“The Company again demonstrated solid financial performance in the third quarter,” said
Third Quarter Highlights1:
- Commercial loan growth approximated 9.9% on an annualized basis. 1
- Total deposits increased 3.5% from the prior quarter-end, to
$2.473 billion , as ofSeptember 30, 2023 .
- Non-performing loans to total loans decreased from 0.45% to 0.35%. 1
- Non-interest expense to average assets improved by 8 basis points from the prior quarter, from 2.41% to 2.33%.
- Dividends declared during the third quarter 2023 were
$0.31 per share.
1 Balance sheet comparisons are calculated as of
3rd Quarter 2023 vs 3rd Quarter 2022
Net Interest Income:
Net interest income for the third quarter of 2023 totaled
The increase in interest expense on deposits was due primarily to a 197 basis points increase in average rates paid on interest-bearing deposits, which included brokered deposits. This increase was the result of a shift in the deposit mix towards higher cost accounts, when compared to the same period in the prior year. The increase in interest expense on borrowed funds was due primarily to an increase in interest rates, offset by a
The increase in interest income on loans, including fees, was due primarily to a
Additionally, there was a 102 basis points increase in the average yield on loans, reflecting an increase in the average interest rates of the commercial and consumer portfolios of 115 basis points and 118 basis points, respectively, when compared to the same period in the prior year. Average loan balances and the portfolio yield on residential mortgages were relatively consistent with the prior year period, with average interest rates increasing by 21 basis points, when compared to the same period in the prior year.
The increase in interest and dividend income on taxable securities when compared to the same period in the prior year, was due to a 48 basis points increase in the average yield on securities, due to an increase in average interest rates. This increase was despite a decrease of
Fully taxable equivalent net interest margin was 2.73% for the third quarter 2023, compared to 3.08% for the same period in the prior year. The Corporation was more asset sensitive earlier in the
Average interest-earning assets increased
The provision for credit losses decreased
Non-Interest Income:
Non-interest income for the third quarter of 2023 was
Non-Interest Expense:
Non-interest expense for the third quarter of 2023 was
The increase in data processing was primarily due to expenditures related to ongoing cybersecurity improvement initiatives and increased software expenses, when compared to the same period in the prior year. The increase in loan expenses was primarily due to the re-alignment of dealer flat fee payments in the third quarter of the prior year, resulting in lower expense recognition in that period, which normalized in the current period. The increase in other components of net periodic pension cost (benefits) was primarily due to actuarial adjustments related to the Corporation's pension plans.
Income Tax Expense:
Income tax expense for the third quarter of 2023 increased to
3rd Quarter 2023 vs 2nd Quarter 2023
Net Interest Income:
Net interest income for the third quarter of 2023 totaled
The increase in interest expense on deposits was due primarily to an increase of 43 basis points in the average rate paid on interest-bearing deposits, which included brokered deposits, when compared to the prior quarter. This was a deceleration of 24 basis points when compared to the increase between the first and second quarters of 2023. Continued competitive pressures on deposit pricing and rising expectations among customers regarding pricing exerted pressure on interest expense in the period. A shift in deposit composition continues to have an impact on interest expense. Notably, customer time deposits, which are total time deposits less brokered deposits, accounted for 16.8% of total deposits as of
The increase in interest income on loans, including fees, was due primarily to a
The decrease in interest expense on borrowed funds was due primarily to a
Fully taxable equivalent net interest margin was 2.73% in the current quarter compared to 2.87% in the prior quarter. Net interest margin compression slowed in the current period, declining 14 basis points, when compared to the 27 basis points of compression experienced between the first and second quarters of 2023. Balances of average interest-earning assets increased
Non-Interest Income:
Non-interest income for the third quarter of 2023 was
Non-Interest Expense:
Non-interest expense for the third quarter of 2023 was
The decrease in salaries and wages was primarily attributable to a decline in the market value of the Corporation's deferred compensation plan when compared to the prior quarter resulting in lower expense recognition, as well as lower awards expense during the quarter. The decrease in net occupancy expense was primarily related to lower facilities maintenance expenses during the current quarter, and the decrease in furniture and equipment expense was primarily due to branch equipment investments in the previous quarter, and lower ATM maintenance expense when compared to the previous quarter. The increase in pension and other employee benefits was mostly attributable to an increase in employee healthcare related costs when compared to the prior quarter.
Income Tax Expense:
Income tax expense for the third quarter of 2023 was
Asset Quality
Non-performing loans totaled
Management performs an ongoing assessment of the adequacy of the allowance for credit losses based on its current expected credit losses (CECL) methodology, which includes loans individually analyzed, as well as loans analyzed on a pooled basis. The Corporation's methodology estimates the lifetime losses in its loan portfolio by utilizing an expected discounted cash flow approach. Based on
The allowance for credit losses was
During the third quarter of 2023, management qualitatively increased the allowance on consumer loans due to economic headwinds that may not be reflected in
The allowance for credit losses was 296.70% of non-performing loans as of
Balance Sheet Activity
Total assets were
The increase in loans, net of deferred loan fees, was concentrated in the commercial loan portfolio, which increased
The increase in accrued interest receivable and other assets was primarily attributable to increases of
The decrease in securities available for sale can be attributed to
Total liabilities were
The increase in deposits was due primarily to increases of
The increase in accrued interest payable and other liabilities was primarily attributable to an increase of
Total shareholders’ equity was
The total equity to total assets ratio was 6.28% as of
(1) See the GAAP to Non-GAAP reconciliations
Liquidity
Management believes that the Corporation has the necessary liquidity to allow for flexibility in meeting its various business needs. The Corporation uses a variety of resources to manage its liquidity. These include short term investments, cash flow from lending and investing activities, core-deposit growth and non-core funding sources, such as time deposits of $250,000 or more, brokered deposits, and FHLBNY advances. As of
Uninsured deposits totaled
The Corporation also considers brokered deposits to be an element of its deposit strategy, and anticipates that it will continue utilizing brokered deposits as a secondary source of funding in support of growth. As of
Other Items
The market value of total assets under management or administration in our
As previously announced on
About Chemung Financial Corporation
This press release may be found at: www.chemungcanal.com under Investor Relations.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." The Corporation cannot promise that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, cyber security risks, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends.
Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the
Chemung Financial Corporation | ||||||||||||||||
Consolidated Balance Sheets (Unaudited) | ||||||||||||||||
Sept. 30, | June 30, | March 31, | Dec. 31, | Sept. 30, | ||||||||||||
(in thousands) | 2023 | 2023 | 2023 | 2022 | 2022 | |||||||||||
ASSETS | ||||||||||||||||
Cash and due from financial institutions | $ | 52,563 | $ | 25,499 | $ | 25,109 | $ | 29,309 | $ | 32,262 | ||||||
Interest-earning deposits in other financial institutions | 23,017 | 28,727 | 9,532 | 26,560 | 10,161 | |||||||||||
Total cash and cash equivalents | 75,580 | 54,226 | 34,641 | 55,869 | 42,423 | |||||||||||
Equity investments | 2,811 | 2,841 | 2,949 | 2,830 | 2,677 | |||||||||||
Securities available for sale | 569,004 | 604,313 | 626,055 | 632,589 | 640,352 | |||||||||||
Securities held to maturity | 1,804 | 1,804 | 1,932 | 2,424 | 3,210 | |||||||||||
FHLB and FRB stock, at cost | 4,053 | 6,328 | 7,913 | 8,197 | 3,872 | |||||||||||
Total investment securities | 574,861 | 612,445 | 635,900 | 643,210 | 647,434 | |||||||||||
Commercial | 1,341,017 | 1,302,333 | 1,280,804 | 1,249,206 | 1,203,609 | |||||||||||
Mortgage | 281,361 | 285,084 | 285,944 | 285,672 | 283,128 | |||||||||||
Consumer | 308,310 | 306,489 | 306,953 | 294,570 | 256,018 | |||||||||||
Loans, net of deferred loan fees | 1,930,688 | 1,893,906 | 1,873,701 | 1,829,448 | 1,742,755 | |||||||||||
Allowance for credit losses | (20,252 | ) | (20,172 | ) | (20,075 | ) | (19,659 | ) | (18,631 | ) | ||||||
Loans, net | 1,910,436 | 1,873,734 | 1,853,626 | 1,809,789 | 1,724,124 | |||||||||||
Loans held for sale | — | 785 | — | — | — | |||||||||||
Premises and equipment, net | 15,036 | 15,496 | 15,867 | 16,113 | 16,581 | |||||||||||
Operating lease right-of-use assets | 5,850 | 6,050 | 6,250 | 6,449 | 6,646 | |||||||||||
21,824 | 21,824 | 21,824 | 21,824 | 21,824 | ||||||||||||
Accrued interest receivable and other assets | 101,436 | 87,272 | 83,126 | 89,469 | 89,713 | |||||||||||
Total assets | $ | 2,707,834 | $ | 2,674,673 | $ | 2,654,183 | $ | 2,645,553 | $ | 2,551,422 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Deposits: | ||||||||||||||||
Non-interest-bearing demand deposits | $ | 683,348 | $ | 671,643 | $ | 690,596 | $ | 733,329 | $ | 747,972 | ||||||
Interest-bearing demand deposits | 310,886 | 273,379 | 287,242 | 271,645 | 287,172 | |||||||||||
Money market accounts | 626,256 | 629,986 | 631,052 | 640,840 | 664,616 | |||||||||||
Savings deposits | 261,821 | 269,700 | 271,445 | 279,029 | 282,916 | |||||||||||
Time deposits | 591,188 | 545,486 | 452,094 | 402,384 | 349,864 | |||||||||||
Total deposits | 2,473,499 | 2,390,194 | 2,332,429 | 2,327,227 | 2,332,540 | |||||||||||
Advances and other debt | 3,120 | 53,949 | 93,328 | 99,137 | 4,104 | |||||||||||
Operating lease liabilities | 6,028 | 6,228 | 6,427 | 6,620 | 6,810 | |||||||||||
Accrued interest payable and other liabilities | 55,123 | 46,876 | 44,658 | 46,181 | 52,450 | |||||||||||
Total liabilities | 2,537,770 | 2,497,247 | 2,476,842 | 2,479,165 | 2,395,904 | |||||||||||
Shareholders' equity | ||||||||||||||||
Common stock | 53 | 53 | 53 | 53 | 53 | |||||||||||
Additional-paid-in capital | 47,974 | 47,740 | 47,387 | 47,331 | 47,487 | |||||||||||
Retained earnings | 227,596 | 221,412 | 216,593 | 211,859 | 205,874 | |||||||||||
(16,880 | ) | (17,033 | ) | (17,219 | ) | (17,598 | ) | (18,015 | ) | |||||||
Accumulated other comprehensive loss | (88,679 | ) | (74,746 | ) | (69,473 | ) | (75,257 | ) | (79,881 | ) | ||||||
Total shareholders' equity | 170,064 | 177,426 | 177,341 | 166,388 | 155,518 | |||||||||||
Total liabilities and shareholders' equity | $ | 2,707,834 | $ | 2,674,673 | $ | 2,654,183 | $ | 2,645,553 | $ | 2,551,422 | ||||||
Period-end shares outstanding | 4,738 | 4,732 | 4,726 | 4,711 | 4,693 |
Chemung Financial Corporation | |||||||||||||||||
Consolidated Statements of Income (Unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Percent | Percent | ||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||
Interest and dividend income: | |||||||||||||||||
Loans, including fees | $ | 25,033 | $ | 17,670 | 41.7 | $ | 71,113 | $ | 47,541 | 49.6 | |||||||
Taxable securities | 3,537 | 2,982 | 18.6 | 10,750 | 8,533 | 26.0 | |||||||||||
Tax exempt securities | 258 | 267 | (3.4 | ) | 778 | 805 | (3.4 | ) | |||||||||
Interest-earning deposits | 187 | 80 | 133.8 | 400 | 116 | 244.8 | |||||||||||
Total interest and dividend income | 29,015 | 20,999 | 38.2 | 83,041 | 56,995 | 45.7 | |||||||||||
Interest expense: | |||||||||||||||||
Deposits | 10,721 | 1,805 | 494.0 | 24,577 | 3,322 | 639.8 | |||||||||||
Borrowed funds | 277 | 204 | 35.8 | 1,905 | 365 | 421.9 | |||||||||||
Total interest expense | 10,998 | 2,009 | 447.4 | 26,482 | 3,687 | 618.3 | |||||||||||
Net interest income | 18,017 | 18,990 | (5.1 | ) | 56,559 | 53,308 | 6.1 | ||||||||||
Provision (credit) for credit losses | 449 | 1,255 | (64.2 | ) | 962 | (1,634 | ) | 158.9 | |||||||||
Net interest income after provision for credit losses | 17,568 | 17,735 | (0.9 | ) | 55,597 | 54,942 | 1.2 | ||||||||||
Non-interest income: | |||||||||||||||||
Wealth management group fee income | 2,533 | 2,403 | 5.4 | 7,716 | 7,788 | (0.9 | ) | ||||||||||
Service charges on deposit accounts | 1,018 | 989 | 2.9 | 2,918 | 2,789 | 4.6 | |||||||||||
Interchange revenue from debit card transactions | 1,141 | 1,126 | 1.3 | 3,468 | 3,462 | 0.2 | |||||||||||
Change in fair value of equity investments | (68 | ) | (93 | ) | 26.9 | (99 | ) | (448 | ) | 77.9 | |||||||
Net gains on sales of loans held for sale | 67 | 7 | 857.1 | 90 | 106 | (15.1 | ) | ||||||||||
Net gains (losses) on sales of other real estate owned | — | 22 | (100.0 | ) | 14 | 68 | (79.4 | ) | |||||||||
Income from bank owned life insurance | 11 | 12 | (8.3 | ) | 32 | 34 | (5.9 | ) | |||||||||
Other | 3,106 | 570 | 444.9 | 4,539 | 2,219 | 104.6 | |||||||||||
Total non-interest income | 7,808 | 5,036 | 55.0 | 18,678 | 16,018 | 16.6 | |||||||||||
Non-interest expense: | |||||||||||||||||
Salaries and wages | 6,542 | 6,550 | (0.1 | ) | 20,029 | 18,829 | 6.4 | ||||||||||
Pension and other employee benefits | 1,979 | 2,024 | (2.2 | ) | 5,467 | 5,679 | (3.7 | ) | |||||||||
Other components of net periodic pension and postretirement benefits | (174 | ) | (413 | ) | 57.9 | (522 | ) | (1,224 | ) | 57.4 | |||||||
Net occupancy | 1,337 | 1,269 | 5.4 | 4,242 | 4,065 | 4.4 | |||||||||||
Furniture and equipment | 353 | 493 | (28.4 | ) | 1,232 | 1,340 | (8.1 | ) | |||||||||
Data processing | 2,480 | 2,087 | 18.8 | 7,334 | 6,742 | 8.8 | |||||||||||
Professional services | 554 | 442 | 25.3 | 1,596 | 1,627 | (1.9 | ) | ||||||||||
Amortization of intangible assets | — | — | — | — | 15 | (100.0 | ) | ||||||||||
Marketing and advertising | 218 | 266 | (18.0 | ) | 720 | 726 | (0.8 | ) | |||||||||
Other real estate owned expense | 10 | 12 | (16.7 | ) | 49 | (17 | ) | 388.2 | |||||||||
525 | 389 | 35.0 | 1,608 | 987 | 62.9 | ||||||||||||
Loan expense | 249 | (64 | ) | (489.1 | ) | 789 | 327 | 141.3 | |||||||||
Other | 1,595 | 1,522 | 4.8 | 4,873 | 4,491 | 8.5 | |||||||||||
Total non-interest expense | 15,668 | 14,577 | 7.5 | 47,417 | 43,587 | 8.8 | |||||||||||
Income before income tax expense | 9,708 | 8,194 | 18.5 | 26,858 | 27,373 | (1.9 | ) | ||||||||||
Income tax expense | 2,060 | 1,741 | 18.3 | 5,660 | 6,029 | (6.1 | ) | ||||||||||
Net income | $ | 7,648 | $ | 6,453 | 18.5 | $ | 21,198 | $ | 21,344 | (0.7 | ) | ||||||
Basic and diluted earnings per share | $ | 1.61 | $ | 1.37 | $ | 4.48 | $ | 4.55 | |||||||||
Cash dividends declared per share | $ | 0.31 | $ | 0.31 | $ | 0.93 | $ | 0.93 | |||||||||
Average basic and diluted shares outstanding | 4,736 | 4,692 | 4,729 | 4,691 | |||||||||||||
N/M - Not Meaningful |
As of or for the Three Months Ended | As of or for the Nine Months Ended | |||||||||||||||||||||||
Consolidated Financial Highlights (Unaudited) | ||||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | |||||||||||||||||
RESULTS OF OPERATIONS | ||||||||||||||||||||||||
Interest income | $ | 29,015 | $ | 27,796 | $ | 26,230 | $ | 24,480 | $ | 20,999 | $ | 83,041 | $ | 56,995 | ||||||||||
Interest expense | 10,998 | 9,201 | 6,283 | 3,609 | 2,009 | 26,482 | 3,687 | |||||||||||||||||
Net interest income | 18,017 | 18,595 | 19,947 | 20,871 | 18,990 | 56,559 | 53,308 | |||||||||||||||||
Provision (credit) for credit losses (g) | 449 | 236 | 277 | 1,080 | 1,255 | 962 | (1,634 | ) | ||||||||||||||||
Net interest income after provision for credit losses | 17,568 | 18,359 | 19,670 | 19,791 | 17,735 | 55,597 | 54,942 | |||||||||||||||||
Non-interest income | 7,808 | 5,447 | 5,423 | 5,418 | 5,036 | 18,678 | 16,018 | |||||||||||||||||
Non-interest expense | 15,668 | 15,913 | 15,836 | 15,693 | 14,577 | 47,417 | 43,587 | |||||||||||||||||
Income before income tax expense | 9,708 | 7,893 | 9,257 | 9,516 | 8,194 | 26,858 | 27,373 | |||||||||||||||||
