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Chemung Financial Corporation Reports Second Quarter 2022 Net Income of $8.0 million, or $1.72 per Share
Source: Nasdaq GlobeNewswire / 21 Jul 2022 15:15:29 America/Chicago
ELMIRA, N.Y., July 21, 2022 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $8.0 million, or $1.72 per share, for the second quarter of 2022, compared to $6.8 million, or $1.45 per share, for the second quarter of 2021.
“Chemung Financial Corporation had another record quarter with earnings of $8.0 million, or $1.72 per share,” stated Anders M. Tomson, President and CEO. “Our results for the second quarter were driven by a meaningful increase in net interest income, supported by strong organic loan growth pared with rising interest rates. The continued improvement in the credit quality of our loan portfolios also contributed to a significant reduction in our allowance for loan losses for the quarter," Tomson added.
Second Quarter Highlights1:
- Second quarter earnings per share grew to $1.72 per share from the prior quarter ended March 31, 2022, of $1.46 per share, representing the highest earnings per share recorded in the Corporation's 188-year history.
- Loans1, excluding PPP, grew $136.5 million, or 9.46%.
- Year to date net interest margin increased to 2.92% for the six months ended June 30, 2022, an eleven basis points increase when compared to the same period in the prior year. Net interest income grew $2.5 million, or 7.7% in the six month period ending June 30, 2022, when compared to the same period in the prior year, primarily due to an increase in mortgage loan average balances and an increase in the average yield on commercial loans.
- Net interest margin increased ten basis points in the second quarter of 2022 to 2.97% when compared to the prior quarter. Net interest income grew $1.0 million, or 5.8% in the second quarter of 2022 when compared to the prior quarter, primarily due to a 6.3% increase in interest income on loans, including fees when compared to first quarter, generated by increases in the average balances and average yields of the loan portfolio.
- Dividends declared during the second quarter 2022 were $0.31 per share.
1 Balance sheet comparisons are calculated as of June 30, 2022 versus December 31, 2021.
2nd Quarter 2022 vs 2nd Quarter 2021
Net Interest Income:
Net interest income for the second quarter of 2022 totaled $17.6 million compared to $16.1 million for the same period in the prior year, an increase of $1.5 million, or 9.7%, due primarily to increases of $0.9 million in interest and dividend income on taxable securities, and $0.7 million in interest income on loans, including fees, and a decrease of $0.1 million in interest expense on deposits, offset by an increase of $0.1 million in interest expense on borrowed funds.
The increase in interest and dividend income on taxable securities was due primarily to an increase in average invested balances of $122.0 million, and an increase in the average yield due to an increase in average interest rates. The increase in interest income on loans, including fees was due primarily to an increase in average balances on mortgage loans and an increase in the commercial loan portfolio average yield due to an increase in average interest rates. The decrease in interest expense on deposits was due primarily to a decrease in the average balances on time deposits. The increase in interest expense on borrowed funds was due primarily to an increase in overnight borrowing in the current quarter, when compared to the same period in the prior year.
Fully taxable equivalent net interest margin was 2.97% for the second quarter 2022, compared to 2.76% for the same period in the prior year. Average interest-earning assets increased $42.8 million for the three months ended June 30, 2022 compared to the same period in the prior year. The average yield on interest-earning assets increased 22 basis points to 3.12%, and the average cost of interest-bearing liabilities increased one basis point to 0.24%, for the three months ended June 30, 2022, compared to the same period in the prior year.
Non-Interest Income:
Non-interest income for the second quarter of 2022 was $5.3 million compared to $6.5 million for the same period in the prior year, a decrease of $1.2 million, or 18.1%. The decrease in the current quarter was due primarily to decreases of $0.5 million in other non-interest income, $0.3 million in change in fair value of equity investments, $0.3 million in net gains on sales of loans held for sale, and $0.2 million in wealth management group fee income, offset by an increase of $0.2 million in service charges on deposit accounts.
The decrease in other non-interest income was primarily attributable to a $0.5 million one-time refund of real estate and sales tax in the same period of the prior year, and the timing of the receipt of Mastercard incentives when compared to the same period in the prior year. The decrease in fair value of equity investments in the current quarter was due to a decrease in the market value of the assets held. The decrease in net gains on sales of loans held for sale was primarily attributable to a decrease in residential mortgage loans sold into the secondary market as a result of the increase in market interest rates when compared to the same period in the prior year. The decrease in wealth management group income was primarily due to a decrease in the market value of assets. The increase in service charges on deposit accounts in the current quarter was primarily attributable to an increase in NSF and overdraft fees when compared to the same period in the prior year.
Non-Interest Expense:
Non-interest expense for the second quarter of 2022 was $14.3 million compared to $13.9 million for the same period in the prior year, an increase of $0.4 million, or 3.5%. The increase can be mostly attributed to increases of $0.5 million in pension and other employee benefits and $0.4 million in data processing expenses, offset by a decreases of $0.1 million in net occupancy expenses and $0.1 million marketing and advertising expenses.
Pension and other employee benefits increased primarily due to an increase in employee healthcare costs when compared to the same quarter in the prior year. Data processing expenses increased primarily due to expenses related to the Corporation's Tap-to-Pay program supporting contactless transactions, and the timing of invoices. Net occupancy expenses decreased primarily due to decreases in depreciation expense related to the sale of properties, when compared to the same period in the prior year. Marketing and advertising expenses decreased primarily due to the timing of initiatives.
Income Tax Expense:
Income tax expense for the second quarter of 2022 was $2.3 million compared to $2.1 million for the same period in the prior year, an increase of $0.2 million. The effective tax rate for the current quarter decreased to 22.6% compared to 23.4% for the same period in the prior year. The increase in income tax expense was primarily due to an increase in pretax income.
2nd Quarter 2022 vs 1st Quarter 2022
Net Interest Income:
Net interest income for the second quarter of 2022 totaled $17.6 million compared to $16.7 million for the prior quarter, an increase of $0.9 million, or 5.8%, due primarily to increases of $0.9 million in interest income on loans, including fees, and $0.2 million in interest and dividend income on taxable securities, offset by an increase of $0.1 million in interest expense on borrowed funds.
