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Chemung Financial Reports Record Earnings

The table below shows computations of tangible equity and tangible assets and certain related ratios, all of which are considered to be non-GAAP financial measures. The tangible equity to tangible assets ratio has become a focus of some investors and management believes this ratio may assist in analyzing the Corporation's capital position, absent the effects of intangible assets. These non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of results reported under GAAP. Because not all companies use identical calculations, the non-GAAP measures presented in the following table may not be comparable to those reported by other companies.

            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 per share data) 2012 2012 2012 2012 2011 2012 2011
               
TANGIBLE EQUITY AND TANGIBLE ASSETS              
(PERIOD END)              
Total shareholders' equity (GAAP)  $ 131,115  $ 132,880  $ 130,209  $ 128,829  $ 125,930  $ 131,115  $ 125,930
Less: intangible assets (26,968) (27,206) (27,466) (27,730) (28,175) (26,968) (28,175)
Tangible equity (non-GAAP)  $ 104,147  $ 105,674  $ 102,743  $ 101,099  $ 97,755  $ 104,147  $ 97,755
               
Total assets (GAAP)  $ 1,248,160  $ 1,286,980  $ 1,267,459  $ 1,254,495  $ 1,216,260  $ 1,248,160  $ 1,216,260
Less: intangible assets (26,968) (27,206) (27,466) (27,730) (28,175) (26,968) (28,175)
Tangible assets (non-GAAP)  $ 1,221,192  $ 1,259,774  $ 1,239,993  $ 1,226,765  $ 1,188,085  $ 1,221,192  $ 1,188,085
               
Total equity to total assets at end of period (GAAP) 10.50% 10.32% 10.27% 10.27% 10.35% 10.50% 10.35%
Book value per share (GAAP)  $ 28.20  $ 28.62  $ 28.11  $ 27.77  $ 27.14  $ 28.20  $ 27.14
               
Tangible equity to tangible assets at end of period (non-GAAP) 8.53% 8.39% 8.29% 8.24% 8.23% 8.53% 8.23%
Tangible book value per share (non-GAAP)  $ 22.40  $ 22.76  $ 22.18  $ 21.79  $ 21.07  $ 22.40  $ 21.07
               
TANGIBLE EQUITY AND TANGIBLE ASSETS              
(AVERAGE)              
Total shareholders' equity (GAAP)  $ 133,799  $ 132,186  $ 130,254  $ 128,194  $ 129,767  $ 131,119  $ 120,225
Less: intangible assets (27,096) (27,359) (27,619) (27,729) (28,488) (27,449) (24,850)
Tangible equity (non-GAAP)  $ 106,703  $ 104,827  $ 102,635  $ 100,465  $ 101,279  $ 103,670  $ 95,375
               
Return on average equity (GAAP) 6.33% 8.53% 7.55% 11.34% 9.06% 8.41% 8.77%
               
Return on average tangible equity (non-GAAP) 7.94% 10.76% 9.58% 14.47% 11.60% 10.63% 11.05%
CONTACT: Mark A. Severson, EVP and CFO
         Phone:  607-737-3714

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