ELMIRA — Chemung Financial Corp. earned more than $2.4 million in the second quarter, down 6.7 percent from a year earlier.
Earnings per share for the period totaled 53 cents, down from 57 cents in the second quarter of 2011. Lower noninterest and net interest income helped push profit down, Chemung Financial President and CEO Ronald Bentley said in a news release.
Lower operating costs and a dip in the banking company’s loan-loss provision partially offset the lower income totals, he added.
(Sponsored)
New Sexual Harassment Policy and Training Requirements. Does Your Policy Comply?
New York State requires all employers to provide annual sexual harassment prevention training and a harassment policy to its employees. This requirement applies to all employees, including hourly and salaried,
Are You Ready for the Pay Transparency Law?
Following the lead of New York City and other state and local jurisdictions, New York State’s pay transparency law will be effective September 17, 2023. The law ushers in a
“Despite the decrease in second quarter earnings, our year-to-date earnings have improved significantly,” Bentley said.
Net income for the first six months of 2012 rose 41.4 percent from the same period in 2011 to more than $6 million.
Earnings improved as a result of a decrease in acquisition costs and gains from insurance related to assets lost during the flooding last year of the company’s Owego and Tioga offices, Bentley said. Chemung Financial’s acquisition of Capital Bank and Trust Co. in the Albany area in April 2011 has also helped results, he added.
Headquartered in Elmira, Chemung Financial is the holding company for Chemung Canal Trust Co., which has $1.27 billion in total assets and 28 offices in eight New York counties as well as Bradford County, Pa. Chemung Financial’s CFS Group, Inc. financial-services subsidiary provides mutual funds, annuities, brokerage services, tax preparation, and insurance.
Contact Tampone at ktampone@cnybj.com