The increase in interest income on loans, including fees, can be primarily attributed to a $55.3 million increase in average invested loan balances and a 6 basis points increase in the average yield on loans due to an increase in interest rates, when compared to the prior quarter. The Corporation recorded $0.6 million of PPP fees in the second quarter of 2022, of which $0.6 million primarily represented accelerated recognition of fees related to SBA loan forgiveness of $14.9 million in loan balances. In the first quarter of 2022, $1.1 million of PPP fees were recorded, of which $1.0 million represented accelerated recognition of fees related to SBA loan forgiveness of $25.3 million in loan balances. The increase in interest and dividend income on taxable securities can be primarily attributed to a nine basis points increase in the average yield on taxable securities in the second quarter of 2022 as compared to the prior quarter. The increase in total interest expense can be primarily attributed to an increase in overnight FHLBNY borrowing.
Fully taxable equivalent net interest margin was 2.97% in the current quarter compared to 2.87% in the prior quarter. Average interest-earning assets increased $24.4 million in the current quarter compared to the prior quarter. The average yield on interest-earning assets increased twelve basis points to 3.12% and the average cost of interest-bearing liabilities increased three basis points to 0.24%, for the three months ended June 30, 2022, compared to the prior quarter.
Non-Interest Income:
Non-interest income for the second quarter of 2022 was $5.3 million compared to $5.7 million for the prior quarter, a decrease of $0.4 million, or 6.1%. The decrease was mostly attributed to decreases of $0.2 million in other non-interest income, $0.1 million in the change in fair value of equity investments, and $0.1 million in wealth management group fee income, offset by increases of $0.1 million in interchange revenue from debit card transactions, and $0.1 million in service charges on deposit accounts. The decrease in other non-interest income can be primarily attributed to a decrease of $0.1 million in swap fee income and the timing of the receipt of Mastercard incentives, when compared to the prior quarter.
Non-Interest Expense:
Non-interest expense for the second quarter of 2022 was $14.3 million compared to $14.7 million for the prior quarter, a decrease of $0.4 million, or 2.2%. The decrease can be mostly attributed to decreases of $0.6 million in other non-interest expense, and $0.2 million in salaries and wages, offset by increases of $0.3 million in data processing expenses, and $0.2 million in pension and other employee benefits.
The decrease in other non-interest expense can be primarily attributed to decreased spending across most expense categories when compared to the prior quarter, the recapture of $0.2 million of accrued expenditures related to the resolution of a telecommunication contract in the current quarter, and a $0.1 million reserve for additional restitution regarding previously disclosed consumer compliance matters established in the previous quarter. The decrease in salaries and wages can be primarily attributed to a decrease in the market value of the Corporation's deferred compensation plan in the second quarter of 2022. The increase in data processing expense can be primarily attributed to the timing of invoices, when compared to the first quarter. The increase in pension and other employee benefits can be primarily attributed to an increase in employee healthcare costs, when compared to the prior quarter.
Income Tax Expense:
Income tax expense for the second quarter of 2022 was $2.3 million compared to $2.0 million for the prior quarter, an increase of $0.3 million in income tax expense. The effective tax rate for the current quarter increased to 22.6% compared to 22.1% in the prior quarter.
Asset Quality
Non-performing loans totaled $7.4 million at June 30, 2022, or 0.46% of total loans, compared to $8.1 million, or 0.54% of total loans at December 31, 2021. Non-performing assets, which are comprised of non-performing loans and other real estate owned, were $7.7 million, or 0.31% of total assets, at June 30, 2022, compared to $8.2 million, or 0.34% of total assets, at December 31, 2021. The decrease in non-performing loans can mostly be attributed to payments received on non-performing loans across all loan portfolios. The decrease in non-performing assets can be primarily attributed to the decrease in non-performing loans.
Management performs an ongoing assessment of the adequacy of the allowance for loan losses based upon a number of factors including an analysis of historical loss factors, collateral evaluations, recent charge-off experience, credit quality of the loan portfolio, current economic conditions and loan growth. Management continues to evaluate the potential impact of the COVID-19 pandemic as it relates to the loan portfolio. As part of this analysis, management identified what it believes to be higher risk loans through a detailed analysis of industry codes. During 2020, management increased certain allowance qualitative factors based on its assessment of the impact of the current pandemic on local, national, and global economic conditions, as well as the perceived risks inherent in specific industries and credit characteristics.
The allowance for loan losses was $17.5 million at June 30, 2022 and $21.0 million at December 31, 2021, respectively. The allowance for loan losses was 237.12% of non-performing loans at June 30, 2022 compared to 259.17% at December 31, 2021. The ratio of the allowance for loan losses to total loans was 1.08% at June 30, 2022 compared to 1.38% at December 31, 2021. The ratio of the allowance for loan losses to total loans excluding PPP loans was 1.08% at June 30, 2022, compared to 1.43% at December 31, 2021. The Corporation continues to closely monitor the loan portfolio for effects related to the COVID-19 pandemic. Changes in governmental policies and economic pressures during the pandemic placed stress on certain industries while other industries initially anticipated to be highly impacted by the pandemic demonstrated resilience. Based upon management review of these factors the Corporation released $1.2 million of the pandemic related portion of the allowance during the first quarter of 2022. To date the Corporation has released $3.1 million and utilized $0.5 million of the pandemic related provision, and $1.2 million remains as part of the allowance as of June 30, 2022. As of June 30, 2022, no loan forbearances due to COVID-19 remain.
Balance Sheet Activity
Total assets were $2.450 billion at June 30, 2022 compared to $2.418 billion at December 31, 2021, an increase of $31.4 million, or 1.3%. The increase can be mostly attributed to increases of $99.3 million in loans, net of deferred origination fees and costs, $26.1 million in accrued interest receivable and other assets, $2.8 million in total cash and cash equivalents, and a decrease of $3.5 million in allowance for loan losses, offset by a decrease of $99.0 million in securities available for sale, at estimated fair value.
