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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 […]
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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.
Auction house opens for business in Utica
UTICA — Utica Auction House LLC opened for business with its first auction on April 13, bringing the first public auction house to the city. Nick Cavalier III first began thinking about opening an auction house during the pandemic when everything switched to online. He owns an auto detailing business, Clean Car Auto LLC, and
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UTICA — Utica Auction House LLC opened for business with its first auction on April 13, bringing the first public auction house to the city.
Nick Cavalier III first began thinking about opening an auction house during the pandemic when everything switched to online. He owns an auto detailing business, Clean Car Auto LLC, and has also worked as a waiter — both the types of jobs and businesses that suffered during the pandemic.
After his own experiences during the pandemic of trying to sell items online through options like Facebook Marketplace, Cavalier thought there has to be a better way that didn’t involve meeting up in a safe location to finalize the sale or, even worse, people who say they’ll buy something and then never show up.
So, Cavalier began working on developing the auction business, which he operates from his Clean Car Auto property at 1700 Oriskany St., putting up a billboard to market the business.
He takes in items on consignment and then sells them during the auctions, which are open to anyone who wants to come.
“The idea started with vehicles, but then I got a lot of calls for household items,” Cavalier says. So far, he’s consigned and sold everything from a payloader to a small space heater. While most of the items he sells are consignment, Cavalier also has overstock merchandise on occasion.
Right now, he plans to hold auctions once a month. For the first one, he hired a professional auctioneer and was pleased with the turnout for the event.
The next auction will take place both in person and online, Cavalier says. He plans to have monitors visible during the auction so those attending in person can see the online bids.
“We run an honest business,” he says. “There’s no fake bidding.” Along with being honest, Cavalier says his focus is on customer service, making sure both buyers and sellers are satisfied.
Utica Auction House currently employs four people during the auctions, but Cavalier expects that number to grow by about 10 if auctions continue the way they started.
Along with the auctions, he also hopes to begin offering a weekly flea market as well, noting that he plans to begin offering food concessions during the events.
“We’re going to turn this into a destination spot,” Cavalier says.
UTICA — Integrated Community Alternatives Network (ICAN) is expanding eastward with a new office in Amsterdam, the organization recently announced. The move is part of ICAN’s mission to “Keep Families Together” by providing individualized and non-traditional services to at-risk individuals and families. ICAN held a ribbon cutting with the Fulton Montgomery Regional Chamber of Commerce
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UTICA — Integrated Community Alternatives Network (ICAN) is expanding eastward with a new office in Amsterdam, the organization recently announced.
The move is part of ICAN’s mission to “Keep Families Together” by providing individualized and non-traditional services to at-risk individuals and families.
ICAN held a ribbon cutting with the Fulton Montgomery Regional Chamber of Commerce on April 15 to celebrate the opening of its new location at 1230 Riverfront Center in Amsterdam.
“The Fulton Montgomery Regional Chamber of Commerce is thrilled to have played a part in welcoming ICAN to our vibrant community in Amsterdam, N.Y.,” Anne Boles, chamber executive director said in a news release. “ICAN’s expansion signifies growth and opportunity and aligns with our chamber’s mission of fostering a thriving, supportive environment for businesses and nonprofits alike. We are confident that ICAN’s presence will profoundly impact the lives of many individuals and families. Their dedication to keeping families together and providing essential services is truly commendable. We look forward to seeing the positive changes ICAN will bring to our community and are excited about future collaborations.”
The new Amsterdam location was made possible through grants and other funding opportunities.
ICAN Chief Program Officer Allison Jackson said. “This expansion is a testament to our commitment to providing support and services where they are most needed. We look forward to many years of operation in this community.”
Founded in 1997, ICAN serves more than 2,100 individuals daily with a comprehensive network of services aimed at family reunification and preservation. It employs more than 275 people.
VIEWPOINT: Marketing is not a foreign language
The main challenge facing marketers in 2024 might not be a new one. The idea of marketing as a standalone department is crystallized in popular culture. Think of the AMC drama “Mad Men” — the story of an insular advertising agency with its own language, uncompromising internal politics, and ambitions disconnected from those of its
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The main challenge facing marketers in 2024 might not be a new one.
