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Chemung Financial Corporation Reports Annual and Fourth Quarter 2016 Net Income of $10.0 Million, or $2.11 per Share, and $3.0 Million, or $0.62 per Share

CHMG

ELMIRA, N.Y., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (Nasdaq:CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $10.0 million, or $2.11 per share, for the full year of 2016 compared to $9.4 million, or $2.00 per share, for the full year of 2015.  Net income for the fourth quarter of 2016 of $3.0 million, or $0.62 per share, compared to $2.1 million, or $0.45 per share, for the fourth quarter of 2015.

Anders M. Tomson, Chemung Financial Corporation CEO, stated:

“2016 was a strong year for our institution.  The combination of organic growth and cost saving measures contributed to our strong growth in earnings of over six percent year-over-year.  I am looking forward to my first year as CEO of Chemung Financial Corporation and continuing our focus on providing high quality services to our customers, engaging the communities we serve, and creating value for our shareholders.”

Fourth Quarter Highlights1 

  • Loans, net of deferred fees, increased $31.7 million, or 2.7%
  • Commercial loans increased $45.5 million, or 6.5%
  • Deposits increased $56.0 million, or 4.0%
  • Net interest income increased $0.3 million, or 2.6%
  • Effective tax rate decreased from 32.1% to 30.1%
  • Dividends declared during the quarter were $0.26

A more detailed summary of financial performance follows.

1 Balance sheet comparisons are calculated for December 31, 2016 versus December 31, 2015.   Income statement comparisons are calculated for the fourth quarter of 2016 versus prior-year fourth quarter.

YTD 2016 vs YTD 2015

Net Interest Income:

Net interest income for the year ended December 31, 2016 totaled $52.3 million compared with $50.6 million for the preceding year, an increase of $1.7 million, or 3.3%.  The increase was due primarily to interest income from the loan portfolio, as the year-to-date average loan balance increased $52.6 million when compared to the preceding year.  Fully taxable equivalent net interest margin was 3.37%, compared with 3.46% for the preceding year.  The decline in net interest margin was a result of the commercial loan portfolio repricing to current market rates.  The yield on interest-earning assets decreased by ten basis points, while the cost of interest-bearing liabilities remained flat.  The decline in the yield of interest-earning assets can be mostly attributed to declines of 23 basis points in the yield of commercial loans and 16 basis points in the yield of mortgage loans, due to new production at lower competitive rates, offset by a 33 basis point increase in consumer loans, due to the indirect loan portfolio and increasing the portfolio toward higher yielding used car loans. Average interest-earning assets increased $94.0 million compared to the prior year, primarily in commercial loans.

Non-Interest Income:

Non-interest income for the year ended December 31, 2016 was $21.1 million compared with $20.4 million for the preceding year, an increase of $0.7 million, or 3.4%.  The increase was primarily due to increases of $0.2 million in service charges on deposit accounts, $0.7 million in interchange revenue from debit card transactions, and $0.6 million in net gains on security transactions, offset by decreases of $0.2 million in WMG fee income and $0.6 million in other non-interest income. The increase in service charges on deposit accounts can be attributed to an increase in volume. The increase in interchange revenue from debit card transactions can be mostly attributed to the recognition of an incremental volume bonus related to the rebranding of the Bank’s credit cards in the fourth quarter of 2015. The net gain on security transactions can be attributed to the sale of $14.5 million in U.S. Treasuries and $25.0 million in obligations of U.S. Government sponsored enterprises. The decrease in WMG fee income can be attributed to a decline in assets under management or administration.  The decrease in other non-interest income can be attributed to a decline in CFS Group, Inc. fee income and rental income from other real estate owned properties, which were sold in 2016.

Non-Interest Expense:

Non-interest expense for the year ended December 31, 2016 was $56.6 million compared with $55.4 million for the preceding year, an increase of $1.2 million, or 2.1%.  The increase was due primarily to increases of $0.2 million in pension and other employee benefits, $0.9 million in professional services, and $1.2 million in other non-interest expenses, offset by decreases of $0.3 million in salaries and wages, $0.2 million in net occupancy expenses, $0.2 million in amortization of intangible assets, and $0.6 million in other real estate owned expenses. The increase in pension and other employee benefits can be attributed to an increase in health insurance costs, offset by a $0.3 million curtailment gain related to the amendment of the defined benefit health care plan during the fourth quarter.  Please refer to the September 30, 2016 Form 10-Q (filed November 2, 2016) and related earnings release (filed on October 20, 2016) for further information about the amendments to the defined benefit plan and pension plan.  The increase in professional services includes expenses incurred related to the feasibility and implementation of Chemung Risk Management, Inc., a captive insurance subsidiary of the Corporation, and legal costs associated with the appeal of the Fane v. Chemung Canal Trust Company decision. The increase in other non-interest expenses can be attributed to the establishment of a $1.2 million legal reserve associated with the Fane v. Chemung Canal Trust Company case.  Please refer to the September 30, 2016 Form 10-Q (filed November 2, 2016) and the June 30, 2016 earnings release (filed on July 29, 2016) for further information about the case.  The decrease in salaries and wages can be attributed to a reduction in full time equivalents.  The decrease in net occupancy expenses can be attributed to the closure of the branch office at 202 East State Street in Ithaca, NY during the second quarter of 2016.  The decrease in other real estate owned expenses can be attributed to the sale of properties in 2016.