The increase in loans, net of deferred loan fees, can mostly be attributed to increases of $64.9 million in commercial loans, $17.5 million in residential mortgage loans, and $17.0 million in consumer loans. Paydowns due to SBA forgiveness of PPP loans decreased the total loan portfolio by $40.2 million as of June 30, 2022, when compared to December 31, 2021. The increase in accrued interest receivable and other assets was primarily due to increases of $16.8 million in the deferred tax asset and $8.4 million in the interest rate swap asset. The increase in cash and cash equivalents was primarily due to changes in deposits, securities, and loans. The decrease in securities available for sale can be mostly attributed to $53.4 million in paydowns and a decrease in the fair value of the portfolio of $66.2 million due to increases in interest rates, offset by purchases of $22.7 million.
The decrease in the allowance for loan losses can mostly be attributed to the $1.2 million release of COVID-19 related portion of the allowance in the first quarter of 2022, the $1.5 million release of a specific reserve related to the sale of a large commercial real estate credit, positive impacts of $0.8 million related to upgrades of two large commercial credits, and a $1.0 million decrease in the historical loss factor due to the roll-off of a commercial real estate owner occupied property previously charged off in the second quarter of 2020. These decreases in the allowance were offset by $1.4 million of additional provision related to increased loan growth.
Total liabilities were $2.275 billion at June 30, 2022 compared to $2.207 billion at December 31, 2021, an increase of $68.2 million, or 3.1%. The increase in total liabilities can primarily be attributed to increases of $27.4 million, or 1.3% in deposits, and $10.1 million in accrued interest payable and other liabilities, and $31.2 million in advances and other debt.
The increase in deposits was due primarily to increases of $16.3 million in public deposits, $47.5 million of one-way brokered deposits, and $11.6 million in consumer deposits, offset by a decrease of $48.0 million in commercial deposits. The increase in accrued interest payable and other liabilities was primarily attributed to an increase of $8.2 million in the interest rate swap liability. The increase in advances and other debt can be attributed to an increase in overnight FHLBNY borrowing.
Total shareholders’ equity was $174.7 million at June 30, 2022, compared to $211.5 million at December 31, 2021, a decrease of $36.8 million, or 17.4%, primarily due to a $48.8 million decrease in accumulated other income (loss), offset by an increase of $12.0 million in retained earnings. The decrease in accumulated other comprehensive income (loss) can mostly be attributed to a decrease in the fair market value of the securities portfolio due to the increase in interest rates. The increase in retained earnings was due primarily to net income of $14.9 million, offset by $2.9 million in dividends declared.
The total equity to total assets ratio was 7.13% at June 30, 2022, compared to 8.74% at December 31, 2021. The tangible equity to tangible assets ratio was 6.30% at June 30, 2022 compared to 7.91% at December 31, 2021. Book value per share decreased to $37.24 at June 30, 2022 from $45.09 at December 31, 2021. As of June 30, 2022, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.
Liquidity
Management believes that the Corporation's liquidity position is strong. The Corporation uses a variety of resources to meet its liquidity needs. These include short term investments, cash flow from lending and investing activities, core- deposit growth and non-core funding sources, such as time deposits of $100,000 or more, brokered deposits, FHLBNY advances, and other borrowings. As of June 30, 2022, the Corporation's cash and cash equivalents balance was $29.8 million. The Corporation also maintains an investment portfolio of securities available for sale, comprised primarily of mortgage-backed securities and municipal bonds. Although this portfolio generates interest income for the Corporation, it also serves as an available source of liquidity and capital if the need should arise. As of June 30, 2022, the Corporation's investment in securities available for sale was $693.0 million, $499.3 million of which was not pledged as collateral. Additionally, the Bank's unused borrowing capacity at the Federal Home Loan Bank of New York was $151.4 million, as of June 30, 2022. As of June 30, 2022, the Corporation entered into one-way brokered deposit arrangements with 4-week and 13-week terms totaling $47.5 million.
Other Items
The market value of total assets under management or administration in our Wealth Management Group was $1.992 billion at June 30, 2022, including $318.4 million of assets under management or administration for the Corporation, compared to $2.325 billion at December 31, 2021, including $344.2 million of assets under management or administration for the Corporation, a decrease of $332.6 million, or 14.31%, due to a general decline in market value.
As previously announced on January 8, 2021, the Corporation announced that the Board of Directors approved a new stock repurchase program. Under the new repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its then outstanding shares. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. As of June 30, 2022, a total of 49,184 shares of common stock at a total cost of $2.0 million were repurchased by the Corporation under its share repurchase program. No shares were repurchased in the second quarter of 2022. The weighted average cost was $40.42 per share repurchased. Remaining buyback authority under the share repurchase program was 200,816 shares at June 30, 2022.
About Chemung Financial Corporation
Chemung Financial Corporation is a $2.4 billion financial services holding company headquartered in Elmira, New York and operates 31 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.
This press release may be found at: www.chemungcanal.com under Investor Relations.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." The Corporation cannot promise that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, cyber security risks, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, COVID-19, and changes in general business and economic trends.
Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2021 Annual Report on Form 10-K. These filings are available publicly on the SEC's website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
For further information contact:
Karl F. Krebs, EVP and CFO
kkrebs@chemungcanal.com
Phone: 607-737-3714Chemung Financial Corporation Consolidated Balance Sheets (Unaudited) June 30, March 31, Dec. 31, Sept. 30, June 30, (in thousands) 2022 2022 2021 2021 2021 ASSETS Cash and due from financial institutions $ 24,371 $ 21,757 $ 17,365 $ 28,859 $ 27,439 Interest-earning deposits in other financial institutions 5,397 43,726 9,616 32,838 29,358 Total cash and cash equivalents 29,768 65,483 26,981 61,697 56,797 Equity investments 2,750 2,949 2,964 2,933 2,856 Securities available for sale 692,995 746,343 792,026 761,531 687,594 Securities held to maturity 2,943 3,576 3,790 3,183 2,981 FHLB and FRB stocks, at cost 5,897 3,576 4,218 3,562 3,562 Total investment securities 701,835 753,495 800,034 768,276 694,137 Commercial 1,124,701 1,102,304 1,059,848 1,060,230 1,105,520 Mortgage 276,847 264,816 259,334 253,991 246,667 Consumer 216,014 199,405 199,067 202,447 205,812 Loans, net of deferred loan fees 1,617,562 1,566,525 1,518,249 1,516,668 1,557,999 Allowance for loan losses (17,485 ) (19,928 ) (21,025 ) (20,940 ) (20,676 ) Loans, net 1,600,077 1,546,597 1,497,224 1,495,728 1,537,323 Loans held for sale — 345 396 224 — Premises and equipment, net 16,812 17,260 17,969 18,370 19,094 Operating lease right-of-use assets 6,841 7,035 7,234 7,084 7,274 Goodwill 21,824 21,824 21,824 21,824 21,824 Other intangible assets, net — 4 15 26 68 Accrued interest receivable and other assets 70,004 59,903 43,834 41,494 41,339 Total assets $ 2,449,911 $ 2,474,895 $ 2,418,475 $ 2,417,656 $ 2,380,712 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing demand deposits $ 704,996 $ 726,699 $ 739,607 $ 725,181 $ 674,205 Interest-bearing demand deposits 267,554 284,689 284,721 282,036 276,250 Money market accounts 641,008 699,506 654,553 661,049 669,953 Savings deposits 285,593 283,369 280,195 275,137 276,496 Time deposits 283,640 255,329 196,357 230,419 241,283 Total deposits 2,182,791 2,249,592 2,155,433 2,173,822 2,138,187 Advances and other debt 49,331 3,527 18,164 3,659 3,724 Operating lease liabilities 6,998 7,186 7,378 7,227 7,409 Accrued interest payable and other liabilities 36,101 29,080 26,045 26,809 27,415 Total liabilities 2,275,221 2,289,385 2,207,020 2,211,517 2,176,735 Shareholders' equity Common stock 53 53 53 53 53 Additional-paid-in capital 47,196 46,880 46,901 47,203 47,081 Retained earnings 200,870 194,295 188,877 183,873 178,673 Treasury stock, at cost (18,084 ) (18,113 ) (17,846 ) (17,924 ) (17,972 ) Accumulated other comprehensive income (loss) (55,345 ) (37,605 ) (6,530 ) (7,066 ) (3,858 ) Total shareholders' equity 174,690 185,510 211,455 206,139 203,977 Total liabilities and shareholders' equity $ 2,449,911 $ 2,474,895 $ 2,418,475 $ 2,417,656 $ 2,380,712 Period-end shares outstanding 4,691 4,689 4,689 4,679 4,677 Chemung Financial Corporation
Consolidated Statements of Income (Unaudited)Three Months Ended
June 30,Percent Six Months Ended
June 30,Percent (in thousands, except per share data) 2022 2021 Change 2022 2021 Change Interest and dividend income: Loans, including fees $ 15,390 $ 14,692 4.8 $ 29,871 $ 29,309 1.9 Taxable securities 2,863 1,951 46.7 5,551 3,753 47.9 Tax exempt securities 268 266 0.8 538 527 2.1 Interest-earning deposits 17 36 (52.8 ) 36 96 (62.5 ) Total interest and dividend income 18,538 16,945 9.4 35,996 33,685 6.9 Interest expense: Deposits 769 832 (7.6 ) 1,517 1,753 (13.5 ) Borrowed funds 128 34 276.5 161 67 140.3 Total interest expense 897 866 3.6 1,678 1,820 (7.8 )
Net interest income
17,641
16,079
9.7
34,318
31,865
7.7Provision for loan losses (1,744 ) (150 ) 1,062.7 (2,889 ) (409 ) 606.4 Net interest income after provision for loan losses 19,385 16,229 19.4 37,207 32,274 15.3 Non-interest income: Wealth management group fee income 2,628 2,803 (6.2 ) 5,385 5,481 (1.8 ) Service charges on deposit accounts 936 732 27.9 1,800 1,449 24.2 Interchange revenue from debit card transactions 1,206 1,262 (4.4 ) 2,336 2,385 (2.1 ) Change in fair value of equity investments (242 ) 102 (337.3 ) (355 ) 188 N/M Net gains on sales of loans held for sale 25 342 (92.7 ) 99 642 (84.6 ) Net gains (losses) on sales of other real estate owned 46 — N/M 46 (18 ) (355.6 ) Income from bank owned life insurance 11 12 (8.3 ) 22 27 (18.5 ) Other 709 1,239 (42.8 ) 1,649 1,959 (15.8 ) Total non-interest income 5,319 6,492 (18.1 ) 10,982 12,113 (9.3 ) Non-interest expense: Salaries and wages 6,056 6,037 0.3 12,279 11,799 4.1 Pension and other employee benefits 1,937 1,480 30.9 3,655 2,939 24.4 Other components of net periodic pension and postretirement benefits (403 ) (391 ) 3.1 (811 ) (782 ) 3.7 Net occupancy 1,369 1,491 (8.2 ) 2,796 3,014 (7.2 ) Furniture and equipment 410 410 — 847 776 9.1 Data processing 2,468 2,048 20.5 4,655 4,051 14.9 Professional services 664 535 24.1 1,185 989 19.8 Amortization of intangible assets 4 89 (95.5 ) 15 190 (92.1 ) Marketing and advertising 184 284 (35.2 ) 460 410 12.2 Other real estate owned expense 8 5 60.0 (29 ) 17 (270.6 ) FDIC insurance 284 329 (13.7 ) 598 719 (16.8 ) Loan expense 176 290 (39.3 ) 391 524 (25.4 ) Other 1,185 1,244 (4.7 ) 2,969 2,558 16.1 Total non-interest expense 14,342 13,851 3.5 29,010 27,204 6.6 Income before income tax expense 10,362 8,870 16.8 19,179 17,183 11.6 Income tax expense 2,338 2,075 12.7 4,288 3,858 11.1 Net income $ 8,024 $ 6,795 18.1 $ 14,891 $ 13,325 11.8 Basic and diluted earnings per share $ 1.72 $ 1.45 $ 3.18 $ 2.84 Cash dividends declared per share 0.31 0.31 0.62 0.57 Average basic and diluted shares outstanding 4,690 4,680 4,690 4,686 N/M - Not Meaningful
