Quarterly ResultMay 7, 2026, 12:03 PM
Chemung Financial Q1 Net Income $9.2M, EPS $1.91, up 52.7%
AI Summary
Chemung Financial reported a significant increase in net income and EPS for Q1 2026. Net income rose to $9.2 million, a 52.7% increase year-over-year, with basic and diluted EPS reaching $1.91. This growth was primarily driven by a strong 19.0% increase in net interest income and a substantial decrease in the provision for credit losses. The company also saw an increase in total assets and deposits quarter-over-quarter.
Key Highlights
- Net income for Q1 2026 increased 52.7% to $9.199 million from $6.023 million in Q1 2025.
- Basic and diluted EPS rose 51.6% to $1.91 in Q1 2026 from $1.26 in Q1 2025.
- Net interest income grew 19.0% to $23.584 million in Q1 2026 from $19.817 million in Q1 2025.
- Provision for credit losses decreased 45.0% to $601 thousand in Q1 2026 from $1.092 million in Q1 2025.
- Total non-interest income increased 7.3% to $6.320 million in Q1 2026.
- Total assets increased 1.4% to $2.749 billion at March 31, 2026, from $2.710 billion at December 31, 2025.
- Total deposits increased 1.9% to $2.314 billion at March 31, 2026, from $2.271 billion at December 31, 2025.
- Loans, net, increased 1.8% to $2.287 billion at March 31, 2026, from $2.245 billion at December 31, 2025.
Price Impact
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