Income Tax Expense:

The effective tax rate decreased to 30.5% for the year ended December 31, 2016 compared with 33.1% for the same period in the prior year.  The decrease in the effective tax rate can be attributed to the formation of Chemung Risk Management, Inc., and increasing the utilization of the Bank’s real estate investment trust.

4th Quarter 2016 vs 3rd Quarter 2016

Net Interest Income:

Net interest income for the current quarter totaled $13.3 million compared with $13.0 million for the prior quarter, an increase of $0.3 million, or 2.0%.  Interest and fees from loans increased $0.1 million and interest and dividend income from securities increased $0.1 million.  Fully taxable equivalent net interest margin was 3.33% consistent with the prior quarter.  Average interest-earning assets increased $29.9 million compared to the prior quarter.  The yield on interest-earning assets and cost of interest-bearing liabilities both decreased one basis point compared to the prior quarter. 

Non-Interest Income:

Non-interest income for the quarter was $4.9 million compared with $5.4 million for the prior quarter, a decrease of $0.5 million, or 9.9%.  The decrease was due primarily to decreases of $0.2 million in interchange revenue from debit card transactions and $0.2 million in other non-interest income.  The decrease in interchange revenue from debit card transactions can be mostly attributed to the recognition of an incremental volume bonus related to the rebranding of the Bank’s credit cards in 2015 during the third quarter. 

Non-Interest Expense:

Non-interest expense for the quarter was $13.6 million compared with $13.5 million for the prior quarter, an increase of $0.1 million, or 0.7%.  The increase was due primarily to increases of $0.3 million in professional services, $0.1 million in marketing and advertising expenses, and $0.2 million in other non-interest expenses, offset by decreases of $0.1 million in salaries and wages and $0.3 million in pension and other employee benefits.  The increase in professional services can be mostly attributed to legal costs associated with the appeal of the Fane v. Chemung Canal Trust Company case.  The decrease in pension and other employee benefits can be mostly attributed to a decline in health insurance costs and a $0.3 million curtailment gain related to the amendment of the defined benefit health care plan during the quarter, offset by additional payroll tax associated with year-end incentives paid in 2017.

Income Tax Expense:

The effective tax rate decreased to 30.1% for the current quarter compared with 30.6% for the prior quarter.  The decrease in the effective tax rate can be attributed to increasing the utilization of the Bank’s real estate investment trust.

4th Quarter 2016 vs 4th Quarter 2015

Net Interest Income:

Net interest income for the current quarter totaled $13.3 million compared with $13.0 million for the same period in the prior year, an increase of $0.3 million, or 2.6%.  Interest and fees from loans increased $0.5 million when compared to the same period in the prior year.  Fully taxable equivalent net interest margin was 3.33%, compared with 3.42% for the same period in the prior year.  Average interest-earning assets increased $85.1 million compared to the same period in the prior year.  The yield on interest-earning assets decreased nine basis points, while the cost of interest-bearing liabilities remained flat compared to the same period in the prior year.  The decline in the yield on interest-earning assets can be mostly attributed to a four basis decline in the yield on loans and 23 basis point decline in the yield on investments.

Non-Interest Income:

Non-interest income for the quarter was $4.9 million compared with $5.0 million for the same period in the prior year, a decrease of $0.1 million, or 2.5%.  The decrease was due primarily to a decrease of $0.4 million in other non-interest income, offset by a $0.2 million increase in interchange revenue from deposit accounts.  The decrease in other non-interest income can be attributed to a decline in CFS Group, Inc. fee income and rental income from other real estate owned properties, which were sold in 2016.

Non-Interest Expense:

Non-interest expense for the quarter was $13.6 million compared with $14.2 million for the same period in the prior year, a decrease of $0.6 million, or 4.7%.  The decrease was due primarily to decreases of $0.6 million in salaries and wages, $0.1 million in net occupancy expenses, $0.2 million in data processing expenses, and $0.4 million in other real estate owned expenses, offset by increases of $0.2 million pension and other employee benefits and $0.4 million in professional services.  The decrease in salaries and wages can be attributed to a reduction in full time equivalents, along with higher incentive awards during the fourth quarter of 2015, compared to the same period in 2016.  The decrease in net occupancy expenses can be attributed to the closure of the branch office at 202 East State Street in Ithaca, NY during the second quarter of 2016.  The decrease in other real estate owned expenses can be attributed to the sale of properties in 2016.  The increase in pension and other employee benefits can be mostly attributed to an increase in health insurance costs, offset by a $0.3 million curtailment gain related to the amendment of the defined benefit health care plan during the quarter.  The increase in professional services can be mostly attributed to legal costs associated with the appeal of the Fane v. Chemung Canal Trust Company case. 

Income Tax Expense:

The effective tax rate decreased to 30.1% for the quarter compared with 32.1% for the same period in the prior year.  The decrease in the effective tax rate can be attributed to the formation of Chemung Risk Management, Inc., a captive insurance subsidiary of the Corporation, and increasing the utilization of the Bank’s real estate investment trust.

