Chemung Financial Corp · NASDAQ:CHMG
Chemung Financial — Investor Presentation (February 2026)
56 slides from Chemung Financial's investor presentation, Feb 2, 2026
Slide 1: 2026 Investor Presentation
Chemung Financial Corporation 2026 Investor Presentation
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 2026
Chemung Financial Corporation Key Takeaways 4 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 markets. Stra
Slide 5: About Us
About Us Elmira, NY 5
Slide 6: Chemung Financial Corporation
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 $268.3 million at December 31, 2025 About Us History Oper
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: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights EPS $1.61 Net Income $7.7 million ROA 1.14% ROE 12.17% Net Interest Margin 3.61% ACL - to - total loans 1.07% Non - performing loans - to - total loans 0.35% Performance Ratios 8 Chemung Financial Corporation 2026 Investor Presentation
Slide 9: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights 9 Chemung Financial Corporation 2026 Investor Presentation ▪ Net income of $15,1 million for the year ended December 31, 2025. Non - GAAP net income increased $4.2 million year over year to $27.9 million, for the year ended December 31, 2025 ▪ Net interes
Slide 10: Balance Sheet Restructuring and Subordinated Debt Raise
Balance Sheet Restructuring and Subordinated Debt Raise 10 Chemung Financial Corporation 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 Securities Sold: ~
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 Markets 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 Initiativ
Slide 17: Albany NanoTech Complex
Albany NanoTech Complex ▪ 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 public and private capital • Focus
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. • Over $500 million in committed funding. Empire AI Beta: • Second phase depl
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 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 | Boy Scouts | Broome County Counci
Slide 21: Loans
Loans 21
Slide 22: Summary of Loan Growth
5.1% 4.9% 4.9% 5.1% 5.3% 5.8% 8.6% 10.7% 11.0% 7.8% 12.7% 13.3% 17.1% 14.1% 15.6% 0.0% 62.1% 58.8% 56.9% 2.8% 54.5% 52.9% 14.3% 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 Gro
Slide 23: Loans by Division
$592.2 $651.5 $665.7 $626.9 $616.7 $879.0 $1,098.1 $1,206.6 $1,302.6 $1,417.8 $47.0 $79.8 $100.4 $141.9 $235.1 Loans by Division ($ Millions) Chemung Capital Buffalo Summary of Loan Growth 2025 2024 2023 2022 2021 27.17% 30.26% 33.75% 35.60% 39.01% Chemung 62.47% 62.89% 61.17% 60.04% 57.90% Capital
Slide 24: Loan Composition
14.3% 7.9% 54.2% 12.6% 11.0% Portfolio Concentrations to Total Loans December 31, 2025 Commercial & Ind. CRE Owner Occupied CRE Non - Owner Occupied Residential Mort. Consumer *December 31, 2025 figures unaudited 24 Chemung Financial Corporation 2026 Investor Presentation Loan Composition ▪ June cap
Slide 25: Portfolio Composition to Tier 1 Capital & ACL
2021 2022 2023 2024 2025 99% 109% 105% 109% 123% C&I 55% 52% 49% 46% 45% CRE OO 378% 392% 397% 387% 339% CRE NOO 88% 100% 110% 124% 124% RRE 76% 102% 122% 128% 95% Consumer 350% 300% 250% 200% 150% 100% 50% 0% *December 31, 2025 figures unaudited 25 Chemung Financial Corporation 2026 Investor Presen
Slide 26: Tier 1 Capital and ACL
10.68% 10.27% 9.24% 8.92% 18.83% $209.1 $230.6 $251.9 $274.3 $326.0 20.00% 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 2021 2022 2023 2024 2025 ***CECL Adopted 1/1/2023 (in millions) Bank - Level Tier 1 Capital and ACL Growth
Slide 27: Commercial Loan Portfolio
68.3% 4.6% 1.7% 4.7% 3.1% 3.1% 6.3% 8.2% NAICS Descriptions Real Estate, Rental & Leasing Manufacturing Health Care & Social Assistance Wholesale Trade Construction Accommodation & Food Services Arts, Entertainment & Recreation Other Commercial Loan Portfolio – December 31, 2025 39.6% 18.7% 24.5% 6.
