Net interest income grew 13.2% year-over-year to $25.7M in 2026Q3 and the efficiency ratio improved to 56.5%, but the quarter's earnings were lifted by a -$2.6M provision benefit that may not be repeatable.
Chemung Financial Corporation (CHMG) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 97.77M | 87.16M | 74.06M | 74.46M | 74.18M | 65.59M | 62.92M | 60.61M | 60.48M | 56.99M | 52.33M | 50.64M | 49.57M | 46.63M | 46.84M | 43.92M | 34.53M | 33.16M | 30.67M | 25.94M | 24.55M | 24.74M | 25.26M | 25.86M | 27.07M | 27.28M | 25.92M | 25.45M | 23.74M | 23.27M | 22.47M |
| NII Growth % | 71.03% | 17.69% | -0.53% | 0.37% | 13.1% | 4.24% | 3.81% | 0.22% | 6.13% | 8.9% | 3.33% | 2.17% | 6.3% | -0.45% | 6.67% | 27.18% | 4.15% | 8.11% | 18.24% | 5.66% | -0.77% | -2.06% | -2.35% | -4.45% | -0.78% | 5.24% | 1.86% | 7.2% | 2% | 3.59% | 2.83% |
| Net Interest Margin % | 3.43% | 3.22% | 2.67% | 2.75% | 2.8% | 2.71% | 2.76% | 3.39% | 3.45% | 3.33% | 3.16% | 3.13% | 3.27% | 3.16% | 3.75% | 3.61% | 3.6% | 3.4% | 3.66% | 3.29% | 3.33% | 3.45% | 3.5% | 3.46% | 3.6% | 3.76% | 3.83% | 3.9% | 3.81% | 4.24% | 4.22% |
| Interest Income | 138.81M | 132.84M | 127.56M | 113.07M | 81.47M | 69.01M | 66.91M | 66.93M | 64.55M | 60.05M | 56.17M | 54.24M | 53.21M | 50.66M | 52.08M | 50.65M | 42.75M | 44.49M | 45.44M | 43.88M | 39.62M | 35.96M | 36.2M | 38.7M | 44.16M | 48.97M | 47.98M | 44.18M | 41.41M | 39.37M | 37.51M |
| Interest Expense | 41.04M | 45.68M | 53.51M | 38.62M | 7.3M | 3.42M | 3.99M | 6.32M | 4.07M | 3.07M | 3.84M | 3.6M | 3.65M | 4.03M | 5.23M | 6.73M | 8.22M | 11.33M | 14.77M | 17.94M | 15.08M | 11.22M | 10.95M | 12.84M | 17.09M | 21.69M | 22.05M | 18.73M | 17.67M | 16.1M | 15.04M |
| Loan Loss Provision | -484K | 4.44M | -46K | 3.26M | -554K | 17K | 4.24M | 5.95M | 3.15M | 9.02M | 2.44M | 1.57M | 3.98M | 2.75M | 828K | 958.33K | 1.13M | 2.45M | 1.45M | 1.25M | 125K | 1.3M | 1.5M | 4.7M | 3.28M | 1.1M | 750K | 672.67K | 800K | 850.1K | 741.66K |
| Non-Interest Income | 2.47M | 7.11M | 22.05M | 23.5M | 20.43M | 22.83M | 19.95M | 19.29M | 22.21M | 19.8M | 20.48M | 19.75M | 25.95M | 16.83M | 16.4M | 16.92M | 19.5M | 17.95M | 17.94M | 16.63M | 14.31M | 13.01M | 14.27M | 13.35M | 10.38M | 10.35M | 10.03M | 9.41M | -14.72M | -14.96M | -14.62M |
| Non-Interest Income % | 2.46% | 7.54% | 22.94% | 23.99% | 21.6% | 25.82% | 24.08% | 24.14% | 26.86% | 25.78% | 28.13% | 28.06% | 34.36% | 26.52% | 25.93% | 27.82% | 36.09% | 35.13% | 36.91% | 39.07% | 36.83% | 34.47% | 36.1% | 34.04% | 27.72% | 27.51% | 27.9% | 26.98% | -163.27% | -179.81% | -186.32% |
