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Chemung Financial Reports Record Earnings

At December 31, 2012, the allowance for loan losses was $10.4 million, compared with $10.8 million at September 30, 2012, and $9.7 million at December 31, 2011. The allowance for loan losses was 99.21% of non-performing loans at December 31, 2012, compared with 81.66% at September 30, 2012, and 46.18% at December 31, 2011. The ratio of the allowance for loan losses to total loans was 1.17% at December 31, 2012, compared with 1.24% at September 30, 2012, and 1.21% at December 31, 2011. Excluding acquired loans, the ratio of the allowance for loan losses on originated loans to originated loans was 1.18% at December 31, 2012, compared with 1.38% at September 30, 2012, and 1.47% at December 31, 2011.

Balance Sheet Activity:

Assets totaled $1.248 billion at December 31, 2012, compared with $1.216 billion at December 31, 2011, an increase of $31.9 million, or 2.6%. The growth was primarily due to an increase of $96.6 million, or 12.1%, in total portfolio loans, partially offset by decreases of $44.5 million in investment securities and $13.7 million in interest-bearing deposits in other financial institutions. The increase in portfolio loans was due to strong growth of $47.3 million in commercial loans and $42.5 million in consumer loans.

Deposits totaled $1.045 billion at December 31, 2012, compared with $998.5 million at December 31, 2011, an increase of $46.2 million, or 4.6%. The growth was primarily due to increases of $65.1 million in money market accounts, $41.8 million in non-interest-bearing demand deposits and $16.4 million in NOW accounts. These items were partially offset by decreases of $36.7 million in savings accounts and $40.3 million in certificates of deposit.

Total equity was $131.1 million at December 31, 2012, compared with $125.9 million at December 31, 2011. The total equity to total assets ratio was 10.50% at December 31, 2012, up from 10.35% at December 31, 2011. The tangible equity to tangible assets ratio was 8.53% at December 31, 2012, up from 8.23% at December 31, 2011. As of December 31, 2012, both the Corporation's and the Bank's capital ratios were in excess of those required to be considered well-capitalized under regulatory capital standards.

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