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TheStreet Open House

Chemung Financial Reports Record Earnings

Summary:

Chemung Financial Corporation reported net income of $11.0 million for the twelve months ended December 31, 2012, an increase of $0.5 million, or 4.6%, compared with $10.5 million for the twelve months ended December 31, 2011. Earnings per share for the twelve months ended December 31, 2012, was $2.38 compared with $2.40 for the twelve months ended December 31, 2011. Return on average assets and return on average equity for the twelve months ended December 31, 2012, were 0.88% and 8.41%, respectively, compared with 0.90% and 8.77%, respectively, for the prior year.

The improvement in 2012 earnings was due primarily to a $2.9 million increase in net interest income and a $2.2 million decrease in pre-tax one-time merger transaction costs, both related to the Capital Bank acquisition in April 2011. In addition, we recognized $0.8 million in pre-tax casualty gains from insurance reimbursements related to the September 2011 flooding of our Owego and Tioga offices. These items were partially offset by increases of $1.8 million in salaries and wages, $0.8 million in pension and other employee benefits, $0.5 million in data processing expenses, $0.5 million in professional services, $0.4 million in income taxes and a $0.8 million reduction in net gains on securities transactions.

Net income for the fourth quarter 2012 was $2.1 million compared with fourth quarter 2011 results of $3.0 million, a decrease of $0.9 million, or 28.1%. The decline was attributable to a decrease of $0.4 million in net interest income and an increase of $1.1 million in non-interest expense, partially offset by a reduction of $0.5 million in income taxes. Earnings per share for the current quarter totaled $0.46 compared with $0.64 for the same period in the prior year. Return on average assets and return on average equity for the current quarter were 0.67% and 6.33%, respectively, compared with 0.95% and 9.06%, respectively, for the fourth quarter of 2011.

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