-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KvkuvgFoaAKFmfy4MLJO9GEK26ce7O/bu+FSeiXJISdndZWeDpXsx/zqOOLfpn0l DaZ/hdX9HwMVjSBLz8wAyA== 0000763563-96-000014.txt : 19960813 0000763563-96-000014.hdr.sgml : 19960813 ACCESSION NUMBER: 0000763563-96-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHEMUNG FINANCIAL CORP CENTRAL INDEX KEY: 0000763563 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 161237038 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13888 FILM NUMBER: 96608419 BUSINESS ADDRESS: STREET 1: ONE CHEMUNG CANAL PLZ STREET 2: P O BOX 1522 CITY: ELMIRA STATE: NY ZIP: 14902 BUSINESS PHONE: 6077373711 MAIL ADDRESS: STREET 1: ONE CHEMUNG CANAL PLZ STREET 2: P O BOX 1522 CITY: ELMIRA STATE: NY ZIP: 14902 10-Q 1 JUNE 30, 1996 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly period ended June 30, 1996 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-13888 CHEMUNG FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) New York 16-1237038 (State or other jurisdiction of I.R.S. Employer incorporation or organization) Identification No. One Chemung Canal Plaza, Elmira, NY 14902 (Address of principal executive offices) (Zip Code) (607) 737-3711 (Registrant's telephone number, including area code) 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 XX NO Indicate the number of shares outstanding of each of the issuer's classes of common stock as of June 30, 1996: Common Stock, $5 par value -- outstanding 2,081,988 shares CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY INDEX PAGE PART I. FINANCIAL INFORMATION Item 1: Financial Statements Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Cash Flow 3 Notes to Condensed Consolidated Financial Statements 4 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 5 PART II. OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K 11 All other items required by Part II are either inapplicable or would require an answer which is negative. SIGNATURES 12 PART I. FINANCIAL INFORMATION Item 1: Financial Statements
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS June 30 Dec 31 1996 1995 ASSETS Cash and due from Banks $25,995,750 $27,293,592 Int.-bearing deposits with other financial inst. 118,599 90,206 Federal Funds Sold 700,000 10,000,000 Securities Held to Maturity, fair value of 11,611,086 7,582,044 $11,610,686 in 1996 and $7,581,519 in 1995 Securities Available for Sale, at fair value 182,875,198 171,882,062 Loans 278,051,771 263,001,304 Less: Allowance for Loan Losses 3,913,163 3,900,000 Loans, Net 274,138,608 259,101,304 Bank Premises and Equipment, Net 10,117,029 10,290,702 Goodwill and deposit base Intangible, net of accumulated amortization 7,696,585 7,990,237 Other Assets 8,198,824 7,662,639 Total Assets $521,451,679 $501,892,786 LIABILITIES Deposits: Non-interest Bearing $ 81,379,134 $ 83,591,381 Interest Bearing 369,635,101 343,287,511 Total Deposits 451,014,235 426,878,892 Securities sold under Agreement to Repurchase 8,595,413 13,381,581 Other Liabilities 8,751,165 8,733,415 Total Liabilities 468,360,813 448,993,888 SHAREHOLDERS' EQUITY Common Stock, $5.00 par value per share; authorized 10,750,335 10,750,335 3,000,000 shares, issued: 2,150,067 Surplus 10,101,804 10,068,563 Retained Earnings 31,774,832 29,930,969 Treasury Stock, at cost (1996 - 70,825 shares; 1995 - 56,586 shares) (1,689,944) (1,579,298) Net unrealized gain (loss) on securities Available for Sale, net of taxes 2,153,839 3,728,329 Total Shareholders' Equity 53,090,866 2,898,898 Total Liabilities & Shareholders' Equity $521,451,679 $501,892,786 See Accompanying Notes to Condensed Consolidated Financial Statements
