Chemung Financial (CMHG) AGM 2024 summary

Opening remarks and agenda

• Welcomed shareholders and highlighted the company's long-standing community presence and commitment to customer and employee satisfaction.

• Outlined the meeting's agenda, including director elections, executive compensation, Say-on-Pay frequency, and auditor ratification.

Financial performance review

• Reported 2023 net income of $25 million ($5.28 per share), with total assets at $2.71 billion, loans at $2 billion, and deposits at $2.4 billion.

• Noted a decrease in earnings and returns (ROA 0.94%, ROE 14.11%) year-over-year, but results remained strong relative to peers.

• Shareholder return was 11.74% in 2023, with stock price increasing 28%.

• Wealth Management Group managed $2.2 billion in assets and contributed $10.46 million in fee income.

• Non-interest expense increased 8% due to inflation, but efficiency ratios remained favorable compared to peers.

Board and executive committee updates

• Recognized the board's support and introduced directors and executive team.

• Announced retirements of Pam Burns and Karl Krebs; Monica Redosh promoted to Director of HR, Dale McKim appointed CFO and Treasurer.