Slide 28: Commercial Real Estate Portfolio Metrics
593 304 63 6 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 36% Retail 19% Construction 9% Office 10% Hotel 6% Warehouse 7% Other 14% $1.41 Billion Commercial Real Estate As of December 31, 2025 CRE Portfolio Metrics $1.46
Slide 29: Commercial Real Estate
Commercial Real Estate ▪ Focused on loans in existing markets. ▪ Continued strong CRE growth across footprint. ▪ Additional capital provides raw materials for growth. Powered by Bing © GeoNames, Microsoft, TomTom CRE Loan Balances by Collateral County - *December 31, 2025 figures unaudited 29 Chemun
Slide 30: CRE Maturity & Repricing Details
593,753 93,636 100,112 104,640 96,426 42.1% 6.6% 7.1% 7.4% 6.8% 0% 10% 20% 30% 40% 50% - 300,000 200,000 100,000 700,000 600,000 500,000 400,000 2026 2027 2028 Balance ($ Thousand) 2029 % of CRE Loans 2030 CRE Repricing Schedule (As of December 31, 2025) Variable Rate 38% Adjustable Rate 34% Fixed R
Slide 31: Consumer Portfolio Composition
0.46% 1.78% 2.52% 3.80% 6.10% 5.76% 5.57% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 740 and above 720 to 739 700 to 719 680 to 699 660 to 679 640 to 659 Below 640 Consumer Loans by Credit Score ($ Thousands) Balance Percent Delin
Slide 32: Fixed Rate Loans by Maturity Date
Fixed Rate Loans by Maturity Date 2035 & Greater 2034 2033 2032 2031 2030 2029 2028 2027 2026 36,810 3,383 4,089 11,286 23,414 32,229 38,878 29,631 10,003 1,875 Consumer 176,227 7,568 3,119 6,250 7,292 5,690 2,948 2,087 1,890 8,192 Residential 11,297 7,170 15,439 66,771 50,446 98,380 65,701 69,921 6
Slide 33: Trends in Non-Performing Assets
0.30% 0.35% 0.10% 0.00% 0.20% 0.30% 0.60% 0.50% 0.40% Non - Performing Loans and Assets (% of Total) Non - performing assets to total assets Non - performing loans to total loans *December 31, 2025 figures unaudited. 2026 Investor Presentation 33 Chemung Financial Corporation Trends in Non - Perform
Slide 34: Trends in Non-Performing Assets ($ Thousands)
$7,908 $8,165 $5,000 $7,500 $10,000 $12,500 $15,000 Non - Performing Loans and Assets ($ Thousands) Non Performing Loans Non Performing Assets *December 31, 2025 figures unaudited. 2026 Investor Presentation 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% 90.3% 5.3% 6.1% 6.6% 6.7% 3.7% 14.2% 16.3% 14.8% 13.8% 6.0% 0% 40% 30% 20% 10% 70% 60% 50% 80% 90% 100% 2021 2022 U.S. Government & Enterprises 2023 MBS & CMO 2025 Securities Available for Sale by Type (%) States & Political 2024 Other Sec. *December 31,
Slide 37: Investment Portfolio - Yield & Duration
2.35% 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 2025 Investment Portfolio Yield Duration - Years *December 31, 2025 figures unaudited. 37 Chemung Financial Corporation 2026 Investor Presentation Investment Portfolio - Yield & Duration ▪ Utilizing
Slide 38: Investment Portfolio – Fair Value and AOCI
$55,574 $55,332 $56,906 $577,361 $435,131 $403,824 $365,934 $253,306 $42,303 $38,892 $38,686 $35,505 $10,310 $111,931 $102,992 $86,151 $73,097 $16,982 $12,249 $3,383 $(96,609) $(85,099) $(47,290) $(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 account types and cost of deposits
34.3% 31.5% 27.5% 13.2% 11.7% 14.4% 30.4% 27.5% 26.5% 13.0% 12.0% 10.3% 10.2% 24.8% 25.7% 12.8% 12.0% 26.1% 26.9% 11.2% 9.1% 14.1% 19.3% 22.2% 20.4% 5.9% 3.2% 3.8% 2021 2022 Non - Interest Bearing DDA Money Market Time Deposit 2023 2024 Interest Bearing DDA Savings Brokered Deposits 2025 • 2025 Tota
Slide 41: Deposit Composition
52.8% 51.2% 50.2% 50.4% 43.8% 45.0% 44.1% 42.0% 44.9% 47.3% 24.1% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 31.2% 9.1% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 7.1% 5.9% 3.8% 14.0% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% 14.4% Deposits by Customer (%) Consumer Commerical Public Brokered
