CHEMUNG FINANCIAL CORP [CHMG] Filings

10-Q 1 chmg-20240930.htm 10-Q chmg-20240930

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarterly period ended September 30, 2024

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-35741

CHEMUNG FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

New York

16-1237038

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

One Chemung Canal Plaza, Elmira, NY

14901

(Address of principal executive offices)

(Zip Code)

(607) 737-3711 or (800) 836-3711

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common stock, par value $.01 per share

CHMG

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Non-accelerated filer

☐

Accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒

As of November 1, 2024, there were 4,758,567 shares of Common Stock, $0.01 par value, outstanding.

CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES

INDEX


		PAGE
	Glossary of Abbreviations and Terms	3

PART I.	FINANCIAL INFORMATION

Item 1:	Financial Statements – Unaudited

	Consolidated Balance Sheets	7
	Consolidated Statements of Income	8
	Consolidated Statements of Comprehensive Income (Loss)	9
	Consolidated Statements of Shareholders’ Equity	10
	Consolidated Statements of Cash Flows	12

	Notes to Unaudited Consolidated Financial Statements	14

Item 2:	Management's Discussion and Analysis of Financial Condition and Results of Operations	47

Item 3:	Quantitative and Qualitative Disclosures About Market Risk	82

Item 4:	Controls and Procedures	84

PART II.	OTHER INFORMATION

Item 1:	Legal Proceedings	85

Item 1A:	Risk Factors	85

Item 2:	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchase of Equity Securities	85

Item 3:	Defaults Upon Senior Securities	85

Item 4:	Mine Safety Disclosures	85

Item 5:	Other Information	85

Item 6:	Exhibits	86

SIGNATURES		87

EXHIBIT INDEX

GLOSSARY OF ABBREVIATIONS AND TERMS

To assist the reader the Corporation has provided the following list of commonly used abbreviations and terms included in the Notes to the Unaudited Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Abbreviations


ACL			Allowance for Credit Losses
AFS			Available for sale securities
ALCO			Asset-Liability Committee
AOCI			Accumulated Other Comprehensive Income
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
Bank			Chemung Canal Trust Company
Basel III			The Third Basel Accord of the Basel Committee on Banking Supervision
Board of Directors			Board of Directors of Chemung Financial Corporation
BTFP			Bank Term Funding Program
CAM			Common Area Maintenance Charges
CDARS			Certificate of Deposit Account Registry Service
CECL			Current expected credit loss
CFS			CFS Group, Inc.
Corporation			Chemung Financial Corporation
CRM			Chemung Risk Management, Inc.
Dodd-Frank Act			The Dodd-Frank Wall Street Reform and Consumer Protection Act
EPS			Earnings per share
Exchange Act			Securities Exchange Act of 1934
FASB			Financial Accounting Standards Board
FDIC			Federal Deposit Insurance Corporation
FFIEC			Federal Financial Institutions Examination Council
FHLBNY			Federal Home Loan Bank of New York
FOMC			Federal Open Market Committee
FRB			Board of Governors of the Federal Reserve System
FRBNY			Federal Reserve Bank of New York
Freddie Mac			Federal Home Loan Mortgage Corporation
GAAP			U.S. Generally Accepted Accounting Principles
HTM			Held to maturity securities
IAS			International Accounting Standards
ICS			Insured Cash Sweep Service
LGD			Loss given default
MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations
NAICS			North American Industry Classification System
N/M			Not meaningful
OPEB			Other postemployment benefits
OREO			Other real estate owned
PD			Probability of default


ROA			Return on average assets
ROE			Return on average equity
RWA			Risk-weighted assets
SBA			Small Business Administration
SEC			Securities and Exchange Commission
Securities Act			Securities Act of 1933
WMG			Wealth Management Group

