secwatch.observer — SEC 8-K summary
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Issuer:     CHEMUNG FINANCIAL CORP (CHMG)
CIK:        0000763563
Form:       8-K
Filed at:   2024-07-18T23:59:59+00:00
Accession:  0001171843-24-004022
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763563/000117184324004022/0001171843-24-004022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763563/000117184324004022/f8k_071824.htm
  HTML page:      https://secwatch.observer/filing/0001171843-24-004022

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