Q3 earnings slip at Chemung Financial as new branch opens

ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG), parent company of Chemung Canal Trust Company, recently reported net income of $5.7 million, or $1.19 per share, in the third quarter, down 25 percent from $7.6 million, or $1.61 per share, in the year-ago quarter. However, the latest quarter’s results were an improvement over Chemung Financial’s net income of $5 million, or $1.05 a share, in this year’s second quarter. “Our balance sheet is well positioned as we enter into this rate-cutting cycle,” Chemung Financial President/CEO Anders M. Tomson said in the Elmira–based banking company’s Oct. 22 earnings report. “We are seeing the benefit of higher-yielding loans driving interest income, while funding costs continue to moderate. Strong non-interest income production and a stable credit environment were a welcome addition to an already strong quarter.” Chemung Canal Trust recently opened a new full-service branch in Williamsville, in western New York. Salaries and wages at the banking company increased $600,000 as a result of the new branch, which opened Oct. 11. The bank also received regulatory approval to convert a former branch in Clarence into an administrative office to support the bank’s western New York operations. “As we begin operations in our new Williamsville, New York location, we are eager to continue fostering an environment committed to our mission of community-oriented baking, both in western New York and throughout the bank’s footprint,” Tomson said. Chemung Financial reported total assets of $2.77 billion as of Sept. 30, up from $2.71 billion on Dec. 31, 2023, due to an increase of $56.3 million in loans and $43.6 million in cash and cash equivalents. Those gains were partially offset by a decrease of $30.9 million in total investment securities and $6.9 million in accrued interest receivable. Chemung Canal Trust Company, a full-service community bank with trust powers, operates 31 branches in New York and Pennsylvania.