Terms


Allowance for Credit Losses			Replaces the Allowance for Loan and Lease Losses as the contra asset account used to represent the lifetime amount the Corporation anticipates will be unrecoverable from its assets. The ACL conforms to the CECL requirements as outlined in ASU 2016-13, and was implemented by the Corporation on January 1, 2023.
Allowance for credit losses to total loans			Represents period-end allowance for credit losses divided by retained loans.
Assets under administration			Represents assets that are beneficially owned by clients and all investment decisions pertaining to these assets are also made by clients.
Assets under management			Represents assets that are managed on behalf of clients.
Basel I			A set of international banking regulations, which set out the minimum capital requirements of financial institutions with the goal of minimizing credit risk. The primary focus was on credit risk by creating a bank asset classification system.
Basel III			A comprehensive set of reform measures designed to improve the regulation, supervision, and risk management within the banking sector. The reforms require banks to maintain proper leverage ratios and meet certain capital requirements.
Benefit obligation			Refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for OPEB plans.
Brokered deposits			Refers to deposits obtained from or through the mediation or assistance of a deposit broker.
Canal Bank			Division of Chemung Canal Trust Company located in the “Western Region” of New York State, including Erie County.
Capital Bank			Division of Chemung Canal Trust Company located in the “Capital Region” of New York State and includes the counties of Albany, Saratoga, and Schenectady.
Captive insurance company			A company that provides risk-mitigation services for its parent company.
CDARS			Product involving a network of financial institutions that exchange certificates of deposits among members in order to ensure FDIC insurance coverage on customer deposits above the single institution limit. Using a sophisticated matching system, funds are exchanged on a dollar-for-dollar basis, so that the equivalent of an original deposit comes back to the originating institution.
Collateralized debt obligation			A structured financial product that pools together cash flow-generating assets, such as mortgages, bonds, and loans.
Collateralized mortgage obligations			A type of mortgage-backed security with principal repayments organized according to their maturities and into different classes based on risk. The mortgages serve as collateral and are organized into classes based on their risk profile.
Common Area Maintenance (CAM)			Expenses associated with shared-space maintenance of leased premises.
Dodd-Frank Act			The Dodd-Frank Act was enacted on July 21, 2010 and significantly changed the bank regulatory landscape and has impacted and will continue to impact the lending, deposit, investment, trading, and operating activities of financial institutions and their holding companies. The Dodd-Frank Act requires various federal agencies to adopt a broad range of new rules and regulations, and to prepare various studies and reports for Congress.
Employee Retention Tax Credit			The Employee Retention Tax Credit is a refundable payroll tax credit available to eligible employers as defined by the CARES Act of 2020, and amended by the Consolidated Appropriations Act of 2021 and American Rescue Plan Act of 2021.
Fully taxable equivalent basis			Income from tax-exempt loans and investment securities that have been increased by an amount equivalent to the taxes that would have been paid if this income were taxable at statutory rates; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.


GAAP			Accounting principles generally accepted in the United States of America.
Holding company			Consists of the operations for Chemung Financial Corporation (parent only).
ICS			Product involving a network of financial institutions that exchange interest-bearing money market deposits among members in order to ensure FDIC insurance coverage on customer deposits above the single institution limit. Using a sophisticated matching system, funds are exchanged on a dollar-for-dollar basis, so that the equivalent of an original deposit comes back to the originating institution.
Loans held for sale			Residential real estate loans originated for sale on the secondary market with maturities from 15-30 years.
Long term lease obligation			An obligation extending beyond the current year, which is related to a long term finance lease that is considered to have the economic characteristics of asset ownership.
MasterCard			Payment card services vendor.
Mortgage-backed securities			A type of asset-backed security that is secured by a collection of mortgages.
Municipal clients			A political unit, such as a city, town, or village, incorporated for local self-government.
N/A			Data is not applicable or available for the period presented.
N/M			Not meaningful.
Non-GAAP			A calculation not made according to GAAP.
Obligations of state and political subdivisions			An obligation that is guaranteed by the full faith and credit of a state or political subdivision that has the power to tax.
Obligations of U.S. Government			A federally guaranteed obligation backed by the full power of the U.S. government, including Treasury bills, Treasury notes and Treasury bonds.
Obligations of U.S. Government sponsored enterprises			Obligations of agencies originally established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress; these obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
OREO			Represents real property owned by the Corporation, which is not directly related to its business and is most frequently the result of a foreclosure on real property.

