Chemung Financial annual net income $25.0M ($5.28 EPS), down 13% YoY; Q4 EPS $0.80 vs $1.58

CHEMUNG FINANCIAL CORP

2023-FY EPS reported $5.28

Net income for 2023 $25.0M ($5.28 EPS) vs $28.8M ($6.13 EPS) in 2022, a 13% decline.
Q4 2023 net income $3.8M ($0.80 EPS) vs Q4 2022 $7.4M ($1.58 EPS) and Q3 2023 $7.6M ($1.61 EPS).
Provision for credit losses increased to $3.3M from a credit of $0.6M, including $0.9M specific allocation on a CRE relationship.
Non-interest income rose 14.5% to $24.5M, helped by $2.4M employee retention tax credit; non-interest expense up 8.4% to $64.2M.
Non-performing loans increased to $10.4M (0.53% of loans) from $8.2M (0.45%); tangible equity ratio improved to 6.45%.

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 year ended December 31, 2023 results: net income $25.0 million, EPS $5.28 per share.

Period: the year ended December 31, 2023
Net income: $25.0 million
EPS: $5.28 per share
Result: reported results

Exact text from the filing

Chemung Financial Corporation Reports Annual Net Income of $25.0 million, or $5.28 per share, and Fourth Quarter 2023 Net Income of $3.8 million, or $0.80 per share

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CHEMUNG FINANCIAL CORP reported the fourth quarter of 2023 results: net income $3.8 million, EPS $0.80 per share.

Period: the fourth quarter of 2023
Net income: $3.8 million
EPS: $0.80 per share
Result: reported results

Exact text from the filing

Net income was $3.8 million, or $0.80 per share, for the fourth quarter of 2023

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CHEMUNG FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001171843-24-000419

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