-----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, HaOe4y8JqUb6NERe/s++oJRQvRcwtrMaoiwVS01DoXxTrW0GwMiBdpEF80o1zLw7 oReNNe8UFpvyOA4czfvLvQ== 0000763563-97-000017.txt : 19970430 0000763563-97-000017.hdr.sgml : 19970430 ACCESSION NUMBER: 0000763563-97-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970429 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: 97589344 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 MARCH 31, 1997 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 March 31, 1997 [ ] 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 March 31, 1997: Common Stock, $5 par value -- outstanding 2,072,214 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 4: Submission of Matters to a Vote of Security Holders 11 Item 6: Exhibits and Reports on Form 8-K 12 All other items required by Part II are either inapplicable or would require an answer which is negative. SIGNATURES 13 PART I. FINANCIAL INFORMATION Item 1: Financial Statements
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS March. 31 Dec 31 1997 1996 ASSETS Cash and due from banks $ 29,171,969 $ 31,103,374 Int.-bearing deposits with other financial inst. 95,150 151,920 Federal funds sold 4,000,000 500,000 Securities held to maturity, fair value of $11,834,845 in 1997 and $10,351,440 in 1996 11,835,245 10,351,840 Securities available for sale, at fair value 181,369,483 185,365,478 Loans, net of unearned income and deferred fees 285,880,028 283,720,981 Allowance for loan losses (3,980,067) (3,975,000) Loans, net 281,899,961 279,745,981 Bank premises and equipment, net 9,504,644 9,712,633 Intangible assets, net of accumulated amortization 7,256,108 7,402,934 Other assets 8,960,960 7,878,811 Total assets $534,093,522 $532,212,971 LIABILITIES Deposits: Non-interest bearing $ 89,903,273 $ 86,049,289 Interest bearing 360,075,141 353,600,054 Total deposits 449,978,414 439,649,343 Securities sold under agreement to repurchase 9,322,906 14,371,140 Long term borrowing 10,000,000 10,000,000 Other liabilities 9,032,848 12,072,289 Total liabilities 478,334,168 476,092,772 SHAREHOLDERS' EQUITY Common Stock, $5.00 par value per share; authorized 3,000,000 shares, issued: 2,150,067 10,750,335 10,750,335 Surplus 10,101,804 10,101,804 Retained earnings 34,782,553 33,885,269 Treasury stock, at cost (77,853 shares in 1997 and 1996) (1,925,118) (1,925,118) Net unrealized gain on securities available for sale, net of taxes 2,049,780 3,307,909 Total shareholders' equity 55,759,354 56,120,199 Total liabilities & shareholders' equity $534,093,522 $532,212,971 See Accompanying Notes to Condensed Consolidated Financial Statements
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME 3 Months Ended March. 31 INTEREST INCOME 1997 1996 Loans $6,399,111 $6,083,254 Securities 2,982,059 2,739,171 Federal funds sold 69,591 131,958 Interest bearing deposits 46,127 84,271 Total interest income 9,496,888 9,038,654 INTEREST EXPENSE Deposits 3,488,028 3,418,161 Securities sold under agreement to repurchase and funds borrowed 339,960 132,520 Total interest expense 3,827,988 3,550,681 Net interest income 5,668,900 5,487,973 Provision for loan losses 200,000 150,000 Net interest income after provision for loan losses 5,468,900 5,337,973 Realized gains-security trans., Net 0 384,152 Other operating income 1,670,299 1,532,967 Total other operating income 7,139,199 7,255,092 Other operating expenses 4,914,433 4,895,500 Income before income taxes 2,224,765 2,359,592 Income taxes 747,261 813,345 Net Income $1,477,504 $1,546,247 Net Income per Share $0.71 $0.74 See Accompanying Notes to Condensed Consolidated Financial Statements
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended March 31 1997 1996 OPERATING ACTIVITIES Net income $ 1,477,504 $ 1,546,247 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible assets 146,826 146,826 Provision for loan losses 200,000 150,000 Provision for depreciation and amortization 380,134 364,465 Amortization and discount on securities, net 78,874 71,800 (Gain) on sales of securities, net 0 (384,152) (Increase) decrease in other assets (1,082,149) 335,711 Increase (decrease) other liabilities (3,039,443) (106,194) Net cash provided by operating activities (1,838,254) 2,124,703 INVESTING ACTIVITIES Proceeds from maturities of securities - AFS 6,808,442 8,373,001 Proceeds from maturities of securities -HTM 2,067,168 2,086,622 Proceeds from sales of securities - AFS 240 15,205,732 Purchases of securities - AFS (4,149,689) (28,690,055) Purchases of securities - HTM (3,550,572) (2,342,282) Purchases of premises and equipment, net (172,145) (368,545) Loan originations, net of repayments and other reductions (2,862,312) (198,260) Proceeds from sales of student loans 508,332 194,844 Net cash used by investing activities (1,350,538) (5,738,943) FINANCING ACTIVITIES Net increase (decrease) in demand deposits, NOW, savings and insured