Chemung Financial (CHMG) Tops Q2 EPS by 78c

Chemung Financial (NASDAQ: CHMG) reported Q2 EPS of $1.20, $0.78 better than the analyst estimate of $0.42.

Second Quarter Highlights1:

• Total Assets increased to $2.1 billion, the first time over $2.0 billion in the Company's history
• Net interest income included $985 thousand in Paycheck Protection Program ("PPP") fees and increased $528 thousand from the prior quarter, to $15.6 million for the second quarter of 2020, the highest in the Company's history
• Total shareholders’ equity increased $12.0 million, or 6.55%
• Tangible book value per share increased from $32.74 to $35.86, or 9.53% 2
• Book value per share increased from $37.35 to $40.51, or 8.46%
• Return on Average Assets in the second quarter increased to 1.15% from 0.55% in the previous quarter
• Average interest earning assets increased $215.5 million to $1.931 billion for the second quarter of 2020 when compared to average interest earning assets for the first quarter of 2020
• Loans, net of deferred fees, increased $188.8 million, or 14.42%

“Our results in the second quarter reflected increased net interest income and a continued focus on expense management,” according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. “Throughout the quarter, we processed a significant number of loans through the Small Business Administration’s Paycheck Protection Program to help support businesses and their employees in our communities. We were also able to assist our retail customers by waiving certain deposit fees and modifying or deferring loans. The positive results we achieved are due in large part to the dedication and flexibility of our employees as we navigated the COVID-19 pandemic throughout the second quarter,” Tomson added.

For earnings history and earnings-related data on Chemung Financial (CHMG) click here.

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