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.