Chemung Financial reports Q2 net loss

Chemung Financial

17/07/2025 22:06

Overview

Chemung Financial Q2 net loss of $6.5 mln, compared to net income of $5 mln a year ago

Co issued $45 mln in subordinated debt, sold securities for balance sheet repositioning

Net interest income rose 5% qtr/qtr

Outlook

Company anticipates lower funding costs starting in Q3 2025

Company's strategic actions aim to strengthen regulatory capital position

Chemung Financial sees improved funding flexibility for loan growth

Result Drivers

BALANCE SHEET REPOSITIONING - Co issued subordinated debt and sold securities to strengthen regulatory capital and improve funding flexibility, per CEO Anders M. Tomson

LOAN GROWTH - Increased interest income on loans driven by higher average balances, particularly in commercial real estate

SECURITIES SALE IMPACT - Sale of securities resulted in a pre-tax loss, impacting non-interest income negatively

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Income
Miss
-$6.45 mln
$6.36 mln (1 Analyst)
Q2 Net Interest Income
$20.81 mln
Q2 Pretax Profit
Miss
-$8.81 mln
$8.07 mln (1 Analyst)
Q2 Basic EPS
-$1.35
Q2 Provision For Credit losses
$1.14 mln


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 $55.50, about 5.8% above its July 16 closing price of $52.27

Press Release: ID:nGNX8Yf478

(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.)