Political subdivision			A county, city, town, or other municipal corporation, a public authority, or a publicly-owned entity that is an instrumentality of a state or a municipal corporation.
Pre-provision profit/(loss)			Represents total net revenue less non-interest expense, before income tax expense (benefit). The Corporation believes that this financial measure is useful in assessing the ability of a bank to generate income in excess of its provision for credit losses.
Regulatory Relief Act			The Economic Growth, Regulatory Relief and Consumer Protection Act was enacted on May 24, 2018 and provides certain limited amendments to the Dodd-Frank Act, as well as certain targeted modifications to other post-financial crisis regulatory requirements. In addition, the legislation establishes new consumer protections and amends various securities and investment company-related requirements.
Risk-Weighted Assets (RWA)			Risk-weighted assets consist of on and off balance sheet assets that are assigned to one of several broad risk categories and weighted by factors representing their risk and potential for default. On-balance sheet assets are risk-weighted based on the perceived credit risk associated with the obligor or counterparty, the nature of any collateral, and the guarantor, if any. Off-balance sheet assets such as lending-related commitments, guarantees, derivatives and other applicable off-balance sheet positions are risk-weighted by multiplying the contractual amount by the appropriate credit conversion factor to determine the on-balance sheet credit equivalent amount, which is then risk-weighted based on the same factors used for on-balance sheet assets. Risk-weighted assets also incorporate a measure for market risk related to applicable trading assets-debt and equity instruments. The resulting risk-weighted values for each of the risk categories are then aggregated to determine total risk-weighted assets.
SBA loan pools			Business loans partially guaranteed by the SBA.
Securities sold under agreements to repurchase			Sale of securities together with an agreement for the seller to buy back the securities at a later date.
Trust preferred securities			A hybrid security with characteristics of both subordinated debt and preferred stock which allows for early redemption by the issuer, makes fixed or variable payments, and matures at face value.


Unaudited			Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.
WMG			Provides services as executor and trustee under wills and agreements, and guardian, custodian, trustee and agent for pension, profit-sharing and other employee benefit trusts, as well as various investment, financial planning, pension, estate planning and employee benefit administration services.

CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in thousands, except share and per share data)	September 30, 2024		December 31, 2023
ASSETS
Cash and due from financial institutions	$	36,247	$	22,247
Interest-earning deposits in other financial institutions	44,193		14,600
Total cash and cash equivalents	80,440		36,847

Equity investments, at estimated fair value	3,244		3,046
Securities available for sale, at estimated fair value (amortized cost of $624,955, at September 30, 2024 and $669,092 at December 31, 2023, net of allowance for credit losses of $0 at September 30, 2024 and December 31, 2023, respectively)	554,575		583,993
Securities held to maturity, (estimated fair value of $657 at September 30, 2024 and $785 at December 31, 2023, net of allowance for credit losses of $0 at September 30, 2024 and December 31, 2023, respectively)	657		785
FHLBNY and FRBNY stock, at cost	4,189		5,498

Loans, net of deferred loan fees	2,028,954		1,972,664
Allowance for credit losses	(21,441)		(22,517)
Loans, net	2,007,513		1,950,147


Premises and equipment, net	14,915		14,571
Operating lease right-of-use assets	5,637		5,648
Goodwill	21,824		21,824

Bank-owned life insurance	2,943		2,914
Interest rate swap assets	19,715		23,942
Accrued interest receivable and other assets	58,563		61,314

Total assets	$	2,774,215	$	2,710,529

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non interest-bearing	$	616,126	$	653,166
Interest-bearing	1,834,995		1,776,261
Total deposits	2,451,121		2,429,427

Overnight and short-term advances	50,000		31,920


Long term finance lease obligation	3,757		3,050
Operating lease liabilities	5,820		5,827
Dividends payable	—		1,469
Interest rate swap liabilities	19,742		23,981
Accrued interest payable and other liabilities	23,121		19,614
Total liabilities	2,553,561		2,515,288

Shareholders' equity:
Common stock, $0.01 par value per share, 10,000,000 shares authorized; 5,310,076 issued at September 30, 2024 and December 31, 2023	53		53
Additional paid-in capital	48,457		47,773
Retained earnings	243,266		229,930
Treasury stock, at cost; 553,499 shares at September 30, 2024 and 572,663 shares at December 31, 2023	(15,987)		(16,502)
Accumulated other comprehensive loss	(55,135)		(66,013)
Total shareholders' equity	220,654		195,241

Total liabilities and shareholders' equity	$	2,774,215	$	2,710,529

See accompanying notes to unaudited consolidated financial statements.

CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Interest and dividend income:
Loans, including fees	$	28,611	$	25,033	$	83,323	$	71,113
Taxable securities	3,060		3,537		9,868		10,750
Tax exempt securities	250		258		762		778
Interest-earning deposits	441		187		1,014		400
Total interest and dividend income	32,362		29,015		94,967		83,041
Interest expense:
Deposits	13,005		10,721		37,861		24,577

Borrowed funds	969		277		2,868		1,905
Total interest expense	13,974		10,998		40,729		26,482
Net interest income	18,388		18,017		54,238		56,559
Provision (credit) for credit losses	564		449		(597)		962
Net interest income after provision for credit losses	17,824		17,568		54,835		55,597

Non-interest income:
WMG fee income	2,991		2,533		8,554		7,716
Service charges on deposit accounts	1,016		1,018		2,929		2,918
Interchange revenue from debit card transactions	1,123		1,141		3,327		3,468

Changes in fair value of equity investments	118		(68)		233		(99)
Net gains on sales of loans held for sale	91		67		162		90
Net gains (losses) on sales of other real estate owned	(19)		—		(22)		14
Income from bank-owned life insurance	10		11		29		32
Other	589		3,106		1,962		4,539
Total non-interest income	5,919		7,808		17,174		18,678

Non-interest expense:
Salaries and wages	7,168		6,542		21,007		20,029
Pension and other employee benefits	1,627		1,979		5,787		5,467
Other components of net periodic pension and postretirement benefits	(227)		(174)		(691)		(522)
Net occupancy	1,422		1,337		4,360		4,242
Furniture and equipment	402		353		1,197		1,232
Data processing	2,567		2,480		7,437		7,334
Professional services	522		554		1,639		1,596


Marketing and advertising	210		218		943		720
Other real estate owned	55		10		116		49
FDIC insurance	524		525		1,617		1,608
Loan expense	353		249		808		789

Other	1,887		1,595		5,207		4,873
Total non-interest expense	16,510		15,668		49,427		47,417
Income before income tax expense	7,233		9,708		22,582		26,858
Income tax expense	1,513		2,060		4,825		5,660
Net income	$	5,720	$	7,648	$	17,757	$	21,198

Weighted average shares outstanding	4,773		4,736		4,769		4,729
Basic and diluted earnings per share	$	1.19	$	1.61	$	3.72	$	4.48

See accompanying notes to unaudited consolidated financial statements.

CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Net income	$	5,720	$	7,648	$	17,757	$	21,198
Other comprehensive income (loss):
Unrealized holding gains (losses) on securities available for sale	20,014		(18,893)		14,719		(18,224)


Tax effect	5,243		(4,952)		3,856		(4,776)
Net of tax amount	14,771		(13,941)		10,863		(13,448)

Change in funded status of defined benefit pension plan and other benefit plans:


Reclassification adjustment for amortization of net actuarial loss	7		12		21		36
Total before tax effect	7		12		21		36
Tax effect	2		4		6		10
Net of tax amount	5		8		15		26

Total other comprehensive income (loss)	14,776		(13,933)		10,878		(13,422)

Comprehensive income (loss)	$	20,496	$	(6,285)	$	28,635	$	7,776

See accompanying notes to unaudited consolidated financial statements.

CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(UNAUDITED)


(in thousands, except share and per share data)	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total
Balances at June 30, 2023	$	53	$	47,740	$	221,412	$	(17,033)	$	(74,746)	$	177,426



Net income	—		—		7,648		—		—		7,648
Other comprehensive loss	—		—		—		—		(13,933)		(13,933)
Restricted stock awards	—		289		—		—		—		289
Restricted stock units for directors' deferred compensation plan	—		5		—		—		—		5
Distribution of 2,981 shares of treasury stock grants for employee restricted stock awards	—		(86)		—		86		—		—
Cash dividends declared ($0.31 per share)	—		—		(1,464)		—		—		(1,464)




Sale of 2,359 shares of treasury stock (a)	—		26		—		67		—		93

Balances at September 30, 2023	$	53	$	47,974	$	227,596	$	(16,880)	$	(88,679)	$	170,064


Balances at June 30, 2024	$	53	$	48,102	$	239,021	$	(16,043)	$	(69,911)	$	201,222



Net income	—		—		5,720		—		—		5,720
Other comprehensive income	—		—		—		—		14,776		14,776
Restricted stock awards	—		309		—		—		—		309
Restricted stock units for directors' deferred compensation plan	—		5		—		—		—		5

Cash dividends declared ($0.31 per share)	—		—		(1,475)		—		—		(1,475)



Repurchase of 215 shares of common stock	—		—		—		(10)		—		(10)
Sale of 2,274 shares of treasury stock (a)	—		41		—		66		—		107

Balances at September 30, 2024	$	53	$	48,457	$	243,266	$	(15,987)	$	(55,135)	$	220,654

(a) All treasury stock sales were completed at the prevailing market price with the Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan which is a defined contribution plan sponsored by the Bank.