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME 6 Months Ended 3 Months Ended June 30 June 30 INTEREST INCOME 1996 1995 1996 1995 Interest and Fees on Loans $12,344,509 $11,502,463 $6,261,255 $5,919,074 Interest and Dividends on Investment Securities 5,657,933 5,975,512 2,918,763 2,870,782 Interest on Federal Funds Sold 220,461 237,882 88,503 122,224 Income Interest Bearing Deposits 136,114 90,184 51,843 50,972 Total Interest Income 18,359,017 17,806,041 9,320,364 8,963,052 INTEREST EXPENSE Deposits 7,081,687 6,668,929 3,663,527 3,360,765 Securities Sold Under Agreements to Repurchase and Funds Borrowed 237,376 418,761 104,856 182,889 Total Interest Expense 7,319,063 7,087,690 3,768,383 3,543,654 Net Interest Income 11,039,954 10,718,351 5,551,981 5,419,398 Provision for Loan Losses 300,000 400,000 150,000 200,000 Net Interest Income after Provision for Loan Losses 10,739,954 10,318,351 5,401,981 5,219,398 Realized Gains-Sec. Transactions 384,152 325,154 0 279,875 Other Operating Income 3,130,720 2,923,057 1,597,753 1,453,841 Total Operating Income 14,254,826 13,566,562 6,999,734 6,953,114 Other Operating Expenses 9,841,799 9,580,223 4,946,298 4,806,651 Income before Taxes 4,413,027 3,986,339 2,053,436 2,146,463 Income Taxes 1,528,200 1,327,716 714,855 741,961 Net Income $2,884,827 $2,658,623 $1,338,581 $1,404,502 Net Income per Share $1.39 $1.27 $0.64 $0.67 See Accompanying Notes to Condensed Consolidated Financial Statements /TABLE
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30 1996 1995 OPERATING ACTIVITIES Net Income $2,884,827 $2,658,623 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Amortization of Goodwill and Deposit Base Intangible 293,652 293,652 Provision for Loan Losses 300,000 400,000 Provision for Depreciation and Amortization 728,930 553,777 Amortization for Securities, Net 168,613 (257,591) (Gain) Loss on Security Sales, Net (384,152) (325,154) (Increase) Decrease in Other Assets (536,186) 759,890 Increase Other Liabilities 18,400 1,413,921 Net Cash Provided by Operating Activities 3,474,084 5,497,118 INVESTING ACTIVITIES Proceeds from Maturities of Securities - AFS 23,840,554 41,151,126 Proceeds from Maturities of Securities -HTM 3,079,362 4,471,292 Proceeds from Sales of Securities - AFS 15,207,777 5,445,178 Purchases of Securities - AFS (51,400,518) (16,687,338) Purchases of Securities - HTM (7,108,301) (5,322,476) Purchases of Bank Premises and Equipment, Net (555,257) (1,444,443) Loan Originations, Net of Repayments and Other Reductions (16,512,850) (17,381,792) Proceeds from Sale of Student Loans 1,175,546 857,459 Net Cash Used by Investing Activities (32,273,687) 1,089,006 FINANCING ACTIVITIES Net Increase (Decrease) in Demand Deposits, NOW, Savings and Insured Money Market Accounts (6,928,195) (17,692,587) Net Increase (Decrease) in Certificates of Deposit and Individual Retirement Accounts 31,063,537 5,954,204 Net Increase (Decrease) in Short term Borrowings (4,786,168) (785,060) Sale of Treasury Shares 202,020 0 Purchase of Treasury Shares (279,425) (153,000) Cash Dividends Paid (1,041,615) (958,462) Net Cash Provided by Financing Activities 18,230,154 (13,634,905) Net Increase (Decrease) in Cash and Cash Equivalents (10,569,449) 2,951,219 Cash and Cash Equivalents at Beginning of Year 37,383,798 32,380,592 Cash and Cash Equivalents at End of Period $26,814,349 $36,331,811 See Accompanying Notes to Condensed Consolidated Financial Statements
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Summary of Significant Accounting Policies Basis of Presentation Chemung Financial Corporation (the Company) operates as a bank holding company. Its only subsidiary is Chemung Canal Trust Company (the Bank). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. All material intercompany accounts and transactions have been eliminated in the consolidation. 2. The condensed consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary to present fairly the Corporation's financial position as of June 30, 1996 and December 31, 1995, results of operations for the three and six month periods ended June 30, 1996 and 1995 and changes in cash flow position for the six-month periods ended June 30, 1996 and 1995. 3. Net income per share for the periods presented have been computed by dividing net income by 2,081,988 average shares outstanding for June 30, 1996 and 2,090,481 average shares outstanding for June 30, 1995. 