UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): April 23, 2015
Chemung Financial Corporation
(Exact Name of Registrant as Specified in Charter)
New York | 0-13888 | 16-1237038 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
One Chemung Canal Plaza, P.O. Box 1522, Elmira, NY 14901 |
(Address of Principal Executive Offices) (Zip Code) |
(607) 737-3711
(Registrant's telephone number including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
||
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On April 23, 2015, Chemung Financial Corporation (NASDAQ: CHMG) issued a press release describing its results of operations for the three month period ended March 31, 2015.
The press release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release of Chemung Financial Corporation dated April 23, 2015.
Exhibit No.
SIGNATURE
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 hereunto duly authorized.
April 23, 2015 | Chemung Financial Corporation |
|
By: | /s/ KARL F. KREBS Karl F. Krebs Executive Vice President, Chief Financial Officer and Treasurer |
EXHIBIT 99.1
ELMIRA, N.Y., April 23, 2015 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq:CHMG), the parent company of Chemung Canal Trust Company ("the Bank"), today reported net income of $2.3 million, or $0.48 per share, for the first quarter of 2015, compared to $2.1 million, or $0.44 per share, for the first quarter of 2014.
Ronald M. Bentley, President and CEO, stated:
"The continued growth in our commercial loan portfolio drove a $22 million increase in our loans outstanding and a 2.6% increase in net interest income. Higher revenue in our Wealth Management Group enabled us to increase our non-interest income by 4.5% year over year. Managing expenses is a priority for us and we continue to look for opportunities to gain efficiencies in our day-to-day operations."
First Quarter Highlights1
1 Balance sheet comparisons are calculated for March 31, 2015 versus December 31, 2014. Income statement comparisons are calculated for the first quarter of 2015 versus prior-year first quarter.
A more detailed summary of financial performance is included below:
Net Interest Income:
Net interest income for the quarter totaled $12.3 million compared with $12.0 million for the same period in the prior year, an increase of $0.3 million, or 2.6%. The increase was due primarily to interest income from our commercial loan portfolio, offset by a decrease in interest and dividends from our taxable securities. Fully taxable equivalent net interest margin was 3.49%, compared with 3.58% for the same period in the prior year. The yield on interest-earning assets decreased eleven basis points, while the cost of interest-bearing liabilities decreased three basis points. Average interest-earning assets increased $68.6 million during the quarter.
Non-Interest Income:
Non-interest income for the quarter was $5.2 million compared with $5.0 million for the same period in the prior year, an increase of $0.2 million, or 4.5%. The increase was due primarily to additional wealth management group fee income of $0.2 million and a gain on sale of other real estate owned of $0.1 million, offset by a $0.1 million decrease in service charges on deposit accounts.
Non-Interest Expense:
Non-interest expense for the quarter was $13.7 million compared with $13.3 million for the same period in the prior year, an increase of $0.4 million, or 2.9%. The increase was due primarily to increases of $0.4 million in pension and other employee benefits and $0.1 million in furniture and equipment expenses, offset by a decrease of $0.1 million in merger and acquisition expenses. The $0.4 million increase in pension and other employee benefits was due to the adoption of updated mortality tables at December 31, 2014, which increased the life expectancy of employees, and a reduced discount rate for determining pension costs.
Asset Quality:
Non-performing loans totaled $10.4 million at March 31, 2015, or 0.91% of total loans, compared with $7.8 million at December 31, 2014, or 0.69% of total loans. The increase in non-performing loans at March 31, 2015 was primarily in the commercial loan segment of the loan portfolio. Non-performing assets, which are comprised of non-performing loans and other real estate owned, were $12.9 million, or 0.82% of total assets, at March 31, 2015, compared with $10.8 million, or 0.71% of total assets, at December 31, 2014. The Corporation's ratio of non-performing assets to total assets compared favorably to our peer group ratio of 1.11% at December 31, 2014 (the most recent period available).
