CHEMUNG FINANCIAL CORPCHMG
CHEMUNG FINANCIAL CORP Revenue Disclosure
REVENUE FROM CONTRACTS WITH CUSTOMERS
All of the Corporation's revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. The following tables present the Corporation's non-interest income by revenue stream and reportable segment for the years ended December 31, 2025 and 2024 (in thousands). Items outside the scope of ASC 606 are noted as such.
| Year ended December 31, 2025 | ||||||||||||||||||||||||||
Revenue by Operating Segment: | Core Banking (b) | WMG | Holding Company and CFS | Total | ||||||||||||||||||||||
| Non-interest income | ||||||||||||||||||||||||||
| Service charges on deposit accounts | ||||||||||||||||||||||||||
| Overdraft fees | $ | 2,862 | $ | — | $ | — | $ | 2,862 | ||||||||||||||||||
| Other | 1,565 | — | — | 1,565 | ||||||||||||||||||||||
| Interchange revenue from debit card transactions | 4,302 | — | — | 4,302 | ||||||||||||||||||||||
| WMG fee income | — | 11,945 | — | 11,945 | ||||||||||||||||||||||
| CFS fee and commission income | — | — | 1,176 | 1,176 | ||||||||||||||||||||||
| Net gains (losses) on sales of OREO | 2 | — | — | 2 | ||||||||||||||||||||||
Net gains on sales of loans(a) | 261 | — | — | 261 | ||||||||||||||||||||||
Net (losses) on sales of securities(a) | (17,498) | — | — | (17,498) | ||||||||||||||||||||||
Loan servicing fees(a) | 149 | — | — | 149 | ||||||||||||||||||||||
Change in fair value of equity securities(a) | 202 | — | 9 | 211 | ||||||||||||||||||||||
Income from bank-owned life insurance(a) | 32 | — | — | 32 | ||||||||||||||||||||||
Other(a) | 2,938 | — | — | 2,938 | ||||||||||||||||||||||
| Total non-interest income | $ | (5,185) | $ | 11,945 | $ | 1,185 | $ | 7,945 | ||||||||||||||||||
(a) Not within scope of ASC 606.
(b) The Core Banking column above includes amounts to eliminate transactions between segments.
| Year ended December 31, 2024 | ||||||||||||||||||||||||||
Revenue by Operating Segment: | Core Banking (b) | WMG | Holding Company and CFS | Total | ||||||||||||||||||||||
| Non-interest income | ||||||||||||||||||||||||||
| Service charges on deposit accounts | ||||||||||||||||||||||||||
| Overdraft fees | $ | 2,997 | $ | — | $ | — | $ | 2,997 | ||||||||||||||||||
| Other | 1,045 | — | — | 1,045 | ||||||||||||||||||||||
| Interchange revenue from debit card transactions | 4,426 | — | — | 4,426 | ||||||||||||||||||||||
| WMG fee income | — | 11,573 | — | 11,573 | ||||||||||||||||||||||
| CFS fee and commission income | — | — | 1,054 | 1,054 | ||||||||||||||||||||||
| Net gains (losses) on sales of OREO | (18) | — | — | (18) | ||||||||||||||||||||||
Net gains on sales of loans(a) | 214 | — | — | 214 | ||||||||||||||||||||||
Loan servicing fees(a) | 144 | — | — | 144 | ||||||||||||||||||||||
Change in fair value of equity securities(a) | 203 | — | (24) | 179 | ||||||||||||||||||||||
Income from bank-owned life insurance(a) | 38 | — | — | 38 | ||||||||||||||||||||||
Other(a) | 1,578 | — | — | 1,578 | ||||||||||||||||||||||
| Total non-interest income | $ | 10,627 | $ | 11,573 | $ | 1,030 | $ | 23,230 | ||||||||||||||||||
(a) Not within scope of ASC 606.
(b) The Core Banking column above includes amounts to eliminate transactions between segments.
A description of the Corporation's revenue streams accounted for under ASC 606 follows:
Service Charges on Deposit Accounts: The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which included services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are recognized at the time the maintenance occurs. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer's account balance.
Interchange Revenue from Debit Card Transactions: The Corporation earns interchange fees from debit cardholder transactions conducted through the Mastercard payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to cardholders.
WMG Fee Income (Gross): The Corporation earns wealth management fees from its contracts with trust customers to manage assets for investment, and/or to conduct transactions on their accounts. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management (AUM).
CFS Fee and Commission Income (Net): The Corporation earns fees from investment brokerage services provided to its customers by a third-party service provider. The Corporation receives commissions from the third-party service provider on a monthly basis based upon customer activity for the month. The Corporation (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers. Investment brokerage fees are presented net of related costs. The Corporation also earns fees from tax services provided to its customers.
Net Gains/Losses on Sales of OREO: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Corporation adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 13, 2024 | |
| 2022 | Mar 22, 2023 | |
| 2021 | Mar 23, 2022 | |
| 2020 | Mar 24, 2021 | |
| 2019 | Mar 12, 2020 | |
| 2018 | Mar 13, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.