ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) recently reported net income of $5.7 million, or $1.18 a share, in the fourth quarter, compared to a net loss of $2.2 million, or 45 cents, in the year-ago period. The Elmira-based banking company’s net income for the full year of 2018 jumped nearly threefold to $19.6 million, or $4.06 […]
Get Instant Access to This Article
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
- Critical Central New York business news and analysis updated daily.
- Immediate access to all subscriber-only content on our website.
- Get a year's worth of the Print Edition of The Central New York Business Journal.
- Special Feature Publications such as the Book of Lists and Revitalize Greater Binghamton, Mohawk Valley, and Syracuse Magazines
Click here to purchase a paywall bypass link for this article.
ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) recently reported net income of $5.7 million, or $1.18 a share, in the fourth quarter, compared to a net loss of $2.2 million, or 45 cents, in the year-ago period.
The Elmira-based banking company’s net income for the full year of 2018 jumped nearly threefold to $19.6 million, or $4.06 per share, from $7.4 million, or $1.55 a share, in 2017. The results were led by growth in loans, net interest income, and fee income, coupled with a significant decrease in income-tax expense related to the Tax Cuts and Jobs Act of 2017.
“We are very pleased to report record earnings for 2018, which included a strong fourth quarter. Our results for the year are a direct reflection of our focused approach to managing interest rate sensitivity, liquidity, and efficiency while positioning the balance sheet for 2019,” Anders M. Tomson, Chemung Financial CEO, said in the banking company’s earnings report issued on Jan. 23.
Tomson expressed optimism about Chemung Financial’s prospects this year, which he indicated were buoyed by economic-development efforts in upstate New York.
“We are looking forward to the benefits of a stronger balance sheet and capital ratios that will provide us with the opportunity to support continued growth. We enter 2019 sharing the optimism of our clients, and business and municipal leaders of the communities we serve, and are encouraged by the economic development opportunities provided by the upstate New York revitalization initiatives that are in process in many of our markets.”
Chemung Financial is a $1.8 billion financial-services holding company that operates 34 branches through its main subsidiary, Chemung Canal Trust Company, a full-service community bank with 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 mutual funds, annuities, brokerage services, tax-preparation services, and insurance, as well as Chemung Risk Management, Inc., an insurance company based in Nevada.