Chemung Financial Reports Record Earnings

ELMIRA, N.Y., Jan. 30, 2013 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq:CHMG), the parent company of Chemung Canal Trust Company, reported year-to-date and quarter ended December 31, 2012, net income and earnings per share. Highlights for the current year and quarter include:
  • Net income for the twelve months ended December 31, 2012, was $11.0 million, or $2.38 per share, compared with $10.5 million, or $2.40 per share, for the prior year, an increase of $0.5 million, or 4.6%. Net income for the fourth quarter of 2012 was $2.1 million, or $0.46 per share, compared with $3.0 million, or $0.64 per share, for the same quarter in the prior year.  
  • Net interest margin for the twelve months ended December 31, 2012, was 4.07%, level with the prior year. Net interest margin for the fourth quarter of 2012 was 3.98% compared with 4.04% for the preceding quarter and 4.19% for the fourth quarter in the prior year.  
  • Non-performing assets to total assets ratio declined to 0.89% at December 31, 2012, from 1.79% at December 31, 2011. Excluding $4.5 million in accruing loans that are 90 days or more past their stated maturity dates, the non-performing assets to total assets ratio was 0.53%.  
  • Capital remains strong as the tangible equity to tangible assets ratio was 8.53% at December 31, 2012, compared with 8.23% at December 31, 2011.

Ronald M. Bentley, President and CEO stated, "We set new financial performance records for Chemung Financial Corporation in 2012 while devoting much of our time and attention preparing for the future. We are pleased to report that the Capital Bank merger is delivering as promised and our other business units also performed well."

Mr. Bentley continued, "Credit quality remained strong as the level of both classified and nonperforming loans declined from year-earlier levels. Excluding some performing but past due construction loans acquired in connection with the Capital Bank merger, the ratio of total nonperforming assets to total assets at year end was 0.53%, a level attesting to our solid and stable credit quality and a ratio better than most of our peers."

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