Chemung Financial (NASDAQ:CHMG) Full Year 2024 Results

Key Financial Results

• Revenue: US$97.3m (up 1.7% from FY 2023).
• Net income: US$23.7m (down 5.3% from FY 2023).
• Profit margin: 24% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses.
• EPS: US$4.96 (down from US$5.28 in FY 2023).

CHMG Banking Performance Indicators

• Net interest margin (NIM): 2.76% (down from 2.85% in FY 2023).
• Cost-to-income ratio: 68.9% (up from 66.2% in FY 2023).
• Non-performing loans: 0.43% (down from 0.53% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Chemung Financial Revenues Beat Expectations

Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) was mostly in line with analyst estimates.

The primary driver behind last 12 months revenue was the Core Banking segment contributing a total revenue of US$84.7m (87% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$55.6m (75% of total expenses). Explore how CHMG's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US.

The company's shares are down 2.3% from a week ago.

Balance Sheet Analysis

While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We've done some analysis and you can see our take on Chemung Financial's balance sheet.

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