Asset Quality

Non-performing loans totaled $12.0 million at December 31, 2016, or 1.00% of total loans, compared with $12.2 million at December 31, 2015, or 1.05% of total loans.  The decrease in non-performing loans at December 31, 2016 was primarily in the commercial mortgage segment, offset by increases in the residential mortgage and consumer loan segments of the loan portfolio.  Non-performing assets, which are comprised of non-performing loans and other real estate owned, were $12.4 million, or 0.75% of total assets, at December 31, 2016, compared with $13.8 million, or 0.85% of total assets, at December 31, 2015.  The decrease in non-performing assets was due to the sale of one large commercial property in other real estate owned.

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.  Based on this analysis, the provision for loan losses for the fourth quarter of 2016 and 2015 were $0.4 million and $0.6 million, respectively.  Net charge-offs for the fourth quarter of 2016 were $1.5 million compared with $0.4 million for the same period in the prior year.  The increase in the net charge-offs, compared to the same period in the prior year, can be attributed to the write-off of specifically reserved commercial loans.   

The allowance for loan losses was $14.3 million as of December 31, 2016 and 2015.  The allowance for loan losses was 118.4% of non-performing loans at December 31, 2016 compared with 116.6% at December 31, 2015.  The ratio of the allowance for loan losses to total loans was 1.19% at December 31, 2016 compared with 1.22% at December 31, 2015.

Balance Sheet Activity

Assets totaled $1.657 billion at December 31, 2016 compared with $1.620 billion at December 31, 2015, an increase of $37.2 million, or 2.3%.  The growth was due primarily to increases of $48.0 million in cash and cash equivalents and $31.7 million in the loan portfolio, partially offset by a $41.4 million decrease in securities available for sale. 

The increase in cash and cash equivalents can be attributed to maturities, pay-downs, and the sale of available for sale securities and an increase in deposits, offset by an increase in total loans and the pay down of FHLB overnight advances.

The increase in total loans can be attributed to increases of $62.2 million in commercial mortgages and $2.7 million in residential mortgages, offset by decreases in commercial and agriculture of $16.7 million, indirect consumer of $11.8 million, and other consumer of $4.8 million.

The decrease in securities available for sale can be mostly attributed to the sale of $14.5 million in U.S. treasuries in the first quarter and $25.0 million obligations of U.S. Government sponsored enterprises in the third and fourth quarters, along with $89.8 million in calls and maturities of U.S. Government sponsored enterprises and pay-downs on mortgage-backed securities, and an unrealized loss of $7.2 million for year-to-date 2016, offset by additional purchases of $1.8 million in obligations of states and political subdivisions and $94.7 million in mortgaged-backed securities. 

Deposits totaled $1.456 billion at December 31, 2016 compared with $1.400 billion at December 31, 2015, an increase of $56.0 million, or 4.0%.  The growth was attributable to increases of $15.6 million in non-interest bearing demand deposits, $6.3 million in interest-bearing demand deposits, $51.3 million in money market accounts, and $4.9 million in savings deposits.  Partially offsetting the increases noted above was a decrease of $22.0 million in time deposits.  The changes in money market accounts and demand deposits can be attributed to new municipal clients, along with the seasonal inflow of deposits from existing municipal clients.

Total equity was $143.7 million at December 31, 2016 compared with $137.2 million at December 31, 2015, an increase of $6.5 million, or 4.7%.  The increase was primarily due to earnings of $10.0 million, a reduction of $1.1 million in treasury stock, and a decrease of $0.2 million in accumulated other comprehensive loss, offset by $4.9 million in dividends declared during the year.

The total equity to total assets ratio was 8.67% at December 31, 2016 compared with 8.47% at December 31, 2015.  The tangible equity to tangible assets ratio was 7.29% at December 31, 2016 compared with 6.99% at December 31, 2015.  Book value per share increased to $30.07 at December 31, 2016 from $28.96 at December 31, 2015.  As of December 31, 2016, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under regulatory capital guidelines and the Corporation met capital requirements under regulatory guidelines.

Other Items

The market value of total assets under management or administration in our Wealth Management Group was $1.721 billion at December 31, 2016, including $294.9 million of assets under management or administration for the Corporation, compared with $1.856 billion at December 31, 2015, including $304.1 million of assets held under management or administration for the Corporation, a decrease of $134.5 million, or 7.3%.  The decrease can be mostly attributed to the loss of one large non-profit customer during the first quarter of 2016.

About Chemung Financial Corporation

Chemung Financial Corporation is a $1.7 billion financial services holding company headquartered in Elmira, New York and operates 33 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.

                     
Chemung Financial Corporation                    
Consolidated Balance Sheets (Unaudited)                    
    Dec. 31,   Sept. 30,   June 30,   March 31,   Dec. 31,
(in thousands)     2016       2016       2016       2016       2015  
ASSETS                    
Cash and due from financial institutions   $ 28,205     $ 35,345     $ 27,233     $ 26,471     $ 24,886  
Interest-bearing deposits in other financial institutions     45,957       100,159       80,121       29,388       1,299  
Total cash and cash equivalents     74,162       135,504       107,354       55,859       26,185  
                     
Trading assets, at fair value     774       720       767       734       701  
                     
Securities available for sale     303,402       303,259       300,277       324,484       344,820  
Securities held to maturity     4,705       4,504       3,518       4,577       4,566  
FHLB and FRB stocks, at cost     4,041       4,491       4,491       4,179       4,797  
Total investment securities     312,148       312,254       308,286       333,240       354,183  
                     
