ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG), parent company of Chemung Canal Trust Company, reported net income of $2.45 million, or 52 cents a share, in the third quarter, That’s an improvement from a net loss of $319,000, or 7 cents a share, in the year-ago period.
The Elmira–based banking company increased its net income by 2.1 percent, as deposits grew by more than 10 percent and commercial loans rose by over 7 percent.
Chemung Financial, with total assets of $1.63 billion, is a financial-services holding company operating 34 branch offices through its Chemung Canal Trust unit. Established in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state.
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