4. Goodwill, which represents the excess of purchase price over the fair value of identifiable assets acquired, is being amortized over 15 years on the straight-line method. Deposit base intangible, resulting from the Bank's purchase of deposits from the Resolution Trust Company in 1994, is being amortized over the expected useful life of 15 years on a straight- line basis. Amortization periods are monitored to determine if events and circumstances require such periods to be reduced. Periodically, the Corporation reviews its goodwill and deposit base intangible assets for events or changes in circumstances that may indicate that the carrying amount of the assets are not recoverable. 5. The Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 122 ("SFAS No. 122") Accounting for Mortgage Servicing Rights, an Amendment of FASB Statement No. 65. This statement amends certain provisions of Statement 65 to eliminate the accounting distinction between rights to service mortgage loans for others that are acquired through loan origination activities and those acquired through purchase transactions. The Corporation adopted SFAS No. 122 on January 1, 1996 and there was no material impact upon its financial statements. 6. The Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 123 ("SFAS No. 123") Accounting for Stock-Based Compensation which encourages, but does not require, companies to use a fair value based method of determining compensation cost for grants of stock options under stock-based employee compensation plans. Companies electing to continue accounting for these plans under the provisions of Opinion 25 will be required to present pro forma disclosures of net income and net CHEMUNG FINANCIAL CORPORATION FORM 10-Q (JUNE 30, 1996) NOTES (CONTINUED) income per share, as if a fair value based method had been applied. The Corporation adopted SFAS No. 123 on January 1, 1996 and there was no impact upon its financial statements as the Corporation does not currently have a stock-based compensation plan. 7. On June 28, 1996 the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 125 ("SFAS No. 125") Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. This statement provides accounting and reporting standards for transfers and servicing of financial assets and extinguishments of liabilities based on consistent application of a financial-components approach that focuses on control. The Corporation is required to adopt SFAS No. 125 on January 1, 1997. Adoption of SFAS No. 125 is not expected to have a material impact on the Corporation's financial statements. Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operation Consolidated total assets at June 30, 1996 were $521.5 million, an increase of $19.6 million (3.90%) from the beginning of the year. Net loan balances at June 30, 1996 were $274.1 million which represent an increase of $15.0 million (5.80%) since the beginning of the year. This growth in our loan portfolio has been spread throughout all of our major loan sectors with commercial loan balances showing the most significant growth, with balances increasing $7.6 million (8.50%). We continue to see steady growth in both total consumer loans and mortgage balances with increases since the beginning of the year of $4.4 million (4.30%) and $3.0 million (4.15%) respectively. Total deposits at June 30, 1996 were $451.0 million, an increase of $24.1 million (5.65%) when compared to deposits at December 31, 1995. This increase in deposits is primarily due to increases in municipal deposits as management has been more aggressive in obtaining and retaining those deposits which have provided the primary funding sources for both the aforementioned loan growth as well as increases in our securities portfolio. The Available for Sale segment of the securities portfolio was $182.9 million at June 30, 1996 compared to $171.9 million at the beginning of the year. Interest rates have trended upward since the end of 1995, causing the Allowance Valuation to decline by $2.7 million since December 31, 1995. The Held to Maturity segment of the portfolio at June 30, 1996 was $11.6 million versus $7.6 million at the beginning of the year. Amortized cost and fair value, maturity duration, and unrealized gains and losses for the components in each of the Available for Sale and Held to Maturity categories of the security portfolio as of June 30, 1996 are set forth in the following tables:
