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%.