Chemung Financial (CMHG) investor relations material

Executive summary

• Achieved record quarterly net income of $9.2 million ($1.91 per share) in Q1 2026, up 19% year-over-year and 19% sequentially.

• Strategic initiatives, including Western NY market expansion and 2025 balance sheet repositioning, drove results.

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

Financial highlights

• Net interest income rose 19% year-over-year to $23.6 million, driven by higher loan balances and lower deposit costs.

• Adjusted efficiency ratio improved to a historic low of 58.27%, down from 65.64% a year ago.

• Non-interest income increased 7% year-over-year to $6.3 million, led by wealth management and other fee income.

• Non-interest expense rose 3.2% year-over-year to $17.5 million, mainly from higher salaries and benefits.

• Provision for credit losses decreased to $0.6 million from $1.1 million a year ago.

• Return on average assets was 1.36% and return on average equity was 14.25%.

• Book value per share increased to $54.36; tangible book value per share to $49.85.

Outlook and guidance

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

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