| Total Net Revenue | 100.24M | 94.27M | 96.11M | 97.96M | 94.61M | 88.42M | 82.87M | 79.9M | 82.69M | 76.78M | 72.81M | 70.4M | 75.51M | 63.46M | 63.24M | 60.84M | 54.03M | 51.11M | 48.61M | 42.56M | 38.86M | 37.75M | 39.53M | 39.21M | 37.45M | 37.64M | 35.96M | 34.85M | 9.02M | 8.32M | 7.85M |
| Revenue Growth % | 12.31% | -1.92% | -1.89% | 3.54% | 7% | 6.7% | 3.72% | -3.38% | 7.69% | 5.46% | 3.43% | -6.78% | 18.99% | 0.34% | 3.95% | 12.6% | 5.72% | 5.14% | 14.2% | 9.54% | 2.93% | -4.49% | 0.8% | 4.7% | -0.5% | 4.68% | 3.16% | 286.54% | 8.4% | 6% | 7.49% |
| Non-Interest Expense | 73.22M | 69.89M | 66.07M | 63.2M | 58.28M | 54.65M | 54.76M | 54.91M | 55.9M | 53.07M | 55.94M | 54.73M | 59.67M | 48.15M | 46.01M | 44.31M | 37.7M | 41.56M | 34.77M | 30.52M | 29.52M | 27.32M | 25.48M | 25.02M | 25.41M | 24.05M | 22.46M | 21.63M | -2.47M | -3.06M | -2.32M |
| Efficiency Ratio | 73.05% | 74.14% | 68.74% | 64.51% | 61.6% | 61.8% | 66.08% | 68.72% | 67.6% | 69.12% | 76.83% | 77.75% | 79.01% | 75.88% | 72.75% | 72.83% | 69.77% | 81.33% | 71.53% | 71.7% | 75.98% | 72.36% | 64.47% | 63.81% | 67.84% | 63.91% | 62.46% | 62.06% | -27.35% | -36.74% | -29.55% |
| Operating Income | 27.5M | 19.94M | 30.09M | 31.5M | 36.89M | 33.76M | 23.87M | 19.04M | 23.64M | 14.69M | 14.43M | 14.09M | 11.87M | 12.55M | 16.41M | 15.57M | 15.21M | 7.09M | 12.39M | 10.79M | 9.21M | 9.14M | 12.54M | 9.49M | 8.76M | 12.48M | 12.75M | 12.55M | 10.68M | 10.52M | 9.42M |
| Operating Margin % | 27.44% | 21.15% | 31.3% | 32.16% | 38.99% | 38.18% | 28.8% | 23.83% | 28.58% | 19.13% | 19.82% | 20.02% | 15.71% | 19.78% | 25.94% | 25.59% | 28.15% | 13.88% | 25.49% | 25.35% | 23.7% | 24.2% | 31.74% | 24.2% | 23.39% | 33.17% | 35.46% | 36.01% | 118.48% | 126.52% | 120.1% |
| Operating Income Growth % | - | -33.73% | -4.5% | -14.61% | 9.27% | 41.44% | 25.34% | -19.43% | 60.87% | 1.81% | 2.41% | 18.75% | -5.47% | -23.49% | 5.37% | 2.39% | 114.38% | -42.74% | 14.82% | 17.15% | 0.81% | -27.17% | 32.17% | 8.32% | -29.82% | -2.07% | 1.58% | 17.48% | 1.51% | 11.67% | 11.38% |
| Pretax Income | 50.63M | 19.94M | 30.09M | 31.5M | 36.89M | 33.76M | 23.87M | 19.04M | 23.64M | 14.69M | 14.43M | 14.09M | 11.87M | 12.55M | 16.41M | 15.57M | 15.21M | 7.09M | 12.39M | 10.79M | 9.21M | 9.14M | 12.54M | 9.49M | 8.76M | 12.48M | 12.75M | 12.55M | 10.68M | 10.52M | 9.42M |
| Pretax Margin % | 50.51% | 21.15% | 31.3% | 32.16% | 38.99% | 38.18% | 28.8% | 23.83% | 28.58% | 19.13% | 19.82% | 20.02% | 15.71% | 19.78% | 25.94% | 25.59% | 28.15% | 13.88% | 25.49% | 25.35% | 23.7% | 24.2% | 31.74% | 24.2% | 23.39% | 33.17% | 35.46% | 36.01% | 118.48% | 126.52% | 120.1% |
| Income Tax | 12.18M | 4.83M | 6.41M | 6.5M | 8.11M | 7.33M | 4.61M | 3.43M | 4.01M | 7.26M | 4.4M | 4.66M | 3.71M | 3.82M | 5.38M | 5.03M | 5.11M | 1.86M | 4.03M | 3.53M | 2.62M | 2.55M | 3.81M | 2.54M | 2.22M | 3.99M | 3.99M | 4.16M | 3.39M | 3.67M | 3.27M |