Commercial     745,216       759,675       742,874       725,596       699,711  
Mortgage     198,492       197,665       196,200       196,751       195,778  
Consumer     256,582       259,226       262,082       264,546       273,144  
Loans, net of deferred loan fees     1,200,290       1,216,566       1,201,156       1,186,893       1,168,633  
Allowance for loan losses     (14,253 )     (15,325 )     (14,668 )     (14,527 )     (14,260 )
Loans, net     1,186,037       1,201,241       1,186,488       1,172,366       1,154,373  
                     
Loans held for sale     412       119       809       593       1,076  
Premises and equipment, net     28,923       29,084       29,706       28,620       29,397  
Goodwill     21,824       21,824       21,824       21,824       21,824  
Other intangible assets, net     2,945       3,183       3,428       3,673       3,931  
Accrued interest receivable and other assets     29,954       24,936       25,270       26,317       28,294  
Total assets   $ 1,657,179     $ 1,728,865     $ 1,683,932     $ 1,643,226     $ 1,619,964  
                     
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Deposits:                    
Non-interest-bearing demand deposits   $ 417,812     $ 424,243     $ 408,846     $ 393,121     $ 402,236  
Interest-bearing demand deposits     136,826       149,527       126,305       141,457       130,573  
Money market accounts     548,963       579,211       562,028       527,578       497,658  
Savings deposits     208,636       207,544       212,086       208,555       203,749  
Time deposits     144,106       148,419       158,655       163,541       166,079  
Total deposits     1,456,343       1,508,944       1,467,920       1,434,252       1,400,295  
                     
FHLB overnight advances     -       -       -       -       13,900  
Securities sold under agreements to repurchase     27,606       30,002       28,778       28,825       28,453  
FHLB advances and other debt     13,815       23,893       23,970       22,012       22,076  
Accrued interest payable and other liabilities     15,667       21,214       19,855       17,091       17,998  
Total liabilities     1,513,431       1,584,053       1,540,523       1,502,180       1,482,722  
                     
Shareholders' equity                    
Common stock     53       53       53       53       53  
Additional-paid-in capital     45,603       45,724       45,639       45,652       45,537  
Retained earnings     124,111       122,382       120,860       120,460       118,973  
Treasury stock, at cost     (15,265 )     (15,542 )     (15,608 )     (15,781 )     (16,379 )
Accumulated other comprehensive (loss)     (10,754 )     (7,805 )     (7,535 )     (9,338 )     (10,942 )
Total shareholders' equity     143,748       144,812       143,409       141,046       137,242  
Total liabilities and shareholders' equity   $ 1,657,179     $ 1,728,865     $ 1,683,932     $ 1,643,226     $ 1,619,964  
                     
Period-end shares outstanding     4,781       4,768       4,762       4,759       4,739  
                     


                         
Chemung Financial Corporation                        
Consolidated Statements of Income (Unaudited)                        
    Three Months Ended       Twelve Months Ended    
    December 31,   Percent   December 31,   Percent
(in thousands, except per share data)     2016     2015     Change     2016     2015   Change
Interest and dividend income:                        
Loans, including fees   $ 12,623   $ 12,158     3.8     $ 49,677   $ 48,271   2.9  
Taxable securities     1,296     1,468     (11.7 )     5,239     4,958   5.7  
Tax exempt securities     223     254     (12.2 )     945     939   0.6  
Interest-bearing deposits     127     16     693.8       307     76   303.9  
Total interest and dividend income     14,269     13,896     2.7       56,168     54,244   3.5  
                         
Interest expense:                        
Deposits     563     525     7.2       2,170     2,003   8.3  
Securities sold under agreements to repurchase     213     214     (0.5 )     849     848   0.1  
Borrowed funds     197     195     1.0       820     751   9.2  
Total interest expense     973     934     4.2       3,839     3,602   6.6  
                         
Net interest income     13,296     12,962     2.6       52,329     50,642   3.3  
Provision for loan losses     404     615     (34.3 )     2,437     1,571   55.1  
Net interest income after provision for loan losses     12,892     12,347     4.4       49,892     49,071   1.7  
                         
Non-interest income:                        
Wealth management group fee income     2,076     2,076     0.0       8,316     8,522   (2.4 )
Service charges on deposit accounts     1,308     1,249     4.7       5,089     4,886   4.2  
Interchange revenue from debit card transactions     992     808     22.8       4,027     3,307   21.8  
Net gains on securities transactions     4     81     (95.1 )     987     372   165.3  
Net gains on sales of loans held for sale     53     55     (3.6 )     326     294   10.9  
Net gains (losses) on sales of other real estate owned     27     (36 )   N/M     21     84   (75.0 )
Income from bank owned life insurance     18     19     (5.3 )     73     75   (2.7 )
Other     419     771     (45.7 )     2,310     2,907   (20.5 )
Total non-interest income     4,897     5,023     (2.5 )     21,149     20,447   3.4  
                         
Non-interest expense:                        
Salaries and wages     5,234     5,800     (9.8 )     20,954     21,223   (1.3 )
Pension and other employee benefits     1,238     1,060     16.8       6,132     5,908   3.8  
Net occupancy     1,550     1,698     (8.7 )     6,837     7,006   (2.4 )
Furniture and equipment     681     715     (4.8 )     2,967     2,979   (0.4 )
Data processing     1,535     1,722     (10.9 )     6,593     6,586   0.1  
Professional services     757     404     87.4       2,175     1,293   68.2  
Amortization of intangible assets     238     270     (11.9 )     986     1,136   (13.2 )
Marketing and advertising     229     185     23.8       877     899   (2.4 )
Other real estate owned expense     30     425     (92.9 )     180     812   (77.8 )
FDIC insurance     298     232     28.4       1,193     1,075   11.0  
Loan expense     207     166     24.7       669     693   (3.5 )
Other     1,564     1,557     0.4       7,047     5,817   21.1  
Total non-interest expense     13,561     14,234     (4.7 )     56,610     55,427   2.1  
                         