The idea of marketing as a standalone department is crystallized in popular culture. Think of the AMC drama “Mad Men” — the story of an insular advertising agency with its own language, uncompromising internal politics, and ambitions disconnected from those of its clients. The series might have been set in the 1960s, but its stereotypes persist to this day. Periodically, the stereotype of the out-of-touch marketer re-enters the imagination whenever a popular advertising campaign backfires. Even within institutions, the stereotype of a marketing department as a cost center versus revenue driver persists.
From a practical standpoint, marketers ought to exist on less of an island than ever in the business world. So why doesn’t it seem like it?
In some ways, marketing did this to itself. Historically, it hasn’t been clearly defined for, or connected to, other business elements. A welder welds. A judge judges. What does a marketer do? The answer isn’t necessarily obvious, even to others within the same organization.
Today’s marketing departments possess individuals with wildly diverse job descriptions. Whether they operate in the B2B or B2C space often defines the nature and pace of their work. By necessity, marketing is constantly adapting to the digital age, relegating the “Mad Men” milieu to the history books. Against this backdrop, the successes and failures of today’s marketers can’t be measured by something as crude as the number of “likes” and “followers” behind a social-media campaign. Yet in specialized, service-based industries where marketers commonly occupy their own silo — think health care, education, manufacturing, financial services, etc. — a limited understanding of marketing persists.
Better communication is needed to fill in the gaps. More work must be done to educate stakeholders — particularly within your own organization — on how to understand, evaluate, and engage with the work of marketers.
Management guru Peter Drucker once said, “Because its purpose is to create a customer, the business enterprise has two — and only these two — basic functions: marketing and innovation.” In a sense, connecting the work of marketers to the other functions of a business has never been easier.
That’s because the utility of every business unit can be reduced to a three-letter acronym: ROI. Measuring the return on investment of any marketing initiative with granularity hasn’t always been possible. Now, thanks to the sophisticated analytics of today’s digital-marketing tools, it is. And the ROI of innovation is only as good as the ability of a marketer to entice a unique product or service to customers and clients. Conversely, the marketer’s success depends at least in part on the success of the product/service; the two are intertwined.
The need for marketers to translate the language of the innovators to the hoi polloi is as old as time. As the language of marketing evolves, it too needs to be more easily understood by the innovators, and everyone else in the organization. Getting on the same page can begin by sitting down with the other stakeholders and answering some basic questions:
1. What is this initiative trying to achieve strategically for our organization?
2. What audience are you trying to reach? What do they want, how do they behave, and where are they?
3. What positioning for the offer best aligns to the audience?
4. What measurables that matter in the C suite can be owned/delivered by marketing?
By aligning on objectives early in the development process, a marketing team can understand what excites and motivates the rest of their team before designing and executing a marketing campaign, bringing both sides closer together in a collaborative process.
Speaking of measurables, technology has empowered a more analytical approach to measuring the successes and failures of marketing initiatives. Gone are the days of “build and run it advertising.” Today’s marketing campaigns are measured via complex combinations of search, email, content, hyper-targeting, personalization, adaptive media, A/B testing, and data analytics.
By harvesting more granular customer insights than before, these methods are allowing marketers to find what works and adjust on the fly. They’re also reinventing the customer experience, allowing brands to find new ways to connect with and engage consumers online.
Rather than merely limiting marketing to those with technical expertise, these tools have ushered a new generation of marketers to the table, bringing new and exciting opportunities to take initiative, channel more creative and analytical abilities, and better demonstrate marketing’s contribution to an organization’s profitability.
Jordan Buning is president of ddm marketing + communications, a marketing agency for complex and regulated industries, including health care, financial services, and global manufacturing.
Ask Rusty: Can I Claim Social Security and Still Work?
Dear Rusty: I will be turning 63 soon. Can I apply for Social Security (SS) and continue to work? Would I be limited to how many hours or how much I could make? I know my monthly SS amount would be cut by 30 percent, or somewhere around that, but how would working affect me?
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Dear Rusty: I will be turning 63 soon. Can I apply for Social Security (SS) and continue to work? Would I be limited to how many hours or how much I could make? I know my monthly SS amount would be cut by 30 percent, or somewhere around that, but how would working affect me? I was trying to read up on this, but the $1 and $2 thing confused me. I have an offer to take a work-at-home position and need to decide soon, but it is a cut in income. The cut would be okay if I could draw my Social Security, too.