Income tax expense | 2,060 | 1,613 | 1,987 | 2,077 | 1,741 | 5,660 | 6,029 | |||||||||||||||||
Net income | $ | 7,648 | $ | 6,280 | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 21,198 | $ | 21,344 | ||||||||||
Basic and diluted earnings per share | $ | 1.61 | $ | 1.33 | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 4.48 | $ | 4.55 | ||||||||||
Average basic and diluted shares outstanding | 4,736 | 4,729 | 4,721 | 4,698 | 4,692 | 4,729 | 4,691 | |||||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||||||
Return on average assets | 1.14 | % | 0.95 | % | 1.12 | % | 1.15 | % | 1.02 | % | 1.07 | % | 1.16 | % | ||||||||||
Return on average equity | 16.89 | % | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 15.93 | % | 15.23 | % | ||||||||||
Return on average tangible equity (a) | 19.22 | % | 15.89 | % | 19.40 | % | 21.25 | % | 16.12 | % | 18.15 | % | 17.23 | % | ||||||||||
Efficiency ratio (unadjusted) (f) | 60.67 | % | 66.19 | % | 62.42 | % | 59.69 | % | 60.67 | % | 63.02 | % | 62.87 | % | ||||||||||
Efficiency ratio (adjusted) (a) (b) | 66.55 | % | 65.94 | % | 62.18 | % | 59.44 | % | 60.40 | % | 64.83 | % | 62.57 | % | ||||||||||
Non-interest expense to average assets | 2.33 | % | 2.41 | % | 2.44 | % | 2.42 | % | 2.30 | % | 2.39 | % | 2.36 | % | ||||||||||
Loans to deposits | 78.05 | % | 79.24 | % | 80.33 | % | 78.61 | % | 74.71 | % | 78.05 | % | 74.71 | % | ||||||||||
YIELDS / RATES - Fully Taxable Equivalent | ||||||||||||||||||||||||
Yield on loans | 5.21 | % | 5.09 | % | 4.90 | % | 4.57 | % | 4.19 | % | 5.07 | % | 3.98 | % | ||||||||||
Yield on investments | 2.22 | % | 2.22 | % | 2.18 | % | 2.09 | % | 1.72 | % | 2.21 | % | 1.59 | % | ||||||||||
Yield on interest-earning assets | 4.40 | % | 4.29 | % | 4.12 | % | 3.82 | % | 3.41 | % | 4.27 | % | 3.18 | % | ||||||||||
Cost of interest-bearing deposits | 2.44 | % | 2.01 | % | 1.34 | % | 0.93 | % | 0.47 | % | 1.94 | % | 0.30 | % | ||||||||||
Cost of borrowings | 5.25 | % | 5.13 | % | 4.91 | % | 4.30 | % | 2.56 | % | 3.58 | % | 2.17 | % | ||||||||||
Cost of interest-bearing liabilities | 2.47 | % | 2.11 | % | 1.49 | % | 0.88 | % | 0.51 | % | 2.03 | % | 0.32 | % | ||||||||||
Interest rate spread | 1.93 | % | 2.18 | % | 2.63 | % | 2.94 | % | 2.90 | % | 2.24 | % | 2.86 | % | ||||||||||
Net interest margin, fully taxable equivalent | 2.73 | % | 2.87 | % | 3.14 | % | 3.26 | % | 3.08 | % | 2.91 | % | 2.98 | % | ||||||||||
CAPITAL | ||||||||||||||||||||||||
Total equity to total assets at end of period | 6.28 | % | 6.63 | % | 6.68 | % | 6.29 | % | 6.10 | % | 6.28 | % | 6.10 | % | ||||||||||
Tangible equity to tangible assets at end of period (a) | 5.52 | % | 5.87 | % | 5.91 | % | 5.51 | % | 5.29 | % | 5.52 | % | 5.29 | % | ||||||||||
Book value per share | $ | 35.90 | $ | 37.49 | $ | 37.53 | $ | 35.32 | $ | 33.14 | $ | 35.90 | $ | 33.14 | ||||||||||
Tangible book value per share (a) | 31.29 | 32.88 | 32.91 | 30.69 | 28.49 | 31.29 | 28.49 | |||||||||||||||||
Period-end market value per share | 39.61 | 38.41 | 41.50 | 45.87 | 41.87 | 39.61 | 41.87 | |||||||||||||||||
Dividends declared per share | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.93 | 0.93 | |||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||||||
Loans and loans held for sale (c) | $ | 1,909,100 | $ | 1,880,224 | $ | 1,849,310 | $ | 1,787,103 | $ | 1,675,859 | $ | 1,879,765 | $ | 1,599,218 | ||||||||||
Interest earning assets | 2,627,012 | 2,609,893 | 2,592,709 | 2,550,834 | 2,457,218 | 2,609,999 | 2,408,379 | |||||||||||||||||
Total assets | 2,664,570 | 2,649,399 | 2,627,088 | 2,574,639 | 2,511,301 | 2,650,908 | 2,469,631 | |||||||||||||||||
Deposits | 2,410,932 | 2,363,847 | 2,337,476 | 2,347,719 | 2,257,394 | 2,371,021 | 2,224,190 | |||||||||||||||||
Total equity | 179,700 | 180,357 | 173,786 | 160,740 | 180,644 | 177,969 | 187,409 | |||||||||||||||||
Tangible equity (a) | 157,876 | 158,533 | 151,962 | 138,916 | 158,820 | 156,145 | 165,581 | |||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 357 | $ | 146 | $ | 269 | $ | 52 | $ | 109 | $ | 770 | $ | 760 | ||||||||||
Non-performing loans (d) | 6,826 | 7,304 | 7,731 | 8,178 | 8,310 | 6,826 | 8,310 | |||||||||||||||||
Non-performing assets (e) | 7,055 | 7,471 | 7,927 | 8,373 | 8,503 | 7,055 | 8,503 | |||||||||||||||||
Allowance for credit losses (g) | 20,252 | 20,172 | 20,075 | 19,659 | 18,631 | 20,252 | 18,631 | |||||||||||||||||
Annualized net charge-offs (recoveries) to average loans | 0.07 | % | 0.03 | % | 0.06 | % | 0.01 | % | 0.03 | % | 0.05 | % | 0.06 | % | ||||||||||
Non-performing loans to total loans | 0.35 | % | 0.39 | % | 0.41 | % | 0.45 | % | 0.48 | % | 0.35 | % | 0.48 | % | ||||||||||
Non-performing assets to total assets | 0.26 | % | 0.28 | % | 0.30 | % | 0.32 | % | 0.33 | % | 0.26 | % | 0.33 | % | ||||||||||
Allowance for credit losses to total loans (g) | 1.05 | % | 1.07 | % | 1.07 | % | 1.07 | % | 1.07 | % | 1.05 | % | 1.07 | % | ||||||||||
Allowance for credit losses to non-performing loans (g) | 296.70 | % | 276.17 | % | 259.66 | % | 240.39 | % | 224.21 | % | 296.70 | % | 224.21 | % | ||||||||||
(a) See the GAAP to Non-GAAP reconciliations. | ||||||||||||||||||||||||
(b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets divided by the total of fully taxable equivalent net interest income plus non-interest income less recognition of the employee retention tax credit (ERTC). | ||||||||||||||||||||||||
(c) Loans and loans held for sale do not reflect the allowance for credit losses. | ||||||||||||||||||||||||
(d) Non-performing loans include non-accrual loans only. | ||||||||||||||||||||||||
(e) Non-performing assets include non-performing loans plus other real estate owned. | ||||||||||||||||||||||||
(f) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income. | ||||||||||||||||||||||||
(g) Corporation adopted CECL |
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited) | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||
(in thousands) | Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | Total Change | Due to Volume | Due to Rate | |||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||||||||||
Commercial loans | $ | 1,319,110 | $ | 18,672 | 5.62 | % | $ | 1,164,783 | $ | 13,120 | 4.47 | % | $ | 5,552 | $ | 1,887 | $ | 3,665 | ||||||||||||
Mortgage loans | 282,578 | 2,572 | 3.61 | % | 279,102 | 2,389 | 3.40 | % | 183 | 31 | 152 | |||||||||||||||||||
Consumer loans | 307,412 | 3,843 | 4.96 | % | 231,974 | 2,211 | 3.78 | % | 1,632 | 833 | 799 | |||||||||||||||||||
Taxable securities | 663,240 | 3,540 | 2.12 | % | 723,602 | 2,985 | 1.64 | % | 555 | (265 | ) | 820 | ||||||||||||||||||
Tax-exempt securities | 40,380 | 288 | 2.83 | % | 41,918 | 326 | 3.09 | % | (38 | ) | (12 | ) | (26 | ) | ||||||||||||||||
Interest-earning deposits | 14,292 | 187 | 5.19 | % | 15,839 | 80 | 2.00 | % | 107 | (9 | ) | 116 | ||||||||||||||||||
Total interest earning assets | 2,627,012 | 29,102 | 4.40 | % | 2,457,218 | 21,111 | 3.41 | % | 7,991 | 2,465 | 5,526 | |||||||||||||||||||
Non-interest earnings assets: | ||||||||||||||||||||||||||||||
Cash and due from banks | 26,272 | 24,494 | ||||||||||||||||||||||||||||
Other assets | 31,496 | 47,256 | ||||||||||||||||||||||||||||
Allowance for credit losses (3) | (20,210 | ) | (17,667 | ) | ||||||||||||||||||||||||||
Total assets | $ | 2,664,570 | $ | 2,511,301 | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 281,106 | $ | 963 | 1.36 | % | $ | 258,420 | $ | 112 | 0.17 | % | $ | 851 | $ | 11 | $ | 840 | ||||||||||||
Savings and money market | 890,109 | 3,945 | 1.76 | % | 927,737 | 575 | 0.25 | % | 3,370 | (25 | ) | 3,395 | ||||||||||||||||||
Time deposits | 383,786 | 3,269 | 3.38 | % | 232,798 | 430 | 0.73 | % | 2,839 | 430 | 2,409 | |||||||||||||||||||
Brokered deposits | 189,628 | 2,543 | 5.32 | % | 111,565 | 688 | 2.45 | % | 1,855 | 694 | 1,161 | |||||||||||||||||||
FHLBNY overnight advances | 17,879 | 249 | 5.53 | % | 28,229 | 173 | 2.43 | % | 76 | -81 | 157 | |||||||||||||||||||
Long-term capital leases | 3,144 | 29 | 3.66 | % | 3,417 | 31 | 3.60 | % | (2 | ) | (3 | ) | 1 | |||||||||||||||||
Total interest-bearing liabilities | 1,765,652 | 10,998 | 2.47 | % | 1,562,166 | 2,009 | 0.51 | % | 8,989 | 1,026 | 7,963 | |||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||
Demand deposits | 666,302 | 726,874 | ||||||||||||||||||||||||||||
Other liabilities | 52,916 | 41,617 | ||||||||||||||||||||||||||||
Total liabilities | 2,484,870 | 2,330,657 | ||||||||||||||||||||||||||||
Shareholders' equity | 179,700 | 180,644 | ||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,664,570 | $ | 2,511,301 | ||||||||||||||||||||||||||
Fully taxable equivalent net interest income | 18,104 | 19,102 | $ | (998 | ) | $ | 1,439 | $ | (2,437 | ) | ||||||||||||||||||||
Net interest rate spread (1) | 1.93 | % | 2.90 | % | ||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent (2) | 2.73 | % | 3.08 | % | ||||||||||||||||||||||||||
Taxable equivalent adjustment | (87 | ) | (112 | ) | ||||||||||||||||||||||||||
Net interest income | $ | 18,017 | $ | 18,990 | ||||||||||||||||||||||||||
(1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities. | ||||||||||||||||||||||||||||||
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets. | ||||||||||||||||||||||||||||||
(3) The Corporation implemented CECL as of | ||||||||||||||||||||||||||||||
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited) | |||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(in thousands) | Average Balance | Interest | Yield / Rate | Average Balance | Interest | Yield / Rate | Total Change | Due to Volume | Due to Rate | ||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||
Commercial loans | $ | 1,289,638 | $ | 53,047 | 5.50 | % | $ | 1,116,687 | $ | 34,911 | 4.18 | % | $ | 18,136 | $ | 5,968 | $ | 12,168 | |||||||||||||
Mortgage loans | 284,351 | 7,553 | 3.55 | % | 270,484 | 6,798 | 3.36 | % | 755 | 359 | 396 | ||||||||||||||||||||
Consumer loans | 305,776 | 10,673 | 4.67 | % | 212,047 | 5,953 | 3.75 | % | 4,720 | 3,035 | 1,685 | ||||||||||||||||||||
Taxable securities | 679,330 | 10,758 | 2.12 | % | 744,503 | 8,542 | 1.53 | % | 2,216 | (806 | ) | 3,022 | |||||||||||||||||||
Tax-exempt securities | 40,562 | 887 | 2.92 | % | 42,190 | 989 | 3.13 | % | (102 | ) | (37 | ) | (65 | ) | |||||||||||||||||
Interest-earning deposits | 10,342 | 400 | 5.17 | % | 22,468 | 116 | 0.69 | % | 284 | (94 | ) | 378 | |||||||||||||||||||
Total interest earning assets | 2,609,999 | 83,318 | 4.27 | % | 2,408,379 | 57,309 | 3.18 | % | 26,009 | 8,425 | 17,584 | ||||||||||||||||||||
Non-interest earnings assets: | |||||||||||||||||||||||||||||||
Cash and due from banks | 25,512 | 24,317 | |||||||||||||||||||||||||||||
Other assets | 35,547 | 56,592 | |||||||||||||||||||||||||||||
Allowance for credit losses (3) | (20,150 | ) | (19,657 | ) | |||||||||||||||||||||||||||
Total assets | $ | 2,650,908 | $ | 2,469,631 | |||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 286,220 | $ | 1,959 | 0.92 | % | $ | 275,062 | $ | 219 | 0.11 | % | $ | 1,740 | $ | 10 | $ | 1,730 | |||||||||||||
Savings and money market | 899,871 | 8,645 | 1.28 | % | 948,411 | 1,029 | 0.15 | % | 7,616 | (57 | ) | 7,673 | |||||||||||||||||||
Time deposits | 350,846 | 8,041 | 3.06 | % | 238,568 | 1,378 | 0.77 | % | 6,663 | 910 | 5,752 | ||||||||||||||||||||
Brokered deposits | 153,774 | 5,932 | 5.16 | % | 38,149 | 697 | 2.44 | % | 5,235 | 3,828 | 1,408 | ||||||||||||||||||||
FHLBNY overnight advances | 47,321 | 1,819 | 5.14 | % | 18,931 | 271 | 1.91 | % | 1,548 | 728 | 820 | ||||||||||||||||||||
Capital leases | 3,212 | 86 | 3.58 | % | 3,483 | 93 | 3.57 | % | (7 | ) | (7 | ) | — | ||||||||||||||||||
Total interest-bearing liabilities | 1,741,244 | 26,482 | 2.03 | % | 1,522,604 | 3,687 | 0.32 | % | 22,795 | 5,412 | 17,383 | ||||||||||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||
Demand deposits | 680,310 | 724,000 | |||||||||||||||||||||||||||||
Other liabilities | 51,385 | 35,618 | |||||||||||||||||||||||||||||
Total liabilities | 2,472,939 | 2,282,222 | |||||||||||||||||||||||||||||
Shareholders' equity | 177,969 | 187,409 | |||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,650,908 | $ | 2,469,631 | |||||||||||||||||||||||||||
Fully taxable equivalent net interest income | 56,836 | 53,622 | $ | 3,214 | $ | 3,013 | $ | 201 | |||||||||||||||||||||||
Net interest rate spread (1) | 2.24 | % | 2.86 | % | |||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent (2) | 2.91 | % | 2.98 | % | |||||||||||||||||||||||||||
Taxable equivalent adjustment | (277 | ) | (314 | ) | |||||||||||||||||||||||||||
Net interest income | $ | 56,559 | $ | 53,308 | |||||||||||||||||||||||||||
(1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities. | |||||||||||||||||||||||||||||||
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets. | |||||||||||||||||||||||||||||||
(3) The Corporation implemented CECL as of |
Chemung Financial Corporation
GAAP to Non-GAAP Reconciliations (Unaudited)
The Corporation prepares its Consolidated Financial Statements in accordance with GAAP. See the Corporation’s unaudited consolidated balance sheets and statements of income contained within this press release. That presentation provides the reader with an understanding of the Corporation’s results that can be tracked consistently from period-to-period and enables a comparison of the Corporation’s performance with other companies’ GAAP financial statements.
In addition to analyzing the Corporation’s results on a reported basis, management uses certain non-GAAP financial measures, because it believes these non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Corporation and, therefore, facilitate a comparison of the Corporation with the performance of other companies. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.
The
Fully Taxable Equivalent Net Interest Income and Net Interest Margin
Net interest income is commonly presented on a tax-equivalent basis. That is, to the extent that some component of the institution's net interest income, which is presented on a before-tax basis, is exempt from taxation (e.g., is received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added to the actual before-tax net interest income total. This adjustment is considered helpful in comparing one financial institution's net interest income to that of other institutions or in analyzing any institution’s net interest income trend line over time, to correct any analytical distortion that might otherwise arise from the fact that financial institutions vary widely in the proportions of their portfolios that are invested in tax-exempt securities, and that even a single institution may significantly alter over time the proportion of its own portfolio that is invested in tax-exempt obligations. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest-earning assets. For purposes of this measure as well, fully taxable equivalent net interest income is generally used by financial institutions, as opposed to actual net interest income, again to provide a better basis of comparison from institution to institution and to better demonstrate a single institution’s performance over time. The Corporation follows these practices.
As of or for the | |||||||||||||||||||||||||||
As of or for the Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
(in thousands, except ratio data) | 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||
NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT | |||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 18,017 | $ | 18,595 | $ | 19,947 | $ | 20,871 | $ | 18,990 | $ | 56,559 | $ | 53,308 | |||||||||||||
Fully taxable equivalent adjustment | 87 | 92 | 98 | 112 | 112 | 277 | 314 | ||||||||||||||||||||
Fully taxable equivalent net interest income (non-GAAP) | $ | 18,104 | $ | 18,687 | $ | 20,045 | $ | 20,983 | $ | 19,102 | $ | 56,836 | $ | 53,622 | |||||||||||||
Average interest-earning assets (GAAP) | $ | 2,627,012 | $ | 2,609,893 | $ | 2,592,709 | $ | 2,550,834 | $ | 2,457,218 | $ | 2,609,999 | $ | 2,408,379 | |||||||||||||
Net interest margin - fully taxable equivalent (non-GAAP) | 2.73 | % | 2.87 | % | 3.14 | % | 3.26 | % | 3.08 | % | 2.91 | % | 2.98 | % | |||||||||||||
Efficiency Ratio
The unadjusted efficiency ratio is calculated as non-interest expense divided by total revenue (net interest income and non-interest income). The adjusted efficiency ratio is a non-GAAP financial measure which represents the Corporation’s ability to turn resources into revenue and is calculated as non-interest expense divided by total revenue (fully taxable equivalent net interest income and non- interest income), adjusted for one-time occurrences and amortization. This measure is meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s productivity measured by the amount of revenue generated for each dollar spent.
As of or for the | |||||||||||||||||||||||||||
As of or for the Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
(in thousands, except ratio data) | 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||
EFFICIENCY RATIO | |||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 18,017 | $ | 18,595 | $ | 19,947 | $ | 20,871 | $ | 18,990 | $ | 56,559 | $ | 53,308 | |||||||||||||
Fully taxable equivalent adjustment | 87 | 92 | 98 | 112 | 112 | 277 | 314 | ||||||||||||||||||||
Fully taxable equivalent net interest income (non-GAAP) | $ | 18,104 | $ | 18,687 | $ | 20,045 | $ | 20,983 | $ | 19,102 | $ | 56,836 | $ | 53,622 | |||||||||||||
Non-interest income (GAAP) | $ | 7,808 | $ | 5,447 | $ | 5,423 | $ | 5,418 | $ | 5,036 | $ | 18,678 | $ | 16,018 | |||||||||||||
Less: recognition of employee retention tax credit | $ | (2,370 | ) | $ | — | $ | — | $ | — | $ | — | $ | (2,370 | ) | $ | — | |||||||||||
Adjusted non-interest income (non-GAAP) | $ | 5,438 | $ | 5,447 | $ | 5,423 | $ | 5,418 | $ | 5,036 | $ | 16,308 | $ | 16,018 | |||||||||||||
Non-interest expense (GAAP) | $ | 15,668 | $ | 15,913 | $ | 15,836 | $ | 15,693 | $ | 14,577 | $ | 47,417 | $ | 43,587 | |||||||||||||
Less: amortization of intangible assets | — | — | — | — | — | — | (15 | ) | |||||||||||||||||||
Adjusted non-interest expense (non-GAAP) | $ | 15,668 | $ | 15,913 | $ | 15,836 | $ | 15,693 | $ | 14,577 | $ | 47,417 | $ | 43,572 | |||||||||||||
Efficiency ratio (unadjusted) | 60.67 | % | 66.19 | % | 62.42 | % | 59.69 | % | 60.67 | % | 63.02 | % | 62.87 | % | |||||||||||||
Efficiency ratio (adjusted) | 66.55 | % | 65.94 | % | 62.18 | % | 59.44 | % | 60.40 | % | 64.83 | % | 62.57 | % |
Tangible equity, tangible assets, and tangible book value per share are each non-GAAP financial measures. Tangible equity represents the Corporation’s stockholders’ equity, less goodwill and intangible assets. Tangible assets represents the Corporation’s total assets, less goodwill and other intangible assets. Tangible book value per share represents the Corporation’s tangible equity divided by common shares at period-end. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.
