Non-interest expense for the fourth quarter of 2012 was $12.6 million compared with $11.5 million for the same quarter in the prior year, an increase of $1.1 million, or 9.7%. The increase was primarily due to increases of $0.6 million in salaries and wages and $0.5 million in professional services. The increase in salaries and wages was primarily due to an increase in employees and additional compensation related to merit increases and incentive compensation. The increase in professional services was due to the reason discussed above. Compared with the preceding quarter ended September 30, 2012, non-interest expense increased $1.2 million, or 10.9%. The increase was primarily due to increases of $0.5 million in salaries and wages and $0.6 million in professional services.Asset Quality:
Chemung Financial Reports Record Earnings
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