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Chemung Financial profit rose in Q4, fell for full year

ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) on Thursday reported net income of $4.9 million, or $1.04 per share, in the fourth quarter, up from $1.5 million, or 32 cents a share, in the year-earlier period.

For all of 2014, Chemung Financial reported net income of $8.6 million, or $1.83 a share, down slightly from $8.7 million, or $1.87 per share, in 2013.

Non-recurring items affected both current and prior-period results, the banking company said.


After adjusting for one-time income and expenses, earnings per share would have been 21 cents in the fourth quarter, down from 37 cents in the year-prior quarter.

Adjusting the full year for non-recurring items, earnings per share would have been $1.50 in 2014, down from $1.96 in 2013.

“While our financial results for the year were clouded by several significant non-recurring events, our core earnings were basically on target,” Ronald Bentley, president and CEO of Chemung Financial Corp., contended in the earnings report. ”Our earnings performance was powered by double-digit loan growth, stable core deposits, higher revenue in our Wealth Management Group, higher interchange (debit card) income and disciplined expense control.”

Chemung Financial’s loans rose to more than $1.12 billion at the end of 2014, up nearly 13 percent from $996 million in loans at the end of 2013, it said.

The banking company reported its earnings after the close of trading Friday. Chemung Financial’s share price fell 2.8 percent to $27.22 on Friday. Year to date, the stock is down 1.6 percent.

Chemung Financial is a $1.5 billion financial-services holding company headquartered in Elmira. It operates 34 branches through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers.

Established in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state. Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services, and insurance. CFS Group was founded in 2001.


New Capital Bank HQ

Capital Bank, a division of Chemung Canal Trust, has officially opened its new regional headquarters in Albany near the New York State Capitol building.

That’s according to a news release Chemung Canal Trust distributed on Jan. 20.

The office is the first completed tenant of Wellington Row, a redevelopment project considered a “significant” part of the downtown Albany revitalization effort, the banking company said.

Chemung Canal Trust acquired Capital Bank in 2011. Capital Bank was founded in 1995. It has five branches in the Albany area.


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