Chemung Financial Corp · NASDAQ:CHMG
Chemung Financial — Q3 2026 Earnings Presentation
55 slides from Chemung Financial's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Investor Presentation
Third Quarter 2026 Investor Presentation
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 Third Quarter 2026 Investor Presentation Continued strength and momentum in underlying businesses Core spread - based improvement complemented by stable wealth management revenue Stable deposit base and ample liquidity Majority of deposits sourced from s
Slide 5: About Us
About Us Elmira, Albany, Buffalo, 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, N.A. - operates with 30 branches over 14 counties in New York and Pennsylvania. Operating as Capital Bank in Albany, New York market and Can
Slide 7: Strategic priorities: revenue growth, efficiencies, customer experience
Chemung Financial Corporation Revenue Growth ▪ Deposit initiatives focusing and enhancing growth in identified verticals. ▪ Well positioned to opportunistically acquire when operational model and pricing is right. Seeking wealth management, whole bank or branch opportunities. ▪ Continue scaling the
Slide 8: Third Quarter 2026 Highlights
Chemung Financial Corporation Third Quarter 2026 Highlights 8 EPS $2.63 Net Income $12.7 million ROAA 1.80% ROAE 18.36% Net Interest Margin 3.74% ACL - to - total loans 1.05% Non - performing loans - to - total loans 0.57% Performance Ratios 8 Third Quarter 2026 Investor Presentation
Slide 9: Third Quarter 2026 Highlights
Chemung Financial Corporation Third Quarter 2026 Highlights 9 ▪ YTD net income of $30.7 million and EPS of $6.36 ▪ QTD net income of $12.7 million and EPS of $2.63 for the third quarter ▪ QTD pre - provision net revenue increased $2.8 million, or 24.9%, compared to the same period in the prior year
Slide 10: CHMG - Market Indicators
Chemung Financial Corporation CHMG - Market Indicators 10 Total Shareholder Return Third Quarter 2026 Investor Presentation 103.90% 120.08% 57.33% 35.82% 77.32% 18.38% Five Year Three Year One Year Price to Tangible Book Value 1.20 1.15 1.56 1.34 1.21 1.00 1.20 1.40 1.60 2024 2025 Q3 2026 9.84 9.62
Slide 11: Balance Sheet Restructuring and Subordinated Debt Raise
Chemung Financial Corporation Balance Sheet Restructuring and Subordinated Debt Raise 11 Third Quarter 2026 Investor Presentation Transaction Overview: Balance Sheet Optimization ▪ Sold ~$245M+ of low yielding AFS securities (Book Value) in June 2025 ▪ Pre - Tax Loss: ~$17.5M ▪ Average Yield on Secu
Slide 12: Appendices
Chemung Financial Corporation Appendices 12 Corporate and Financial Highlights Background Page 13 Corporate Organization Markets and Share Management Team Community Loans Page 22 Loan Growth Portfolio Composition Commercial Portfolio Non - Performers Investments Page 35 Portfolio Composition Yield a
Slide 13: Background
Background 13
Slide 14: Corporate Organization
Chemung Financial Corporation Corporate Organization 14 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 15: Markets
Chemung Financial Corporation Markets 15 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 16: 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 2026 Deposits ($000s) County 60.0% $792,392 Chemung 2.0% $3
Slide 17: New York Semiconductor Ecosystem
Chemung Financial Corporation New York Semiconductor Ecosystem 17 Third Quarter 2026 Investor Presentation 156+ Semiconductor & supply chain companies in NYS today $124B Investment since 2022 1 in 4 U.S. made chips will be produced within 350 miles of Upstate New York $9.6B Annual New York State GDP
Slide 18: Technology Investment in Upstate New York: Capital Region
