Chemung Financial Corp · NASDAQ:CHMG
Chemung Financial — 2025 Raymond James Small Cap Investor Meetings
48 slides from Chemung Financial's conference presentation, Feb 21, 2025
Slide 1: 2025 Raymond James Small Cap Investor Meetings
2025 Raymond James Small Cap Investor Meetings
Slide 2: With You Today
Chemung Financial Corporation Chemung Financial Corporation With You Today 2 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 2025 Raymond James Small Cap Investor Meetings 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,
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: Core Strategies
Chemung Financial Corporation Loan Growth ▪ Drive growth in Albany and Buffalo with legacy market deposits. ▪ Well positioned to opportunistically acquire when operational model and pricing is right. Seeking wealth management, whole bank or branch opportunities. ▪ Fee and pricing discipline. Operati
Slide 8: Fourth Quarter 2024 Highlights
Chemung Financial Corporation Fourth Quarter 2024 Highlights 8 EPS $1.24 Net Income $5.9M ROA 0.85% ROE 10.73% ROTE 11.92% ACL - to - total loans 1.03% Non - performing loans - to - total loans 0.43% Returns 8 2025 Raymond James Small Cap Investor Meetings
Slide 9: Fourth Quarter 2024 Highlights
Chemung Financial Corporation Fourth Quarter 2024 Highlights 9 ▪ Net interest income $19.8 million, or 10.7% higher than fourth quarter 2023 ▪ Net interest margin expanded 20 bp compared to the prior quarter, from 2.72% to 2.92% ▪ Efficiency ratio 68.64% ▪ Tangible common equity to tangible assets i
Slide 10: Appendices
Chemung Financial Corporation Appendices 10 Company and Financial Highlights Background Page 11 Corporate Organization Markets and Share Management Team Community Loans Page 17 Loan Growth Portfolio Composition Commercial Portfolio Non - Performers Investments Page 29 Portfolio Composition Yield and
Slide 11: Background
Background 11
Slide 12: Corporate Organization
Chemung Financial Corporation Corporate Organization 12 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 13: Markets
Chemung Financial Corporation Markets 13 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 14: 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 15: Experienced Management Team
Chemung Financial Corporation President and CEO Industry Experience: 31 years Years with CHMG: 13 years Previously with Citizens Anders Tomson Experienced Management Team 15 EVP & CFO Industry Experience: 28 years Years with CHMG: 1 Previously with KPMG LLP and Evans Bancorp Dale McKim Regional Pres
Slide 16: Supporting Our Communities
Chemung Financial Corporation Supporting Our Communities 16 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 17: Loans
Loans 17
Slide 18: Summary of Loan Growth
Chemung Financial Corporation 14.3% 14.1% 13.8% 13.4% 14.4% 46.6% 52.9% 54.5% 56.9% 58.8% 9.8% 2.8% 15.6% 17.1% 15.6% 14.1% 13.3% 7.8% 7.8% 11.0% 10.7% 8.6% 5.9% 5.3% 5.1% 4.9% 4.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Loans by Type (%) Other Cons. Indirect Cons. Res. Mort. PPP Comm. Mort. Co
Slide 19: Loans by Division
Chemung Financial Corporation $658.5 $592.2 $651.5 $665.7 $626.9 $878.0 $879.0 $1,098.1 $1,206.6 $1,302.6 $47.0 $79.8 $100.4 $141.9 Loans by Division ($ Millions) Chemung Capital Buffalo Summary of Loan Growth 2024 2023 2022 2021 2020 30.26% 33.75% 35.60% 39.01% 42.86% Chemung 62.89% 61.16% 60.04% 5
Slide 20: Loan Composition
Chemung Financial Corporation Loan Composition 20 ▪ Effectively managing portfolio composition by establishing limits such as exposure and percentage of capital deployed for each category. ▪ Tactical use of participations to manage risk and capital. *December 31, 2024 figures unaudited 2025 Raymond
Slide 21: Loan Composition to Tier 1 Capital & ACL
Chemung Financial Corporation 2020 2021 2022 2023 2024 C&I 188% 118% 105% 105% 109% CRE OO 45% 43% 44% 49% 47% CRE NOO 321% 327% 372% 397% 397% RRE 122% 119% 119% 110% 100% Consumer 108% 92% 123% 122% 102% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Portfolio Composition to Tier 1 Capital & ACL D
