ELMIRA — Chemung Financial Corp., parent company of Chemung Canal Trust Co., reported that its first-quarter net income fell 33 percent to $2.4 million, or 52 cents a share, from $3.6 million, or 78 cents, in the year-ago period as both net interest and noninterest income fell.
Low interest rates helped squeeze net interest margin at Chemung Financial (NASDAQ: CHMG) down to 4.07 percent in the latest quarter from 4.29 percent in the first quarter of 2012.
“We are pleased that our financial performance remains strong despite the expected pressure on our net interest margin due to record low interest rates,” Ronald M. Bentley, president and CEO, said in a news release.
(Sponsored)
Ask the Expert: How Registered Apprenticeship Can Solve Employers’ Workforce Challenges
In today’s competitive labor market, employers face growing challenges: finding skilled workers, retaining top talent, and preparing for rapid technological change. Traditional hiring methods alone aren’t keeping up. That’s where
Important Tax Law Changes To Be Aware Of
Effective planning for your construction business not only includes understanding the items that impact your operations but also the results that taxation on your profits will have on your net
Contact Rombel at arombel@cnybj.com
