Chemung Financial Corp Files 10-Q for Q1 2024

TL;DR

<b>Chemung Financial Corp has submitted its Q1 2024 10-Q filing, detailing financial performance and operational segments.</b>

AI Summary

CHEMUNG FINANCIAL CORP (CHMG) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Chemung Financial Corp filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. Key segments include Wealth Management Group Services, Service Charges on Deposits, and Interchange Revenue. The filing references various accounting standards updates and financial statement line items.

Why It Matters

For investors and stakeholders tracking CHEMUNG FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for Chemung Financial Corp, crucial for assessing performance and making investment decisions. Understanding the details within this report, such as segment revenues and financial health indicators, is essential for evaluating the company's current standing and future prospects.

Risk Assessment

Risk Level: low — CHEMUNG FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify trends in revenue, profitability, and asset management.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 6022 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)
• NY — State of Incorporation (STATE OF INCORPORATION)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 001-35741 — SEC File Number (SEC FILE NUMBER)
• 24924925 — Film Number (FILM NUMBER)

Key Players & Entities

• Chemung Financial Corp (company) — FILER
• NY (location) — STATE OF INCORPORATION
• NY (location) — STATE
• 14902 (location) — ZIP
• 6077373711 (phone) — BUSINESS PHONE
• CHMG (ticker) — ticker symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-08 (date) — FILED AS OF DATE

FAQ

Industry Context

Chemung Financial Corp operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a publicly traded company, Chemung Financial Corp is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze revenue streams from Wealth Management, Service Charges on Deposits, and Interchange Revenue.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to prior periods.
3. Review any disclosed risk factors or management discussions for insights into operational challenges or strategic initiatives.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Fiscal Year End

The last day of a company's fiscal year. (Helps in understanding the timing of annual financial reporting and tax cycles.)

Year-Over-Year Comparison

This filing represents the first quarterly report for 2024, providing updated financial information compared to the previous fiscal year's filings.

Key Financial Figures

• $0.01 — were 4,752,375 shares of Common Stock, $0.01 par value, outstanding. CHEMUNG FINAN

Filing Documents

• chmg-20240331.htm (10-Q) — 3730KB
• chmg10q03312024exh31-1.htm (EX-31.1) — 8KB
• chmg10q03312024exh31-2.htm (EX-31.2) — 8KB
• chmg10q03312024exh32-1.htm (EX-32.1) — 4KB
• chmg10q03312024exh32-2.htm (EX-32.2) — 4KB
• chmg-20240331_g1.jpg (GRAPHIC) — 163KB
• 0000763563-24-000060.txt (&nbsp;) — 16853KB
• chmg-20240331.xsd (EX-101.SCH) — 59KB
• chmg-20240331_cal.xml (EX-101.CAL) — 147KB
• chmg-20240331_def.xml (EX-101.DEF) — 410KB
• chmg-20240331_lab.xml (EX-101.LAB) — 857KB
• chmg-20240331_pre.xml (EX-101.PRE) — 640KB
• chmg-20240331_htm.xml (XML) — 3855KB

Financial Statements – Unaudited

Financial Statements – Unaudited Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Consolidated Statements of Comprehensive Income 9 Consolidated Statements of Shareholders' Equity 10 Consolidated Statements of Cash Flows 11 Notes to Unaudited Consolidated Financial Statements 13 Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 4:

Controls and Procedures

Controls and Procedures 69 PART II. OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 70 Item 1A:

Risk Factors

Risk Factors 70 Item 2: Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchase of Equity Securities 70 Item 3: Defaults Upon Senior Securities 70 Item 4: Mine Safety Disclosures 70 Item 5: Other Information 70 Item 6: Exhibits 71

SIGNATURES

SIGNATURES 72 EXHIBIT INDEX 2 GLOSSARY OF ABBREVIATIONS AND TERMS To assist the reader the Corporation has provided the following list of commonly used abbreviations and terms included in the Notes to the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations. Abbreviations ACL Allowance for Credit Losses AFS Available for sale securities ALCO Asset-Liability Committee AOCI Accumulated Other Comprehensive Income ASC Accounting Standards Codification ASU Accounting Standards Update Bank Chemung Canal Trust Company Basel III The Third Basel Accord of the Basel Committee on Banking Supervision Board of Directors Board of Directors of Chemung Financial Corporation BOLI Bank Owned Life Insurance BTFP Bank Term Funding Program CAM Common Area Maintenance Charges CDARS Certificate of Deposit Account Registry Service CDO Collateralized Debt Obligation CECL Current expected credit loss CFS CFS Group, Inc. Corporation Chemung Financial Corporation CRM Chemung Risk Management, Inc. Dodd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act EPS Earnings per share Exchange Act Securities Exchange Act of 1934 FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FHLBNY Federal Home Loan Bank of New York FOMC Federal Open Market Committee FRB Board of Governors of the Federal Reserve System FRBNY Federal Reserve Bank of New York Freddie Mac Federal Home Loan Mortgage Corporation GAAP U.S. Generally Accepted Accounting Principles HTM Held to maturity securities ICS Insured Cash Sweep Service IFRS International Financial Reporting Standards LGD Loss given default MD&A Management's Discussion and Analysis of Financial Condition and Results of Operations NAICS North American Industry Classification System N/M Not meaningful OPEB Other postemployment benefits OREO Other real estate owned 3 PD Probability of

View Full Filing

View this 10-Q filing on SEC EDGAR