Chemung Financial Q1 net income $7.3M ($1.54/sh), up from $6.9M; loans grow 2.4%

CHEMUNG FINANCIAL CORP

2023-Q1 EPS reported $1.54

Net income $7.3M ($1.54/sh) vs $6.9M ($1.46/sh) in Q1 2022; third-highest quarterly earnings ever.
Net interest income $19.9M, up 19.6% YoY, driven by loan growth and rising rates.
Non-performing loans declined to 0.41% of loans; tangible book value per share rose $2.22 to $32.91.
Loans grew $44.3M (2.4%) from Dec 31, 2022; total assets $2.654B.
Uninsured deposits 21.2% of total; unused FHLBNY borrowing capacity $111M; no BTFP utilization.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CHEMUNG FINANCIAL CORP reported the three month period ended March 31, 2023 results: revenue $19.9 million, net income $7.3 million, EPS $1.54 per share.

Period: the three month period ended March 31, 2023
Revenue: $19.9 million
Net income: $7.3 million
EPS: $1.54 per share
Result: reported results

Exact text from the filing

31, 2022. Please refer to GAAP to Non-GAAP Reconciliations 1st Quarter 2023 vs 1st Quarter 2022 Net Interest Income: Net interest income for the first quarter of 2023 totaled $19.9 million compared to $16.7 million for the same period in the prior year, an increase of $3.3 million, or 19.6%, due primarily to increases of $7.8 million in interest income on loans,

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Source: SEC EDGAR

accession 0001171843-23-002439

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