Slide 42: Deposits by Division
$1,738.0 $1,815.5 $1,899.8 $1,892.2 $1,857.5 $415.6 $435.2 $381.0 $399.4 $363.7 $73.5 $142.8 $92.2 $1.8 $3.0 $5.8 $13.1 $49.5 33.6% 30.1% 27.0% 27.2% 30.1% 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 $3,000 2021 2023 2025 Deposits by Divisio
Slide 43: Liquidity
Liquidity Williamsville, New York Branch $ 91,357 $ 87,110 $ 178,467 FHLB Advances 65,000 - 65,000 Correspondent Bank Lines of Credit 271,024 - 271,024 Brokered Deposits 102,408 - 102,408 Unencumbered Securities $ 529,789 $ 87,110 $ 616,899 Total Sources of Liquidity $ 682,503 Uninsured Deposits (1)
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 $7,741 $(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 - Quar
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 $7,741 $(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 -
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% 3.61% 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 47 Chemung Financial Corpora
Slide 48: Net Interest Margin
2.84% 3.05% 2.85% 2.76% 3.26% 48 Chemung Financial Corporation 2026 Investor Presentation 1.00% 1.40% 1.80% 2.20% 2.60% 3.00% 3.40% 3.80% 2021 2022 2023 2024 2025 Fully Taxable Equivalent Net Interest Margin (%) Net Interest Margin ▪ In June of 2025, sold $244.8 million in AFS securities, resulting
Slide 49: Non-Interest Income Components
Overdraft Fees 11.53% Other Deposit Service Charges 6.31% Interchange Income 17.34% Wealth Management Revenue 48.14% Change in FV of Equity Securities 0.85% Net Gains on Sales of Loans 1.05% CFS Group, Inc. Revenue 4.74% Other 10.04% $24.8 Million 12/31/2025 YTD* Retirement Services 32% 49 Chemung F
Slide 50: Non-Interest Expense Components
Salaries, 43.22% Employee Benefits, 11.92% Net Occupancy, 8.22% FDIC Insurance, 2.14% Professional Services, 3.83% Furniture/Equipment, 2.41% Marketing, 1.76% Other, 12.29% $70.7 Million 12/31/2025 YTD Data Processing, 14.21% Salaries Data Processing Employee Benefits Net Occupancy FDIC Insurance Pr
Slide 51: Expense Management and Control
67.95 65.71 61.71 61.71 66.20 68.89 63.00 *December 31, 2025 figures unaudited. 51 Chemung Financial Corporation 2026 Investor Presentation 58.00 60.00 62.00 64.00 66.00 68.00 70.00 2019 2020 2021 2022 2023 2024 2025 **Efficiency ratio (adjusted) is non - interest expense less amortization of intang
Slide 52: Capital Management
8.06% 8.23% 8.62% 9.18% 9.89% 12.96% 12.08% 12.30% 12.18% 14.21% 12.57% 11.54% 13.26% 13.35% 15.30% 7.91% 5.51% 6.45% 7.02% 8.66% 4% 6% 8% 10% 12% 14% 16% Chemung Financial Corporation - Capital Ratios (%) Tier 1 Leverage Tier 1 Capital / CET1 Total Capital TCE Ratio *December 31, 2025 figures unaud
Slide 53: Capital Management: Earnings and Dividends Per Share
2025 2024 2023 2022 2021 $3.14 $4.96 $5.28 $6.13 $5.64 EPS $1.32 $1.24 $1.24 $1.24 $1.19 Dividends / Share $52.97 $45.13 $41.07 $35.32 $45.09 Book Value / Share $48.43 $40.55 $36.48 $30.69 $40.44 Tangible Book Value / Share $ - *December 31, 2025 figures unaudited. 53 Chemung Financial Corporation 2
Slide 54: GAAP to Non-GAAP Reconciliation
Dollars in Thousands 31 - Dec - 25 Total shareholders' equity $ 254,709 Less: goodwill 21,824 Tangible equity $ 232,885 Less: accumulated other comprehensive loss (36,053) Tangible equity excluding AOCI (non - GAAP) $ 268,938 End of period shares outstanding 4,809 Book value per share $ 52.97 Tangib
Slide 55: CHMG Stock At a Glance
4.8 million Shares Outstanding $268.3M Market Capitalization $1.32 YTD Dividend Per Share 2.37% Dividend Yield (TTM) 12,044 Average Daily Volume^ $52.97 Book Value Per Share $48.43 Tangible Book Value Per Share $55.80 Stock Price 9.62x Price to Earnings (TTM)* 1.15x Price to Tangible Book 1.02% 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
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