| Effective Tax Rate % | 24.05% | 24.24% | 21.32% | 20.64% | 21.97% | 21.73% | 19.3% | 18.03% | 16.96% | 49.43% | 30.52% | 33.06% | 31.26% | 30.45% | 32.82% | 32.32% | 33.57% | 26.23% | 32.57% | 32.72% | 28.46% | 27.87% | 30.38% | 26.73% | 25.36% | 31.97% | 31.33% | 33.14% | 31.69% | 34.84% | 34.66% |
| Net Income | 38.46M | 15.1M | 23.67M | 25M | 28.78M | 26.43M | 19.26M | 15.61M | 19.63M | 7.43M | 10.03M | 9.43M | 8.16M | 8.73M | 11.02M | 10.54M | 10.1M | 5.23M | 8.35M | 7.26M | 6.59M | 6.59M | 8.73M | 6.95M | 6.54M | 8.49M | 8.76M | 8.39M | 7.3M | 6.86M | 6.16M |
| Net Margin % | 38.37% | 16.02% | 24.63% | 25.52% | 30.42% | 29.89% | 23.24% | 19.54% | 23.73% | 9.68% | 13.77% | 13.4% | 10.8% | 13.76% | 17.43% | 17.32% | 18.7% | 10.24% | 17.19% | 17.05% | 16.96% | 17.46% | 22.09% | 17.73% | 17.46% | 22.57% | 24.35% | 24.08% | 80.93% | 82.44% | 78.47% |
| Net Income Growth % | 189.65% | -36.19% | -5.32% | -13.14% | 8.92% | 37.19% | 23.4% | -20.47% | 164.15% | -25.9% | 6.3% | 15.64% | -6.57% | -20.79% | 4.6% | 4.31% | 93.05% | -37.36% | 15.08% | 10.18% | -0.01% | -24.54% | 25.59% | 6.32% | -23% | -2.99% | 4.33% | 15% | 6.42% | 11.36% | 9.92% |
| Net Income (Continuing) | 38.46M | 15.1M | 23.67M | 25M | 28.78M | 26.43M | 19.26M | 15.61M | 19.63M | 7.43M | 10.03M | 9.43M | 8.16M | 8.73M | 11.02M | 10.54M | 10.1M | 5.23M | 8.35M | 7.26M | 6.59M | 6.59M | 8.73M | 6.95M | 6.54M | 8.49M | 8.76M | 8.39M | 7.3M | 6.86M | 6.16M |
| EPS (Diluted) | 7.95 | 3.13 | 4.96 | 5.28 | 6.13 | 5.64 | 4.01 | 3.21 | 4.06 | 2.16 | 2.11 | 2.00 | 1.83 | 1.87 | 2.38 | 2.40 | 2.80 | 1.45 | 2.32 | 2.02 | 1.81 | 1.79 | 2.32 | 1.82 | 1.66 | 2.10 | 2.14 | 2.03 | 1.77 | 1.66 | 1.48 |
| EPS Growth % | 188.77% | -36.9% | -6.06% | -13.87% | 8.69% | 40.65% | 24.92% | -20.94% | 87.96% | 2.37% | 5.5% | 9.29% | -2.14% | -21.43% | -0.83% | -14.29% | 93.1% | -37.5% | 14.85% | 11.6% | 1.12% | -22.84% | 27.47% | 9.64% | -20.95% | -1.87% | 5.42% | 14.69% | 6.63% | 12.16% | 10.45% |
| EPS (Basic) | - | 3.13 | 4.96 | 5.28 | 6.13 | 5.64 | 4.01 | 3.21 | 4.06 | 2.16 | 2.11 | 2.00 | 1.83 | 1.87 | 2.38 | 2.40 | 2.80 | 1.45 | 2.32 | 2.02 | 1.81 | 1.79 | 2.32 | 1.82 | 1.66 | 2.10 | 2.14 | 2.03 | 1.77 | 1.66 | 1.48 |
| Diluted Shares Outstanding | 4.84M | 4.81M | 4.77M | 4.73M | 4.69M | 4.68M | 4.8M | 4.87M | 4.83M | 4.8M | 4.76M | 4.72M | 4.68M | 4.66M | 4.64M | 4.38M | 3.61M | 3.6M | 3.59M | 3.59M | 3.64M | 3.69M | 3.76M | 3.82M | 3.94M | 4.05M | 4.09M | 4.13M | 4.12M | 4.14M | 4.16M |
Quick answers to the most common questions about buying CHMG stock.