Income before income tax expense     4,228     3,136     34.8       14,431     14,091   2.4  
Income tax expense     1,274     1,007     26.5       4,404     4,658   (5.5 )
Net income   $ 2,954   $ 2,129     38.8     $ 10,027   $ 9,433   6.3  
                         
Basic and diluted earnings per share   $ 0.62   $ 0.45         $ 2.11   $ 2.00    
Cash dividends declared per share     0.26     0.26           1.04     1.04    
Average basic and diluted shares outstanding     4,773     4,731           4,762     4,719    
                         
N/M - Not meaningful                        
                         


Chemung Financial Corporation                            
Consolidated Financial Highlights (Unaudited)                            
                        As of or for the
    As of or for the Three Months Ended   Twelve Months Ended
    Dec. 31,   Sept. 30,   June 30,   March 31,   Dec. 31,   Dec. 31,   Dec. 31,
(in thousands, per share data)     2016       2016       2016       2016       2015       2016       2015  
RESULTS OF OPERATIONS                            
Interest income   $ 14,269     $ 14,025     $ 13,925     $ 13,949     $ 13,896     $ 56,168     $ 54,244  
Interest expense     973       985       957       924       934       3,839       3,602  
Net interest income     13,296       13,040       12,968       13,025       12,962       52,329       50,642  
Provision for loan losses     404       1,050       388       595       615       2,437       1,571  
Net interest income after provision for loan losses     12,892       11,990       12,580       12,430       12,347       49,892       49,071  
Non-interest income     4,897       5,435       5,216       5,601       5,023       21,149       20,447  
Non-interest expense     13,561       13,471       15,570       14,008       14,234       56,610       55,427  
Income before income tax expense     4,228       3,954       2,226       4,023       3,136       14,431       14,091  
Income tax expense     1,274       1,209       605       1,316       1,007       4,404       4,658  
Net income   $ 2,954     $ 2,745     $ 1,621     $ 2,707     $ 2,129     $ 10,027     $ 9,433  
                             
Basic and diluted earnings per share   $ 0.62     $ 0.58     $ 0.34     $ 0.57     $ 0.45     $ 2.11     $ 2.00  
Average basic and diluted shares outstanding     4,773       4,765       4,760       4,750       4,731       4,762       4,719  
                             
PERFORMANCE RATIOS                            
Return on average assets     0.69 %     0.65 %     0.39 %     0.67 %     0.52 %     0.60 %     0.60 %
Return on average equity     8.20 %     7.55 %     4.57 %     7.73 %     6.05 %     7.02 %     6.84 %
Return on average tangible equity (a)     9.92 %     9.14 %     5.55 %     9.45 %     7.42 %     8.52 %     8.45 %
Efficiency ratio (a) (b)     72.63 %     71.28 %     77.00 %     76.89 %     77.35 %     74.43 %     76.18 %
Non-interest expense to average assets     3.18 %     3.20 %     3.75 %     3.48 %     3.49 %     3.40 %     3.51 %
Loans to deposits     82.42 %     80.62 %     81.83 %     82.75 %     83.46 %     82.42 %     83.46 %
                             
YIELDS / RATES - Fully Taxable Equivalent                            
Yield on loans     4.16 %     4.16 %     4.17 %     4.21 %     4.20 %     4.18 %     4.24 %
Yield on investments     1.75 %     1.73 %     1.81 %     2.07 %     1.98 %     1.83 %     1.91 %
Yield on interest-earning assets     3.57 %     3.58 %     3.60 %     3.72 %     3.66 %     3.61 %     3.71 %
Cost of interest-bearing deposits     0.21 %     0.21 %     0.21 %     0.20 %     0.20 %     0.21 %     0.20 %
Cost of borrowings     3.13 %     3.15 %     3.16 %     2.66 %     2.99 %     3.01 %     2.85 %
Cost of interest-bearing liabilities     0.35 %     0.36 %     0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Interest rate spread     3.22 %     3.22 %     3.25 %     3.37 %     3.31 %     3.26 %     3.36 %
Net interest margin, fully taxable equivalent     3.33 %     3.33 %     3.36 %     3.47 %     3.42 %     3.37 %     3.46 %
                             
CAPITAL                            
Total equity to total assets at end of period     8.67 %     8.38 %     8.52 %     8.58 %     8.47 %     8.67 %     8.47 %
Tangible equity to tangible assets at end of period (a)     7.29 %     7.03 %     7.12 %     7.14 %     6.99 %     7.29 %     6.99 %
                             
Book value per share   $ 30.07     $ 30.37     $ 30.12     $ 29.64     $ 28.96     $ 30.07     $ 28.96  
Tangible book value per share     24.89       25.13       24.81       24.28       23.53       24.89       23.53  
Period-end market value per share     36.35       28.99       29.35       26.35       27.50       36.35       27.50  
Dividends declared per share     0.26       0.26       0.26       0.26       0.26       1.04       1.04  
                             