Signed: Wanting Work at Home
Dear Wanting: If you claim your Social Security to start in the month you turn 63, you’ll be claiming four years before your full retirement age (FRA) of 67, which means your monthly benefit at 63 will be about 25 percent less than it would be if you claimed SS at age 67. And if you are working before your FRA, you’ll be subject to the Social Security “earnings test.”
The 2024 earnings limit for those collecting early Social Security benefits is $22,320 (this limit changes annually). If your annual earnings exceed the limit, the Social Security Administration (SSA) will assess a penalty of $1 for every $2 you are over the limit. The SSA will recover that penalty amount by withholding future benefits until it recovers what you owe. If your work earnings are under the annual limit, you will get all your monthly SS benefits. But if you exceed the limit, the SSA will find that out after you submit your income-tax return (the following year) and issue you an overpayment notice, telling you how much you owe for exceeding the limit last year. The SSA will then withhold your benefits until it gets back what you owe, or you can repay the agency in a lump sum. To avoid the overpayment notice, it is best to inform the SSA in advance that you will exceed the annual earnings limit, and it will simply withhold your monthly SS benefits during the year for enough months to avoid overpaying you.
So, what you should do depends largely on how much you expect to earn from your new work-at-home position. If your earnings are below the annual limit, no penalty will be assessed. If you only exceed the annual limit by a little bit, then you can still work and earn and simply repay the SSA what is owed for exceeding the limit (or have your SS benefit temporarily withheld). If you only exceed the earnings limit by a little, you’ll still get benefits for most months of the year. But if you significantly exceed the annual earnings limit, you could even be ineligible to receive SS benefits until you either earn less or reach your full retirement age (the earnings limit goes away at your FRA).
So, what you should do depends on what “a cut in income” means in terms of your expected annual-earnings amount. If your total annual earnings will be under the annual limit, your SS benefit won’t be affected. If you only exceed the limit by a little bit, then you will get SS benefits for most months of the year. But if your annual earnings are significantly over each year’s annual-earnings limit, then you won’t get SS benefits for most months of the year and may even be temporarily ineligible to receive benefits.
Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.
Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.
Oswego County FCU launches “Buy Now, Pay Later” product
OSWEGO — Oswego County Federal Credit Union (FCU) announced it has added “Buy Now, Pay Later” (BNPL) to its suite of online-banking products. Oswego County FCU says it has partnered with Scottsdale, Arizona–based equipifi, a BNPL platform tailored for debit-card issuers, to “enhance its offerings,” per a March 28 announcement. Oswego County FCU is a
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OSWEGO — Oswego County Federal Credit Union (FCU) announced it has added “Buy Now, Pay Later” (BNPL) to its suite of online-banking products.
Oswego County FCU says it has partnered with Scottsdale, Arizona–based equipifi, a BNPL platform tailored for debit-card issuers, to “enhance its offerings,” per a March 28 announcement.
Oswego County FCU is a member-owned, nonprofit that serves more than 13,000 members in Oswego County.
Through Oswego County FCU’s BNPL product, members will receive personalized offers tailored to their financial well-being on eligible debit-card transactions.
Credit-union members will be able to view and accept these offers “within seconds,” Oswego County FCU says. Eligible purchases qualify for the BNPL program. Eligible purchases are defined as debit-card transactions of at least $100 made within the last 60 days, excluding cash or cash-equivalent transactions (such as ATM withdrawals, money orders, or cash advances), the credit union noted.
“BNPL is a payment preference that our members not only increasingly use but also expect as part of their financial experience,” Bill Carhart, CEO of Oswego County Federal Credit Union, said in the announcement. “equipifi’s BNPL platform allows us to embed this intuitive solution within our existing banking experience to meet our members where they are.”
To utilize the BNPL product, members can make purchases with their debit card and check “Buy Now, Pay Later” in their online banking to view available BNPL offers on eligible purchases, Oswego County FCU said. They can then decide which purchases to split over time, select the appropriate payment-installment plan, and receive their purchase amount deposited back into their account within 24 hours.
“BNPL is a payment method that grew from next-gen engagement and is now seeing adoption across all demographics,” Bryce Deeney, CEO and co-founder of equipifi, noted in the Oswego County FCU announcement. “Consumers prefer receiving it from their trusted financial institution, and Oswego County FCU is rolling out BNPL as a long-term commitment to their members and their evolving payment preferences.”