Management performs an ongoing assessment of the adequacy of the allowance for loan losses based upon a number of factors including an analysis of historical loss factors, collateral evaluations, recent charge-off experience, credit quality of the loan portfolio, current economic conditions and loan growth. Based on this analysis, the provision for loan losses for the first quarter of 2015 and 2014 was $0.4 and $0.6 million, respectively. Net charge-offs for the quarter were $0.2 million compared with $0.3 million for the same period in the prior year.
At March 31, 2015 the allowance for loan losses was $13.9 million, compared with $13.7 million at December 31, 2014. The allowance for loan losses was 133.3% of non-performing loans at March 31, 2015, compared with 176.0% at December 31, 2014. The ratio of the allowance for loan losses to total loans was 1.21% at March 31, 2015, compared with 1.22% at December 31, 2014.
Balance Sheet Activity:
Assets totaled $1.585 billion at March 31, 2015 compared with $1.525 billion at December 31, 2014, an increase of $60.2 million, or 4.0%. The growth was due primarily to increases of $55.7 million, or 191.0%, in cash and cash equivalents and $22.0 million, or 2.0%, in the loan portfolio, partially offset by a decrease of $15.7 million, or 5.4% in investment securities. The increase in cash and cash equivalents can be attributed to the seasonal inflow of municipal deposits, offset by the reduction of FHLB overnight advances. The increase in loans can be attributed to increases of $33.2 million in commercial loans and $1.8 million in mortgages, offset by a $13.0 million decrease in consumer loans, attributed mostly to the indirect loan portfolio. The $15.7 million decrease in investment securities can be mostly attributed to bonds that were called or matured during the quarter.
Deposits totaled $1.368 billion at March 31, 2015 compared with $1.280 billion at December 31, 2014, an increase of $88.1 million, or 6.9%. The growth was mostly attributable to increases of $83.6 million in money market accounts, $16.8 million in interest-bearing demand deposits, and $10.5 million in non-interest bearing demand deposits. Partially offsetting the increases noted above was a $23.9 million decrease in time deposits. The changes in money market accounts, interest-bearing demand deposits, and time deposits can be attributed to the seasonal net inflow of deposits from our municipal clients.
Total equity was $136.3 million at March 31, 2015 compared with $133.6 million at December 31, 2014, an increase of $2.7 million, or 2.0%. The increase was primarily due to earnings of $2.3 million, a reduction of $1.0 million in accumulated other comprehensive loss, and a reduction of $0.5 million in treasury stock, offset by $1.2 million in dividends declared during the quarter.
The total equity to total assets ratio was 8.60% at March 31, 2015 compared with 8.77% at December 31, 2014. The tangible equity to tangible assets ratio was 7.04% at March 31, 2015 compared with 7.13% at December 31, 2014. Book value per share increased to $28.92 at March 31, 2015 from $28.44 at December 31, 2014. As of March 31, 2015, both the Corporation's and the Bank's capital ratios were in excess of those required to be considered well-capitalized under regulatory capital guidelines.
Other Items:
The market value of total assets under management or administration in our Wealth Management Group was $1.979 billion at March 31, 2015 compared with $1.956 billion at December 31, 2014, an increase of $23.1 million, or 1.2%.
About Chemung Financial Corporation:
Chemung Financial Corporation is a $1.6 billion financial services holding company headquartered in Elmira, New York and operates 34 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance.
This press release may be found at: www.chemungcanal.com under Investor Relations.