AVERAGE BALANCES                            
Loans and loans held for sale (c)   $ 1,210,922     $ 1,199,367     $ 1,192,786     $ 1,175,051     $ 1,151,469     $ 1,194,589     $ 1,141,992  
Earning assets     1,607,287       1,577,348       1,573,306       1,527,656       1,522,176       1,571,513       1,477,529  
Total assets     1,699,059       1,674,492       1,669,654       1,620,547       1,617,322       1,667,184       1,577,831  
Deposits     1,483,348       1,456,622       1,457,173       1,404,487       1,410,017       1,450,520       1,367,717  
Total equity     143,388       144,631       142,746       140,864       139,697       142,906       137,891  
Tangible equity (a)     118,502       119,504       117,374       115,240       113,812       117,656       111,583  
                             
ASSET QUALITY                            
Net charge-offs   $ 1,476     $ 393     $ 247     $ 328     $ 377     $ 2,444     $ 997  
Non-performing loans (d)     12,043       12,903       12,429       12,774       12,232       12,043       12,232  
Non-performing assets (e)     12,431       13,270       12,822       14,416       13,762       12,431       13,762  
Allowance for loan losses     14,253       15,325       14,668       14,527       14,260       14,253       14,260  
                             
Annualized net charge-offs to average loans     0.48 %     0.13 %     0.08 %     0.11 %     0.13 %     0.20 %     0.09 %
Non-performing loans to total loans     1.00 %     1.06 %     1.03 %     1.08 %     1.05 %     1.00 %     1.05 %
Non-performing assets to total assets     0.75 %     0.77 %     0.76 %     0.88 %     0.85 %     0.75 %     0.85 %
Allowance for loan losses to total loans     1.19 %     1.26 %     1.22 %     1.22 %     1.22 %     1.19 %     1.22 %
Allowance for loan losses to non-performing loans     118.35 %     118.77 %     118.01 %     113.72 %     116.58 %     118.35 %     116.58 %
                             
(a)  See the GAAP to Non-GAAP reconciliations.
(b)  Efficiency ratio 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 on securities transactions less gain from bargain purchase less gain on liquidation of trust preferred securities.
(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.
                             


Chemung Financial Corporation                                    
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)        
                                                                     
    YTD - December 31, 2016
  YTD - December 31, 2015
  YTD - Dec. 31, 2016 vs. Dec. 31, 2015
(in thousands)   Average
Balance

  Interest
  Yield /
Rate

  Average
Balance

  Interest
  Yield /
Rate

  Total
Change

  Due to
Volume

  Due to
Rate

                                                                     
Earning assets:                                    
Commercial loans   $ 734,628     $ 31,682     4.31 %   $ 657,038     $ 29,824     4.54 %   $ 1,858     $ 3,421     $ (1,563 )
Mortgage loans     197,132       7,689     3.90 %     198,332       8,063     4.07 %     (374 )     (47 )     (327 )
Consumer loans     262,829       10,512     4.00 %     286,622       10,516     3.67 %     (4 )     (913 )     909  
Taxable securities     274,401       5,245     1.91 %     262,181       4,963     1.89 %     282       230       52  
Tax-exempt securities     45,127       1,364     3.02 %     43,081       1,356     3.15 %     8       64       (56 )
Interest-bearing deposits     57,396       307     0.53 %     30,275       76     0.25 %     231       103       128  
Total earning assets     1,571,513       56,799     3.61 %     1,477,529       54,798     3.71 %     2,001       2,858       (857 )
                                     
Non-earnings assets:                                    
Cash and due from banks     26,708               26,959                      
Premises and equipment, net     29,525               30,953                      
Other assets     51,590               53,153                      
Allowance for loan losses     (14,771 )             (14,103 )                    
AFS valuation allowance     2,619               3,340                      
Total assets   $ 1,667,184             $ 1,577,831                      
                                     
                                     
Interest-bearing liabilities:                                    
Interest-bearing checking   $ 135,874     $ 136     0.10 %   $ 129,442     $ 113     0.09 %   $ 23     $ 7     $ 16  
Savings and money market     752,489       1,457     0.19 %     671,829       1,214     0.18 %     243       167       76  
Time deposits     156,737       577     0.37 %     182,177       676     0.37 %     (99 )     (99 )     -  
FHLB advances and repos     55,472       1,669     3.01 %     56,202       1,599     2.85 %     70       (21 )     91  
Total int.-bearing liabilities     1,100,572       3,839     0.35 %     1,039,650       3,602     0.35 %     237       54       183  
                                     
Non-interest-bearing liabilities:                                    
Demand deposits     405,420               384,269                      
Other liabilities     18,286               16,021                      
Total liabilities     1,524,278               1,439,940                      
Shareholders' equity     142,906               137,891                      
Total liabilities and shareholders' equity   $ 1,667,184             $ 1,577,831                      
                                     
Fully taxable equivalent net interest income         52,960               51,196         $ 1,764     $ 2,804     $ (1,040 )
Net interest rate spread (1)           3.26 %           3.36 %            
Net interest margin, fully taxable equivalent (2)           3.37 %           3.46 %            
Taxable equivalent adjustment         (631 )             (554 )                
Net interest income       $ 52,329             $ 50,642                  
                                     