Visions board reelects directors, reorganizes at March meeting
ENDWELL — Visions Federal Credit Union (FCU) reelected three directors to its board of directors during its 58th annual meeting held March 16 at its headquarters in Endwell. Michael Mullen, Mary Robinson, and Denise Stoughton were reelected to three-year terms on the board. The Visions FCU board also includes Jill Bennedum, Kenneth Kidder III, James
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ENDWELL — Visions Federal Credit Union (FCU) reelected three directors to its board of directors during its 58th annual meeting held March 16 at its headquarters in Endwell.
Michael Mullen, Mary Robinson, and Denise Stoughton were reelected to three-year terms on the board. The Visions FCU board also includes Jill Bennedum, Kenneth Kidder III, James Lewis, Christopher Marion, Kelly Roche, and Laurie Schorno.
During the meeting, Marion, who serves as the board chairperson, recognized Lewis for five years of volunteer service.
The board also held a special reorganization meeting immediately following the annual meeting. During that session, the board elected Marion as chairperson, Robinson as vice chairperson, Stoughton as treasurer, and Roche as secretary of the executive committee. The board also appointed Charles Sebuharara as associate director and George Bobinski, Jr. and Alan Hertel as directors’ emeriti.
The board also reappointed supervisory committee members Fermin Romero III (secretary) and Gordon Thompson to two-year terms and appointed John Koniuto, Mary Anne Benedict, and Kathleen Towery to one-year terms as alternates on the supervisory committee.
The supervisory committee also includes chairperson Douglas Camin, vice chairperson Stephanie Jerzak, and Mark Wasser.
Established in 1966, the nonprofit Visions FCU is a financial institution fully owned by its members. Visions serves more than 250,000 members in communities throughout New Jersey, New York, and Pennsylvania.
AmeriCU’s 2023 highlights included expansion, renovations
ROME — AmeriCU Credit Union in July 2023 announced its largest expansion into 15 additional counties across the North Country, Mohawk Valley, Central New York, and Southern Tier communities of New York state. The credit union says it has expanded its field of membership into 24 counties to “promote financial education, stability, and growth.” The
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ROME — AmeriCU Credit Union in July 2023 announced its largest expansion into 15 additional counties across the North Country, Mohawk Valley, Central New York, and Southern Tier communities of New York state.
The credit union says it has expanded its field of membership into 24 counties to “promote financial education, stability, and growth.”
The credit union adds that its 2023 operational highlights also included a new virtual financial center, renovations of the Watertown and Auburn financial centers, a website redesign, an expanded interactive ATM network, and a new mobile and online mortgage application.
The Rome–based credit union on March 11 hosted its annual membership meeting. In that session, Ronald Belle, president and CEO of AmeriCU Credit Union, and Nick Fabrizio, who chairs the AmeriCU board of directors, addressed the current membership on the credit union’s financial performance and successes in 2023, “highlighting the achievements the credit union made throughout the year.”
“As AmeriCU looks ahead to 2024, we are eager to deepen the connections we have with our membership,” Belle said in an AmeriCU news release. “We will continue to evolve our services to give back even more to our members and take care of those who have helped us get to where we are today as we expand forward.”
AmeriCU in 2023 also introduced Pay A Person, a mobile application that allows its members to transfer money “quickly and easily” from their mobile phone; along with Pay A Day Early, which provides early access to direct-deposit paychecks including pension, Social Security, and all income payments.
As a credit union and a cooperative, AmeriCU says it is governed by its members through an elected, volunteer board of directors. The credit union’s nominating committee announced that incumbents George Bauer and Joseph Turczyn have been nominated to fill two open positions on the board of directors. The two nominees were seated at the annual meeting.
AmeriCU also used the annual meeting to award 10 scholarships of $1,000 each to local students, who were joined by their families and recognized for their academic achievement.
NBT reports flat earnings in Q1, poised for future growth
NORWICH — NBT Bancorp Inc., (NASDAQ: NBTB), the parent company of NBT Bank, N.A., saw relatively flat earnings in the first quarter of 2024, reporting net income of $33.8 million, or 71 cents a share, compared to $33.7 million, or 78 cents per share in the year-ago quarter. “NBT reported solid results for the quarter
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NORWICH — NBT Bancorp Inc., (NASDAQ: NBTB), the parent company of NBT Bank, N.A., saw relatively flat earnings in the first quarter of 2024, reporting net income of $33.8 million, or 71 cents a share, compared to $33.7 million, or 78 cents per share in the year-ago quarter.