money markets 7,510,672 12,370,533 Net increase (decrease) in certificates of deposit and individual retirement accounts 2,818,399 12,764,605 Net increase (decrease) in short term borrowings (5,048,234) (1,571,493) Sale of treasury shares 0 202,020 Purchase of treasury shares 0 (125,912) Cash dividends paid (580,220) (520,462) Net cash provided by financing activities 4,700,617 23,119,291 Net increase (decrease) in cash and cash equivalents 1,511,825 19,505,051 Cash and cash equivalents at beginning of year 31,755,294 37,383,798 Cash and cash equivalents at end of period $33,267,119 $56,888,849 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 Company's financial position as of March 31, 1997 and December 31, 1996, and results of operations and cash flows for the three month periods ended March 31, 1997 and 1996. 3. Net income per share for the periods presented have been computed by dividing net income by 2,072,214 weighted average shares outstanding for March 31, 1997 and 2,084,611 weighted average shares outstanding for March 31, 1996. 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 Company 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. 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 Extinguishment of Liabilities. This statement provides accounting and reporting standards for transfers and servicing of financial assets and extinguishment of liabilities based on consistent application of a financial-components approach that focuses on control. The Company adopted SFAS No. 125 on January 1, 1997 and there was no material impact on the Company's financial statements. 6. The Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 ("SFAS No. 128") Earnings Per Share in February 1997 effective for periods ending after December 15, 1997. Statement 128 was issued to simplify the computation of EPS and to make the U.S. standard more compatible with the EPS standards of other countries. Prior period EPS will be restated after the effective date of this statement. The adoption of "SFAS" No. 128 should have no effect on the earnings per share as the Company does not have a complex capital structure. Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operation Total assets at March 31, 1997 were $534.1 million, a modest increase of $1.9 million (0.35%) from the beginning of the year. The Available for Sale segment of the securities portfolio was $181.4 million at March 31, 1997 compared to $185.4 million at the beginning of the year. At amortized cost, increases in our investment in Federal Agency bonds of $3.5 million were offset primarily by maturities and paydowns in U.S. Treasury Notes, Mortgage Backed Securities, and Corporate bonds in the amounts of $3.0 million, $1.8 million and $527 thousand respectively. The allowance valuation in Available for Sale securities declined $2.1 million reaction to recent action taken by the Federal Reserve in tightening since the beginning of the year, a reflection of the financial markets monetary policy. The Held to Maturity segment of the portfolio consisting primarily of Municipal obligations was $11.8 million versus $10.4 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 securities portfolio at March 31, 1997 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 $105,070,589 $103,868,980 $ - $ - Mtg. Backed Securities 48,400,220 47,737,875 - - Obligations of states and Political subdivisions 20,172,780 20,211,673 11,758,589 11,758,589 Other bonds and notes 650,974 659,979 76,656 76,256 Corporate Stocks 3,662,834 8,890,976 - - $177,956,597 $181,369,483 $ 11,835,245 $ 11,834,845
The carrying value and weighted average yields based on amortized cost by years to maturity for securities available for sale as of March 31, 1997 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 $ 12,556,98 5.92% $ 69,310,420 6.41% Mortgage Backed Securities - - - - Obligations of states and political subdivisions 3,583,113 5.16% 13,309,124 4.68% Other bonds and notes 507,500 9.72% 152,479 7.32% Total $ 16,647,593 5.87% $ 82,772,023 6.13%
Maturing After Five, Within Ten After Ten Years Amount Yield Amount Yield U.S. Treasury and other U.S. Government Agencies $ 22,001,580 7.12% $ - - Mortgage Backed Securities 4,132,431 6.69% 43,605,444 7.86% Obligations of states and political subdivisions 2,705,534 4.56% 613,902 4.86% Other bonds and notes - - - - Total $ 28,839,545 6.82% $ 44,219,346 7.82%
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 March 31, 1997 are as follows:
Maturing Within One Year After One, Within Five Amount Yield Amount Yield Obligations of states and political subdivisions $ 9,319,587 3.95% $ 1,720,205 5.30% Other bonds and notes 5,000 5.50% - - Total Bonds $ 9,324,587 3.95% $ 1,720,205 5.30%
Maturing After Five, Within Ten After Ten Years Amount Yield Amount Yield Obligations of states and political subdivisions $ 718,797 6.67% $ - - Other bonds and notes 71,656 8.25 - - Total $ 790,453 6.82% $ - -
