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Last $28.30 USD
Change Today 0.00 / 0.00%
Volume 1.9K
As of 8:10 PM 03/31/15 All times are local (Market data is delayed by at least 15 minutes).

chemung financial corp (CHMG) Snapshot

Open
$28.29
Previous Close
$28.30
Day High
$28.30
Day Low
$28.25
52 Week High
06/10/14 - $31.20
52 Week Low
02/4/15 - $26.60
Market Cap
131.5M
Average Volume 10 Days
3.0K
EPS TTM
$2.43
Shares Outstanding
4.6M
EX-Date
03/13/15
P/E TM
11.7x
Dividend
$1.04
Dividend Yield
3.67%
Current Stock Chart for CHEMUNG FINANCIAL CORP (CHMG)

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chemung financial corp (CHMG) Details

Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company and CFS Group, Inc., which provides various banking, financing, fiduciary, and other financial services primarily in New York. It operates in two segments, Core Banking and Wealth Management Services. The company’s deposit products include demand, savings, and time deposits; non-interest- and interest-bearing checking accounts; and insured money market accounts. Its loan portfolio comprises commercial and agricultural loans primarily consisting of loans to small to mid-sized businesses; commercial mortgage loans; residential mortgage loans; and consumer loans, including home equity lines of credit and home equity loans, as well as letters of credit. In addition, the company provides wealth management services comprising services as executor and trustee under wills and agreements; and guardian, custodian, trustee, and agent for pension, profit-sharing, and other employee benefit trusts, as well as various investment, pension, estate planning, and employee benefit administrative services. Further, it offers mutual funds, securities and insurance brokerage, tax preparation, and other services. The company operates through 34 branch offices located in 11 counties in New York and Bradford County in Pennsylvania, as well as operates 10 off-site automated teller facilities. Chemung Financial Corporation was founded in 1833 and is based in Elmira, New York.

393 Employees
Last Reported Date: 03/13/15
Founded in 1833

chemung financial corp (CHMG) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $557.5K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $36.9K
President of Capital Bank Division
Total Annual Compensation: $274.4K
Chief Administrative & Risk Officer, Executiv...
Total Annual Compensation: $220.6K
Executive Vice President and Executive Vice P...
Total Annual Compensation: $202.9K
Compensation as of Fiscal Year 2013.

chemung financial corp (CHMG) Key Developments

Chemung Financial Approves Quarterly Dividend, Payable on April 1, 2015

Chemung Financial Corporation announced that its board of directors has approved a quarterly cash dividend of $0.26 per share, payable on April 1, 2015 to common stock shareholders of record as of the close of business on March 17, 2015.

Chemung Financial Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014

Chemung Financial Corporation reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the year, total interest and dividend income was $53,213,000 against $50,663,000 for the same period of last year. Net interest income was $49,568,000 against $46,631,000 for the same period of last year. Income before income tax expense was $12,519,000 against $12,553,000 for the same period of last year. Net income was $8,559,000 against $8,731,000 for the same period of last year. Basic and diluted earnings per share were $1.83 against $1.87 for the same period of last year. Return on average assets was 0.57% against 0.67% for the same period of last year. Return on average equity was 6.03% against 6.50% for the same period of last year. Core net income was $7.0 million, or $1.50 per share, compared with $9.1 million, or $1.96 per share, for the year ended December 31, 2014. The current year core net income excluded the pre-tax net gain on securities transactions of $6.9 million, the $4.3 million accrual for legal settlement during the third quarter of 2014, regarding two legal proceedings involving the Bank's Wealth Management Group, and $0.1 million in acquisition expenses. The prior year core net income excluded pre-tax acquisition expenses of $1.4 million and the $0.5 million gain from bargain purchase related to the acquisition of branch offices. The decline in core net income was due primarily to increases of $8.1 million in non-interest expense and $0.6 million in provision for loan losses, partially offset by increases of $2.9 million in net interest income and $2.3 million in non-interest income, and a reduction of $1.4 million in income taxes. Core return on average assets and core return on average equity for the year ended December 31, 2014 were 0.47% and 4.94%, respectively, compared with 0.70% and 6.79%, respectively, for the prior year. For the quarter, total interest and dividend income was $13,922,000 against $13,073,000 for the same period of last year. Net interest income was $13,034,000 against $12,070,000 for the same period of last year. Income before income tax expense was $7,645,000 against $1,828,000 for the same period of last year. Net income was $4,884,000 against $1,485,000 for the same period of last year. Basic and diluted earnings per share were $1.04 against $0.32 for the same period of last year. Return on average assets was 1.27% against 0.42% for the same period of last year. Return on average equity was 13.66% against 4.33% for the same period of last year. Core net income was $1.0 million, or $0.21 per share, compared with $1.7 million, or $0.37 per share, for the same period in the prior year. Core net income for the fourth quarter of 2014 excluded pre-tax security gains of $6.4 million, while the fourth quarter of 2013 excluded pre-tax acquisition expenses of $1.2 million and the $0.5 million gain from bargain purchase related to the acquisition of branch offices. The decrease in core net income was due primarily to an increase of $2.5 million in non-interest expense, partially offset by increases in net interest income and non-interest income of $0.9 million and $0.3 million, respectively. Core return on average assets and core return on average equity for the fourth quarter of 2014 were 0.25% and 2.73%, respectively, compared with 0.49% and 5.09%, respectively, for the same period in the prior year. Book value per share was $25.52 at December 31, 2014 compared with $29.67 at December 31, 2013. Tangible book value per share was $22.80 at December 31, 2014 compared with $23.63 at December 31, 2013. Net charge-offs for the fourth quarter of 2014 were $1.1 million compared with $0.1 million for the same period a year ago. The net charge-offs for the current quarter were due primarily to an acquired purchase-credit-impaired commercial loan.

Chemung Financial Corporation Approves Amendment to Bylaws

On December 17, 2014, the Board of Directors of Chemung Financial Corporation approved an amendment to Article III, Section 3 of the Bylaws decreasing the number of board members from fifteen to fourteen.

 

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Industry Analysis

CHMG

Industry Average

Valuation CHMG Industry Range
Price/Earnings 16.2x
Price/Sales 1.8x
Price/Book 1.0x
Price/Cash Flow 16.1x
TEV/Sales 0.3x
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