Chemung Financial Corporation Technology Investment in Upstate New York Third Quarter 2026 Investor Presentation CAPITAL REGION | Albany and Malta $21B GlobalFoundries | Malta Two new chip plants under a U.S. – Japan initiative; first plant expected online in 2029 with 1,000+ manufacturing jobs $2B
Slide 19: Technology Investment in Upstate New York: Western NY and Southern Tier
Chemung Financial Corporation Technology Investment in Upstate New York Third Quarter 2026 Investor Presentation WESTERN NEW YORK | Buffalo $7 5 M M Empire AI | University at Buffalo 15 - megawatt AI computing center; completion expected January 2028 Empire AI statewide consortium backed by $500MM+
Slide 20: Experienced Management Team
Chemung Financial Corporation EVP, Senior Banking Officer Industry Experience: 33 years Years with CHMG: 10 years Previously with TD Bank Kimberly Hazelton President and CEO Industry Experience: 33 years Years with CHMG: 15 years Previously with Citizens Anders Tomson Experienced Management Team EVP
Slide 21: Supporting Our Communities
Chemung Financial Corporation Supporting Our Communities 21 Volunteering Nearly 12,000 Hours Distributing Over $700,000 in Donations and Sponsorships Achieve | Albany Medical Center | American Cancer Society | American Heart Association | ARCs | Arnot Museum | Arnot Health | Auburn Public Theater |
Slide 22: Loans
Loans 22
Slide 23: Summary of Loan Growth
Chemung Financial Corporation 13.8% 13.4% 14.4% 14.3% 13.4% 54.5% 56.9% 58.8% 62.1% 65.1% 15.6% 14.1% 13.3% 12.7% 12.0% 11.0% 10.7% 8.6% 5.8% 4.3% 5.1% 4.9% 4.9% 5.1% 5.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Loans by Type (%) Other Cons. Indirect Cons. Res. Mort. Comm. Mort. Comm. & Ind. Sum
Slide 24: Loans by Division
Chemung Financial Corporation $651.5 $665.7 $626.9 $616.7 $575.0 $1,098.1 $1,206.6 $1,302.6 $1,417.8 $1,493.7 $79.8 $100.4 $141.9 $235.1 $332.3 Loans by Division ($ Millions) Chemung Capital Canal Summary of Loan Growth Q3 2026 2025 2024 2023 2022 24.0% 27.2% 30.3% 33.8% 35.6% Chemung 62.2% 62.4% 62
Slide 25: Loan Composition
Chemung Financial Corporation 13.4% 7.9% 57.2% 12.0% 9.5% Portfolio Concentrations to Total Loans September 30, 2026 Commercial & Ind. CRE Owner Occupied CRE Non-Owner Occupied Residential Mort. Consumer Loan Composition 25 ▪ Effectively managing portfolio composition by establishing limits such as
Slide 26: Portfolio Composition to Tier 1 Capital & ACL
Chemung Financial Corporation 2022 2023 2024 2025 Q3 2026 C&I 109% 105% 109% 99% 91% CRE OO 46% 49% 52% 55% 53% CRE NOO 387% 397% 392% 378% 386% RRE 124% 110% 100% 88% 81% Consumer 128% 122% 102% 76% 64% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Portfolio Composition to Tier 1 Capital & ACL Sep
Slide 27: Tier 1 Capital and ACL
Chemung Financial Corporation $230.6 $251.9 $274.3 $326.0 $355.9 $200.0 $220.0 $240.0 $260.0 $280.0 $300.0 $320.0 $340.0 $360.0 $380.0 2022 2023 2024 2025 Q3 2026 ***CECL Adopted 1/1/2023 (in millions) Bank-Level Tier 1 Capital and ACL Tier 1 Capital and ACL 27 ▪ $37.0MM of 2025 subordinated debt pr
Slide 28: Commercial Loan Portfolio
Chemung Financial Corporation 68.3% 3.3% 4.7% 1.9% 4.4% 6.2% 2.3% 8.9% NAICS Descriptions Real Estate, Rental & Leasing Manufacturing Health Care & Social Assistance Wholesale Trade Construction Accommodation & Food Services Arts, Entertainment & Recreation Other Commercial Loan Portfolio – Septembe
Slide 29: Commercial Real Estate
Chemung Financial Corporation Multifamily 33% Retail 18% Construction 9% Office 9% Warehouse 8% Hotel 6% Other 17% $1.56 Billion Commercial Real Estate 29 *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation As of September 30, 2026 CRE Portfolio Metrics $1.55 million Avera
