ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) reported net income of $4.4 million, or 92 cents a share, in the first quarter, up 49 percent from $3 million, or 62 cents, in the year-ago period. Chemung Financial, parent company of Chemung Canal Trust Company, had a “great start” to 2018 with “strong” growth in year-over-year […]
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ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) reported net income of $4.4 million, or 92 cents a share, in the first quarter, up 49 percent from $3 million, or 62 cents, in the year-ago period.
Chemung Financial, parent company of Chemung Canal Trust Company, had a “great start” to 2018 with “strong” growth in year-over-year net income, which its commercial and indirect loan portfolios and improving margins continue to drive, according to Anders Tomson, CEO of Chemung Financial.
The banking company’s strong profit rise was led by a 13 percent increase in non-interest income, a 10 percent rise in net interest income, and a drop in NBT’s effective tax rate from 30 percent to 19.3 percent, following passage of the federal tax-cut bill.
In the earnings report, Tomson discussed Chemung Financial’s outlook.
“Due to the seasonality of our commercial and indirect consumer portfolios, we expect to see stronger growth in our loan portfolios during the next two quarters. We remain optimistic about the strength of the economy, however, the environment for deposits and commercial loans remains intensely competitive. We continue to assess our environment to meet the expectations of our clients, while tightly managing our cost of interest-bearing liabilities,”
Elmira–based Chemung Financial is a $1.7 billion financial-services holding company. It operates 34 branches through its Chemung Canal Trust unit. Founded in 1833, Chemung Canal Trust says it is the “oldest” locally-owned and managed community bank in New York. Chemung Financial is also parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., an insurance agency based in Nevada.