Chemung Financial Q1 net income $6.0M ($1.26/sh) down 16% YoY; dividend increased 3.2%

CHEMUNG FINANCIAL CORP

2025-Q1 EPS reported $1.26

Net income $6.0M ($1.26 EPS) vs $7.1M ($1.48) Q1 2024 and $5.9M ($1.24) Q4 2024.
Net interest margin expanded 4 bps to 2.96% from prior quarter; total cost of funds dropped 12 bps to 1.92%.
Annualized loan growth 5.1%, commercial loans up 10.5% annualized; Canal Bank division loans up 14.9% from year-end.
Dividend increased 3.2% to $0.32 per share, payable in Q2 2025.
Provision for credit losses rose to $1.1M from $0.6M prior quarter; NPLs increased to $9.9M (0.47% of loans).

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