Chemung Financial Corporation As of or for the Three Months Ended As of or for the Six Months Ended Consolidated Financial Highlights (Unaudited)
(in thousands, except per share data)June 30,
2022Mar. 31,
2022Dec. 31,
2021Sept. 30,
2021June 30,
2021June 30,
2022June 30,
2021RESULTS OF OPERATIONS
Interest income
$
18,538
$
17,458
$
17,690
$
17,633
$
16,945
$
35,996
$
33,685Interest expense 897 781 798 801 866 1,678 1,820 Net interest income 17,641 16,677 16,892 16,832 16,079 34,318 31,865 Provision (credit) for loan losses (1,744 ) (1,145 ) 70 356 (150 ) (2,889 ) (409 ) Net interest income after provision for loan losses 19,385 17,822 16,822 16,476 16,229 37,207 32,274 Non-interest income 5,319 5,663 5,787 5,970 6,492 10,982 12,113 Non-interest expense 14,342 14,668 14,378 14,100 13,851 29,010 27,204 Income before income tax expense 10,362 8,817 8,231 8,346 8,870 19,179 17,183 Income tax expense 2,338 1,950 1,777 1,700 2,075 4,288 3,858 Net income $ 8,024 $ 6,867 $ 6,454 $ 6,646 $ 6,795 $ 14,891 $ 13,325 Basic and diluted earnings per share $ 1.72 $ 1.46 $ 1.38 $ 1.42 $ 1.45 $ 3.18 $ 2.84 Average basic and diluted shares outstanding 4,690 4,689 4,682 4,678 4,680 4,690 4,686 PERFORMANCE RATIOS Return on average assets 1.32 % 1.14 % 1.04 % 1.09 % 1.11 % 1.23 % 1.12 % Return on average equity 18.06 % 13.68 % 12.30 % 12.68 % 13.58 % 15.73 % 13.41 % Return on average tangible equity (a) 20.58 % 15.32 % 13.74 % 14.16 % 15.25 % 17.77 % 15.07 % Efficiency ratio (unadjusted) (f) 62.47 % 65.66 % 63.40 % 61.84 % 61.37 % 64.04 % 61.86 % Efficiency ratio (adjusted) (a) (b) 62.17 % 65.32 % 63.11 % 61.40 % 60.72 % 63.72 % 61.17 % Non-interest expense to average assets 2.35 % 2.43 % 2.32 % 2.30 % 2.27 % 2.39 % 2.28 % Loans to deposits 74.11 % 69.64 % 70.44 % 69.77 % 72.87 % 74.11 % 72.87 % YIELDS / RATES - Fully Taxable Equivalent Yield on loans 3.90 % 3.84 % 3.90 % 3.84 % 3.72 % 3.87 % 3.77 % Yield on investments 1.60 % 1.47 % 1.35 % 1.49 % 1.21 % 1.53 % 1.24 % Yield on interest-earning assets 3.12 % 3.00 % 2.99 % 3.02 % 2.90 % 3.06 % 2.97 % Cost of interest-bearing deposits 0.21 % 0.20 % 0.21 % 0.21 % 0.22 % 0.21 % 0.24 % Cost of borrowings 1.70 % 2.65 % 2.16 % 3.56 % 3.64 % 1.83 % 3.58 % Cost of interest-bearing liabilities 0.24 % 0.21 % 0.22 % 0.22 % 0.23 % 0.23 % 0.25 % Interest rate spread 2.88 % 2.79 % 2.77 % 2.80 % 2.67 % 2.83 % 2.72 % Net interest margin, fully taxable equivalent 2.97 % 2.87 % 2.85 % 2.88 % 2.76 % 2.92 % 2.81 % CAPITAL Total equity to total assets at end of period 7.13 % 7.50 % 8.74 % 8.53 % 8.57 % 7.13 % 8.57 % Tangible equity to tangible assets at end of period (a) 6.30 % 6.67 % 7.91 % 7.69 % 7.72 % 6.30 % 7.72 % Book value per share $ 37.24 $ 39.56 $ 45.09 $ 44.00 $ 43.57 $ 37.24 $ 43.57 Tangible book value per share (a) 32.59 34.91 40.44 39.34 38.90 32.59 38.90 Period-end market value per share 47.00 46.69 46.45 45.30 44.31 47.00 44.31 Dividends declared per share 0.31 0.31 0.31 0.31 0.31 0.62 0.57 AVERAGE BALANCES
Loans and loans held for sale (c)
$
1,587,777
$
1,532,445
$
1,520,478
$
1,519,264
$
1,585,902
$
1,560,264
$
1,571,714Interest earning assets 2,395,704 2,371,275 2,364,578 2,327,817 2,352,908 2,383,557 2,302,402 Total assets 2,446,763 2,451,944 2,454,294 2,427,107 2,447,587 2,449,339 2,402,823 Deposits 2,203,231 2,211,442 2,205,632 2,181,517 2,210,413 2,207,314 2,164,445 Total equity 178,207 203,613 208,147 208,023 200,627 190,841 200,332 Tangible equity (a) 156,382 181,778 186,302 186,155 178,681 169,011 178,337 ASSET QUALITY
Net charge-offs (recoveries)
$
699
$
(48
)
$
(15
)
$
92
$
83
$
651
$
(161
)Non-performing loans (d) 7,374 7,703 8,114 8,373 8,583 7,374 8,583 Non-performing assets (e) 7,665 7,956 8,226 8,544 8,707 7,665 8,707 Allowance for loan losses 17,485 19,928 21,025 20,940 20,676 17,485 20,676 Annualized net charge-offs (recoveries) to average loans 0.18 % (0.01 %) (0.01 %) 0.02 % 0.02 % 0.08 % (0.02 %) Non-performing loans to total loans 0.46 % 0.49 % 0.54 % 0.56 % 0.55 % 0.46 % 0.55 % Non-performing assets to total assets 0.31 % 0.32 % 0.34 % 0.35 % 0.37 % 0.31 % 0.37 % Allowance for loan losses to total loans 1.08 % 1.27 % 1.38 % 1.38 % 1.33 % 1.08 % 1.33 % Allowance for loan losses to total loans, net of PPP 1.08 % 1.29 % 1.43 % 1.45 % 1.46 % 1.08 % 1.46 % Allowance for loan losses to non-performing loans 237.12 % 258.65 % 259.17 % 250.08 % 240.89 % 237.12 % 240.89 % (a) See the GAAP to Non-GAAP reconciliations.
