**Chemung Financial Corporation Reports Fiscal Year 2025 Results**
Chemung Financial Corporation (CHMG), a financial holding company headquartered in Elmira, New York, reported net income of $15.1 million, or $3.14 per share, for the fiscal year ended December 31, 2025. This represents a decrease of $8.6 million compared to the net income of $23.7 million, or $4.96 per share, reported for the previous fiscal year. The company's return on average equity (ROAE) also decreased to 6.40% from 11.53% in 2024. The decline in net income was attributed to a decrease in non-interest income, as well as increases in non-interest expense and the provision for credit losses, which were partially offset by an increase in net interest income and a decrease in income tax expense.
The company's net interest income increased by $13.1 million to $87.2 million in 2025, compared to $74.1 million in 2024. This growth was driven by a decrease in interest expense on deposits and increases in interest income on loans and interest-earning deposits, which were partially offset by a decrease in interest and dividend income on taxable securities. The fully taxable equivalent net interest margin increased to 3.26% from 2.76% in the prior year. However, non-interest income decreased significantly by $15.3 million to $7.9 million, primarily due to a $17.5 million loss on securities sales transactions. Non-interest expense increased by $3.5 million to $70.7 million, mainly due to higher compensation expenses.
During the year, Chemung Financial Corporation strategically repositioned its balance sheet. In June 2025, the company issued $45.0 million in ten-year subordinated notes at a fixed rate of 7.75%. Subsequently, the company sold available-for-sale securities with a book value of $244.8 million, resulting in a pre-tax loss of $17.5 million. Proceeds from these sales were used to pay off $155.0 million in wholesale funding liabilities. Additionally, the company completed the sale of a previous branch property in Ithaca, New York, recognizing a gain of $0.6 million.
As of December 31, 2025, total assets stood at $2.71 billion, a decrease of $65.9 million from the previous year. Total loans, net of deferred origination fees and costs, increased to $2.27 billion, while total deposits decreased to $2.27 billion. The company's wealth management group reported $2.338 billion in assets under management or administration. The company's common equity Tier 1 capital ratio was 13.67%, exceeding the regulatory requirement to be considered well capitalized. The company's stock repurchase program remains active, with 200,816 shares still authorized for repurchase as of March 1, 2026.
About CHEMUNG FINANCIAL CORP
Chemung Financial Corporation is a New York-based bank holding company operating through its subsidiary, Chemung Canal Trust Company, a community bank offering commercial, residential, and consumer loans, deposit products, and wealth management services. Serving primarily New York and Pennsylvania markets, it emphasizes relationship banking, prudent lending, and stable, low-cost deposit funding. The company’s business model combines traditional community banking with diversified financial services, including brokerage, insurance, and trust administration.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.