Chemung Financial Corp · NASDAQ:CHMG
Chemung Financial — Investor Presentation (September 2025)
55 slides from Chemung Financial's investor presentation, Sep 2, 2025
Slide 1: Chemung Financial Corporation
Chemung Financial Corporation
Slide 2: With You Today
Chemung Financial Corporation Chemung Financial Corporation With You Today 2 Anders Tomson President & Chief Executive Officer Dale McKim Executive Vice President & Chief Financial Officer
Slide 3: Safe Harbor Statement
Chemung Financial Corporation Safe Harbor Statement 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 forwar
Slide 4: Key Takeaways
Chemung Financial Corporation Key Takeaways 4 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 restruc
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. Subsidiary bank - Chemung Canal Trust Company - operates with 30 branches over 14 counties in New York and Pennsylvania. Operating as Capital Bank in Albany, New York market and Canal Ban
Slide 7: Strategy: 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: Second Quarter 2025 Highlights
Chemung Financial Corporation Second Quarter 2025 Highlights 8 EPS GAAP ($1.35) Non - GAAP $1.31 Net Income GAAP ($6.5M) Non - GAAP $6.3M ROA GAAP (0.92)% Non - GAAP 0.90% ROE GAAP (11.29)% Non - GAAP 11.07% Net Interest Margin 3.05% ACL - to - total loans 1.06% Non - performing loans - to - total l
Slide 9: Second Quarter 2025 Highlights
Chemung Financial Corporation Second Quarter 2025 Highlights 9 ▪ Issued $45.0 million in Fixed - to - Floating Rate Subordinated Notes on June 10, 2025 ▪ Sold $245.5 million in AFS securities in June 2025 resulting in a $17.5 million pre - tax loss ▪ Recognized a $0.6 million gain on the sale of the
Slide 10: Balance Sheet Restructuring and Subordinated Debt Raise
Chemung Financial Corporation Balance Sheet Restructuring and Subordinated Debt Raise 10 Transaction Overview: Balance Sheet Optimization ▪ Sell ~$245M+ of low yielding AFS securities (Market Value) ▪ Pre - Tax Loss: ~$17.5M ▪ Average Yield on Securities Sold: ~2% ▪ WAL of Securities Sold: ~3 Yrs ▪
Slide 11: Appendices
Chemung Financial Corporation Appendices 11 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 34 Portfolio Composition Yield a
Slide 12: Background
Background 12
Slide 13: Corporate Organization
Chemung Financial Corporation Corporate Organization 13 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 Cap
Slide 14: Markets
Chemung Financial Corporation Markets 14 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 Y
Slide 15: Dominant market share of deposits
Chemung Financial Corporation Dominant market share of deposits Legacy Markets Small share of much larger markets; a lot of room to grow. Growth Markets Deployment of lower cost deposits to higher growth markets. Competitive Advantage Share 2024 Deposits County 61.22% $852,755,000 Chemung 2.38% $382
Slide 16: NY SMART I - Corridor Initiative
Chemung Financial Corporation NY SMART I - Corridor Initiative 16 ▪ 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 C
Slide 17: Albany NanoTech Complex
Chemung Financial Corporation Albany NanoTech Complex 17 ▪ 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 : A
Slide 18: Empire AI Consortium – SUNY Buffalo
Chemung Financial Corporation Empire AI Consortium – SUNY Buffalo 18 Funding: • $275 million from the state for the AI computing center at SUNY Buffalo • $90 million in capital funding in FY26 Executive Budget. • $50 million in private funding from new members. • $25 million in SUNY operating fundin
Slide 19: Experienced Management Team
Chemung Financial Corporation President and CEO Industry Experience: 32 years Years with CHMG: 14 years Previously with Citizens Anders Tomson Experienced Management Team 19 EVP & CFO Industry Experience: 29 years Years with CHMG: 2 Previously with KPMG LLP and Evans Bancorp Dale McKim Regional Pres
Slide 20: Supporting Our Communities
Chemung Financial Corporation Supporting Our Communities 20 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 |
Slide 21: Loans
Loans 21
Slide 22: Summary of Loan Growth
Chemung Financial Corporation 14.1% 13.8% 13.4% 14.4% 13.8% 52.9% 54.5% 56.9% 58.8% 60.9% 2.8% 17.1% 15.6% 14.1% 13.3% 13.0% 7.8% 11.0% 10.7% 8.6% 7.2% 5.3% 5.1% 4.9% 4.9% 5.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Loans by Type (%) Other Cons. Indirect Cons. Res. Mort. PPP Comm. Mort. Comm. &
Slide 23: Loans by Division
Chemung Financial Corporation $592.2 $651.5 $665.7 $626.9 $604.0 $879.0 $1,098.1 $1,206.6 $1,302.6 $1,347.7 $47.0 $79.8 $100.4 $141.9 $180.7 Loans by Division ($ Millions) Chemung Capital Buffalo Summary of Loan Growth Q2 2025 2024 2023 2022 2021 28.32% 30.26% 33.75% 35.60% 39.01% Chemung 63.21% 62.
