Chemung Financial Corporation reported a net income of $9.2 million, or $1.91 per share, for the first quarter of 2026, marking a significant increase from the $6.0 million, or $1.26 per share, recorded in the same period last year. This 52.7% rise in net income was driven by a 19% increase in net interest income, which reached $23.6 million, up from $19.8 million in the prior year. The growth in net interest income was primarily attributed to a $3.4 million increase in interest income from loans, alongside a decrease of $1.9 million in interest expense on deposits. The return on average equity improved to 14.25% from 10.96% year-over-year.
The corporation's total assets increased to $2.75 billion as of March 31, 2026, up from $2.71 billion at the end of 2025. This growth was supported by a rise in total loans, which reached $2.31 billion, reflecting a $42.1 million increase from the previous quarter. The loan portfolio was bolstered by a $51.7 million increase in non-owner occupied commercial real estate loans, although there were declines in consumer loans and residential mortgages. The allowance for credit losses also saw a slight increase to $24.9 million, representing 1.08% of total loans, compared to $24.2 million at the end of 2025.
Chemung Financial's deposit base grew to $2.31 billion, a 1.9% increase from $2.27 billion at the end of the previous year. This growth was driven by increases in both non-interest-bearing and interest-bearing deposits, with notable seasonal inflows of municipal deposits. The corporation's strategy to attract deposits included promotional activities and the introduction of new product offerings. The total deposits included $641 million in non-interest-bearing demand deposits, which accounted for 27.7% of total deposits.
Looking ahead, Chemung Financial Corporation is focused on maintaining its growth trajectory while managing credit risk and interest rate exposure. The corporation has filed an application to convert from a New York chartered trust company to a national bank, which, if approved, would change its regulatory oversight. Management remains optimistic about the future, citing strong demand for commercial real estate lending and a commitment to enhancing its deposit base through strategic initiatives.
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.
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