7,660,833 6,061,694 3,195,192 2,359,786 1,
Slide 33: Trends in Non-Performing Assets
0.30% 0.35% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Non - Performing Loans and Assets (% of Total) Non - performing assets to total assets Non - performing loans to total loans *September 30, 2025 figures unaudited. 33 Chemung Financial Corporation Trends in Non - Performing Assets
Slide 34: Trends in Non-Performing Assets
$7,762 $7,972 $5,000 $7,500 $10,000 $12,500 $15,000 Non - Performing Loans and Assets ($ Thousands) Non Performing Loans Non Performing Assets *September 30, 2025 figures unaudited. 34 Chemung Financial Corporation Trends in Non - Performing Assets
Slide 35: Investments
Investments 35
Slide 36: Investment Portfolio Composition
7.6% 8.8% 9.5% 10.7% 72.9% 68.8% 69.1% 68.8% 90.1% 5.3% 6.1% 6.6% 6.7% 3.7% 14.2% 16.3% 14.8% 13.8% 6.2% 0% 40% 30% 20% 10% 70% 60% 50% 80% 90% 100% 2021 2022 U.S. Government & Enterprises 2023 MBS 2024 Other Sec. Q3 2025 Securities Available for Sale by Type (%) States & Political Investment Portfo
Slide 37: Investment Portfolio - Yield & Duration
2.34% 5.1 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 1.50% 1.70% 1.90% 2.10% 2.30% 2.50% 2021 2022 2023 2024 Q3 2025 Investment Portfolio Yield Duration - Years *September 30, 2025 figures unaudited. 37 Chemung Financial Corporation Investment Portfolio - Yield & Duration ▪ Utilizing proceeds from securiti
Slide 38: Investment Portfolio – Fair Value and AOCI
$55,574 $55,332 $56,906 $577,361 $435,131 $403,824 $365,934 $252,798 $42,303 $38,892 $38,686 $35,505 $10,302 $111,931 $102,992 $86,151 $73,097 $17,414 $12,249 $3,383 $(96,609) $(85,099) $(50,772) $(120,000) $(100,000) $(80,000) $(60,000) $(40,000) $(20,000) $ - $20,000 $ - $100,000 $200,000 $300,000
Slide 39: Deposits
Deposits 39
Slide 40: Deposit Costs
34.3% 31.5% 26.8% 13.2% 11.7% 15.1% 30.4% 27.5% 27.7% 13.0% 12.0% 10.3% 10.2% 24.8% 25.7% 12.8% 12.0% 26.1% 26.9% 9.8% 9.1% 14.1% 19.3% 22.2% 20.6% 3.2% 5.9% 3.8% 2021 2022 Non - Interest Bearing DDA Savings 2023 Interest Bearing DDA Time Deposit 2024 Money Market Brokered Deposits Q3 2025 Account T
Slide 41: Deposit Composition
52.8% 51.2% 50.2% 50.4% 43.8% 45.0% 44.1% 42.0% 44.9% 45.2% 24.1% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 30.8% 9.1% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 8.7% 5.9% 3.8% 14.0% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% 15.3% Deposits by Customer (%) Consumer Commerical Public Brokered
Slide 42: Deposits by Division
$1,738.0 $1,815.5 $1,899.8 $1,892.2 $1,930.2 $415.6 $435.2 $381.0 $399.4 $381.4 $73.5 $142.8 $92.2 $1.8 $3.0 $5.8 $13.1 $46.9 33.6% 30.1% 27.0% 27.2% 31.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% $ - $500 $1,000 $1,500 $2,000 $2,500 $3,000 2021 2023 Q3 2025 Deposits by Divi
Slide 43: Liquidity
Liquidity Williamsville, New York Branch $ - $ 169,650 $ 169,650 FHLB Advances - 75,000 75,000 Correspondent Bank Lines of Credit - 269,663 269,663 Brokered Deposits - 67,702 67,702 Unencumbered Securities $ - $ 582,015 $ 582,015 Total Sources of Liquidity $ 740,379 Uninsured Deposits (1) 31.4% Unin
Slide 44: Performance
Performance 44
Slide 45: GAAP Net Income - Quarterly Trend
$6,530 $6,795 $6,646 $6,454 $6,867 $8,024 $6,453 $7,439 $7,270 $6,280 $7,648 $3,802 $7,050 $4,987 $5,720 $5,914 $6,023 $(6,452) $7,792 $(8,000) $(2,000) $(4,000) $(6,000) $2,000 $ - $4,000 $6,000 $8,000 $10,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GAAP Net Income - Quarterly T
Slide 46: Non-GAAP Net Income - Quarterly Trend
