CHEMUNG FINANCIAL CORP

Listed Company

CHMGCIK 0000763563NasdaqAcceleratedSmaller ReportingState Commercial BanksNew YorkFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$15.10M

Total Assets

$2.71B

Equity

$254.71M

Shares Out

4.82M

Op. Cash Flow

$45.50M

Business

CHEMUNG FINANCIAL CORP provides banking and financial services through its bank subsidiary and financial services arm. It offers demand, savings and time deposits; commercial, residential and consumer loans; wealth management, trust, brokerage, insurance, mutual funds, annuities, employee benefit plan services; interest rate swaps and letters of credit. Its key business components include the commercial bank operations (lending, deposit gathering, investments) and CFS for non-banking financial services and wealth management. The company distributes services through a branch network across multiple New York counties and Bradford County, Pennsylvania, supplemented by digital channels.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	120	112	97	68	59
Taxable securities	9	13	14	12	9
Tax exempt securities	620,000	1	1	1	1
Interest-earning deposits	3	1	528,000	260,000	151,000
Total interest and dividend income	133	128	113	81	69
Deposits	42	50	36	7	3
Borrowed funds	4	3	3	641,000	135,000
Total interest expense	46	54	39	—	—
Net interest income	87	74	74	74	66
Provision (credit) for credit losses	4	−46,000	3	−554,000	17,000
Net interest income after provision for credit losses	83	74	71	75	66
Net (losses) on securities transactions	−17	0	−39,000	0	0
Change in fair value of equity investments	211,000	179,000	103,000	−349,000	246,000
Net gain on sales of loans held for sale	261,000	214,000	144,000	107,000	1
Net gains (losses) on sales of other real estate owned	2,000	−18,000	37,000	60,000	−16,000
Income from bank owned life insurance	32,000	38,000	43,000	46,000	52,000
Other	4	3	5	3	3
Total non-interest income	8	23	25	21	24
Salaries and wages	31	28	27	25	24
Pension and other employee benefits	9	8	7	8	6
Other components of net periodic pension cost (benefit)	−452,000	−909,000	−676,000	−2	−2
Net occupancy expense	6	6	6	6	6
Furniture and equipment expense	2	2	2	2	2
Data processing expense	10	10	10	9	9
Professional services	3	2	2	2	2
Marketing and advertising expense	1	1	923,000	941,000	792,000
Other real estate owned expense	23,000	157,000	−20,000	—	—
FDIC insurance	2	2	2	1	1
Loan expense	1	1	1	—	—
Other	8	7	7	6	5
Total non-interest expense	71	67	64	59	56
Income before income tax expense	20	30	32	37	34
Income tax expense	5	6	7	8	7
Net income	15	24	25	29	26
Weighted average shares outstanding, basic (in shares)	5	5	5	5	5
Weighted average shares outstanding, diluted (in shares)	5	5	5	5	5
Basic earnings per share (in dollars per share)	3.14	4.96	5.28	6.13	5.64
Diluted earnings per share (in dollars per share)	3.14	4.96	5.28	6.13	5.64

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-05-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and due from financial institutions	23	26	—	22	29
Interest-earning deposits in other financial institutions	27	21	—	15	27
Total cash and cash equivalents	50	47	—	37	56
Equity investments, at fair value	4	3	—	3	3
Securities available for sale, at estimated fair value (amortized cost of $327,888, net of allowance for credit losses of $0 as of December 31, 2025; and amortized cost of $617,271, net of allowance for credit losses of $0 as of December 31, 2024)	281	531	—	584	—
Securities held to maturity, (estimated fair value of $640 as of December 31, 2025 and $808 as of December 31, 2024 net of allowance for credit losses of $0 as of December 31, 2025 and December 31, 2024)	640,000	808,000	—	785,000	—
FHLBNY and FRBNY Stock, at cost	9	9	—	5	8
Loans, net of deferred loan fees	2,270	2,071	—	1,973	1,829
Allowance for credit losses	−24	−21	—	−23	−20
Loans, net	2,245	2,050	—	1,950	1,810
Loans held for sale	2	0	—	0	0
Premises and equipment, net	15	16	—	15	16
Operating lease right-of-use assets	5	5	—	6	6
Goodwill	22	22	—	22	22
Bank owned life insurance	3	3	—	3	3
Interest rate swap assets	17	24	—	24	27
Accrued interest receivable and other assets	56	64	—	61	60
Total assets	2,710	2,776	—	2,711	2,646
Non interest-bearing	625	626	—	653	733
Interest-bearing	1,646	1,771	—	1,776	1,594
Total deposits	2,271	2,397	—	2,429	2,327
FHLBNY overnight advances	87	109	—	32	96
Subordinated debt, net of issuance costs of $972 and $0, respectively	44	0	—	—	—
Long-term finance lease obligation	3	4	900,000	3	3
Operating lease liabilities	5	6	—	6	7
Interest rate swap liabilities	17	24	—	24	27
Accrued interest payable and other liabilities	28	22	—	20	18
Total liabilities	2,456	2,561	—	2,515	2,479
Common stock, $0.01 par value per share, 10,000,000 shares authorized; 5,310,076 issued as of December 31, 2025 and December 31, 2024	53,000	53,000	—	53,000	53,000
Additional-paid-in capital	50	49	—	48	47
Retained earnings	256	248	—	230	212
Treasury stock, at cost (519,079 shares as of December 31, 2025; 555,881 shares as of December 31, 2024)	−15	−16	—	−17	−18
Accumulated other comprehensive (loss)	−36	−65	—	−66	−75
Total shareholders' equity	255	215	—	195	166
Total liabilities and shareholders' equity	2,710	2,776	—	2,711	2,646