Slide 22: Tier 1 Capital and ACL Growth
Chemung Financial Corporation 7.66% 10.72% 10.27% 5.17% 8.92% $196.1 $217.2 $239.5 $251.9 $274.3 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 2020 2021 2022 2023 2024 Tier 1 Capital & ACL ***CECL Adopted 1/1/2023 (in millions) Tier 1 Capital and ACL Growt
Slide 23: Commercial Loan Types and NAICS Composition
Chemung Financial Corporation 35.39% 18.05% 26.29% 9.36% 6.82% 0.04% 4.05% Loan Types Non-Owner Occupied Commercial & Industrial Multi-Family Owner Occupied Construction Agricultural & Farmland Other 69.58% 2.96% 3.85% 1.59% 3.88% 5.48% 3.66% 9.00% NAICS Descriptions Real Estate, Rental & Leasing Ma
Slide 24: CRE Portfolio Composition
Chemung Financial Corporation CRE Portfolio Composition 12/31/24 Balances ($ Thousands) % of CRE Loans Multifamily 471,630$ 37.00% Retail 212,938 17.00% Construction 94,943 12.00% Office 122,248 10.00% Warehouse 91,357 7.00% Hotel 53,960 4.00% Other 169,928 13.00% Total 1,217,004$ 100.00% 643 245 56
Slide 25: CRE Loan Balances by Collateral County
Chemung Financial Corporation Region 12/31/24 Balances ($ Thousands) % of CRE Loans Capital Region 783,342$ 64.00% Southern Tier & Finger Lakes 221,078 18.00% Western New York 155,527 13.00% Other 57,057 5.00% Total 1,217,004$ 100.00% © GeoNames, Microsoft, TomTom Powered by Bing CRE Loan Balances b
Slide 26: Commercial Real Estate Maturity & Repricing Details
Chemung Financial Corporation 419,049 85,249 96,990 104,433 116,248 34.43% 7.00% 7.97% 8.58% 9.55% 2025 2026 2027 2028 2029 CRE Repricing Schedule (As of December 31, 2024) Balance ($ Thousand) % of CRE Loans 83,690 63,091 81,968 83,130 102,882 6.88% 5.18% 6.74% 6.83% 8.45% 2025 2026 2027 2028 2029
Slide 27: Trends in Non-Performing Assets
Chemung Financial Corporation 0.35% 0.43% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% Non - Performing Loans and Assets (% of Total) Non-performing assets to total assets Non-performing loans to total loans Trends in Non - Performing Assets 27 *December 31, 2024 figures unaudited. 2025 Raymond J
Slide 28: Trends in Non-Performing Assets
Chemung Financial Corporation $8,954 $9,606 $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 28 *June 30,2024 figures unaudited. 2025 Raymond James Small Cap Investor Meetings
Slide 29: Investments
Investments 29
Slide 30: Investment Portfolio Composition
Chemung Financial Corporation 7.6% 8.8% 9.5% 10.7% 84.4% 72.9% 68.8% 69.1% 68.8% 7.8% 5.3% 6.1% 6.6% 6.7% 7.8% 14.2% 16.3% 14.8% 13.8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2020 2021 2022 2023 2024 Securities Available for Sale by Type (%) U.S. Government & Enterprises MBS States & Political O
Slide 31: Investment Portfolio - Yield & Duration
Chemung Financial Corporation 2.28% 3.8 3.4 3.6 3.8 4.0 4.2 4.4 4.6 4.8 5.0 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 2020 2021 2022 2023 2024 Investment Portfolio Yield Duration - Years Investment Portfolio - Yield & Duration 31 ▪ Utilizing cashflows from principal and interest payments to fund loans and
Slide 32: Investment Portfolio – Fair Value and AOCI
Chemung Financial Corporation $60,431 $55,574 $55,332 $56,906 $467,866 $577,361 $435,131 $403,824 $365,934 $43,405 $42,303 $38,892 $38,686 $35,505 $43,340 $111,931 $102,992 $86,151 $73,097 $12,249 $3,383 $(96,609) $(85,099) $(85,829) $(120,000) $(100,000) $(80,000) $(60,000) $(40,000) $(20,000) $- $
Slide 33: Deposits
Deposits 33
Slide 34: Deposit Costs
Chemung Financial Corporation 2024 2023 2022 2021 2020 Rate 1.78% 1.10% 0.15% 0.08% 0.14% NOW 2.02% 1.45% 0.24% 0.10% 0.16% Savings and Money Market 4.22% 3.31% 1.08% 0.83% 1.16% Time Deposits 5.29% 5.22% 2.88% Brokered Deposits 2.79% 2.11% 0.44% 0.22% 0.31% Total Cost of Interest Bearing Deposits 2
Slide 35: Deposit Composition
