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Chemung Financial Corp (CHMG-4.95%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets of $2.776 billion, an increase from $2.710 billion at the end of 2023. Total deposits decreased to $2.397 billion from $2.429 billion.
Net income for the year was reported at $23.671 million, down from $25 million in the previous year. Basic and diluted earnings per share were $4.96, compared to $5.28 in 2023.
Interest and dividend income increased to $127.564 million from $113.074 million, while interest expense rose to $53.505 million from $38.617 million. The net interest income slightly decreased to $74.059 million from $74.457 million.
The provision for credit losses was a credit of $46 thousand, a decrease from a provision of $3.262 million in 2023.
Non-interest income decreased to $23.230 million from $24.549 million, with wealth management group fee income increasing to $11.573 million.
Non-interest expenses rose to $67.250 million from $64.243 million, primarily due to higher salaries and wages and pension costs.
The allowance for credit losses on loans was $21.388 million, representing 1.03% of total loans, compared to 1.14% in 2023.
The company reported a decrease in non-performing loans to $8.954 million, representing 0.43% of total loans, down from 0.53% at the end of 2023.
Chemung Financial Corp's total shareholders' equity increased to $215.309 million from $195.241 million, with a book value per share of $45.13.
The filing also details various financial agreements and regulatory compliance, including capital adequacy and liquidity management strategies.
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 annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.