Slide 30: Commercial Real Estate
Chemung Financial Corporation 30 Third Quarter 2026 Investor Presentation Commercial Real Estate ▪ Focused on loans in existing markets. ▪ Continued strong CRE growth across footprint. ▪ Strong sponsor and guarantor support. *September 30, 2026 figures unaudited $80.7 Million in CRE Loan Balances ou
Slide 31: CRE Maturity & Repricing Details
Chemung Financial Corporation 684,332 88,588 96,585 97,400 95,160 500,608 0% 10% 20% 30% 40% 50% - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 2026 2027 2028 2029 2030 2031 & After CRE Repricing Schedule (As of September 30, 2026) Balances ($ Thousands) % of CRE Commercial Real E
Slide 32: Consumer Loans
Chemung Financial Corporation Residential Mortgage 56% Home Equity 10% HELOC 13% Indirect 20% Direct 1% $515.5 Million Consumer Loans 32 *September 30, 2026 figures unaudited **Annualized Third Quarter 2026 Investor Presentation As of September 30, 2026 Consumer Portfolio Metrics $7.93 million / 1.5
Slide 33: Fixed Rate Loans by Maturity Date
Chemung Financial Corporation Fixed Rate Loans by Maturity Date 33 *September 30, 2026 figures unaudited Third Quarter 2026 Investor Presentation 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 After 2035 Consumer 127 4,051 16,999 26,485 25,308 20,257 19,454 6,569 3,028 2,734 34,991 Residential Mo
Slide 34: Trends in Non-Performing Assets
Chemung Financial Corporation 0.56% 0.57% 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 34 *September 30, 2026 figures unaudited. Third Quarter 2026 Invest
Slide 35: Investments
Investments 35
Slide 36: Investment Portfolio Composition
Chemung Financial Corporation 8.8% 9.5% 10.7% 68.8% 69.1% 68.8% 90.3% 91.1% 6.1% 6.6% 6.7% 3.7% 3.5% 16.3% 14.8% 13.8% 6.0% 5.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022 2023 2024 2025 Q3 2026 Securities Available for Sale by Type (%) U.S. Government & Enterprises MBS & CMO States & Politica
Slide 37: Investment Portfolio - Yield & Duration
Chemung Financial Corporation 2.28% 4.7 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% 2022 2023 2024 2025 Q3 2026 Investment Portfolio Yield Duration - Years Investment Portfolio - Yield & Duration 37 ▪ Utilized proceeds from 2025 securities sales to reduce wholesale fundin
Slide 38: Investment Portfolio - Fair Value and AOCI
Chemung Financial Corporation $55,574 $55,332 $56,906 $435,131 $403,824 $365,934 $253,306 $230,778 $38,892 $38,686 $35,505 $10,310 $8,932 $102,992 $86,151 $73,097 $16,982 $13,719 $(96,609) $(85,099) $(85,829) $(47,290) $(58,450) $(120,000) $(100,000) $(80,000) $(60,000) $(40,000) $(20,000) $- $- $10
Slide 39: Deposits
Deposits 39
Slide 40: Deposit Costs
Chemung Financial Corporation 31.5% 26.9% 26.1% 27.5% 27.9% 11.7% 12.0% 12.8% 14.4% 14.1% 27.5% 25.7% 24.8% 26.5% 29.5% 12.0% 10.2% 10.3% 11.2% 10.1% 14.1% 19.3% 22.2% 20.4% 18.4% 3.2% 5.9% 3.8% 2022 2023 2024 2025 YTD 2026 Account Types (%) Non-Interest Bearing DDA Interest Bearing DDA Money Market
Slide 41: Deposit Composition
Chemung Financial Corporation 51.2% 50.2% 50.4% 43.8% 45.0% 44.1% 42.0% 44.9% 47.3% 45.1% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 31.2% 32.2% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 7.1% 8.8% 3.1% 5.9% 3.8% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% 14.4% 13.9% Deposits by Customer (%)
Slide 42: Deposit Composition by Division
Chemung Financial Corporation $1,815.5 $1,899.8 $1,892.2 $1,857.5 $1,889.0 $435.2 $381.0 $399.4 $363.7 $401.0 $73.5 $142.8 $92.2 $3.0 $5.8 $13.1 $49.5 $95.2 30.1% 27.0% 27.2% 30.1% 33.4% 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 2022
