Chemung Financial reports Q2 net loss
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
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