“NBT reported solid results for the quarter despite the ongoing challenges presented by the interest-rate environment,” President/CEO John H. Watt Jr. said in NBT’s April 22 earnings report. “Our resilient balance sheet is the foundation that allows our team to execute on our growth strategies across our markets. Our fee-based businesses continue to grow, providing diversified revenue streams that generated 31 percent of total revenues.”
The banking company generated net interest income of $95.2 million in the first quarter, up 0.1 percent from the first quarter of 2023, but down 4 percent from the fourth quarter of 2023. The quarter-over-quarter decrease stems from a decline in short-term interest-bearing accounts and the interest earned on those accounts, coupled with one less day in the first quarter of 2024 compared to 2023.
Non-interest income at NBT increased by $6.8 million, or 18.7 percent, to hit $43.2 million in the first quarter of this year, compared to the first three months of 2023. NBT saw increases of $2.8 million in retirement-plan administration fees, $500,000 in wealth-management fees, and $700,000 in insurance-services income.
Non-interest expenses increased to
$91.8 million in this year’s first three months from $79.3 million a year prior, driven in part by an 11.4 percent increase in salary and benefit costs due to the bank’s 2023 acquisition of Salisbury Bancorp. Total interest expenses also increased during the first quarter to $51.8 million from
$42.2 million in the first quarter of 2023.
NBT repurchased 1,900 shares of its common stock during the quarter at an average price of $33.03 per share under a previously announced share-repurchase program. As of March 31, there were 1,998,100 shares available for repurchase under this plan.
NBT’s stock price was down about 16 percent year to date as of trading at midday on April 24.
Total deposits as of March 31, 2024, were $11.2 billion, an increase of $226.3 million from the $10.97 billion reported on Dec. 31, 2023. The increase stems mainly from an inflow of seasonal municipal deposits during the quarter, the report stated.
“NBT is poised to participate in the transformational growth that will occur in our core upstate New York markets as the result of multiple game-changing investments in semiconductor manufacturing, including the recently announced $6.1 billion grant Micron Technology will receive under the CHIPS & Science Act that will, in part, support its plans to invest as much as $100 billion, over the next 10 years, in a new complex of semiconductor chip manufacturing plants near Syracuse,” Watt said.
NBT Bancorp, a financial-holding company headquartered in Norwich, has total assets of $13.44 billion. The company operates through NBT Bank, with 154 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. It also operates EPIC Retirement Plan Services, a national benefits-administration firm based in Rochester, and NBT Insurance Agency, LLC, a full-service insurance agency based in Norwich.
Pathfinder Bank appoints first VP, corporate controller
OSWEGO — Pathfinder Bank recently announced it has named Regina Bass first vice president and corporate controller. In this role, Bass will continue to oversee the bank’s corporate-accounting function and is responsible for both internal and external regulatory financial reporting, including Securities & Exchange Commission filings, for the bank and its subsidiaries. She also serves
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OSWEGO — Pathfinder Bank recently announced it has named Regina Bass first vice president and corporate controller.
In this role, Bass will continue to oversee the bank’s corporate-accounting function and is responsible for both internal and external regulatory financial reporting, including Securities & Exchange Commission filings, for the bank and its subsidiaries. She also serves “as a cornerstone in the bank’s strategic planning structure, working closely with senior management to craft and implement crucial initiatives. With her expertise and agility, Bass continues to enhance the bank’s standing in the ever-changing financial environment,” the bank said in a news release.
Bass joined Pathfinder Bank in 2022, initially serving as VP, financial-analysis manager, before advancing to the role of corporate controller in 2023. Prior to these roles, Bass worked for 13 years at the Bonadio Group, most recently serving as tax principal. Additionally, Bass worked as a tax manager at both KPMG LLP and PriceWaterhouseCoopers LLP.
“We are proud to recognize Regina with this promotion,” Walter Rusnak, Pathfinder’s senior VP and chief financial officer, said in the release. “Since joining Pathfinder Bank, Regina has made significant contributions to the bank through her dedication and knowledge of the financial industry. With her leadership and expertise, we look forward to watching her excel in this expanded role.”
Bass is a graduate of Ithaca College and SUNY Oswego, holding a bachelor’s degree in business management and a bachelor’s in accounting, respectively.
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego. The bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc. (NASDAQ: PBHC). The bank has 11 full-service branches located in its market areas consisting of Oswego and Onondaga County.
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