AVAILABLE FOR SALE HELD TO MATURITY Amortized Fair Amortized Fair Cost Value Cost Value U.S. Treasury and other U.S. Govt. Agencies $124,945,136 $124,175,503 $ - $ - Mtg. Backed Securities 31,379,912 30,817,019 - - Obligations of states and Political subdivisions 18,223,159 18,388,881 11,606,086 11,606,086 Other bonds and notes 2,242,697 2,275,664 5,000 4,600 Corporate Stocks 2,489,260 7,218,131 - - $179,280,163 $182,875,198 $ 11,611,086 $ 11,610,686
The carrying value and weighted average yields by years to maturity for securities available for sale as of June 30, 1996 are as follows (excluding corporate stocks):
Maturing Within One Year After One, Within Five Amount Yield Amount Yield U.S. Treasury and other U.S. Government Agencies $ 46,648,095 6.19% $ 67,987,388 6.49% Mortgage Backed Securities - - - - Obligations of states and political subdivisions 3,466,556 5.14% 13,407,684 4.85% Other bonds and notes 1,509,515 8.19% 766,149 8.93% Total $ 51,624,166 6.18% $ 82,161,221 6.25%
Maturing After Five, Within Ten After Ten Years Amount Yield Amount Yield U.S. Treasury and other U.S. Government Agencies $ 9,540,020 6.47% $ - - Mortgage Backed Securities 4,511,936 6.69% 26,305,083 7.90% Obligations of states and political subdivisions 1,374,474 4.69% 140,167 4.71% Other bonds and notes - - - - Total $ 15,426,430 6.38% $ 26,445,250 7.88%
Mortgage-backed securities are expected to have shorter average lives than their contractual maturities as shown above, because borrowers may repay obligations with or without call or prepayment penalties. The amortized cost and weighted average yields by years to maturity for securities held to maturity as of June 30, 1996 are as follows:
Maturing Within One Year After One, Within Five Amount Yield Amount Yield Obligations of states and political subdivisions $ 8,873,865 3.94% $ 2,133,689 5.30% Other bonds and notes - - 5,000 5.50% Total Bonds $ 8,873,865 3.94% $ 2,138,689 5.30%
Maturing After Five, Within Ten After Ten Years Amount Yield Amount Yield Obligations of states and political subdivisions $ 598,532 7.06% $ - - Other bonds and notes - - - - Total $ 598,532 7.06% $ - -
There are no securities of a single issuer (other than securities of the U.S. Government and its agencies) that exceed 10% of shareholders equity at June 30, 1996 in either the Available for Sale or Held to Maturity categories. Gross unrealized gains and gross unrealized losses on securities Available for Sale and Held to Maturity were as follows:
AVAILABLE FOR SALE HELD TO MATURITY Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses U.S. Treasury and other U.S. Govt. Agencies $ 377,618 $1,147,251 $ - $ - Mtg. Backed Securities - 562,893 - - Obligations of states and Political subdivisions 225,343 59,620 - - Other bonds and notes 32,967 - - 400 Corporate Stocks 4,731,031 2,160 - - $ 5,366,959 $1,771,924 $ - $ 400
Gross realized gains on sales of securities Available for Sale for the six-month period ended June 30, 1996 were $384,152. Included in the Corporate Stocks component in the above tables are 17,174 shares of Student Loan Marketing Association ("Sallie Mae") at a cost basis of $5,499 and fair value of $1,270,876. These shares were acquired as preferred shares (a permitted exception to the U.S. Government regulation banning bank ownership of equity securities) in the original capitalization of the U.S. Government Agency . Later, the shares were converted to common stock as Sallie Mae recapitalized. Additionally, at June 30, 1996, the banking subsidiary's equity portfolio held marketable investments in listed securities totaling $92,949 at cost with a total fair value of $3,506,100. These shares were acquired prior to the enactment of the Banking Act of 1933. Other equities included in the bank portfolio are 9,964 shares of Federal Reserve Bank and 15,044 shares of the Federal Home Loan Bank of New York valued at $498,200 and $1,504,400 respectively. Management has no current plans for selling these investments. Consolidated net earnings for the second quarter of 1996 were $1.339 million, down $66 thousand (4.69%) as compared