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Chemung Financial Reports Record Earnings

Stocks in this article: CHMG

Other Item:

The market value of total assets under management or administration in our Wealth Management Group was $1.735 billion at December 31, 2012, compared with $1.596 billion at December 31, 2011.

About Chemung Financial Corporation:

Chemung Financial Corporation is a $1.2 billion financial services holding company headquartered in Elmira, New York and operates 28 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance. CFS Group, Inc. was founded in 2001.

This press release may be found at: www.chemungcanal.com under Shareholder Info.

Forward-Looking Statements:

This press release may include forward-looking statements with respect to revenue sources, growth, market risk, corporate objectives and possible losses due to asset quality. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Chemung Financial Corporation assumes no duty, and specifically disclaims any obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, and cautions that these statements are subject to risks and uncertainties that could cause the Corporation's actual operating results to differ materially.

           
Chemung Financial Corporation          
Consolidated Balance Sheets (Unaudited)          
  Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
(Dollars in thousands, except share data) 2012 2012 2012 2012 2011
ASSETS          
Cash and due from financial institutions  $ 29,239  $ 35,324  $ 33,673  $ 27,311  $ 28,205
Interest-bearing deposits in other financial institutions  11,002  45,908  40,502  83,203  24,697
Total cash and cash equivalents  40,241  81,232  74,175  110,514  52,902
           
Trading assets, at fair value  348  275  252  254  294
           
Securities available for sale  239,686  253,669  260,942  259,450  280,870
Securities held to maturity  5,749  6,163  6,334  7,447  8,312
FHLB and Federal Reserve Bank stocks, at cost  4,710  4,760  5,359  5,436  5,509
Total investment securities  250,145  264,592  272,635  272,333  294,691
           
Commercial  454,048  444,491  436,205  414,536  406,798
Mortgage  200,476  193,049  194,512  192,548  193,600
Consumer  238,993  238,818  225,230  195,949  196,517
Total loans  893,517  876,358  855,947  803,033  796,915
Allowance for loan losses  (10,433)  (10,828)  (10,392)  (10,283)  (9,659)
Loans, net  883,084  865,530  845,555  792,750  787,256
           
Loans held for sale  1,057  1,165  482  826  395
Premises and equipment, net  25,484  24,863  24,718  24,977  24,762
Goodwill  21,824  21,824  21,824  21,824  21,984
Other intangible assets, net  5,144  5,382  5,642  5,906  6,191
Other assets  20,833  22,117  22,176  25,111  27,785
Total assets  $ 1,248,160  $ 1,286,980  $ 1,267,459  $ 1,254,495  $ 1,216,260
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Deposits:          
Demand deposits (non-interest bearing)  $ 300,610  $ 302,509  $ 297,413  $ 272,055  $ 258,836
NOW accounts  90,730  108,923  88,343  88,105  74,349
Savings  173,589  174,074  174,974  203,204  210,288
Money market accounts  243,115  248,722  232,870  212,376  178,030
Certificates of deposit  236,690  248,948  260,079  262,965  276,990
Total deposits  1,044,734  1,083,176  1,053,679  1,038,705  998,493
           
Securities sold under agreements to repurchase  32,711  32,918  31,750  34,998  37,107
FHLB term advances  27,225  28,046  41,128  43,227  43,344
Other liabilities  12,375  9,960  10,693  8,736  11,386
Total liabilities  1,117,045  1,154,100  1,137,250  1,125,666  1,090,330
           
Shareholders' equity          
Common stock  53  53  53  53  53
Additional-paid-in capital  45,357  45,538  45,525  45,556  45,583
Retained earnings  107,078  106,092  104,402  103,100  100,629
Treasury stock  (18,566)  (18,731)  (18,915)  (18,734)  (18,894)
Accumulated other comprehensive income (loss)  (2,807)  (72)  (856)  (1,146)  (1,441)
Total shareholders' equity  131,115  132,880  130,209  128,829  125,930
Total liabilities and shareholders' equity  $ 1,248,160  $ 1,286,980  $ 1,267,459  $ 1,254,495  $ 1,216,260
           
Period-end shares outstanding  4,649,741  4,642,317  4,632,014  4,639,565  4,640,646
             
Chemung Financial Corporation            
Consolidated Statements of Income (Unaudited)            
  Twelve Months Ended   Three Months Ended  
  December 31, Percent December 31, Percent
(Dollars in thousands, except share and per share data) 2012 2011 Change 2012 2011 Change
Interest and dividend income:            
Loans, including fees  $ 45,298  $ 43,181 4.9  $ 11,220  $ 11,725 (4.3)
Taxable securities  5,358  5,874 (8.8)  1,215  1,526 (20.4)
Tax exempt securities  1,268  1,379 (8.0)  292  344 (15.1)
Interest-bearing deposits  153  214 (28.5)  30  47 (36.2)
Total interest and dividend income  52,077  50,648 2.8  12,757  13,642 (6.5)
             