See accompanying notes to unaudited consolidated financial statements.

CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(UNAUDITED)


(in thousands, except share and per share data)	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total
Balances at January 1, 2023	$	53	$	47,331	$	211,859	$	(17,598)	$	(75,257)	$	166,388
Cumulative effect of accounting change (b)	—		—		(1,076)		—		—		(1,076)
Balances at January 1, 2023, as adjusted	53		47,331		210,783		(17,598)		(75,257)		165,312
Net income	—		—		21,198		—		—		21,198
Other comprehensive loss	—		—		—		—		(13,422)		(13,422)
Restricted stock awards	—		837		—		—		—		837
Restricted stock units for directors' deferred compensation plan	—		15		—		—		—		15
Distribution of 7,558 shares of treasury stock grants for employee restricted stock awards	—		(217)		—		217		—		—
Cash dividends declared ($0.93 per share)	—		—		(4,385)		—		—		(4,385)
Distribution of 8,492 shares of treasury stock for directors' compensation	—		(147)		—		243		—		96


Repurchase of 2,148 shares of common stock	—		—		—		(98)		—		(98)
Sale of 12,868 shares of treasury stock (a)	—		144		—		368		—		512
Forfeiture of 326 shares of restricted stock awards	—		11		—		(12)		—		(1)
Balances at September 30, 2023	$	53	$	47,974	$	227,596	$	(16,880)	$	(88,679)	$	170,064


Balances at January 1, 2024	$	53	$	47,773	$	229,930	$	(16,502)	$	(66,013)	$	195,241



Net income	—		—		17,757		—		—		17,757
Other comprehensive income	—		—		—		—		10,878		10,878
Restricted stock awards	—		922		—		—		—		922
Restricted stock units for directors' deferred compensation plan	—		15		—		—		—		15
Distribution of 5,942 shares of treasury stock grants for employee restricted stock awards	—		(171)		—		171		—		—
Cash dividends declared ($0.93 per share)	—		—		(4,421)		—		—		(4,421)
Distribution of 7,515 shares of treasury stock for directors' compensation	—		(217)		—		217		—		—


Repurchase of 1,922 shares of common stock	—		—		—		(92)		—		(92)
Sale of 7,744 shares of treasury stock (a)	—		130		—		224		—		354
Forfeiture of 115 shares of restricted stock awards	—		5		—		(5)		—		—
Balances at September 30, 2024	$	53	$	48,457	$	243,266	$	(15,987)	$	(55,135)	$	220,654

(b) Due to implementation of ASC 326.

See accompanying notes to unaudited consolidated financial statements.


CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)	Nine Months Ended September 30,
CASH FLOWS FROM OPERATING ACTIVITIES:	2024		2023
Net income	$	17,757	$	21,198
Adjustments to reconcile net income to net cash provided by operating activities:
(Increases in) amortization of right-of-use assets	11		599


Provision (credit) for credit losses	(597)		962
(Gains) loss on disposal of fixed assets	(40)		3
Depreciation and amortization of fixed assets	1,359		1,533
Amortization of premiums on securities, net	1,789		1,880
Gain on sales of loans held for sale, net	(162)		(90)
Proceeds from sales of loans held for sale	3,957		3,064
Loans originated and held for sale	(3,795)		(2,974)
Net losses (gains) on sale of other real estate owned	22		(14)
Fair value adjustment on other real estate owned	13		(3)
Net change in fair value of equity investments	(233)		99


Proceeds from sales of equity investments	134		39
Purchase of equity investments	(99)		(119)
Increase in other assets and accrued interest receivable	(952)		(1,350)
Increase in accrued interest payable	3,429		3,225
Expense related to restricted stock units for directors' deferred compensation plan	15		15

Expense related to employee restricted stock awards	922		837
Increases in (payments on) operating lease liabilities

CHEMUNG FINANCIAL CORP [CHMG] Filings
10-Q	[2024-11]
10-Q	[2024-08]
10-Q	[2024-05-08]
10-K	[2024-03-13]
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