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 March 31, 1997 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 $ 143,867 $1,345,476 $ - $ - Mtg. Backed Securities - 662,345 - - Obligations of states and Political subdivisions 145,913 107,020 - - Other bonds and notes 9,005 - - 400 Corporate Stocks 5,228,943 - - - $5,527,728 $2,114,841 $ - $ 400
There were no sales of securities for the three-month period ended March 31, 1997. Included in the Corporate Stocks component in the above tables are 15,872 shares of Student Loan Marketing Association ("Sallie Mae") at a cost basis of $5,082 and fair value of $1,511,808. 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 March 31, 1997, the bank's equity portfolio held listed securities totaling $89,540 at cost with a total fair value of $3,755,126. 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 17,972 shares of the Federal Home Loan Bank of New York valued at $498,200 and $1,797,200 respectively. Management has no current plans for selling these securities. Total loan balances increased $2.2 million or 0.76%. Business loans increased $964 thousand (1.04%) while consumer loan balances grew $1.5 million (1.30%). The growth in consumer loans can be attributed primarily to indirect auto lending as well as seasonal student loan borrowings. The above increases were somewhat offset by seasonal declines in mortgages, home equity and credit card loans. We would expect activity in these areas to improve as the year progresses, and are particularly encouraged by recent levels of activity in the mortgage area. Total deposits at March 31, 1997 were $450.0 million as compared to $439.6 million at the beginning of the year, a $10.4 million or 2.35% increase. Approximately $4.7 million of this increase was in Official Checks outstanding relating to distributions made at the end of the quarter by our Trust Department associated with a large estate. While public fund balances were $2.7 million lower than balances maintained at December 31, 1996, other "Core Deposit" accounts increased $8.3 million. Net earnings for the first quarter of 1997 trailed last years first quarter net earnings by $69 thousand or 4.45%. Net earnings per share for the period were $0.71 on 2,072,214 average shares outstanding versus $0.74 on 2,084,611 average shares outstanding the prior year. This decline in earnings is totally related to the fact that earnings for the first quarter of 1996 included $230 thousand or $0.11 per share in net after tax realized gains on the sale of $15 million of U.S. Treasury securities. Excluding these securities gains, all other net operating earnings were $161 thousand or 12.3% ahead of last year. Earnings for the first quarter of 1997 were positively impacted by a $131 thousand (2.45%) increase in net interest income after the provision for loan losses due to a $26.8 million increase in average earning assets, this growth coming primarily in our loan portfolio which averaged $23.4 million more than the corresponding quarter in 1996. In addition to the above, other operating income improved by $137 thousand or 8.96% while other operating expenses increased only $19 thousand or 0.39%. As indicated on the Condensed Consolidated Statement of Cash Flows, cash and cash equivalents have increased $1.5 million since the beginning of the year as opposed to an increase of $19.5 million during the first three months of 1996. This difference is due primarily to the fact that a large amount of state aid funds to local school districts were deposited on the last business day of the first quarter in 1996, while these same state aid funds were not received this year until after quarter end. During the first quarter of 1997, the purchase of available for sale and held to maturity securities trailed maturities and sales by $1.2 million. Loan originations for the first quarter, net of repayments and other reductions of $2.9 million have exceeded proceeds from the sale of student loans of $508 thousand by $2.4 million with growth centered primarily in business loans and consumer installment loans. Net cash provided by financing activities was $4.7 million during the first quarter of 1997 with deposit balance increases of $10.3 million somewhat offset by a $5.0 million decline in short term borrowings consisting of repurchase agreements. As noted previously in this discussion, while public fund deposit balances declined $2.7 million, all other deposit categories increased in total by $13.0 million with $4.7 million of this increase the result of Official Check's issued by our Trust Department relating to a large estate distribution. Excess funds provided by financing activities were invested in Federal Funds Sold which increased $3.5 million during the quarter. During the quarter, there were no treasury share transactions. The company