Interest expense:            
Deposits  3,243  4,351 (25.5)  710  1,025 (30.7)
Securities sold under agreements to repurchase  994  1,375 (27.7)  231  319 (27.6)
Borrowed funds  1,059  1,073 (1.3)  190  290 (34.5)
Total interest expense  5,296  6,799 (22.1)  1,131  1,634 (30.8)
             
Net interest income  46,781  43,849 6.7  11,626  12,008 (3.2)
Provision for loan losses  828  958 (13.6) 74  125 (40.8)
Net interest income after provision for loan losses  45,953  42,891 7.1  11,552  11,883 (2.8)
             
Non-interest income:            
Wealth management group fee income  6,827  6,710 1.7  1,657  1,579 4.9
Service charges on deposit accounts  4,241  4,282 (1.0)  1,098  1,101 (0.3)
Net gain on securities transactions  301  1,108 (72.8)  --  --  N/M
Net impairment loss recognized in earnings  --  (67)  N/M  --  --  N/M
Net gain on sales of loans held for sale  484  179 170.4  214  46 365.2
Casualty gains  790  --  N/M  --  --  N/M
Other  4,647  5,252 (11.5)  1,233  1,318 (6.4)
Total non-interest income  17,290  17,464 (1.0)  4,202  4,044 3.9
             
Non-interest expense:            
Salaries and wages  18,918  17,136 10.4  5,207  4,602 13.1
Pension and other employee benefits  5,624  4,797 17.2  1,486  1,500 (0.9)
Net occupancy  5,164  5,016 3.0  1,315  1,353 (2.8)
Furniture and equipment  2,205  2,119 4.1  605  570 6.1
Data processing  4,421  3,916 12.9  1,142  1,035 10.3
Professional services  1,443  950 51.9  749  205 265.4
Amortization of intangible assets  1,047  1,041 0.6  238  288 (17.4)
Marketing and advertising  1,068  1,037 3.0  153  246 (37.8)
FDIC insurance  807  967 (16.5)  192  230 (16.5)
Loan expenses  788  608 29.6  240  160 50.0
Other real estate owned expenses  328  105 212.4  42  19 121.1
Merger related expenses  30  2,255 (98.7)  --  11 (100.0)
Other  4,994  4,837 3.2  1,268  1,303 (2.7)
Total non-interest expense  46,837  44,784 4.6  12,637  11,522 9.7
             
Income before income tax expense  16,406  15,571 5.4  3,117  4,405 (29.2)
Income tax expense  5,384  5,033 7.0  987  1,443 (31.6)
Net income  $ 11,022  $ 10,538 4.6  $ 2,130  $ 2,962 (28.1)
             
Basic and diluted earnings per share  $ 2.38  $ 2.40    $ 0.46  $ 0.64  
Cash dividends declared per share  1.25  1.00    0.50  0.25  
Average basic and diluted shares outstanding  4,640,912  4,382,843    4,643,695  4,638,042  
             
N/M – Not meaningful.            
               
Chemung Financial Corporation              
Consolidated Financial Highlights (Unaudited)              
            As of or for the
  As of or for the Three Months Ended Twelve Months Ended
  Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in thousands, except share and per share data) 2012 2012 2012 2012 2011 2012 2011
               
RESULTS OF OPERATIONS              
Interest income  $ 12,757  $ 13,015  $ 12,765  $ 13,540  $ 13,642  $ 52,077  $ 50,648
Interest expense 1,131 1,240 1,400 1,524 1,634 5,296 6,799
Net interest income 11,626 11,775 11,365 12,016 12,008 46,781 43,849
Provision for loan losses 74 225 52 477 125 828 958
Net interest income after provision for loan losses 11,552 11,550 11,313 11,539 11,883 45,953 42,891
Non-interest income 4,202 4,060 4,131 4,897 4,044 17,290 17,464
Non-interest expense 12,637 11,393 11,885 10,922 11,522 46,837 44,784
Income before income tax expense 3,117 4,217 3,559 5,514 4,405 16,406 15,571
Income tax expense 987 1,383 1,115 1,899 1,443 5,384 5,033
Net income  $ 2,130  $ 2,834  $ 2,444  $ 3,615  $ 2,962  $ 11,022  $ 10,538
Basic and diluted earnings per share  $ 0.46  $ 0.61  $ 0.53  $ 0.78  $ 0.64  $ 2.38  $ 2.40
Average basic and diluted shares outstanding 4,643,695 4,641,547 4,636,395 4,642,012 4,638,042 4,640,912 4,382,843
               