(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)        
                                     
    QTD - December 31, 2016
  QTD - December 31, 2015
  QTD - Dec. 31, 2016 vs. Dec. 31, 2015
    Average
Balance

  Interest
  Yield /
Rate

  Average
Balance

  Interest
  Yield /
Rate

  Total
Change

  Due to
Volume

  Due to
Rate

                                                                     
Earning assets:                                    
Commercial loans   $ 754,893     $ 8,064     4.25 %   $ 677,603     $ 7,497     4.39 %   $ 567     $ 817     $ (250 )
Mortgage loans     198,122       1,884     3.78 %     197,484       1,992     4.00 %     (108 )     6       (114 )
Consumer loans     257,907       2,728     4.21 %     276,382       2,704     3.88 %     24       (192 )     216  
Taxable securities     265,626       1,298     1.94 %     295,779       1,469     1.97 %     (171 )     (149 )     (22 )
Tax-exempt securities     43,052       322     2.98 %     48,581       367     3.00 %     (45 )     (43 )     (2 )
Interest-bearing deposits     87,687       127     0.58 %     26,347       16     0.24 %     111       69       42  
Total earning assets     1,607,287       14,423     3.57 %     1,522,176       14,045     3.66 %     378       508       (130 )
                                     
Non-earnings assets:                                    
Cash and due from banks     26,234               26,764                      
Premises and equipment, net     29,016               29,830                      
Other assets     51,162               50,270                      
Allowance for loan losses     (15,302 )             (14,245 )                    
AFS valuation allowance     662               2,527                      
Total assets   $ 1,699,059             $ 1,617,322                      
                                     
Interest-bearing liabilities:                                    
Interest-bearing checking   $ 144,469     $ 35     0.10 %   $ 141,777     $ 37     0.10 %     (2 )     (2 )     -  
Savings and money market     778,343       392     0.20 %     707,549       333     0.19 %     59       39       20  
Time deposits     145,971       136     0.37 %     168,796       155     0.36 %     (19 )     (23 )     4  
FHLB advances and repos     52,096       410     3.13 %     54,242       409     2.99 %     1       (17 )     18  
Total int.-bearing liabilities     1,120,879       973     0.35 %     1,072,364       934     0.35 %     39       (3 )     42  
                                     
Non-interest-bearing liabilities:                                    
Demand deposits     414,565               391,895                      
Other liabilities     20,227               13,366                      
Total liabilities     1,555,671               1,477,625                      
Shareholders' equity     143,388               139,697                      
Total liabilities and shareholders' equity   $ 1,699,059             $ 1,617,322                      
                                     
Fully taxable equivalent net interest income         13,450               13,111         $ 339     $ 511     $ (172 )
Net interest rate spread (1)           3.22 %           3.31 %            
Net interest margin, fully taxable equivalent (2)           3.33 %           3.42 %            
Taxable equivalent adjustment         (154 )             (149 )                
Net interest income       $ 13,296             $ 12,962                  
                                     
(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 new rules, although we are unable to state with certainty that the SEC would so regard them.

Fully Taxable Equivalent Net Interest Income, Net Interest Margin, and Efficiency Ratio

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.

The 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
    As of or for the Three Months Ended   Twelve Months Ended
    Dec. 31,   Sept. 30,   June 30,   March 31,   Dec. 31,   Dec. 31,   Dec. 31,
(in thousands, except per share data)     2016       2016       2016       2016       2015       2016       2015  
NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT                            
AND EFFICIENCY RATIO                            
Net interest income (GAAP)   $ 13,296     $ 13,040     $ 12,968     $ 13,025     $ 12,962     $ 52,329     $ 50,642  
Fully taxable equivalent adjustment     154       154       159       164       149       631       554  
Fully taxable equivalent net interest income (non-GAAP)   $ 13,450     $ 13,194     $ 13,127     $ 13,189     $ 13,111     $ 52,960     $ 51,196  
                             
Non-interest income (GAAP)   $ 4,897     $ 5,435     $ 5,216     $ 5,601     $ 5,023     $ 21,149     $ 20,447  
Less:  net (gains) losses on security transactions     (4 )     (75 )     -       (908 )     (81 )     (987 )     (372 )
Adjusted non-interest income (non-GAAP)   $ 4,893     $ 5,360     $ 5,216     $ 4,693     $ 4,942     $ 20,162     $ 20,075  
                             
Non-interest expense (GAAP)   $ 13,561     $ 13,471     $ 15,570     $ 14,008     $ 14,234     $ 56,610     $ 55,427  
Less:  amortization of intangible assets     (238 )     (245 )     (245 )     (258 )     (270 )     (986 )     (1,136 )
Less:  legal reserve     -       -       (1,200 )     -       -       (1,200 )     -  
Adjusted non-interest expense (non-GAAP)   $ 13,323     $ 13,226     $ 14,125     $ 13,750     $ 13,964     $ 54,424     $ 54,291  
                             
Average interest-earning assets (GAAP)   $ 1,607,287     $ 1,577,348     $ 1,573,306     $ 1,527,656     $ 1,522,176     $ 1,571,513     $ 1,477,529  
                             
Net interest margin - fully taxable equivalent (non-GAAP)     3.33 %     3.33 %     3.36 %     3.47 %     3.42 %     3.37 %     3.46 %
Efficiency ratio (non-GAAP)     72.63 %     71.28 %     77.00 %     76.89 %     77.35 %     74.43 %     76.18 %
                             