did declare a cash dividend of $0.28 per share payable on April 1, 1997 to shareholders of record as of the close of business March 23, 1997. Subsequent to quarter end, on April 9, 1997, the company declared a cash dividend of $0.31 per share payable on July 1, 1997 to shareholders of record as of the close of business June 16, 1997. Based upon loan growth, past experience, as well as an ongoing review of the risk inherent in our loan portfolio, management has increased the loan loss provision for the first three months from $150 thousand to $200 thousand. At 243% of non-performing loans and 1.39% of total loans, the Allowance for Loan Losses is viewed by management as adequate relative to risk. Non-performing loans at March 31, 1997 constituted 0.57% of total loans. Changes in the allowance for loan losses for the three months ended March 31, 1997 is as follows:
March 31, 1997 Amount (000's) Balance at beginning of period $ $ 3,975 Charge-offs: Domestic: Commercial, financial and agricultural 0 Commercial mortgages 53 Residential mortgages 0 Consumer loans 160 $ 213 Recoveries: Domestic: Commercial, financial and agricultural $ 4 Commercial mortgages 0 Residential mortgages 0 Consumer loans 14 $ 18 Net charge-offs $ 195 Additions charged to operations 200 Balance at end of period $ 3,980 Ratio of net charge-offs during the period to average loans outstanding during the period .07%
Included in the allowance for loan losses at March 31, 1997 is an allowance for impaired loans of $313 thousand versus $341 thousand at the beginning of the year. 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 March 31, 1997, the allocation of the allowance for loan losses is as follows: Reported Period March 31, 1997 Balance at end of period applicable to: Percent of Loans in each Amount Category to Total Loans Domestic: Commercial, financial and agricultural 1,883,520 32.45% Commercial mortgages 198,776 3.10% Residential mortgages 52,139 24.20% Consumer loans 506,076 40.25% Unallocated: 1,339,556 N/A Total $3,980,067 100.00%
For the periods ended March 31, 1997 and December 31, 1996, the following table summarized the Company's non-accrual and past due loans:
Amounts (000's) March 31, 1997 December 31, 1996 Non-accrual loans $1,481 $1,494 Accruing loans past due $ 156 $ 226 90 days or more
At March 31, 1997, the Company has no commercial loans for which payments are presently current but the borrowers are currently experiencing severe financial difficulties. At March 31, 1997, 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 March 31, 1997, the Company consolidated leverage ratio was 8.94%. The Tier I and Total Risk Adjusted Capital ratios were 15.86% and 17.11%, respectively. PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders The Annual Meeting of Shareholders was held April 8, 1997 for the sole purpose of electing six board members, all currently serving. All six of the nominees were proposed for three-year terms. Proxies for the meeting were solicited pursuant to Section 14 (a) of the Securities Exchange Act of 1934 and there was no solicitation in opposition to management's proposal. Voting at said meeting for the proposed election of nominees was as follows:
Shares Voted Shares Nominee "For" "Withheld" Three-Year Terms: David J. Dalrymple 1,773,614 1,407 Richard H. Evans 1,773,614 1,407 Edward B. Hoffman 1,772,143 2,878 John F. Potter 1,770,262 4,759 William C. Ughetta 1,773,614 1,407 Jan P. Updegraff 1,773,614 1,407
Of the 2,072,214 outstanding shares eligible for voting at said meeting, 297,193 shares were not voted. The following are members of the board of directors whose terms have not expired and who continued in office following the meeting: Robert E. Agan, John W. Bennett, Donald L. Brooks, Jr., Robert H. Dalrymple, Natalie B. Kuenkler, Stephen M. Lounsberry III, Boyd McDowell II, Thomas K. Meier, Ralph H. Meyer, Samuel J. Semel, Charles M. Streeter, Jr., Richard W. Swan, William A. Tryon, Nelson Mooers van den Blink. 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 March 31, 1997, 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: May 1, 1997 /s/ John W. Bennett John W. Bennett Chairman & CEO DATE: May 1, 1997 /s/ John R. Battersby John R. Battersby Treasurer EX-27 2 FINANCIAL DISCLOSURE SCHEDULE
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FR0M THE REGISTRANT'S UNAUDITED QUARTERLY FINANCIAL STATEMENTS AND DISCLOSURES FOR THE PERIOD ENDED MARCH 31, 1997 AS PRESENTED IN ITS FIRST QUARTER FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND DISCLOSURES. 1,000 3-MOS DEC-31-1997 MAR-31-1997 29,172 95 4,000 0 181,369 11,835 11,835 285,880 3,980 534,094 449,978 9,323 9,032 10,000 0 0 10,750 45,009 534,094 6,399 2,982 116 9,497 3,488 3,828 5,669 200 0 4,914 2,225 1,478 0 0 1,478 .71 .71 4.78 1,481 156 0 0 3,975 213 18 3,980 2,640 0 1,340
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