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Chemung Financial Corp (CHMG+0.76%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net interest income to $18.4 million from $18.0 million in the same quarter the previous year. This increase is attributed to higher interest income on loans and interest-earning deposits.
Interest expense for the quarter rose to $13.9 million from $11.0 million in the previous year, primarily due to increased costs on deposits and borrowed funds.
The company reported a net income of $5.7 million for the quarter, down from $7.6 million in the previous year. The decline is attributed to decreased non-interest income and increased non-interest expenses.
Non-interest income decreased to $5.9 million from $7.8 million, with a significant reduction in other non-interest income due to the previous year's recognition of the employee retention tax credit.
Non-interest expenses increased to $16.5 million from $15.7 million, driven by higher compensation expenses and other operating costs.
Net charge-offs for the quarter were $0.1 million, down from $0.4 million in the previous year, primarily in the consumer indirect auto portfolio.
The company's total assets increased to $2.77 billion from $2.71 billion as of December 31, 2023, with loan growth primarily in commercial mortgages and commercial and industrial loans.
Total deposits rose to $2.45 billion, with increases in customer time deposits and interest-bearing demand deposits.
The allowance for credit losses decreased to $21.4 million from $22.5 million, reflecting updates to the bank's CECL model and changes in economic forecasts.
The filing also details the company's financial condition, including an increase in shareholders' equity to $220.7 million, attributed to net income and an improvement in the fair market value of available-for-sale securities.
Chemung Financial Corp continues to focus on its core banking and wealth management operations, with assets under management or administration increasing to $2.316 billion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chemung Financial Corp quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.