Chemung Financial Corp · NASDAQ:CHMG
Chemung Financial — Q1 2026 Earnings Presentation
55 slides from Chemung Financial's earnings presentation, May 8, 2026
Slide 1: First Quarter 2026 Investor Presentation
First 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 Peter Cosgrove Executive Vice President & Chief Credit 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 First Quarter 2026 Investor Presentation 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
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 - 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: 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: First Quarter 2026 Highlights
Chemung Financial Corporation First Quarter 2026 Highlights 8 EPS $1.91 Net Income $9.2 million ROAA 1.36% ROAE 14.25% Net Interest Margin 3.60% ACL - to - total loans 1.08% Non - performing loans - to - total loans 0.33% Performance Ratios 8 First Quarter 2026 Investor Presentation
Slide 9: First Quarter 2026 Highlights & 2025 Recap
Chemung Financial Corporation First Quarter 2026 Highlights & 2025 Recap 9 ▪ Record quarterly net income of $9.2 million and EPS of $1.91 for the first quarter ▪ Net interest margin decreased 1 bps quarter over quarter, from 3.61% to 3.60% ▪ Yield on interest - earning assets decreased 5 bps to 5.13
Slide 10: CHMG - Market Indicators
Chemung Financial Corporation CHMG - Market Indicators 10 Total Shareholder Return First Quarter 2026 Investor Presentation 47.72% 40.70% 16.10% 22.79% 48.81% 15.49% Five Year Three Year One Year Tangible Book Value 1.20 1.15 1.18 1.34 1.21 1.00 1.10 1.20 1.30 1.40 2024 2025 Q1 2026 8.60 10.30 8.30
Slide 11: Balance Sheet Restructuring and Subordinated Debt Raise
Chemung Financial Corporation Balance Sheet Restructuring and Subordinated Debt Raise 11 First 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 2025 Deposits ($000s) County 64.56% $910,682 Chemung 2.06%
Slide 17: NY SMART I-Corridor Initiative
Chemung Financial Corporation NY SMART I - Corridor Initiative 17 ▪ 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 18: Albany NanoTech Complex
Chemung Financial Corporation Albany NanoTech Complex 18 ▪ Albany selected to host the flagship location for the National Semiconductor Technology Center (NSTC) , a significant milestone for the region • Location : Albany NanoTech Complex, Albany, New York • Cumulative Investment : $25 billion of pu
Slide 19: Empire AI Consortium – SUNY Buffalo
Chemung Financial Corporation Empire AI Consortium – SUNY Buffalo 19 Empire AI Beta: • Second phase deployment underway at SUNY Buffalo • Powered by NVIDIA AI Hardware; expected to place among the most advanced academic AI systems in the world. First Quarter 2026 Investor Presentation Overview: • La
Slide 20: Experienced Management Team
Chemung Financial Corporation EVP, Senior Banking Officer Industry Experience: 32 years Years with CHMG: 9 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 20 E
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% 14.0% 54.5% 56.9% 58.8% 62.1% 63.2% 15.6% 14.1% 13.3% 12.7% 12.4% 11.0% 10.7% 8.6% 5.8% 5.3% 5.1% 4.9% 4.9% 5.1% 5.1% 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 $599.4 $1,098.1 $1,206.6 $1,302.6 $1,417.8 $1,442.6 $79.8 $100.4 $141.9 $235.1 $269.7 Loans by Division ($ Millions) Chemung Capital Buffalo Summary of Loan Growth Q1 2026 2025 2024 2023 2022 25.9% 27.2% 30.3% 33.8% 35.6% Chemung 62.4% 62.4%
Slide 25: Loan Composition
Chemung Financial Corporation 14.0% 7.7% 55.6% 12.4% 10.3% Portfolio Concentrations to Total Loans March 31, 2026 Commercial & Ind. CRE Owner Occupied CRE Non-Owner Occupied Residential Mort. Consumer Loan Composition 25 ▪ June 2025 capital raise meaningfully reduced CRE non - owner occupied (NOO) r
