Chemung Financial Corporation Reports Q2 2024 Net Income of $5.0M, Down from Prior Quarter and Year

CHEMUNG FINANCIAL CORP

2024-Q2 EPS reported $2.53

Net income of $5.0 million ($1.05 per share) for Q2 2024, compared to $7.1 million in Q1 2024 and $6.3 million in Q2 2023.
Net interest margin contracted to 2.66% from 2.73% in prior quarter, impacted by higher funding costs.
Non-performing loans improved to $8.2 million (0.41% of total loans) from $10.4 million at December 31, 2023.
Commercial loan pipelines remain robust with growth in Capital District and Western New York markets.
Efficiency ratio improved to 69.19% from 70.07% in the prior quarter, reflecting expense management.

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