Chemung Financial Corporation (CHMG) has reported 38.75 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.95 million, or $0.62 a share in the quarter, compared with $2.13 million, or $0.45 a share for the same period last year. On an adjusted basis, net profit for the quarter was $2.95 million, when compared with $2.08 million in the last year period.
Revenue during the quarter went up marginally by 2.41 percent to $17.79 million from $17.37 million in the previous year period. Net interest income for the quarter rose 2.58 percent over the prior year period to $13.30 million. Non-interest income for the quarter fell 2.51 percent over the last year period to $4.90 million.
Chemung Financial Corp has made provision of $0.40 million for loan losses during the quarter, down 34.31 percent from $0.62 million in the same period last year.
Net interest margin contracted 9 basis points to 3.33 percent in the quarter from 3.42 percent in the last year period. Efficiency ratio for the quarter improved to 72.63 percent from 77.35 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Anders M. Tomson, Chemung Financial Corporation chief executive officer, Said "2016 was a strong year for our institution. The combination of organic growth and cost saving measures contributed to our strong growth in earnings of over six percent year-over-year. I am looking forward to my first year as CEO of Chemung Financial Corporation and continuing our focus on providing high quality services to our customers, engaging the communities we serve, and creating value for our shareholders."
Assets outpace liabilities growth
Total assets stood at $1,657.18 million as on Dec. 31, 2016, up 2.30 percent compared with $1,619.96 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,513.43 million as on Dec. 31, 2016, up 2.07 percent from $1,482.72 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,186.04 million as on Dec. 31, 2016, up 2.74 percent compared with $1,154.37 million on Dec. 31, 2015. Deposits stood at $1,456.34 million as on Dec. 31, 2016, up 4 percent compared with $1,400.30 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $417.81 million or 28.69 percent of total deposits on Dec. 31, 2016, compared with $402.24 million or 28.73 percent of total deposits on Dec. 31, 2015.
Investments stood at $308.88 million as on Dec. 31, 2016, down 11.77 percent or $41.21 million from year-ago. Shareholders equity stood at $143.75 million as on Dec. 31, 2016, up 4.74 percent or $6.51 million from year-ago.
Return on average assets moved up 17 basis points to 0.69 percent in the quarter from 0.52 percent in the last year period. At the same time, return on average equity increased 215 basis points to 8.20 percent in the quarter from 6.05 percent in the last year period.
Nonperforming assets moved down 9.67 percent or $1.33 million to $12.43 million on Dec. 31, 2016 from $13.76 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.75 percent in the quarter, down from 0.85 percent in the last year period.
Equity to assets ratio was 8.67 percent for the quarter, up from 8.47 percent for the previous year quarter. Book value per share was $30.07 for the quarter, up 3.83 percent or $1.11 compared to $28.96 for the same period last year.
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