Chemung Financial Corp. Q3 2024: Assets Hit $7.2B
Ticker: CHMG · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 763563
Sentiment: neutral
Topics: financials, earnings, quarterly-report, banking
Related Tickers: CHMG
TL;DR
Chemung Financial (CHMG) Q3 assets $7.2B, net income $63.2M YTD. Solid.
AI Summary
Chemung Financial Corp. reported its Q3 2024 results, with total assets reaching $7.2 billion as of September 30, 2024. Net income for the nine months ended September 30, 2024, was $63.2 million. The company's fiscal year ends on December 31st, and this 10-Q filing covers the period up to September 30, 2024.
Why It Matters
This filing provides insight into the financial health and performance of Chemung Financial Corp., a commercial bank, which can impact its customers, investors, and the local economy.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report for a publicly traded company and does not indicate any immediate or unusual risks.
Key Numbers
- $7.2B — Total Assets (As of September 30, 2024)
- $63.2M — Net Income (YTD) (For the nine months ended September 30, 2024)
Key Players & Entities
- Chemung Financial Corp. (company) — Filer
- 7.2 billion (dollar_amount) — Total assets as of September 30, 2024
- 63.2 million (dollar_amount) — Net income for the nine months ended September 30, 2024
- September 30, 2024 (date) — Reporting period end date
- December 31 (date) — Fiscal year end
FAQ
What were Chemung Financial Corp.'s total assets as of September 30, 2024?
As of September 30, 2024, Chemung Financial Corp.'s total assets were $7.2 billion.
What was the net income for Chemung Financial Corp. for the nine months ended September 30, 2024?
The net income for the nine months ended September 30, 2024, was $63.2 million.
What is the fiscal year end for Chemung Financial Corp.?
Chemung Financial Corp.'s fiscal year ends on December 31.
What is the primary business of Chemung Financial Corp. according to the filing?
Chemung Financial Corp. is classified under 'State Commercial Banks' with SIC code 6022.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 7, 2024.
Filing Stats: 4,671 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-07 10:49:08
Key Financial Figures
- $0.01 — were 4,758,567 shares of Common Stock, $0.01 par value, outstanding. CHEMUNG FINAN
Filing Documents
- chmg-20240930.htm (10-Q) — 4866KB
- chmg10q09302024exh31-1.htm (EX-31.1) — 8KB
- chmg10q09302024exh31-2.htm (EX-31.2) — 8KB
- chmg10q09302024exh32-1.htm (EX-32.1) — 4KB
- chmg10q09302024exh32-2.htm (EX-32.2) — 4KB
- chmg-20240930_g1.jpg (GRAPHIC) — 163KB
- 0000763563-24-000079.txt ( ) — 20843KB
- chmg-20240930.xsd (EX-101.SCH) — 65KB
- chmg-20240930_cal.xml (EX-101.CAL) — 150KB
- chmg-20240930_def.xml (EX-101.DEF) — 479KB
- chmg-20240930_lab.xml (EX-101.LAB) — 909KB
- chmg-20240930_pre.xml (EX-101.PRE) — 720KB
- chmg-20240930_htm.xml (XML) — 5094KB
Financial Statements – Unaudited
Financial Statements – Unaudited Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Consolidated Statements of Comprehensive Income (Loss) 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 47 Item 3:
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 82 Item 4:
Controls and Procedures
Controls and Procedures 84 PART II. OTHER INFORMATION Item 1:
Legal Proceedings
Legal Proceedings 85 Item 1A:
Risk Factors
Risk Factors 85 Item 2: Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchase of Equity Securities 85 Item 3: Defaults Upon Senior Securities 85 Item 4: Mine Safety Disclosures 85 Item 5: Other Information 85 Item 6: Exhibits 86
SIGNATURES
SIGNATURES 87 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