(b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets less legal reserve divided by the total of fully taxable equivalent net interest income plus non- interest income less net gains or losses on securities transactions.
(c) Loans and loans held for sale do not reflect the allowance for loan losses.
(d) Non-performing loans include non-accrual loans only.
(e) Non-performing assets include non-performing loans plus other real estate owned.
(f) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income.Chemung Financial Corporation
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)Three Months Ended
June 30, 2022Three Months Ended
June 30, 2021Three Months Ended
June 30, 2022 vs. 2021Average Balance Interest Yield /
RateAverage Balance Interest Yield /
RateTotal Change Due to Volume Due to Rate (in thousands) Interest earning assets: Commercial loans $ 1,111,854 $ 11,244 4.06
%$ 1,132,348 $ 10,613 3.76
%$
631$ (195
)$ 826 Mortgage loans 270,112 2,256 3.35 % 246,470 2,160 3.52 % 96 203 (107 ) Consumer loans 205,811 1,927 3.76 % 207,084 1,948 3.77 % (21 ) (15 ) (6 ) Taxable securities 751,784 2,866 1.53 % 629,789 1,953 1.24 % 913 414 499 Tax-exempt securities 42,222 330 3.13 % 41,571 327 3.16 % 3 6 (3 ) Interest-earning deposits 13,921 18 0.52 % 95,646 36 0.15 % (18 ) (50 ) 32 Total interest earning assets 2,395,704 18,641 3.12 % 2,352,908 17,037 2.90 % 1,604 363 1,241 Non-interest earnings assets: Cash and due from banks
23,702
25,317Other assets 47,471 90,444 Allowance for loan losses (20,114 ) (21,082 ) Total assets $ 2,446,763 $ 2,447,587 Interest-bearing liabilities: Interest-bearing checking $
273,723
$
51
0.07
%
$
282,420
$
55
0.08
%
$
(4
)
$
(1
)
$
(3
)Savings and money market 962,502 242 0.10 % 958,629 233 0.10 % 9 9 — Time deposits 243,157 476 0.79 % 273,131 544 0.80 % (68 ) (61 ) (7 ) Long-term advances and other debt 30,264 128 1.70 % 3,746 34 3.64 % 94 121 (27 ) Total int.-bearing liabilities 1,509,646 897 0.24 % 1,517,926 866 0.23 % 31 68 (37 ) Non-interest-bearing liabilities: Demand deposits 723,849 696,233 Other liabilities 35,061 32,801 Total liabilities 2,268,556 2,246,960 Shareholders' equity 178,207 200,627 Total liabilities and shareholders' equity $
2,446,763
$
2,447,587
Fully taxable equivalent net interest income
17,744
16,171
$
1,573
$
295
$
1,278Net interest rate spread (1) 2.88 % 2.67 % Net interest margin, fully taxable equivalent (2)
Taxable equivalent adjustment
(103
)2.97 %
(92
)2.76 % Net interest income $ 17,641 $ 16,079 (1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.Chemung Financial Corporation
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Six Months Ended June 30, 2022 vs. 2021 (in thousands) Average Balance Interest Yield / Rate Average Balance Interest Yield / Rate Total Change Due to Volume Due to Rate Interest earning assets: Commercial loans $ 1,092,240 $ 21,791 4.02 % $ 1,118,307 $ 21,085 3.80 % $ 706 $ (498 ) $ 1,204 Mortgage loans 266,105 4,409 3.34 % 244,414 4,256 3.51 % 153 366 (213 ) Consumer loans 201,919 3,743 3.74 % 208,993 4,026 3.88 % (283 ) (137 ) (146 ) Taxable securities 755,127 5,556 1.48 % 584,180 3,757 1.30 % 1,799 1,221 578 Tax-exempt securities 42,328 663 3.16 % 41,272 649 3.17 % 14 16 (2 ) Interest-earning deposits 25,838 36 0.28 % 105,236 96 0.18 % (60 ) (95 ) 35 Total interest earning assets 2,383,557 36,198 3.06 % 2,302,402 33,869 2.97 % 2,329 873 1,456 Non-interest earnings assets: Cash and due from banks 24,220 26,469 Other assets 62,230 95,139 Allowance for loan losses (20,668 ) (21,187 ) Total assets $ 2,449,339 $ 2,402,823 Interest-bearing liabilities: Interest-bearing checking $ 283,521 $ 107 0.08 % $ 288,426 $ 122 0.09 % $ (15 ) $ (2 ) $ (13 ) Savings and money market 958,919 454 0.10 % 920,076 508 0.11 % (54 ) 12 (66 ) Time deposits 242,334 956 0.80 % 283,442 1,123 0.80 % (167 ) (167 ) — Capital leases and other debt 17,722 161 1.83 % 3,777 67 3.58 % 94 141 (47 ) Total int.-bearing liabilities 1,502,496 1,678 0.23 % 1,495,721 1,820 0.25 % (142 ) (16 ) (126 )
Non-interest-bearing liabilities:Demand deposits 722,540 672,501 Other liabilities 33,462 34,269 Total liabilities 2,258,498 2,202,491 Shareholders' equity 190,841 200,332 Total liabilities and shareholders' equity $ 2,449,339 $ 2,402,823
Fully taxable equivalent net interestincome 34,520 32,049 $ 2,471 $ 889 $ 1,582 Net interest rate spread (1) 2.83 % 2.72 % Net interest margin, fully taxable equivalent (2) 2.92 % 2.81 % Taxable equivalent adjustment (202 ) (184 ) Net interest income $ 34,318 $ 31,865 (1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.Chemung Financial Corporation
GAAP to Non-GAAP Reconciliations (Unaudited)
The Corporation prepares its Consolidated Financial Statements in accordance with GAAP. See the Corporation’s unaudited consolidated balance sheets and statements of income contained within this press release. That presentation provides the reader with an understanding of the Corporation’s results that can be tracked consistently from period-to-period and enables a comparison of the Corporation’s performance with other companies’ GAAP financial statements.