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 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
    As of or for the Three Months Ended   Twelve Months Ended
    Dec. 31,   Sept. 30,   June 30,   March 31,   Dec. 31,   Dec. 31,   Dec. 31,
(in thousands, except per share and ratio data)     2016       2016       2016       2016       2015       2016       2015  
TANGIBLE EQUITY AND TANGIBLE ASSETS                            
(PERIOD END)                            
Total shareholders' equity (GAAP)   $ 143,748     $ 144,812     $ 143,409     $ 141,046     $ 137,242     $ 143,748     $ 137,242  
Less:  intangible assets     (24,769 )     (25,007 )     (25,252 )     (25,497 )     (25,755 )     (24,769 )     (25,755 )
Tangible equity (non-GAAP)   $ 118,979     $ 119,805     $ 118,157     $ 115,549     $ 111,487     $ 118,979     $ 111,487  
                             
Total assets (GAAP)   $ 1,657,179     $ 1,728,865     $ 1,683,932     $ 1,643,226     $ 1,619,964     $ 1,657,179     $ 1,619,964  
Less:  intangible assets     (24,769 )     (25,007 )     (25,252 )     (25,497 )     (25,755 )     (24,769 )     (25,755 )
Tangible assets (non-GAAP)   $ 1,632,410     $ 1,703,858     $ 1,658,680     $ 1,617,729     $ 1,594,209     $ 1,632,410     $ 1,594,209  
                             
Total equity to total assets at end of period (GAAP)     8.67 %     8.38 %     8.52 %     8.58 %     8.47 %     8.67 %     8.47 %
Book value per share (GAAP)   $ 30.07     $ 30.37     $ 30.12     $ 29.64     $ 28.96     $ 30.07     $ 28.96  
                             
Tangible equity to tangible assets at                            
end of period (non-GAAP)     7.29 %     7.03 %     7.12 %     7.14 %     6.99 %     7.29 %     6.99 %
Tangible book value per share (non-GAAP)   $ 24.89     $ 25.13     $ 24.81     $ 24.28     $ 23.53     $ 24.89     $ 23.53  
                             

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
    As of or for the Three Months Ended   Twelve Months Ended
    Dec. 31,   Sept. 30,   June 30,   March 31,   Dec. 31,   Dec. 31,   Dec. 31,
(in thousands, except ratio data)     2016       2016       2016       2016       2015       2016       2015  
TANGIBLE EQUITY (AVERAGE)                            
Total average shareholders' equity (GAAP)   $ 143,388     $ 144,631     $ 142,746     $ 140,864     $ 139,697     $ 142,906     $ 137,891  
Less:  average intangible assets     (24,886 )     (25,127 )     (25,372 )     (25,624 )     (25,885 )     (25,250 )     (26,308 )
Average tangible equity (non-GAAP)   $ 118,502     $ 119,504     $ 117,374     $ 115,240     $ 113,812     $ 117,656     $ 111,583  
                             
Return on average equity (GAAP)     8.20 %     7.55 %     4.57 %     7.73 %     6.05 %     7.02 %     6.84 %
Return on average tangible equity (non-GAAP)     9.92 %     9.14 %     5.55 %     9.45 %     7.42 %     8.52 %     8.45 %
                             

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
    As of or for the Three Months Ended   Twelve Months Ended
    Dec. 31,   Sept. 30,   June 30,   March 31,   Dec. 31,   Dec. 31,   Dec. 31,
(in thousands, except per share and ratio data)     2016       2016       2016       2016       2015       2016       2015  
NON-GAAP NET INCOME                            
Reported net income (GAAP)   $ 2,954     $ 2,745     $ 1,621     $ 2,707     $ 2,129     $ 10,027     $ 9,433  
Net (gains) losses on security transactions (net of tax)     (2 )     (47 )     -       (565 )     (50 )     (614 )     (230 )
Legal reserve     -       -       747       -       -       747       -  
Non-GAAP net income   $ 2,952     $ 2,698     $ 2,368     $ 2,142     $ 2,079     $ 10,160     $ 9,203  
                             
Average basic and diluted shares outstanding     4,773       4,765       4,760       4,750       4,731       4,762       4,719  
                             
Reported basic and diluted earnings per share (GAAP)   $ 0.62     $ 0.58     $ 0.34     $ 0.57     $ 0.45     $ 2.11     $ 2.00  
Reported return on average assets (GAAP)     0.69 %     0.65 %     0.39 %     0.67 %     0.52 %     0.60 %     0.60 %
Reported return on average equity (GAAP)     8.20 %     7.55 %     4.57 %     7.73 %     6.05 %     7.02 %     6.84 %
                             
Core basic and diluted earnings per share (non-GAAP)   $ 0.62     $ 0.57     $ 0.50     $ 0.45     $ 0.44     $ 2.13     $ 1.95  
Core return on average assets (non-GAAP)     0.69 %     0.64 %     0.57 %     0.53 %     0.51 %     0.61 %     0.58 %
Core return on average equity (non-GAAP)     8.19 %     7.42 %     6.67 %     6.12 %     5.90 %     7.11 %     6.67 %
                             

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, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, including the Dodd-Frank Act, and changes in general business and economic trends.  Information concerning these and other factors can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2015 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:  607-737-3714

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