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Chemung Financial Reports First Quarter 2013 Earnings

ELMIRA, N.Y., April 25, 2013 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq:CHMG), the parent company of Chemung Canal Trust Company, reported quarter ended March 31, 2013, net income and earnings per share. Highlights for the current quarter include:
  • Net income for the three months ended March 31, 2013 was $2.4 million, or $0.52 per share, compared with $3.6 million, or $0.78 per share, for the same period in the prior year, a decrease of $1.2 million, or 33.3%.
  • Net interest margin for the three months ended March 31, 2013 was 4.07%, down from 4.29% for the same period in the prior year.
  • Non-performing assets to total assets ratio was 1.36% at March 31, 2013 compared with 1.32% at December 31, 2012. Excluding $6.3 million in accruing troubled debt restructurings and $3.2 million in accruing loans past due 90 days or more, the adjusted non-performing assets to total assets ratio was 0.61%.
  • Capital remains strong as the tangible equity to tangible assets ratio was 8.47% at March 31, 2013, compared with 8.53% at December 31, 2012 and 8.24% at March 31, 2012.
  • Dividends declared during the quarter ended March 31, 2013 were $0.26 per share compared with $0.25 per share for the prior year, an increase of 4.0%.

Ronald M. Bentley, President and CEO stated, "We are pleased that our financial performance remains strong despite the expected pressure on our net interest margin due to record low interest rates." Mr. Bentley continued, "Even though our level of non-performing assets has increased slightly from a year earlier, the ratio of non-performing assets to total assets, net of accruing troubled debt restructurings and accruing loans past due 90 days or more, continues to be a strong credit quality ratio at 0.61% versus 0.78% a year earlier."

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