Chemung Financial Corporation | |||||
Consolidated Balance Sheets (Unaudited) | |||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
(Dollars in thousands, except share data) | 2015 | 2014 | 2014 | 2014 | 2014 |
ASSETS | |||||
Cash and due from financial institutions | $ 29,643 | $ 28,130 | $ 31,957 | $ 35,981 | $ 34,478 |
Interest-bearing deposits in other financial institutions | 55,230 | 1,033 | 3,069 | 30,301 | 22,670 |
Total cash and cash equivalents | 84,873 | 29,163 | 35,026 | 66,282 | 57,148 |
Trading assets, at fair value | 601 | 549 | 483 | 450 | 413 |
Securities available for sale | 266,307 | 280,507 | 288,097 | 286,398 | 337,134 |
Securities held to maturity | 5,693 | 5,831 | 5,430 | 5,274 | 6,126 |
FHLB and FRB stocks, at cost | 4,148 | 5,535 | 4,362 | 4,730 | 4,482 |
Total investment securities | 276,148 | 291,873 | 297,889 | 296,402 | 347,742 |
Commercial | 652,217 | 619,002 | 601,018 | 581,170 | 542,082 |
Mortgage | 198,628 | 196,806 | 192,870 | 194,603 | 196,396 |
Consumer | 292,727 | 305,766 | 320,294 | 308,580 | 286,087 |
Loans, net of deferred loan fees | 1,143,572 | 1,121,574 | 1,114,182 | 1,084,353 | 1,024,565 |
Allowance for loan losses | (13,892) | (13,686) | (13,151) | (13,632) | (13,155) |
Loans, net | 1,129,680 | 1,107,888 | 1,101,031 | 1,070,721 | 1,011,410 |
Loans held for sale | 628 | 665 | 1,167 | 914 | 75 |
Premises and equipment, net | 31,548 | 32,287 | 32,431 | 29,938 | 29,351 |
Goodwill | 21,824 | 21,824 | 21,824 | 21,824 | 21,824 |
Other intangible assets, net | 4,763 | 5,067 | 5,384 | 5,708 | 6,033 |
Accrued interest receivable and other assets | 34,707 | 35,223 | 28,322 | 23,642 | 23,535 |
Total assets | $ 1,584,772 | $ 1,524,539 | $ 1,523,557 | $ 1,515,881 | $ 1,497,531 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Deposits: | |||||
Non-interest-bearing demand deposits | $ 376,773 | $ 366,298 | $ 372,916 | $ 365,056 | $ 354,727 |
Interest-bearing demand deposits | 127,593 | 110,819 | 138,751 | 124,803 | 114,507 |
Insured money market accounts | 476,464 | 392,871 | 391,671 | 393,390 | 387,912 |
Savings deposits | 199,349 | 198,183 | 196,406 | 199,664 | 198,876 |
Time deposits | 187,951 | 211,843 | 211,255 | 225,515 | 235,868 |
Total deposits | 1,368,130 | 1,280,014 | 1,310,999 | 1,308,428 | 1,291,890 |
FHLB overnight advances | -- | 30,830 | -- | -- | -- |
Securities sold under agreements to repurchase | 31,084 | 29,652 | 30,981 | 30,746 | 30,646 |
FHLB advances and other debt | 22,259 | 22,286 | 27,125 | 24,520 | 25,189 |
Accrued interest payable and other liabilities | 27,006 | 28,129 | 14,891 | 10,406 | 9,283 |
Total liabilities | 1,448,479 | 1,390,911 | 1,383,996 | 1,374,100 | 1,357,008 |
Shareholders' equity | |||||
Common stock | 53 | 53 | 53 | 53 | 53 |
Additional-paid-in capital | 45,477 | 45,355 | 45,555 | 45,494 | 45,516 |
Retained earnings | 115,450 | 114,383 | 111,105 | 112,624 | 111,895 |
Treasury stock, at cost | (16,900) | (17,378) | (17,640) | (17,640) | (17,728) |
Accumulated other comprehensive income (loss) | (7,787) | (8,785) | 488 | 1,250 | 787 |
Total shareholders' equity | 136,293 | 133,628 | 139,561 | 141,781 | 140,523 |