Slide 24: Loan Composition
Chemung Financial Corporation 13.81% 7.57% 53.28% 13.04% 12.30% Portfolio Concentrations to Total Loans June 30, 2025 Commercial & Ind. CRE Owner Occupied CRE Non-Owner Occupied Residential Mort. Consumer Loan Composition 24 ▪ June capital raise meaningfully reduced CRE non - owner occupied (NOO) ra
Slide 25: Portfolio Composition to Tier 1 Capital & ACL
Chemung Financial Corporation 2021 2022 2023 2024 Q2 2025 C&I 123% 109% 105% 109% 95% CRE OO 45% 46% 49% 47% 52% CRE NOO 339% 387% 397% 397% 366% RRE 124% 124% 110% 100% 90% Consumer 95% 128% 122% 102% 85% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Portfolio Composition to Tier 1 Capital & ACL J
Slide 26: Bank-Level Tier 1 Capital and ACL Growth
Chemung Financial Corporation 10.68% 10.27% 9.24% 8.92% 13.03% $209.1 $230.6 $251.9 $274.3 $310.1 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 2021 2022 2023 2024 Q2 2025 ***CECL Adopted 1/1/2023 (in millions) Bank-Level Tier 1 Capital and A
Slide 27: Loan Types and NAICS Descriptions
Chemung Financial Corporation NAICS Code / Descriptions Balances ($ Thousands) Percentage Real Estate, Rental & Leasing 1,094,734$ 68.77% Manufacturing 44,633 2.80% Health Care & Social Assistance 70,662 4.44% Wholesale Trade 27,923 1.75% Construction 58,175 3.65% Accommodation & Food Services 94,86
Slide 28: Commercial Real Estate
Chemung Financial Corporation Multifamily 33.7% Retail 18.4% Construction 7.6% Office 10.2% Warehouse 7.5% Hotel 5.1% Other 17.5% $1.29 Billion CRE Portfolio Composition 6/30/25 Balances ($ Thousands) % of CRE Loans Weighted Avg. LTV Multifamily 437,117$ 33.7% 61.8% Retail 239,181 18.4% 58.0% Constr
Slide 29: CRE Loan Balances by Collateral County
Chemung Financial Corporation Region 6/30/25 Balances ($ Thousands) % of CRE Loans Capital Region 814,866$ 62.8% Southern Tier & Finger Lakes 219,213 16.9% Western New York 202,124 15.6% Other 61,322 4.7% Total 1,297,525$ 100.0% © GeoNames, Microsoft, TomTom Powered by Bing CRE Loan Balances by Coll
Slide 30: CRE Maturity & Repricing Details
Chemung Financial Corporation 58,210 66,737 82,531 88,752 106,127 4.49% 5.14% 6.36% 6.84% 8.18% 2025 2026 2027 2028 2029 CRE Maturity Schedule (As of June 30, 2025) 463,279 83,814 94,953 103,067 116,851 35.70% 6.46% 7.32% 7.94% 9.01% 2025 2026 2027 2028 2029 CRE Repricing Schedule (As of June 30, 20
Slide 31: Consumer Loans
Chemung Financial Corporation Consumer Portfolio Composition 6/30/25 Balances ($ Thousands) % of Consumer Loans Residential Mortgage 278,221$ 51.48% Home Equity 55,898 10.35% HELOC 45,607 8.44% Indirect 153,321 28.37% Direct 7,368 1.36% Total 540,415$ 100.00% 0.43% 0.67% 1.34% 3.79% 1.98% 4.06% 5.29
Slide 32: Trends in Non-Performing Assets
Chemung Financial Corporation 0.30% 0.39% 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 Trends in Non - Performing Assets 32 *June 30, 2025 figures unaudited.