Slide 26: Portfolio Composition to Tier 1 Capital & ACL
Chemung Financial Corporation 2022 2023 2024 2025 Q1 2026 C&I 109% 105% 109% 99% 96% CRE OO 46% 49% 52% 55% 53% CRE NOO 387% 397% 392% 378% 384% RRE 124% 110% 100% 88% 85% Consumer 128% 122% 102% 76% 71% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Portfolio Composition to Tier 1 Capital & ACL Dec
Slide 27: Tier 1 Capital and ACL
Chemung Financial Corporation $230.6 $251.9 $274.3 $326.0 $335.2 $200.0 $220.0 $240.0 $260.0 $280.0 $300.0 $320.0 $340.0 $360.0 2022 2023 2024 2025 Q1 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 proceeds
Slide 28: Commercial Loan Portfolio
Chemung Financial Corporation 68.8% 3.1% 4.7% 1.7% 4.2% 6.5% 2.9% 8.1% NAICS Descriptions Real Estate, Rental & Leasing Manufacturing Health Care & Social Assistance Wholesale Trade Construction Accommodation & Food Services Arts, Entertainment & Recreation Other Commercial Loan Portfolio – March 31
Slide 29: Commercial Real Estate
Chemung Financial Corporation Multifamily 33% Retail 18% Construction 9% Office 10% Warehouse 7% Hotel 6% Other 17% $1.46 Billion Commercial Real Estate 29 *March 31, 2026 figures unaudited First Quarter 2026 Investor Presentation As of March 31, 2026 CRE Portfolio Metrics $1.50 million Average loan
Slide 30: Commercial Real Estate
Chemung Financial Corporation 30 First Quarter 2026 Investor Presentation Commercial Real Estate ▪ Focused on loans in existing markets. ▪ Continued strong CRE growth across footprint. ▪ Additional capital provides raw materials for growth. *March 31, 2026 figures unaudited © GeoNames, Microsoft, To
Slide 31: Commercial Real Estate Maturity & Repricing Details
Chemung Financial Corporation 649,933 92,836 97,167 103,818 97,073 0% 10% 20% 30% 40% 50% - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2026 2027 2028 2029 2030 CRE Repricing Schedule (As of March 31, 2026) Balances ($ Thousands) % of CRE Commercial Real Estate Maturity & Repricing Detai
Slide 32: Consumer Loans
Chemung Financial Corporation Residential Mortgage 54% Home Equity 10% HELOC 10% Indirect 25% Direct 1% $525.2 Million Consumer Loans 32 *March 31, 2026 figures unaudited **Annualized First Quarter 2026 Investor Presentation As of March 31, 2026 Consumer Portfolio Metrics $3.78 million / 0.72% of co
Slide 33: Fixed Rate Loans by Maturity Date
Chemung Financial Corporation Fixed Rate Loans by Maturity Date 33 *March 31, 2026 figures unaudited First Quarter 2026 Investor Presentation 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 After 2035 Consumer 1,038 7,837 24,915 35,071 29,203 22,421 14,379 4,715 3,156 2,665 33,649 Residential Mort
Slide 34: Trends in Non-Performing Assets
Chemung Financial Corporation 0.36% 0.33% 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 *March 31, 2026 figures unaudited. First Quarter 2026 Investor P
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% 90.3% 6.1% 6.6% 6.7% 3.7% 3.5% 16.3% 14.8% 13.8% 6.0% 6.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022 2023 2024 2025 Q1 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% 5.0 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 Q1 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 $248,585 $38,892 $38,686 $35,505 $10,310 $9,563 $102,992 $86,151 $73,097 $16,982 $17,170 $(96,609) $(85,099) $(85,829) $(47,290) $(46,851) $(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% 27.7% 11.7% 12.0% 12.8% 14.4% 14.3% 27.5% 25.7% 24.8% 26.5% 27.3% 12.0% 10.2% 10.3% 11.2% 10.9% 14.1% 19.3% 22.2% 20.4% 19.8% 3.2% 5.9% 3.8% 2022 2023 2024 2025 Q1 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% 46.9% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 31.2% 30.5% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 7.1% 8.1% 3.1% 5.9% 3.8% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% 14.4% 14.5% Deposits by Customer (%)
