This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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."

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,280.38 +14.39 0.08%
S&P 500 2,013.49 +2.13 0.11%
NASDAQ 4,584.3560 -9.0690 -0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs