Chemung Financial Q2 net interest income rises on commercial loan growth

Chemung Financial Corporation

Chemung Financial Corporation

CHMG

0.00


Overview

  • US regional bank's Q2 net income rose yr/yr as net interest income increased 18.8%

  • Company saw strong commercial loan growth and higher non-interest income in Q2

  • Non-interest expense rose 8.4% yr/yr, driven by higher salaries and other costs


Outlook

  • Company did not provide specific guidance for the current quarter or full year


Result Drivers

  • COMMERCIAL LOAN GROWTH - Net interest income rose as commercial loan balances increased, especially in non-owner occupied commercial real estate and construction loans, mainly in Canal Bank and Capital Bank divisions

  • LOWER FUNDING COSTS - Funding costs declined due to reduced reliance on higher-cost brokered and time deposits, following balance sheet repositioning

  • NON-INTEREST INCOME IMPROVEMENT - Higher wealth management fees and increased fair value of equity investments contributed to non-interest income growth, reflecting improved financial markets


Company press release: ID:nGNX518g7V


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Net Income

Beat

$8.81 mln

$8.52 mln (2 Analysts)

Q2 Net Interest Income

$24.67 mln

Q2 Provision For Credit losses

$561,000


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 $72.75, about 5.2% below its July 21 closing price of $76.74

  • The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 7 three months ago


Reuters Recommended Reads

  • July 22 - Parke Bancorp Q2 net interest income rises on higher loan yields

  • July 21 - TrustCo Bank Q2 net interest income rises driven by loan repricing

  • July 21 - KeyCorp Q2 net interest income rises on lower deposit costs


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


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