to the second quarter of 1995. Net earnings per share for the quarter were $0.64 versus $0.67, a decline of $0.03 (4.48%). The decline in net earnings and earnings per share is due to the fact that during the second quarter of 1995, the Corporation had realized gains from the sale of available for sale securities of $280 thousand, while no realized gains were taken during the second quarter of 1996. Consolidated net earnings for the six-month period ending June 30, 1996 were $2.885 million, an increase of $226 thousand (8.51%). Net earnings per share for the six-month period were $1.39 versus $1.27 the prior year, an increase of $0.12 (9.45%) on 8,493 fewer average shares outstanding. Earnings for the six-month period were positively impacted by a $322 thousand (3.00%) increase in Net Interest Income due primarily to a higher level of average loan balances during the first six months of 1996, a $208 thousand (7.10%) increase in Other Operating Income, as well as a $59 thousand (18.14%) increase in realized gains on security transactions. At the present time, Congress is considering legislation for the recapitalization of the Savings Association Insurance Fund ("SAIF") which would include a one-time charge to banks having deposits insured by the SAIF. If enacted, approximately $36 million of the Bank's deposits will be subjected to this assessment, which could result in a one-time expense of anywhere from $275 thousand to $320 thousand. Proceeds from the maturities and sales of securities and student loans trailed purchases of securities, loan originations, net of repayments and net purchases of premises and equipment by $32.3 million during the first six months of 1996. This compares to the first six months of 1995 when proceeds from the maturities and sales of securities and student loans exceeded purchases of securities, loan originations, net of repayments and net purchases of premises and equipment by $11.1 million. Proceeds from the sale of Available for Sale securities were $15.2 million during the first six months of 1996 versus $5.4 million the previous year. Securities purchases during the six months ended June 30, 1996 were $58.5 million versus $22 million in 1995, while loan originations, net of repayments were $16.5 million versus $17.4 million during the first six months of 1995. Net cash provided by financing activities totaled $18.2 million as compared to a negative $13.6 million during the first six months of 1995. Core deposits (Demand, NOW, Savings and Insured Money Market Accounts) decreased $6.9 million while certificates of deposit and individual retirement accounts increased $31.1 million. During the six months ended June 30, 1996, the corporation purchased 9,887 Treasury shares at an average price of $28.26 per share, and sold 7,280 Treasury shares at $27.75 per share, all of which were purchased by the corporation's subsidiary's Profit-Sharing, Savings and Investment Plan (401-K). Based upon past experience, as well as an ongoing review of the risk inherent in our loan portfolio, management has reduced the loan loss provision for the first six months from $400 thousand to $300 thousand. At 218% of non-performing loans and 1.41% of total loans, the Allowance for Loan Losses is viewed by management as adequate relative to risk. Non-performing loans at June 30, 1996 constituted 0.64% of total loans. Changes in the allowance for loan losses for the six months ended June 30, 1996 is as follows:
June 30, 1996 Amount (000's) Balance at beginning of period $ $ 3,900 Charge-offs: Domestic: Commercial, financial and agricultural 73 Commercial mortgages 0 Residential mortgages 0 Consumer loans 260 $ 333 Recoveries: Domestic: Commercial, financial and agricultural $ 10 Commercial mortgages 0 Residential mortgages 0 Consumer loans 36 $ 46 Net charge-offs $ 287 Additions charged to operations 300 Balance at end of period $ 3,913 Ratio of net charge-offs during the period to average loans outstanding during the period .11%