Chemung Financial Corporation 53.1% 52.8% 51.2% 50.2% 50.4% 43.8% 45.0% 44.0% 42.0% 44.9% 24.7% 24.1% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 10.4% 9.1% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 3.2% 5.9% 3.8% 11.8% 14.0% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% Deposits by Customer (%)
Slide 36: Deposit Composition by Division
Chemung Financial Corporation $1,686.3 $1,738.0 $1,815.5 $1,899.8 $1,892.2 $351.4 $415.6 $435.2 $381.0 $399.4 $73.5 $142.8 $92.2 $1.8 $3.0 $5.8 $13.1 32.0% 33.6% 30.1% 27.0% 27.2% 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 2020 2021 2
Slide 37: Liquidity
Chemung Financial Corporation Liquidity 37 Williamsville, New York Branch Remaining Available Outstanding Total Available Dollars in Thousands 111,952 $ 109,110 $ 221,062 $ FHLB Advances 75,000 - 75,000 Correspondent Bank Lines of Credit 185,456 92,1590 277,615 Brokered Deposits 349,929 - 349,929 Un
Slide 38: Performance
Performance 38
Slide 39: Net Income - Quarterly Trend
Chemung Financial Corporation $2,491 $5,827 $5,711 $5,233 $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 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net
Slide 40: Net Interest Margin
Chemung Financial Corporation 2020 2021 2022 2023 2024 Q1 3.55% 2.86% 2.87% 3.14% 2.73% Q2 3.26% 2.76% 2.97% 2.87% 2.66% Q3 3.20% 2.88% 3.08% 2.73% 2.72% Q4 3.06% 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 Q
Slide 41: Net Interest Margin
Chemung Financial Corporation 3.25% 2.84% 3.05% 2.85% 2.76% 1.00% 1.40% 1.80% 2.20% 2.60% 3.00% 3.40% 3.80% 2020 2021 2022 2023 2024 Fully Taxable Equivalent Net Interest Margin (%) Net Interest Margin 41 ▪ Net interest margin impacted by low yielding mortgage - backed securities ▪ No loss trade tra
Slide 42: Non-Interest Income Components
Chemung Financial Corporation Overdraft Fees 12.90% Other Deposit Service Charges 4.50% Interchange Income 19.05% Wealth Management Revenue 49.82% CFS Group, Inc. Revenue 4.54% Net Gains on Sales of Loans 0.92% Change in FV of Equity Securities 0.77% Other 7.50% $23.2 Million 12/31/2024 Overdraft Fe
Slide 43: Non-Interest Expense Components
Chemung Financial Corporation Salaries , 42.31% Data Processing , 15.01% Employee Benefits , 10.67% Net Occupancy , 8.67% FDIC Insurance , 3.15% Professional Services , 3.50% Furniture/Equipment , 2.47% Marketing , 1.76% Other , 12.46% $67.2 Million 12/31/2024 Salaries Data Processing Employee Benef
Slide 44: Expense Management and Control
Chemung Financial Corporation 67.22 67.95 65.71 61.71 61.71 66.20 68.89 58.00 60.00 62.00 64.00 66.00 68.00 70.00 2018 2019 2020 2021 2022 2023 2024 Efficiency Ratio (%)** Expense Management and Control 44 Goal is both cost containment and cost savings ▪ Increase efficiency in banking operations (e.
Slide 45: Capital Management
Chemung Financial Corporation 7.90% 8.06% 8.23% 8.62% 9.18% 12.37% 12.96% 11.54% 12.08% 12.30% 13.62% 14.21% 12.57% 13.26% 13.35% 7.87% 7.91% 5.51% 6.45% 7.02% 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 46: Earnings and Dividends Per Share
Chemung Financial Corporation 2020 2021 2022 2023 2024 EPS $4.01 $5.64 $6.13 $5.28 $4.96 Dividends / Share $1.04 $1.19 $1.24 $1.24 $1.24 Book Value / Share $42.53 $45.09 $35.32 $41.07 $45.13 Tangible Book Value / Share $37.83 $40.44 $30.69 $36.48 $40.55 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $
Slide 47: CHMG Stock At a Glance
Chemung Financial Corporation 4.8 million Shares Outstanding* $232.9M Market Capitalization* $1.24 YTD Dividend Per Share* 2.54% Dividend Yield (TTM)* 10,793 Average Daily Volume^ $45.13 Book Value Per Share* $40.55 Tangible Book Value Per Share* $48.81 Stock Price* 9.84x Price to Earnings (TTM)* 1.
Slide 48: 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 $2.8 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through
Chemung Financial — 2025 Raymond James Small Cap Investor Meetings on 6ix