Chemung Financial (CMHG) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $9.2 million ($1.91 per share), up 52.7% year-over-year, with EPS rising from $1.26 in Q1 2025.

• Return on average equity rose to 14.25% from 10.96% year-over-year, and return on average assets increased to 1.36% from 0.88%.

• Growth was driven by higher net interest income, increased non-interest income, lower provision for credit losses, and strategic initiatives including Western NY expansion and 2025 balance sheet repositioning.

• Opened a new representative office in Buffalo to support Canal Bank division growth.

Financial highlights

• Net interest income increased 19.0% year-over-year to $23.6 million, driven by higher loan balances and improved yields.

• Non-interest income rose 7.3% to $6.3 million, led by wealth management and brokerage fee growth.

• Non-interest expense increased 3.2% to $17.5 million, mainly due to higher compensation costs.

• Provision for credit losses decreased to $0.6 million from $1.1 million, reflecting net recoveries and model recalibration.

• Book value per share rose to $54.36, and tangible book value per share to $49.85.

Outlook and guidance

• Management expects continued loan growth, especially in commercial real estate, and stable asset quality.

• The Bank filed to convert from a New York trust company to a national bank, pending regulatory approval.

• Capital ratios remain well above regulatory minimums, supporting future growth and dividend capacity.

• Management remains focused on consistent, durable performance and community support.

• Forward-looking statements highlight risks from economic, regulatory, and geopolitical factors.