Included in the allowance for loan losses at June 30, 1996 is an allowance for impaired loans of $276 thousand versus $199 thousand at the beginning of the year, and $212 thousand at March 31, 1996. Management distinguishes between impaired and non-accrual loans as follows: Impaired Loans - A loan would be considered impaired when it is probable that after having considered current information and events regarding the borrower's ability to repay their obligations, the corporation will be unable to collect all amounts due according to the contractual terms of the loan agreement. Non-Accrual Loans - A loan is placed on non-accrual when it becomes past due and is referred to legal counsel, or in the case of a commercial loan which becomes 90 days delinquent, or in the case of a consumer loan (not guaranteed by a government agency) or a real estate loan which becomes 120 days delinquent unless, because of collateral or other circumstances, it is deemed to be collectible. When placed on non-accrual, previously accrued interest is reversed. Loans may also be placed in non-accrual if management believes such classification is warranted for other reasons. At June 30, 1996, the allocation of the allowance for loan losses is as follows:
Reported Period June 30, 1996 Balance at end of period applicable to: Percent of Loans in each Amount Category to Total Loans Domestic: Commercial, financial and agricultural 1,190,581 34.24% Commercial mortgages 297,663 3.56% Residential mortgages 22,701 23.37% Consumer loans 155,524 38.83% Unallocated: 2,246,694 N/A Total $3,913,163 100.00%
For the periods ended June 30, 1996 and December 31, 1995, the following table summarized the Corporation's non-accrual and past due loans:
Amounts (000's) June 30, 1996 December 31, 1995 Non-accrual loans $1,461 $1,119 Accruing loans past due $ 334 $ 681 90 days or more
At June 30, 1996, the Corporation has no commercial loans for which payments are presently current but the borrowers are currently experiencing severe financial difficulties. At June 30, 1996, no loan concentrations to borrowers engaged in the same or similar industries exceeded 10% of total loans and the Corporation has no interest-bearing assets other than loans that meet the non-accrual, past due, restructured or potential problem loan criteria. On June 30, 1996, the Corporations's consolidated leverage ratio was 8.53%. The Tier I and Total Risk Adjusted Capital ratios were 15.11% and 16.36%, respectively. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Applicable Exhibits (3.1) Certificate of Incorporation is filed as Exhibit 3.1 to Registrant's Registration Statement on Form S-14, Registration No. 2-95743, and is incorporated herein by reference. Certificate of Amendment to the Certificate of Incorporation, filed with the Secretary of State of New York on April 1, 1988, is incorporated herein by reference to Exhibit A of the registrant's Form 10-K for the year ended December 31, 1988, File No. 0-13888. (3.2) Bylaws of the Registrant, as amended to February 14, 1996 are incorporated herein by reference to Exhibit A of the registrant's Form 10-Q for the quarter ended March 31, 1996, File No. 0-13888. (27) Financial Data Schedule (EDGAR version only) (b) Reports on Form 8-K During the quarter ended June 30, 1996, no reports on Form 8-K or amendments to any previously-filed Form 8-K were filed by the registrant. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned there to duly authorized. CHEMUNG FINANCIAL CORPORATION DATE: August 12, 1996 /s/ John W. Bennett John W. Bennett Chairman & CEO DATE: August 12, 1996 /s/ John R. Battersby John R. Battersby Treasurer EX-27 2 FINANCIAL DISCLOSURE SCHEDULE
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE REGISTRANT'S UNAUDITED QUARTERLY FINANCIAL STATEMENTS AND DISCLOSURES FOR THE PERIOD ENDED JUNE 30, 1996 AS PRESENTED IN ITS SECOND QUARTER 1996 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND DISCLOSURES. 1000 6-MOS DEC-31-1996 JUN-30-1996 25,996 119 700 0 182,875 11,611 11,611 278,052 3,913 521,452 451,014 8,595 8,751 0 0 0 10,750 42,341 521,452 12,345 5,658 356 18,359 7,082 7,319 11,040 300 384 9,842 4,413 2,885 0 0 2,885 1.39 1.39 4.80 1,461 334 0 0 3,900 333 46 3,913 1,666 0 2,247
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