Chemung Financial Q2 net income $6.3M ($1.33/sh) down from $8.0M YoY; NIM 2.87%

CHEMUNG FINANCIAL CORP

2023-Q2 EPS reported $2.87

Net income $6.3M ($1.33 diluted EPS) vs $8.0M ($1.72) Q2 2022 and $7.3M ($1.54) Q1 2023.
Net interest income $18.6M (+5.4% YoY); provision for credit losses increased $2.0M YoY.
Non-interest expense $15.9M (+11% YoY) driven by higher salaries, FDIC insurance, and pension costs.
Non-performing loans fell to 0.39% of total loans from 0.45% at Dec 2022; total assets $2.675B.
Tangible common equity ratio improved to 5.87% from 5.51%; book value per share $37.49; dividend $0.31.

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 0.9

CHEMUNG FINANCIAL CORP reported the three and six month periods ended June 30, 2023 results: net income $6.3 million, EPS $1.33 per share.

Period: the three and six month periods ended June 30, 2023
Net income: $6.3 million
EPS: $1.33 per share
Result: reported results

Exact text from the filing

Chemung Financial Corporation Reports Second Quarter 2023 Net Income of $6.3 million, or $1.33 per Share

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Source: SEC EDGAR

accession 0001171843-23-004584

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