Chemung Financial sells $242M securities at $17M pre-tax loss; issues $45M sub notes

CHEMUNG FINANCIAL CORP

Sold $242M available-for-sale securities (2.1% avg yield, ~3 yr avg life), realizing $17M pre-tax loss in Q2 2025.
Issued $45.0M of 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035 on June 10, 2025; qualifies as Tier 2 capital.
Expects a net loss for Q2 2025, but no impact on book value per share as unrealized losses already in equity.
Proceeds to reduce higher-cost non-core funding and support organic loan growth in expansion markets.
Favorable impact on net income, NIM, ROAA, and ROAE expected beginning Q3 2025; Bank remains well capitalized.

item 8.01

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