Chemung Financial Corp ( (CHMG) ) has released its Q4 earnings. Here is a breakdown of the information Chemung Financial Corp presented to its investors.
Chemung Financial Corporation, based in Elmira, New York, operates as a financial services holding company with Chemung Canal Trust Company as its principal subsidiary, focusing on community banking and financial services. In its latest earnings report, Chemung Financial Corporation announced a net income of $23.7 million for 2024, slightly down from $25.0 million in 2023, while the fourth quarter showed an improvement with $5.9 million in net income, compared to $3.8 million in the same quarter last year.
Key highlights from the report include a notable expansion in the net interest margin by 20 basis points in the fourth quarter of 2024, reaching 2.92%, and a 5% annual loan growth, particularly driven by a strong commercial and industrial sector that saw a 13.3% increase. The company also reported a decrease in non-performing loans, demonstrating its effective management of portfolio quality.
Despite a slight decrease in annual net interest income to $74.1 million, the company managed to control credit losses, recording a credit provision of $46 thousand for 2024, a significant improvement from $3.3 million in 2023. Non-interest income saw a decline due to lower other non-interest income, yet wealth management fees increased, reflecting a positive performance in equity markets.
Looking forward, Chemung Financial Corporation remains optimistic about its strategic initiatives and community-focused approach, positioning itself for continued stability and growth in 2025 despite the economic uncertainties.