Chemung Financial Corp Q2 2024 10-Q Filing
Ticker: CHMG · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 763563
Sentiment: neutral
Topics: 10-Q, financials, banking, quarterly-report
Related Tickers: CHMG
TL;DR
**CHMG Q2 2024 10-Q filed. Financials and segment data released.**
AI Summary
Chemung Financial Corporation reported its second quarter 2024 results, ending June 30, 2024. The company's filing details its financial performance and operational segments, including wealth management services. Specific financial figures and comparative data from previous periods are provided within the report.
Why It Matters
This filing provides investors and analysts with a detailed look at Chemung Financial Corp's financial health and operational performance for the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not indicate any unusual or elevated risks.
Key Numbers
- 2024 Q2 — Reporting Period (Second quarter of 2024 financial results.)
- 12/31 2024 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)
Key Players & Entities
- CHEMUNG FINANCIAL CORP (company) — Filer
- 0000763563 (company) — Central Index Key
- NY (location) — State of Incorporation
- ELMIRA (location) — City
- 20240630 (date) — Period of Report
- 20240807 (date) — Filed as of Date
FAQ
What is the primary business of Chemung Financial Corp?
Chemung Financial Corp is primarily engaged in commercial banking, as indicated by its Standard Industrial Classification code [6022] for State Commercial Banks.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 7, 2024.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
Which segment of Chemung Financial Corp's business is specifically mentioned with date ranges?
The Wealth Management Group Services segment is mentioned with specific date ranges for reporting periods.
What is the state of incorporation for Chemung Financial Corp?
Chemung Financial Corp is incorporated in New York (NY).
Filing Stats: 4,711 words · 19 min read · ~16 pages · Grade level 19.7 · Accepted 2024-08-07 10:22:40
Key Financial Figures
- $0.01 — were 4,756,024 shares of Common Stock, $0.01 par value, outstanding. CHEMUNG FINAN
Filing Documents
- chmg-20240630.htm (10-Q) — 4841KB
- chmg10q06302024exh31-1.htm (EX-31.1) — 8KB
- chmg10q06302024exh31-2.htm (EX-31.2) — 8KB
- chmg10q06302024exh32-1.htm (EX-32.1) — 4KB
- chmg10q06302024exh32-2.htm (EX-32.2) — 4KB
- chmg-20240630_g1.jpg (GRAPHIC) — 163KB
- 0000763563-24-000074.txt ( ) — 20758KB
- chmg-20240630.xsd (EX-101.SCH) — 64KB
- chmg-20240630_cal.xml (EX-101.CAL) — 150KB
- chmg-20240630_def.xml (EX-101.DEF) — 470KB
- chmg-20240630_lab.xml (EX-101.LAB) — 903KB
- chmg-20240630_pre.xml (EX-101.PRE) — 711KB
- chmg-20240630_htm.xml (XML) — 5097KB
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 12 Notes to Unaudited Consolidated Financial Statements 14 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 46 Item 3:
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 81 Item 4:
Controls and Procedures
Controls and Procedures 83 PART II. OTHER INFORMATION Item 1:
Legal Proceedings
Legal Proceedings 84 Item 1A:
Risk Factors
Risk Factors 84 Item 2: Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchase of Equity Securities 84 Item 3: Defaults Upon Senior Securities 84 Item 4: Mine Safety Disclosures 84 Item 5: Other Information 84 Item 6: Exhibits 85
SIGNATURES
SIGNATURES 86 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 BTFP Bank Term Funding Program CAM Common Area Maintenance Charges CDARS Certificate of Deposit Account Registry Service 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 FFIEC Federal Financial Institutions Examination Council 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 IAS International Accounting Standards ICS Insured Cash Sweep Service 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 PD Probability of default 3 ROA Return