Slide 33: Trends in Non-Performing Assets
Chemung Financial Corporation $8,237 $8,447 $5,000 $7,500 $10,000 $12,500 $15,000 Non - Performing Loans and Assets ($ Thousands) Non Performing Loans Non Performing Assets Trends in Non - Performing Assets 33 *June 30,2025 figures unaudited.
Slide 34: Investments
Investments 34
Slide 35: Investment Portfolio Composition
Chemung Financial Corporation 7.6% 8.8% 9.5% 10.7% 72.9% 68.8% 69.1% 68.8% 88.6% 5.3% 6.1% 6.6% 6.7% 3.8% 14.2% 16.3% 14.8% 13.8% 7.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2021 2022 2023 2024 Q2 2025 Securities Available for Sale by Type (%) U.S. Government & Enterprises MBS States & Politica
Slide 36: Investment Portfolio - Yield & Duration
Chemung Financial Corporation 2.26% 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 Q2 2025 Investment Portfolio Yield Duration - Years Investment Portfolio - Yield & Duration 36 ▪ Utilizing proceeds from securities sales to reduce wholesale funding an
Slide 37: Investment Portfolio – Fair Value and AOCI
Chemung Financial Corporation $55,574 $55,332 $56,906 $577,361 $435,131 $403,824 $365,934 $254,552 $42,303 $38,892 $38,686 $35,505 $10,976 $111,931 $102,992 $86,151 $73,097 $21,807 $12,249 $3,383 $(96,609) $(85,099) $(55,695) $(120,000) $(100,000) $(80,000) $(60,000) $(40,000) $(20,000) $- $20,000 $
Slide 38: Deposits
Deposits 38
Slide 39: Deposit Costs
Chemung Financial Corporation 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2021 2022 2023 2024 Q2 2025 Cost of Deposits NOW Savings and Money Market Time Deposits Brokered Deposits Total Cost of Interest Bearing Deposits 34.3% 31.5% 26.9% 26.1% 25.3% 13.2% 11.7% 12.0% 12.8% 14.1% 30.4% 27.5% 25.7% 24.8
Slide 40: Deposit Composition
Chemung Financial Corporation 52.8% 51.2% 50.2% 50.4% 43.8% 45.0% 44.0% 42.0% 44.9% 44.3% 24.1% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 28.2% 9.1% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 7.6% 5.9% 3.8% 4.1% 14.0% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% 15.8% Deposits by Customer (%)
Slide 41: Deposit Composition by Division
Chemung Financial Corporation $1,738.0 $1,815.5 $1,899.8 $1,892.2 $1,948.9 $415.6 $435.2 $381.0 $399.4 $383.2 $73.5 $142.8 $92.2 $100.0 $1.8 $3.0 $5.8 $13.1 $36.9 33.6% 30.1% 27.0% 27.2% 28.1% 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 $3,00
Slide 42: Liquidity
Chemung Financial Corporation Liquidity 42 Williamsville, New York Branch Remaining Available Outstanding (1) Total Available Dollars in Thousands 115,201 $ 55,000 $ 170,201 $ FHLB Advances 75,000 - 75,000 Correspondent Bank Lines of Credit 185,249 100,000 285,249 Brokered Deposits 72,242 - 74,242 U
Slide 43: Performance
Performance 43
Slide 44: GAAP Net Income - Quarterly Trend
Chemung Financial Corporation $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) $(8,000) $(6,000) $(4,000) $(2,000) $- $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 Ne
Slide 45: Non-GAAP Net Income - Quarterly Trend
Chemung Financial Corporation $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 $(8,000) $(6,000) $(4,000) $(2,000) $- $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 - GAA
Slide 46: Net Interest Margin
