Chemung Financial Q1 net income hits record, up 53% yr/yr

Chemung Financial

17/04/2026 13:39

Overview

US regional bank's Q1 net income and EPS rose to record highs yr/yr

Net interest income for Q1 increased 19% from a year earlier

Company cites Western New York expansion and balance sheet repositioning as key drivers

Outlook

Company did not provide specific guidance for the current qtr or full yr

Result Drivers

WESTERN NEW YORK EXPANSION - Co said entrance into Western New York market significantly contributed to Q1 results, per CEO Anders Tomson

LOAN GROWTH - Annualized loan growth totaled 7.5%, led by commercial real estate loans in Capital Bank and Canal Bank divisions

LOWER DEPOSIT COSTS - Decrease in average cost and balances of interest-bearing deposits reduced interest expense

Company press release: ID:nGNXbVzBHP

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$1.91
$1.63 (2 Analysts)
Q1 Net Income
$9.2 mln
$7.87 mln (2 Analysts)
Q1 Net Interest Income
$23.58 mln
Q1 Provision For Credit losses
$601,000


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for Chemung Financial Corp is $66.25, about 11.7% above its April 16 closing price of $59.30

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)