Chemung Financial Corporation reported its financial results for the first quarter of 2025, revealing a net income of $6.0 million, or $1.26 per share, a decrease from $7.1 million, or $1.48 per share, in the same period last year. The decline in net income was primarily attributed to an increase in the provision for credit losses, which rose to $1.1 million from a credit of $2.0 million in the prior year, alongside a rise in non-interest expenses. However, net interest income increased by 9.6% to $19.8 million, driven by a reduction in interest expenses on deposits and borrowed funds, despite a slight decrease in interest income from taxable securities.
Total assets for Chemung Financial Corporation increased to $2.8 billion as of March 31, 2025, up from $2.8 billion at the end of 2024. The growth in assets was supported by a rise in cash and cash equivalents, which increased by 13.6% to $53.4 million. The loan portfolio also saw a modest increase of 1.3%, totaling $2.1 billion, with notable growth in commercial mortgages, which rose by $43.3 million. The allowance for credit losses increased to $22.5 million, reflecting management's adjustments based on updated economic forecasts and loss drivers.
In terms of operational metrics, total deposits rose by 1.5% to $2.4 billion, with significant contributions from interest-bearing demand deposits and money market accounts. The Corporation's capital position remained strong, with total shareholders' equity increasing to $228.3 million, up from $215.3 million at the end of 2024. The increase was primarily due to retained earnings and a decrease in accumulated other comprehensive loss, reflecting favorable changes in the fair market value of the available-for-sale securities portfolio.
Looking ahead, Chemung Financial Corporation remains focused on maintaining its capital adequacy and liquidity while navigating the evolving economic landscape. The management anticipates that ongoing adjustments to the allowance for credit losses will be necessary as economic conditions fluctuate. The Corporation's strategic initiatives include enhancing its deposit base and expanding its lending portfolio, particularly in commercial real estate, to support future growth.
About CHEMUNG FINANCIAL CORP
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