Chemung Financial reports uptick in net income

Chemung Financial Corp. in Elmira reported a 4.2 percent increase in net income in the third quarter compared to the same period last year.

Net income for the third quarter was $2.3 million, or 48 cents per share, compared with $2.2 million, or 47 cents per share, for the same quarter in the prior year, according to an earnings report released late Thursday by Chemung Financial Corp.

However, net income for the nine months ended Sept. 30 was down year-over-year with $6.3 million, or $1.34 per share for the first nine months of this year, compared with $7.2 million, or $1.56 per share for the same period in the prior year.

"By channeling deposits from the branch offices acquired in late 2013 into loans, the loan portfolio increased $118.3 million, or 11.9 percent, from the beginning of the year," Ronald M. Bentley, president and CEO stated.

"The growth was driven by commercial loans in the Capital Region, along with an increase in indirect consumer loans, and contributed to the increase in net interest margin to 3.56 percent for the third quarter of 2014 from 3.51 percent for the preceding quarter. We expect to continue realizing benefits from the branch offices acquired in late 2013. We are also excited for the opening of our new Capital Bank headquarters and Wealth Management Group office in downtown Albany, scheduled for January 2015."

The dividend for the third quarter was 26 cents per share, the same as the third quarter in 2013.

The full earnings report is at chemungcanal.com under "Investor Relations."

Chemung Financial Corp. is the parent company of Chemung Canal Trust Co.