Trade Chemung - CHMG CFD

Chemung Company profile

About Chemung Financial Corp.

Chemung Financial Corporation is a bank holding company. The Company, through its subsidiaries, Chemung Canal Trust Company (the Bank) and CFS Group, Inc. (CFS), provides a range of banking, financing, fiduciary and other financial services to its clients. The Company manages its operations through two segments: core banking and Wealth Management Group (WMG). The core banking segment receives deposits from the general public and uses, such funds to originate consumer, commercial, commercial real estate and residential mortgage loans, mainly in its local markets and to invest in securities. The WMG services segment provides trust and investment advisory services to clients. The Company's financial services include 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.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Chemung Financial Corp. interest income increased 3% to $69M. Net interest income after loan loss provision increased 4% to $65.6M. Net income increased 37% to $26.4M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income benefited from Other operating expenses decrease of 19% to $5.3M (expense).

Equity composition

.Common Stock $.01 Par, 12/10, 10M auth., 4,300,134 issd., less 749,880 shs. in Treas. @ $20.1M. Insiders control approx. 23.82%.