Slide 42: Deposit Composition by Division
Chemung Financial Corporation $1,815.5 $1,899.8 $1,892.2 $1,857.5 $1,878.7 $435.2 $381.0 $399.4 $363.7 $364.4 $73.5 $142.8 $92.2 $3.0 $5.8 $13.1 $49.5 $70.8 30.1% 27.0% 27.2% 30.1% 30.5% 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 March 31, 2026 Remaining Available Outstanding Total Available Dollars in Thousands 106,947 $ 75,710 $ 182,657 $ FHLB Advances 65,000 - 65,000 Correspondent Bank Lines of Credit 274,872 - 274,872 Brokered Deposits 66,296
Slide 44: Performance
Performance 44
Slide 45: GAAP Net Income - Quarterly Trend
Chemung Financial Corporation $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 $7,741 $9,199 $(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 Net Incom
Slide 46: Non-GAAP Net Income - Quarterly Trend
Chemung Financial Corporation $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 $7,741 $9,199 $(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 - GAAP Net I
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% Q3 3.08% 2.73% 2.72% 3.45% Q4 3.26% 2.69% 2.92% 3.61% YTD 3.05% 2.85% 2.76% 3.26% 3.60% 3.05% 2.85% 2.76% 3.26% 3.60% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% Fully Taxable
Slide 48: Non-Interest Income Components
Chemung Financial Corporation Overdraft Fees 10.7% Other Deposit Service Charges 5.9% Interchange Income 16.0% Wealth Management Revenue 49.8% CFS Group, Inc. Revenue 7.6% Net Gains on Sales of Loans 0.3% Change in FV of Equity Securities - 1.1% Other 10.8% $6.3 Million Year to Date 2026 Retirement
Slide 49: Wealth Management and CFS Group, Inc. Revenue
Chemung Financial Corporation Wealth Management and CFS Group, Inc. Revenue 49 *March 31, 2026 figures unaudited. **CAGR December 31, 2022 to December 31, 2025 First Quarter 2026 Investor Presentation 2022 2023 2024 2025 YTD 2026 Wealth Management Revenue $10,280 $10,460 $11,573 $11,945 $3,145 CFS G
Slide 50: Non-Interest Expense Components
Chemung Financial Corporation Salaries , 43.5% Data Processing , 14.5% Employee Benefits , 11.3% Net Occupancy , 8.8% FDIC Insurance , 1.8% Professional Services , 4.0% Furniture/Equipment , 2.3% Marketing , 1.4% Other , 12.4% $17.5 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 58.27 52.00 54.00 56.00 58.00 60.00 62.00 64.00 66.00 68.00 70.00 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
Slide 52: Capital Management
Chemung Financial Corporation Capital Management 52 ▪ Positioned to remain profitable and pay dividends ▪ Increased quarterly dividend $0.03 per share during 2025, or 9.7% to $0.34 ▪ Announced share repurchase program of 250,000 shares in January 2021 ▪ As of March 31, 2026: 49,184 shares had been r
Slide 53: GAAP to Non-GAAP Reconciliation
Chemung Financial Corporation GAAP to Non - GAAP Reconciliation 53 First Quarter 2026 Investor Presentation *March 31, 2026 figures unaudited.
Slide 54: CHMG Stock At a Glance
Chemung Financial Corporation 4.8 million Shares Outstanding $260.3M Market Capitalization $0.34 YTD Dividend Per Share 2.49% Dividend Yield (TTM) 7,166 Average Daily Volume^ $54.36 Book Value Per Share $49.85 Tangible Book Value Per Share $53.82 Stock Price 8.34x Price to Earnings (TTM)* 1.08x Pric
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 $2.7 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through