As of or for the | |||||||||||||||||||||||||||
As of or for the Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
(in thousands, except per share and ratio data) | 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||
TANGIBLE EQUITY AND TANGIBLE ASSETS | |||||||||||||||||||||||||||
(PERIOD END) | |||||||||||||||||||||||||||
Total shareholders' equity (GAAP) | $ | 170,064 | $ | 177,426 | $ | 177,341 | $ | 166,388 | $ | 155,518 | $ | 170,064 | $ | 155,518 | |||||||||||||
Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | |||||||||||||
Tangible equity (non-GAAP) | $ | 148,240 | $ | 155,602 | $ | 155,517 | $ | 144,564 | $ | 133,694 | $ | 148,240 | $ | 133,694 | |||||||||||||
Total assets (GAAP) | $ | 2,707,834 | $ | 2,674,673 | $ | 2,654,183 | $ | 2,645,553 | $ | 2,551,422 | $ | 2,707,834 | $ | 2,551,422 | |||||||||||||
Less: intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | |||||||||||||
Tangible assets (non-GAAP) | $ | 2,686,010 | $ | 2,652,849 | $ | 2,632,359 | $ | 2,623,729 | $ | 2,529,598 | $ | 2,686,010 | $ | 2,529,598 | |||||||||||||
Total equity to total assets at end of period (GAAP) | 6.28 | % | 6.63 | % | 6.68 | % | 6.29 | % | 6.10 | % | 6.28 | % | 6.10 | % | |||||||||||||
Book value per share (GAAP) | $ | 35.90 | $ | 37.49 | $ | 37.53 | $ | 35.32 | $ | 33.14 | $ | 35.90 | $ | 33.14 | |||||||||||||
Tangible equity to tangible assets at | |||||||||||||||||||||||||||
end of period (non-GAAP) | 5.52 | % | 5.87 | % | 5.91 | % | 5.51 | % | 5.29 | % | 5.52 | % | 5.29 | % | |||||||||||||
Tangible book value per share (non-GAAP) | $ | 31.29 | $ | 32.88 | $ | 32.91 | $ | 30.69 | $ | 28.49 | $ | 31.29 | $ | 28.49 |
Tangible Equity (Average)
Average tangible equity and return on average tangible equity are each non-GAAP financial measures. Average tangible equity represents the Corporation’s average stockholders’ equity, less average goodwill and intangible assets for the period. Return on average tangible equity measures the Corporation’s earnings as a percentage of average tangible equity. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.
As of or for the | |||||||||||||||||||||||||||
As of or for the Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
(in thousands, except ratio data) | 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||
TANGIBLE EQUITY (AVERAGE) | |||||||||||||||||||||||||||
Total average shareholders' equity (GAAP) | $ | 179,700 | $ | 180,357 | $ | 173,786 | $ | 160,740 | $ | 180,644 | $ | 177,969 | $ | 187,409 | |||||||||||||
Less: average intangible assets | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,824 | ) | (21,828 | ) | |||||||||||||
Average tangible equity (non-GAAP) | $ | 157,876 | $ | 158,533 | $ | 151,962 | $ | 138,916 | $ | 158,820 | $ | 156,145 | $ | 165,581 | |||||||||||||
Return on average equity (GAAP) | 16.89 | % | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 15.93 | % | 15.23 | % | |||||||||||||
Return on average tangible equity (non-GAAP) | 19.22 | % | 15.89 | % | 19.40 | % | 21.25 | % | 16.12 | % | 18.15 | % | 17.23 | % |
Adjustments for Certain Items of Income or Expense
In addition to disclosures of certain GAAP financial measures, including net income, EPS, ROA, and ROE, we may also provide comparative disclosures that adjust these GAAP financial measures for a particular period by removing from the calculation thereof the impact of certain transactions or other material items of income or expense occurring during the period, including certain nonrecurring items. The Corporation believes that the resulting non-GAAP financial measures may improve an understanding of its results of operations by separating out any such transactions or items that may have had a disproportionate positive or negative impact on the Corporation’s financial results during the particular period in question. In the Corporation’s presentation of any such non-GAAP (adjusted) financial measures not specifically discussed in the preceding paragraphs, the Corporation supplies the supplemental financial information and explanations required under Regulation G.
As of or for the | |||||||||||||||||||||||||||
As of or for the Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
(in thousands, except per share and ratio data) | 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||
NON-GAAP NET INCOME | |||||||||||||||||||||||||||
Reported net income (GAAP) | $ | 7,648 | $ | 6,280 | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 21,198 | $ | 21,344 | |||||||||||||
Recognition of employee retention tax credit | (1,873 | ) | — | — | — | — | (1,873 | ) | — | ||||||||||||||||||
Net income (non-GAAP) | $ | 5,775 | $ | 6,280 | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 19,325 | $ | 21,344 | |||||||||||||
Average basic and diluted shares outstanding | 4,736 | 4,729 | 4,721 | 4,698 | 4,692 | 4,729 | 4,691 | ||||||||||||||||||||
Reported basic and diluted earnings per share (GAAP) | $ | 1.61 | $ | 1.33 | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 4.48 | $ | 4.55 | |||||||||||||
Reported return on average assets (GAAP) | 1.14 | % | 0.95 | % | 1.12 | % | 1.15 | % | 1.02 | % | 1.07 | % | 1.16 | % | |||||||||||||
Reported return on average equity (GAAP) | 16.89 | % | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 15.93 | % | 15.23 | % | |||||||||||||
Basic and diluted earnings per share (non-GAAP) | $ | 1.21 | $ | 1.33 | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 4.08 | $ | 4.55 | |||||||||||||
Return on average assets (non-GAAP) | 0.86 | % | 0.95 | % | 1.12 | % | 1.15 | % | 1.02 | % | 0.97 | % | 1.16 | % | |||||||||||||
Return on average equity (non-GAAP) | 12.75 | % | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 14.52 | % | 15.23 | % | |||||||||||||
Category: Financial
Source:
For further information contact:
dmckim@chemungcanal.com
Phone: 607-737-3714
Source:
2023 GlobeNewswire, Inc., source