Chemung Financial to pay Q1 dividend of 31 cents

ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) said its board of directors has approved a cash dividend of 31 cents per share of its common stock for the first quarter. The Elmira– based banking company will pay the dividend on April 1, to shareholders of record as of the close of business on March 18, according to its Feb. 21 news release. At Chemung Financial’s current stock price, the payment yields about 2.9 percent on an annual basis. Chemung Financial is a $2.7 billion financial-services holding company that operates 31 offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Founded in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state. Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services, and insurance. Chemung Financial reported net income of $25 million, or $5.28 per share, in 2023, down from $28.8 million, or $6.13 per share, in 2022.