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.
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