Chemung Financial Corporation 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% 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% Fully Taxable Equivalent Net Interest Margin (%) Q1 Q2 Q3 Q4 Net Interest Mar
Slide 47: Net Interest Margin
Chemung Financial Corporation 2.84% 3.05% 2.85% 2.76% 3.00% 1.00% 1.40% 1.80% 2.20% 2.60% 3.00% 3.40% 3.80% 2021 2022 2023 2024 June 30, 2025 YTD Fully Taxable Equivalent Net Interest Margin (%) Net Interest Margin 47 ▪ In June of 2025, sold $245.5 million in AFS securities, resulting in a realized
Slide 48: Non-Interest Income Components
Chemung Financial Corporation Overdraft Fees 12.03% Other Deposit Service Charges 6.50% Interchange Income 17.81% Wealth Management Revenue 48.62% CFS Group, Inc. Revenue 4.09% Net Gains on Sales of Loans 0.75% Change in FV of Equity Securities 0.51% Other 9.69% $12.1 Million 6/30/2025 YTD Overdraft
Slide 49: Non-Interest Expense Components
Chemung Financial Corporation Salaries , 42.62% Data Processing , 14.69% Employee Benefits , 10.97% Net Occupancy , 8.54% FDIC Insurance , 2.52% Professional Services , 4.16% Furniture/Equipment , 2.39% Marketing , 1.99% Other , 12.12% $34.7 Million 6/30/2025 YTD Salaries Data Processing Employee Be
Slide 50: Expense Management and Control
Chemung Financial Corporation 67.95 65.71 61.71 61.71 66.20 68.89 65.67 58.00 60.00 62.00 64.00 66.00 68.00 70.00 2019 2020 2021 2022 2023 2024 YTD 2025 Efficiency Ratio (%)** Expense Management and Control 50 Goal is both cost containment and cost savings ▪ Increase efficiency in banking operations
Slide 51: Capital Management
Chemung Financial Corporation 8.06% 8.23% 8.62% 9.18% 8.96% 12.96% 11.54% 12.08% 12.30% 12.00% 14.21% 12.57% 13.26% 13.35% 15.16% 7.91% 5.51% 6.45% 7.02% 7.53% 4% 6% 8% 10% 12% 14% 16% Chemung Financial Corporation - Capital Ratios (%) Tier 1 Leverage Tier 1 Capital / CET1 Total Capital TCE Ratio Ca
Slide 52: Capital Management
Chemung Financial Corporation 2021 2022 2023 2024 Q2 2025 EPS $5.64 $6.13 $5.28 $4.96 $(0.09) Dividends / Share $1.19 $1.24 $1.24 $1.24 $0.64 Book Value / Share $45.09 $35.32 $41.07 $45.13 $48.85 Tangible Book Value / Share $40.44 $30.69 $36.48 $40.55 $44.31 $(1.00) $- $1.00 $2.00 $3.00 $4.00 $5.00
Slide 53: GAAP to Non-GAAP Reconciliation
Chemung Financial Corporation GAAP to Non - GAAP Reconciliation 53 *June 30, 2025 figures unaudited. Dollars in Thousands June 30, 2025 QTD June 30, 2025 YTD Net interest income (GAAP) 20,808$ 40,625$ Fully taxable equivalent adjustment 76 156 Fully taxable equivalent net interest income (non-GAAP)
Slide 54: CHMG Stock At a Glance
Chemung Financial Corporation 4.8 million Shares Outstanding $233.1M Market Capitalization $0.64 YTD Dividend Per Share 2.60% Dividend Yield (TTM) 14,153 Average Daily Volume^ $48.85 Book Value Per Share $44.31 Tangible Book Value Per Share $48.47 Stock Price 9.69x Price to Earnings (TTM)* 1.09x Pri
Slide 55: Get In Touch
Chemung Financial Corporation One Chemung Canal Plaza Elmira, New York 14901 Anders Tomson 607 737 - 3756 atomson@chemungcanal.com Get In Touch Chemung Financial Corporation is a $2.9 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through
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