Chemung Financial posts strong sequential quarter profit growth

ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG), the parent company of Chemung Canal Trust Company, reported that its net income nearly doubled in the first quarter of this year compared to last quarter. Elmira–based Chemung Financial produced net income of $7.1 million, or $1.48 per share, in the first three months of 2024, up 87 percent from $3.8 million, or 80 cents per share, in the final three months of 2023. “We have started out 2024 with another strong quarter of results from our core businesses,” Chemung Financial President/CEO Anders M. Tomson said in the banking company’s April 18 earnings report. “Improving credit metrics and 6 percent annualized loan growth in a challenging environment is an endorsement of our client-focused business model and franchise.” However, Chemung Financial’s first-quarter net income was down nearly 3 percent from $7.3 million, or $1.54 a share in the first quarter of 2023. Chemung Financial’s total assets as of March 31, 2024, were $2.785 billion, up 2.7 percent from $2.711 billion at the end of 2023. The rise is attributed to increases of $58 million in cash and cash equivalents, $30.9 million in loans, $2.6 million in accrued interest receivable and other assets, and a decrease of $2 million in the allowance for credit losses — offset by a decrease of $19.4 million in total investment securities. Chemung Financial is a financial-services holding company that operates primarily through Chemung Canal Trust Company and CFS Group. Inc., a financial-services subsidiary. Established in 1833, Chemung Canal Trust, which has 31 branches, says it is the oldest locally owned and managed community bank in New York state.