$6,530 $6,795 $6,646 $6,454 $6,867 $8,024 $6,453 $7,439 $7,270 $6,280 $5,775 $3,831 $7,050 $4,987 $5,720 $5,914 $6,023 $6,322 $7,792 $(2,000) $(4,000) $(6,000) $(8,000) $2,000 $ - $4,000 $6,000 $8,000 $10,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Non - GAAP Net Income - Quarter
Slide 47: Net Interest Margin
2021 2022 2023 2024 2025 Q1 2.86% 2.87% 3.14% 2.73% 2.96% Q2 2.76% 2.97% 2.87% 2.66% 3.05% Q3 2.88% 3.08% 2.73% 2.72% 3.45% Q4 2.85% 3.26% 2.69% 2.92% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% Fully Taxable Equivalent Net Interest Margin (%) Q1 Q2 Q3 Q4 *March 31, 2025, June 30, 2025, an
Slide 48: Net Interest Margin
2.84% 3.05% 2.85% 2.76% 3.15% *September 30, 2025 figures unaudited. 48 Chemung Financial Corporation 1.00% 1.40% 1.80% 2.20% 2.60% 3.00% 3.40% 3.80% 2021 2022 2023 2024 September 30, 2025 YTD Fully Taxable Equivalent Net Interest Margin (%) Net Interest Margin ▪ In June of 2025, sold $244.8 million
Slide 49: Non-Interest Income Components
Overdraft Fees 11.85% Other Deposit Service Charges 6.50% Personal Trust & Fiduciary 29% Interchange Income 17.75% Wealth Management Revenue 48.65% CFS Group, Inc. Revenue 4.37% Change in FV of Equity Securities 1.09% Net Gains on Sales of Loans 0.93% 8.86% $18.1 Million 9/30/2025 YTD* Other Non - I
Slide 50: Non-Interest Expense Components
Salaries, 43.40% Employee Benefits, 11.45% Net Occupancy, 8.28% FDIC Insurance, 2.34% Professional Services, 3.97% Furniture/Equipment, 2.34% Marketing, 1.71% Other, 11.93% $52.3 Million 9/30/2025 YTD Data Processing, 14.58% Salaries Data Processing Employee Benefits Net Occupancy FDIC Insurance Pro
Slide 51: Expense Management and Control
67.95 65.71 61.71 61.71 66.20 68.89 64.08 *September 30, 2025 figures unaudited. 51 Chemung Financial Corporation 58.00 60.00 62.00 64.00 66.00 68.00 70.00 2019 2020 2021 2022 2023 2024 YTD 2025 **Efficiency ratio (adjusted) is non - interest expense less amortization of intangible assets divided by
Slide 52: Capital Management
8.06% 8.23% 8.62% 9.18% 9.66% 12.96% 12.08% 12.30% 12.26% 14.21% 12.57% 11.54% 13.26% 13.35% 15.44% 7.91% 5.51% 6.45% 7.02% 8.36% 4% 6% 8% 10% 12% 14% 16% 18% Chemung Financial Corporation - Capital Ratios (%) Tier 1 Leverage Tier 1 Capital / CET1 Total Capital TCE Ratio *September 30, 2025 figures
Slide 53: Capital Management: Earnings and Dividends Per Share
Q3 2025 2024 2023 2022 2021 $1.53 $4.96 $5.28 $6.13 $5.64 EPS $0.98 $1.24 $1.24 $1.24 $1.19 Dividends / Share $50.98 $45.13 $41.07 $35.32 $45.09 Book Value / Share $46.44 $40.55 $36.48 $30.69 $40.44 Tangible Book Value / Share $ - *September 30, 2025 figures unaudited. 53 Chemung Financial Corporati
Slide 54: GAAP to Non-GAAP Reconciliation
GAAP to Non - GAAP Reconciliation Dollars in Thousands September 30, 2025 YTD Net interest income (GAAP) $ 63,313 Fully taxable equivalent adjustment 223 Fully taxable equivalent net interest $ 63,536 income (non - GAAP) Non - interest income (GAAP) $ 1,272 Less: net (gains) losses on security 17,49
Slide 55: CHMG Stock At a Glance
4.8 million Shares Outstanding $252.7M Market Capitalization $0.98 YTD Dividend Per Share 2.46% Dividend Yield (TTM) 13,567 Average Daily Volume^ $50.98 Book Value Per Share $46.44 Tangible Book Value Per Share $52.52 Stock Price 9.67x Price to Earnings (TTM)* 1.13x Price to Tangible Book 0.98% Retu
Slide 56: Get In Touch
One Chemung Canal Plaza Elmira, New York 14901 Anders Tomson 607 737 - 3756 atomson@chemungcanal.com Get In Touch Chemung Financial Corporation is a $2.7 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through its principal subsidiary, Chem