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of right-of-use assets	771,000	202,000	801,000	785,000	759,000
Deferred income tax (benefit) expense	−3	1	−2	2	570,000
Gains on disposal of fixed assets	−640,000	−39,000	3,000	56,000	16,000
Depreciation and amortization of fixed assets	2	2	2	2	3
Amortization of premiums on securities, net	1	2	2	4	5
Proceeds from sales of loans held for sale	14	12	7	6	38
Loans originated and held for sale	−14	−12	−6	−5	−37
(Gains) losses on sale of other real estate owned, net	−2,000	18,000	−37,000	−60,000	16,000
Write-downs on other real estate owned	0	45,000	3,000	0	0
Purchases of equity investments, net	−319,000	−10,000	—	—	—
Amortization of deferred costs on subordinated debt	56,000	0	—	—	—
Losses (gains) on interest rate swaps, net	110,000	−17,000	−16,000	−173,000	−126,000
Decrease (increase) in accrued interest receivable	361,000	−486,000	—	—	—
Decrease (increase) in other assets	5	−2	−1	−28	−7
Increase (decrease) in accrued interest payable	−2	487,000	2	654,000	−53,000
Increase (decrease) in other liabilities	4	2	−1	26	8
Payments on operating leases	−772,000	−198,000	−2	−1	−1
Expense related to restricted stock units for directors' deferred compensation plan	23,000	21,000	20,000	290,000	19,000
Expense related to employee restricted stock awards	1	1	1	795,000	535,000
Net cash provided by operating activities	45	30	31	35	35
Proceeds from sales, maturities, calls, and principal paydowns on securities available for sale	274	55	61	86	143
Proceeds from sales, maturities and principal collected on securities held to maturity	328,000	177,000	2	2	937,000
Purchases of securities available for sale	−4	−5	−3	−24	−402
Purchases of securities held to maturity	−160,000	−200,000	0	−980,000	−2
Purchase of FHLBNY and FRBNY stock	−16	−32	−100	−36	−3
Redemption of FHLBNY and FRBNY stock	16	28	103	32	2
Proceeds from sales of fixed assets	1	44,000	0	—	—
Purchases of premises and equipment	−2	−4	−462,000	−426,000	−367,000
Proceeds from sale of other real estate owned	413,000	403,000	288,000	326,000	210,000
Net (increase) in loans	−202	−100	−144	−312	18
Net cash (used in) provided by investing activities	68	−58	−82	−253	−242
Net increase (decrease) in demand, interest-bearing demand, savings, and insured money market deposits	34	−44	−108	−34	207
Net increase (decrease) in time deposits	−160	12	210	206	−89
Net increase (decrease) in FHLBNY overnight advances	−22	77	—	—	—
Increases in (payments on) finance leases	−335,000	729,000	−277,000	—	—
Proceeds from subordinated debt issuance	45	0	—	—	—
Payment of subordinated debt issuance costs	−1	0	—	—	—
Purchase of treasury stock	−396,000	−344,000	−316,000	−933,000	−2
Sale of treasury stock	536,000	430,000	601,000	424,000	426,000
Cash dividends paid	−6	−7	−6	−6	−5
Net cash (used in) provided by financing activities	−111	38	32	246	125
Net increase (decrease) in cash and cash equivalents	3	10	−19	29	−82
Interest	47	53	37	7	3
Income Taxes	6	6	8	6	6
Transfer of portfolio loans to loans held for sale	2	0	—	—	—
Transfer of loans to other real estate owned	0	552,000	378,000	348,000	102,000
Transfer of fixed assets held for sale	0	671,000	—	—	—
Right-of-use assets obtained through finance lease liabilities	0	935,000	0	—	—
Right-of-use assets obtained through operating leases liabilities	80,000	570,000	—	—	—

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