ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) on July 20 reported net income of $5.8 million, or $1.20 per share, in the second quarter, up 16 percent from $5 million, or $1.02, in the year-ago period. Chemung Financial is the parent company of Chemung Canal Trust Company. “Our results in the second quarter reflected […]
ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) on July 20 reported net income of $5.8 million, or $1.20 per share, in the second quarter, up 16 percent from $5 million, or $1.02, in the year-ago period.
Chemung Financial is the parent company of Chemung Canal Trust Company.
“Our results in the second quarter reflected increased net interest income and a continued focus on expense management,” Anders Tomson, president and CEO of Chemung Financial, said in his company’s earnings report. “Throughout the quarter, we processed a significant number of loans through the [U.S.] Small Business Administration’s [SBA] Paycheck Protection Program [PPP] to help support businesses and their employees in our communities. We were also able to assist our retail customers by waiving certain deposit fees and modifying or deferring loans. The positive results we achieved are due in large part to the dedication and flexibility of our employees as we navigated the COVID-19 pandemic throughout the second quarter.”
The banking company’s net interest income rose 3.5 percent to $15.6 million in the quarter from $15.1 million a year ago. The results included $985,000 in fees Chemung Canal Trust collected for processing PPP loans through the SBA.
Total non-interest income for the current quarter remained substantially unchanged from the year-earlier period.
Pandemic update
Chemung Financial called the second quarter of 2020 “truly one of the most extraordinary in the history of the corporation.”
Chemung Financial says it continued providing essential banking services, “pivoting” to offer banking transactions through newly created walk-up windows, as well as its drive-up windows.
Its employees handled “more complex” transactions inside its lobbies by appointment only. “At all times,” social distancing, sanitizing, and facial coverings were required. As of July 20th, 29 of Chemung Canal Trust’s 32 offices had fully reopened for normal business hours.
As of June 30, Chemung Canal Trust had received 1,370 PPP loan applications, of which 1,195 were processed, and 1,167 were funded with $186.9 million under the federal program. The loans impacted about 19,000 employees of the approved businesses.
About Chemung Financial
Elmira–based Chemung Financial’s total assets increased to nearly $2.1 billion, the first time over $2 billion in the company’s history, per its earnings report.
Chemung Financial’s stock price has declined about 35 percent year to date, amid a difficult environment for community banks during the pandemic.
Chemung Financial operates 32 retail branches through its principal subsidiary, Chemung Canal Trust Company.
Established in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state.
Chemung Financial is also parent of CFS Group, Inc., a financial-services subsidiary offering nontraditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., an insurance company based in Nevada.