In addition to analyzing the Corporation’s results on a reported basis, management uses certain non-GAAP financial measures, because it believes these non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Corporation and, therefore, facilitate a comparison of the Corporation with the performance of its competitors. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.
The SEC has adopted Regulation G, which applies to all public disclosures, including earnings releases, made by registered companies that contain “non-GAAP financial measures.” Under Regulation G, companies making public disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the Corporation’s reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. The SEC has exempted from the definition of “non-GAAP financial measures” certain commonly used financial measures that are not based on GAAP. When these exempted measures are included in public disclosures, supplemental information is not required. The following measures used in this Report, which are commonly utilized by financial institutions, have not been specifically exempted by the SEC and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules, although we are unable to state with certainty that the SEC would so regard them.
Fully Taxable Equivalent Net Interest Income and Net Interest Margin
Net interest income is commonly presented on a tax-equivalent basis. That is, to the extent that some component of the institution's net interest income, which is presented on a before-tax basis, is exempt from taxation (e.g., is received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added to the actual before-tax net interest income total. This adjustment is considered helpful in comparing one financial institution's net interest income to that of other institutions or in analyzing any institution’s net interest income trend line over time, to correct any analytical distortion that might otherwise arise from the fact that financial institutions vary widely in the proportions of their portfolios that are invested in tax-exempt securities, and that even a single institution may significantly alter over time the proportion of its own portfolio that is invested in tax-exempt obligations. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest-earning assets. For purposes of this measure as well, fully taxable equivalent net interest income is generally used by financial institutions, as opposed to actual net interest income, again to provide a better basis of comparison from institution to institution and to better demonstrate a single institution’s performance over time. The Corporation follows these practices.
As of or for the Three Months Ended As of or for the Six Months Ended (in thousands, except ratio data) June 30,
2022March 31,
2022Dec. 31,
2021Sept. 30,
2021June 30,
2021June 30,
2022June 30,
2021NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT Net interest income (GAAP) $ 17,641 $ 16,677 $ 16,892 $ 16,832 $ 16,079 $ 34,318 $ 31,865 Fully taxable equivalent adjustment 103 99 105 94 92 202 184 Fully taxable equivalent net interest income (non-GAAP) $ 17,744 $ 16,776 $ 16,997 $ 16,926 $ 16,171 $ 34,520 $ 32,049
Average interest-earning assets (GAAP)
$
2,395,704
$
2,371,275
$
2,364,578
$
2,327,817
$
2,352,908
$
2,383,557
$
2,302,402
Net interest margin - fully taxable equivalent (non-GAAP)
2.97
%
2.87
%
2.85
%
2.88
%
2.76
%
2.92
%
2.81
%Efficiency Ratio
The unadjusted efficiency ratio is calculated as non-interest expense divided by total revenue (net interest income and non-interest income). The adjusted efficiency ratio is a non-GAAP financial measure which represents the Corporation’s ability to turn resources into revenue and is calculated as non-interest expense divided by total revenue (fully taxable equivalent net interest income and non- interest income), adjusted for one-time occurrences and amortization. This measure is meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s productivity measured by the amount of revenue generated for each dollar spent.
As of or for the Three Months Ended As of or for the Six Months Ended (in thousands, except ratio data) June 30,
2022March 31,
2022Dec. 31,
2021Sept. 30,
2021June 30,
2021June 30,
2022June 30,
2021EFFICIENCY RATIO
Net interest income (GAAP)
$
17,641
$
16,677
$
16,892
$
16,832
$
16,079
$
34,318
$
31,865Fully taxable equivalent adjustment 103 99 105 94 92 202 184 Fully taxable equivalent net interest income (non-GAAP) $ 17,744 $ 16,776 $ 16,997 $ 16,926 $ 16,171 $ 34,520 $ 32,049 Non-interest income (GAAP) $ 5,319 $ 5,663 $ 5,787 $ 5,970 $ 6,492 $ 10,982 $ 12,113 Less: net (gains) losses on security transactions — — — — — — — Adjusted non-interest income (non-GAAP) $ 5,319 $ 5,663 $ 5,787 $ 5,970 $ 6,492 $ 10,982 $ 12,113 Non-interest expense (GAAP) $ 14,342 $ 14,668 $ 14,378 $ 14,100 $ 13,851 $ 29,010 $ 27,204 Less: amortization of intangible assets (4 ) (11 ) (11 ) (42 ) (89 ) (15 ) (190 ) Adjusted non-interest expense (non-GAAP) $ 14,338 $ 14,657 $ 14,367 $ 14,058 $ 13,762 $ 28,995 $ 27,014 Efficiency ratio (unadjusted) 62.47 % 65.66 % 63.40 % 61.84 % 61.37 % 64.04 % 61.86 % Efficiency ratio (adjusted) 62.17 % 65.32 % 63.11 % 61.40 % 60.72 % 63.72 % 61.17 % Tangible Equity and Tangible Assets (Period-End)
Tangible equity, tangible assets, and tangible book value per share are each non-GAAP financial measures. Tangible equity represents the Corporation’s stockholders’ equity, less goodwill and intangible assets. Tangible assets represents the Corporation’s total assets, less goodwill and other intangible assets. Tangible book value per share represents the Corporation’s tangible equity divided by common shares at period-end. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.
