Chemung Financial Corporation reported its financial results for the third quarter of 2025, revealing a net income of $7.8 million, or $1.62 per share, a significant increase from $5.7 million, or $1.19 per share, in the same period last year. The rise in net income was primarily driven by a 23.4% increase in net interest income, which reached $22.7 million, compared to $18.4 million in the prior year. This increase was attributed to higher interest income from loans and a decrease in interest expense on deposits. For the nine months ended September 30, 2025, net income was $7.4 million, down from $17.8 million in the same period of 2024, largely due to a $17.5 million loss on the sale of securities.
The company’s total assets decreased to $2.7 billion as of September 30, 2025, down from $2.8 billion at the end of 2024. This decline was primarily due to a significant reduction in the investment securities portfolio, which fell by 46.7% to $290.3 million, largely as a result of the strategic sale of available-for-sale securities. In contrast, the loan portfolio increased by 6.3% to $2.2 billion, driven by growth in commercial real estate and home equity loans. The allowance for credit losses also rose to $23.6 million, reflecting the impact of loan growth and updated economic forecasts.
Chemung Financial's deposits totaled $2.36 billion, a decrease of 1.6% from the previous year, primarily due to the elimination of brokered deposits, which were paid off during the third quarter. However, customer deposits increased, with notable growth in money market and interest-bearing demand deposits. The company’s capital position improved, with total shareholders' equity rising to $245.3 million, up 13.9% from the end of 2024, driven by retained earnings and a decrease in accumulated other comprehensive loss.
Looking ahead, Chemung Financial remains focused on managing its balance sheet effectively, particularly in light of the recent strategic decisions regarding its securities portfolio. The company plans to continue leveraging its strong capital position to support growth initiatives while maintaining a conservative approach to credit risk management. The outlook for the remainder of 2025 will depend on economic conditions, interest rate fluctuations, and the performance of its loan portfolio, particularly in the commercial real estate sector.
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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