ELMIRA, N.Y. (AP/WETM) – Chemung Financial Corp. (CHMG) on Monday reported third-quarter net income of $5.7 million.
The bank, based in Elmira, New York, said it had earnings of $1.19 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The financial holding company posted revenue of $22.1 million in the period. Its revenue net of interest expense was $21.2 million, also beating Street forecasts.
Chemung Financial shares have fallen 19% since the beginning of the year. In the final minutes of trading on Monday, shares hit $34.45, a drop of 20% in the last 12 months.
“We are pleased to report another strong quarter with third quarter earnings of $1.19 per share,” according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. “Third quarter results included a 4.8% increase in net interest income and a 1.2% reduction in non-interest expenses, when compared to the third quarter of last year. Our efficiency ratio continued to improve throughout the year as did our non-interest expense to average assets ratio reinforcing our continued focus on expense management. We have remained committed to supporting our clients as they navigate these uncertain times, pivoting to assist as they begin the SBA’s loan forgiveness application process. As we look toward the end of this unique and unprecedented year for our country and our communities, we are secure in the knowledge that our company is well-positioned from a capital and liquidity perspective to provide the necessary stability to our customers and communities as they work toward renewal and recovery,” Tomson added.