PERFORMANCE RATIOS              
Return on average assets 0.67% 0.89% 0.78% 1.18% 0.95% 0.88% 0.90%
Return on average equity 6.33% 8.53% 7.55% 11.34% 9.06% 8.41% 8.77%
Return on average tangible equity (a) 7.94% 10.76% 9.58% 14.47% 11.60% 10.63% 11.05%
Efficiency ratio 78.21% 70.16% 74.75% 62.85% 69.88% 71.32% 71.18%
Non-interest expense to average assets 3.98% 3.59% 3.82% 3.56% 3.68% 3.74% 3.81%
Loans to deposits 85.53% 80.91% 81.23% 77.31% 79.81% 85.53% 79.81%
               
YIELDS / RATES              
Yield on loans 5.02% 5.21% 5.39% 5.90% 5.85% 5.37% 5.83%
Yield on investments 2.23% 2.23% 2.13% 2.27% 2.22% 2.22% 2.22%
Yield on interest-earning assets 4.36% 4.46% 4.46% 4.83% 4.76% 4.53% 4.70%
Cost of interest-bearing deposits 0.37% 0.40% 0.44% 0.50% 0.54% 0.43% 0.60%
Cost of borrowings 2.74% 2.85% 3.02% 2.96% 2.84% 2.90% 3.01%
Cost of interest-bearing liabilities 0.55% 0.60% 0.67% 0.74% 0.77% 0.64% 0.85%
Interest rate spread 3.81% 3.86% 3.79% 4.09% 3.99% 3.89% 3.85%
Net interest margin 3.98% 4.04% 3.97% 4.28% 4.19% 4.07% 4.07%
               
CAPITAL              
Total equity to total assets at end of period 10.50% 10.32% 10.27% 10.27% 10.35% 10.50% 10.35%
Tangible equity to tangible assets at end of period (a) 8.53% 8.39% 8.29% 8.24% 8.23% 8.53% 8.23%
               
Book value per share  $ 28.20  $ 28.62  $ 28.11  $ 27.77  $ 27.14  $ 28.20  $ 27.14
Tangible book value per share 22.40 22.76 22.18 21.79 21.07 22.40 21.07
Period-end market value per share 29.89 23.77 25.50 25.40 22.70 29.89 22.70
Dividends declared per share 0.50 0.25 0.25 0.25 0.25 1.25 1.00
               
AVERAGE BALANCES              
Loans (b)  $ 888,515  $ 867,971  $ 823,754  $ 796,035  $ 795,450  $ 844,256  $ 740,950
Earning assets 1,162,788 1,160,479 1,150,073 1,128,047 1,138,120 1,150,409 1,078,418
Total assets 1,264,125 1,262,648 1,252,461 1,235,453 1,241,144 1,253,725 1,175,046
Deposits 1,059,463 1,055,510 1,037,576 1,018,035 1,017,116 1,042,727 965,183
Total equity 133,799 132,186 130,254 128,194 129,767 131,119 120,225
Tangible equity (a) 106,703 104,827 102,635 100,465 101,279 103,670 95,375
               
ASSET QUALITY              
Net charge-offs (recoveries)  $ 469  $ (210)  $ (58)  $ (23)  $ 143  $ 178  $ 797
Non-performing loans 10,516 13,260 15,009 15,077 20,915 10,516 20,915
Non-performing assets 11,081 14,194 15,979 16,057 21,813 11,081 21,813
Allowance for loan losses 10,433 10,828 10,392 10,283 9,659 10,433 9,659
               
Annualized net charge-offs to average loans 0.21% (0.10)% (0.03)% (0.01)% 0.07% 0.02% 0.11%
Non-performing loans to total loans 1.18% 1.51% 1.75% 1.88% 2.62% 1.18% 2.62%
Non-performing assets to total assets 0.89% 1.10% 1.26% 1.28% 1.79% 0.89% 1.79%
Allowance for loan losses to total loans 1.17% 1.24% 1.21% 1.28% 1.21% 1.17% 1.21%
Allowance for originated loans to originated loans (c) 1.18% 1.38% 1.38% 1.48% 1.47% 1.18% 1.47%
Allowance for loan losses to non-performing loans 99.21% 81.66% 69.24% 68.20% 46.18% 99.21% 46.18%
               
(a)  See the GAAP to Non-GAAP reconciliations.
(b)  Loans include loans held for sale. Loans do not reflect the allowance for loan losses.
(c)  Originated loans represent total loans excluding acquired loans.

Chemung Financial Corporation

GAAP to Non-GAAP Reconciliations (Unaudited)

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