Slide 43: Liquidity
Chemung Financial Corporation Liquidity 43 Williamsville, New York Branch As of September 30, 2026 Remaining Available Outstanding Total Available Dollars in Thousands 93,576 $ 85,000 $ 178,576 $ FHLB Advances 65,000 - 65,000 Correspondent Bank Lines of Credit 285,134 - 285,134 Brokered Deposits 60,
Slide 44: Performance
Performance 44
Slide 45: GAAP Net Income - Quarterly Trend
Chemung Financial Corporation GAAP Net Income - Quarterly Trend ($ Thousands) 45 *September 30, 2026 figures unaudited. Third Quarter 2026 Investor Presentation $28.8MM $25.0MM $23.7MM $15.1MM $30.7MM 2022 2023 2024 2025 2026 $6,867 $8,024 $6,453 $7,439 $7,270 $6,280 $7,648 $3,802 $7,050 $4,987 $5,7
Slide 46: Non-GAAP Net Income - Quarterly Trend
Chemung Financial Corporation Non - GAAP Net Income - Quarterly Trend ($ Thousands) 46 *September 30, 2026 figures unaudited. Third quarter 2023 earnings figures adjusted, refer GAAP to Non - GAAP reconciliation in 2023 10 - Q filed November 9, 2023. Second quarter 2025 earnings figures adjusted, re
Slide 47: Net Interest Margin
Chemung Financial Corporation 2022 2023 2024 2025 2026 Q1 2.87% 3.14% 2.73% 2.96% 3.60% Q2 2.97% 2.87% 2.66% 3.05% 3.67% Q3 3.08% 2.73% 2.72% 3.45% 3.74% Q4 3.26% 2.69% 2.92% 3.61% YTD 3.05% 2.85% 2.76% 3.26% 3.67% 3.05% 2.85% 2.76% 3.26% 3.67% 2.00% 2.50% 3.00% 3.50% 4.00% Fully Taxable Equivalent
Slide 48: Non-Interest Income Components
Chemung Financial Corporation Overdraft Fees 10.7% Other Deposit Service Charges 5.8% Interchange Income 16.8% Wealth Management Revenue 49.6% CFS Group, Inc. Revenue 6.6% Net Gains on Sales of Loans 0.6% Change in FV of Equity Securities 0.8% Other 9.1% $19.1 Million Year to Date 2026 Retirement Se
Slide 49: Wealth Management and CFS Group, Inc. Revenue
Chemung Financial Corporation Wealth Management and CFS Group, Inc. Revenue 49 *September 30, 2026 figures unaudited. **CAGR December 31, 2022 to December 31, 2025 Third Quarter 2026 Investor Presentation 2022 2023 2024 2025 YTD 2026 Wealth Management Revenue $10,280 $10,460 $11,573 $11,945 $9,484 C
Slide 50: Non-Interest Expense Components
Chemung Financial Corporation Salaries , 43.5% Data Processing , 14.1% Employee Benefits , 11.2% Net Occupancy , 8.1% FDIC Insurance , 1.7% Professional Services , 4.4% Furniture/Equipment , 2.6% Marketing , 1.6% Other , 12.8% $54.9 Million Year to Date 2026 Salaries Data Processing Employee Benefit
Slide 51: Expense Management and Control
Chemung Financial Corporation 65.71 61.71 61.71 66.20 68.89 63.00 58.83 50.00 55.00 60.00 65.00 70.00 75.00 2020 2021 2022 2023 2024 2025 YTD 2026 Efficiency Ratio (%)** Expense Management and Control 51 Goal is both cost containment and cost savings ▪ Increase efficiency in banking operations ▪ AI
Slide 52: Capital Management
Chemung Financial Corporation Capital Management 52 ▪ Positioned to remain profitable and pay dividends ▪ Increased quarterly dividend $0.05 per share since Q4 2024, or 16.1% to $0.36 ▪ Announced share repurchase program of 250,000 shares in January 2021 ▪ As of September 30, 2026: 49,184 shares had
Slide 53: GAAP to Non-GAAP Reconciliation
Chemung Financial Corporation GAAP to Non - GAAP Reconciliation 53 Third Quarter 2026 Investor Presentation *September 30, 2026 figures unaudited.
Slide 54: CHMG Stock At a Glance
Chemung Financial Corporation 4.8 million Shares Outstanding $391.3M Market Capitalization $1.04 YTD Dividend Per Share 1.71% Dividend Yield (TTM) 36,765 Average Daily Volume^ $56.51 Book Value Per Share $52.00 Tangible Book Value Per Share $80.86 Stock Price 10.15x Price to Earnings (TTM)* 1.56x Pr
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