For fiscal year 2025, Chemung Financial Corporation (CHMG) reported total revenue of $94.3M. This represents a 1101.3% increase compared to $7.8M in 1996.
Chemung Financial Corporation (CHMG) is profitable, generating $15.1M in net income for the fiscal year ending 2025 with a net profit margin of 16.0%.
Chemung Financial Corporation (CHMG) reported an operating income of $19.9M, resulting in an operating profit margin of 21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Chemung Financial Corporation (CHMG) generated $89.8M in gross profit for the year, representing a gross profit margin of 95.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile non-interest income swings
Metrics are mathematically derived from official filings.
Net Interest Income Climbing Steadily Higher
Based on reported figures, CHMG's net interest income rose from $17.8M in 2024Q2 to $25.7M in 2026Q3, with year-over-year growth of 13.2% in the latest quarter, suggesting the core lending franchise is compounding well.
The sustained quarter-over-quarter expansion points to loan growth and a repricing benefit outpacing funding costs over the period. Investors should monitor whether deposit betas begin to rise, since that would compress the spread that has driven this trajectory.
Net Interest Margin Holding Near Sub-One Percent
As reported in financial statements, CHMG's net interest margin has hovered between 0.6% and 0.9% across the ten quarters, indicating a thin spread relative to larger regional peers.
A margin in this range suggests asset yields are only modestly above funding costs, leaving limited cushion against deposit competition. The improvement from 0.6% to 0.9% is notable but warrants further investigation to determine whether it reflects mix shift or temporary funding relief.
Efficiency Ratio Improving Despite Volatility
According to reported figures, CHMG's efficiency ratio moved from 68.4% in 2024Q4 to 56.5% in 2026Q3, with the 2026Q2 reading distorted by a sharp non-interest income loss.
The improvement in the efficiency ratio suggests revenue growth is outpacing non-interest expense, which is favorable operating leverage. However, the swing in the 2025Q2 and 2026Q2 quarters indicates that the ratio is heavily sensitive to lumpy non-interest items rather than underlying cost discipline alone.
Provision Expense Swings Into Net Recovery
Based on CHMG's reported figures, provision expense fell from about $1.1M per quarter in 2025 to a net benefit of -$2.6M in 2026Q3, a shift that materially flatters current earnings.
A negative provision implies reserve releases or recoveries that are not repeatable at the same magnitude, so the latest quarter's profitability likely overstates normalized credit costs. Investors should monitor whether reserve levels remain adequate if loan growth continues.
Fee Income Dependent on Volatile Items
As reported in financial statements, CHMG's non-interest income ranged from roughly $5.4M to $6.7M in most quarters, but collapsed to -$16.8M in 2026Q2, underscoring its earnings volatility.
Stable quarters suggest a recurring base of service and wealth fees, yet the large negative swings indicate exposure to securities or other non-recurring losses. The fee share of revenue should be read with caution because the negative quarters distort the ratio meaningfully.
Earnings Quality Questioned by Reserve Releases
Based on reported figures, CHMG's 2026Q3 net income of $12.7M benefited from a negative provision of -$2.6M, which may not be sustainable and could overstate underlying profitability.
The strongest bear case is that recent earnings rely on credit cost reversals and a recovery in non-interest income rather than durable spread growth. If provisions normalize upward and fee income reverts to its prior run rate, earnings per share could compress meaningfully from the latest reported $2.63.