As of or for the Three Months Ended As of or for the Six Months Ended (in thousands, except per share and ratio data) June 30,
2022March 31,
2022Dec. 31,
2021Sept. 30,
2021June 30,
2021June 30,
2022June 30,
2021TANGIBLE EQUITY AND TANGIBLE ASSETS (PERIOD END)
Total shareholders' equity (GAAP)
$
174,690
$
185,510
$
211,455
$
206,139
$
203,977
$
174,690
$
203,977Less: intangible assets (21,824 ) (21,828 ) (21,839 ) (21,850 ) (21,892 ) (21,824 ) (21,892 ) Tangible equity (non-GAAP) $ 152,866 $ 163,682 $ 189,616 $ 184,289 $ 182,085 $ 152,866 $ 182,085
Total assets (GAAP)
$
2,449,911
$
2,474,895
$
2,418,475
$
2,417,656
$
2,380,712
$
2,449,911
$
2,380,712Less: intangible assets (21,824 ) (21,828 ) (21,839 ) (21,850 ) (21,892 ) (21,824 ) (21,892 ) Tangible assets (non-GAAP) $ 2,428,087 $ 2,453,067 $ 2,396,636 $ 2,395,806 $ 2,358,820 $ 2,428,087 $ 2,358,820 Total equity to total assets at end of period (GAAP)
7.13
%
7.49
%
8.74
%
8.53
%
8.57
%
7.13
%
8.57
%Book value per share (GAAP) $ 37.24 $ 39.56 $ 45.09 $ 44.00 $ 43.57 $ 37.24 $ 43.57
Tangible equity to tangible assets at end of period (non-GAAP)6.30 % 6.67 % 7.91 % 7.69 % 7.72 % 6.30 % 7.72 % Tangible book value per share (non-GAAP) $ 32.59 $ 34.91 $ 40.44 $ 39.34 $ 38.90 $ 32.59 $ 38.90 Tangible Equity (Average)
Average tangible equity and return on average tangible equity are each non-GAAP financial measures. Average tangible equity represents the Corporation’s average stockholders’ equity, less average goodwill and intangible assets for the period. Return on average tangible equity measures the Corporation’s earnings as a percentage of average tangible equity. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.
As of or for the Three Months Ended As of or for the Six Months Ended (in thousands, except ratio data) June 30,
2022March 31,
2022Dec. 31,
2021Sept. 30,
2021June 30,
2021June 30,
2022June 30,
2021TANGIBLE EQUITY (AVERAGE)
Total average shareholders' equity (GAAP)
$
178,207
$
203,613
$
208,147
$
208,023
$
200,627
$
190,841
$
200,332Less: average intangible assets (21,825 ) (21,835 ) (21,845 ) (21,868 ) (21,946 ) (21,830 ) (21,995 ) Average tangible equity (non-GAAP) $ 156,382 $ 181,778 $ 186,302 $ 186,155 $ 178,681 $ 169,011 $ 178,337
Return on average equity (GAAP)
18.06
%
13.68
%
12.30
%
12.68
%
13.58
%
15.73
%
13.41
%Return on average tangible equity (non-GAAP) 20.58 % 15.32 % 13.74 % 14.16 % 15.25 % 17.77 % 15.07 % Adjustments for Certain Items of Income or Expense
In addition to disclosures of certain GAAP financial measures, including net income, EPS, ROA, and ROE, we may also provide comparative disclosures that adjust these GAAP financial measures for a particular period by removing from the calculation thereof the impact of certain transactions or other material items of income or expense occurring during the period, including certain nonrecurring items. The Corporation believes that the resulting non-GAAP financial measures may improve an understanding of its results of operations by separating out any such transactions or items that may have had a disproportionate positive or negative impact on the Corporation’s financial results during the particular period in question. In the Corporation’s presentation of any such non-GAAP (adjusted) financial measures not specifically discussed in the preceding paragraphs, the Corporation supplies the supplemental financial information and explanations required under Regulation G.
As of or for the Three Months Ended As of or for the Six Months Ended (in thousands, except per share and ratio data) June 30,
2022March 31,
2022Dec. 31,
2021Sept. 30,
2021June 30,
2021June 30,
2022June 30,
2021NON-GAAP NET INCOME
Reported net income (GAAP)
$
8,024
$
6,867
$
6,454
$
6,646
$
6,795
$
14,891
$
13,325Net (gains) losses on security transactions (net of tax) — — — — — — — Net income (non-GAAP) $ 8,024 $ 6,867 $ 6,454 $ 6,646 $ 6,795 $ 14,891 $ 13,325 Average basic and diluted shares outstanding 4,690 4,689 4,682 4,678 4,680 4,690 4,686 Reported basic and diluted earnings per share (GAAP) $ 1.72 $ 1.46 $ 1.38 $ 1.42 $ 1.45 $ 3.18 $ 2.84 Reported return on average assets (GAAP) 1.32 % 1.14 % 1.04 % 1.09 % 1.11 % 1.23 % 1.12 % Reported return on average equity (GAAP) 18.06 % 13.68 % 12.30 % 12.68 % 13.58 % 15.73 % 13.41 % Basic and diluted earnings per share (non-GAAP) $ 1.71 $ 1.46 $ 1.38 $ 1.42 $ 1.45 $ 3.18 $ 2.84 Return on average assets (non-GAAP) 1.32 % 1.14 % 1.04 % 1.09 % 1.11 % 1.23 % 1.12 % Return on average equity (non-GAAP) 18.06 % 13.68 % 12.30 % 12.68 % 13.58 % 15.73 % 13.41 % Category: Financial
Source: Chemung Financial Corp
- Second quarter earnings per share grew to $1.72 per share from the prior quarter ended March 31, 2022, of $1.46 per share, representing the highest earnings per share recorded in the Corporation's 188-year history.