Chemung Financial Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Records Net Charge-Offs for the Fourth Quarter of 2016
January 26, 2017 at 05:30 pm IST
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Chemung Financial Corporation reported earnings results for the fourth quarter and full year ended December 31, 2016. For the period, the company reported total interest and dividend income of $14,269,000 against total interest and dividend income of $13,896,000 a year ago. Net interest income of $52,329,000 against net interest income was $50,642,000 a year ago. Net interest income was $13,296,000 against net interest income of $12,962,000 a year ago. Income before income tax was $4,228,000 against income before income tax of $3,136,000 a year ago. Net income was $2,954,000 against net income of $2,129,000 a year ago. Basic and diluted earnings per share were $0.62 against basic and diluted earnings per share of $0.45 a year ago. Return on average assets of 0.69% against return on average assets of 0.52% a year ago. Return on average equity of 8.20% against return on average equity of 6.05% a year ago. Return on average tangible equity of 9.92% against return on average tangible equity of 7.42% a year ago. Book value per share was $30.07 against book value per share of $28.96 a year ago. Tangible book value per share was $24.89 against tangible book value per share of $23.53 a year ago.
For the period, the company reported total interest and dividend income of $56,168,000 against total interest and dividend income of $54,244,000 a year ago. Net interest income was $52,329,000 against net interest income of $50,642,000 a year ago. Net interest income was $49,892,000 against net interest income of $49,071,000 a year ago. Income before income tax was $14,431,000 against income before income tax of $14,091,000 a year ago. Net income was $10,027,000 against net income of $9,433,000 a year ago. Basic and diluted earnings per share were $2.11 against basic and diluted earnings per share of $2 a year ago. Return on average assets of 0.6% against return on average assets of 0.6% a year ago. Return on average equity of 7.02% against return on average equity of 6.84% a year ago. Return on average tangible equity of 8.52% against return on average tangible equity of 8.45% a year ago. Book value per share was $30.07 against book value per share of $28.96 a year ago. Tangible book value per share was $24.89 against tangible book value per share of $23.53 a year ago. Net interest income increase was due primarily to interest income from the loan portfolio, as the year-to-date average loan balance increased $52.6 million when compared to the preceding year.
Net charge-offs for the fourth quarter of 2016 were $1.5 million compared with $0.4 million for the same period in the prior year. The increase in the net charge-offs, compared to the same period in the prior year, can be attributed to the write-off of specifically reserved commercial loans.
Chemung Financial Corporation is a financial services holding company. The Company operates about 31 offices through its principal subsidiary, Chemung Canal Trust Company (the Bank), a full-service community bank. The Company is also the parent company of CFS Group, Inc., a financial services subsidiary offering non-traditional services, including mutual funds, annuities, brokerage services, tax preparation services and insurance. The Company, through the Bank and CFS, provides a range of financial services, including demand, savings and time deposits, commercial, residential and consumer loans, interest rate swaps, letters of credit, wealth management services, employee benefit plans, insurance products, mutual funds and brokerage services. Its core banking segment attracts deposits from the general public and uses such funds to originate consumer, commercial, commercial real estate, and other loans. Its WMG services segment offers trust and investment advisory services to clients.
Chemung Financial Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Records Net Charge-Offs for the Fourth Quarter of 2016