Total liabilities and shareholders' equity | $ 1,584,772 | $ 1,524,539 | $ 1,523,557 | $ 1,515,881 | $ 1,497,531 |
Period-end shares outstanding | 4,712,156 | 4,699,186 | 4,685,627 | 4,682,369 | 4,679,396 |
Chemung Financial Corporation | |||
Consolidated Statements of Income (Unaudited) | |||
Three Months Ended | |||
March, 31 | Percent | ||
(Dollars in thousands, except share and per share data) | 2015 | 2014 | Change |
Interest and dividend income: | |||
Loans, including fees | $ 11,903 | $ 11,168 | 6.6 |
Taxable securities | 1,089 | 1,503 | (27.5) |
Tax exempt securities | 219 | 264 | (17.0) |
Interest-bearing deposits | 23 | 19 | 21.1 |
Total interest and dividend income | 13,234 | 12,954 | 2.2 |
Interest expense: | |||
Deposits | 486 | 522 | (6.9) |
Securities sold under agreements to repurchase | 209 | 209 | 0.0 |
Borrowed funds | 197 | 190 | 3.7 |
Total interest expense | 892 | 921 | (3.1) |
Net interest income | 12,342 | 12,033 | 2.6 |
Provision for loan losses | 390 | 639 | (39.0) |
Net interest income after provision for loan losses | 11,952 | 11,394 | 4.9 |
Non-interest income: | |||
Wealth management group fee income | 2,126 | 1,883 | 12.9 |
Service charges on deposit accounts | 1,138 | 1,232 | (7.6) |
Net gains on securities transactions | 50 | -- | N/M |
Net gains on sales of loans held for sale | 52 | 41 | 26.8 |
Net gains (losses) on sales of other real estate owned | 78 | (30) | N/M |
Other | 1,742 | 1,838 | (5.2) |
Total non-interest income | 5,186 | 4,964 | 4.5 |
Non-interest expense: | |||
Salaries and wages | 5,100 | 5,153 | (1.0) |
Pension and other employee benefits | 1,729 | 1,359 | 27.2 |
Net occupancy | 1,850 | 1,793 | 3.2 |
Furniture and equipment | 733 | 630 | 16.3 |
Data processing | 1,561 | 1,481 | 5.4 |
Professional services | 269 | 222 | 21.2 |
Amortization of intangible assets | 304 | 344 | (11.6) |
Marketing and advertising | 235 | 293 | (19.8) |
Other real estate owned expense | 84 | 87 | (3.4) |
FDIC insurance | 286 | 269 | 6.3 |
Loan expense | 140 | 149 | (6.0) |
Merger and acquisition expenses | -- | 86 | (100.0) |
Other | 1,445 | 1,477 | (2.2) |
Total non-interest expense | 13,736 | 13,343 | 2.9 |
Income before income tax expense | 3,402 | 3,015 | 12.8 |
Income tax expense | 1,126 | 951 | 18.4 |
Net income | $ 2,276 | $ 2,064 | 10.3 |
Basic and diluted earnings per share | $ 0.48 | $ 0.44 | |
Cash dividends declared per share | 0.26 | 0.26 | |
Average basic and diluted shares outstanding | 4,706,774 | 4,677,178 | |
N/M - Not meaningful |
Chemung Financial Corporation | |||||
Consolidated Financial Highlights (Unaudited) | |||||
As of or for the Three Months Ended | |||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
(Dollars in thousands, except share and per share data) | 2015 | 2014 | 2014 | 2014 | 2014 |
RESULTS OF OPERATIONS | |||||
Interest income | $ 13,234 | $ 13,922 | $ 13,341 | $ 12,996 | $ 12,954 |
Interest expense | 892 | 888 | 915 | 921 | 921 |
Net interest income | 12,342 | 13,034 | 12,426 | 12,075 | 12,033 |
Provision for loan losses | 390 | 1,650 | 589 | 1,103 | 639 |
Net interest income after provision for loan losses | 11,952 | 11,384 | 11,837 | 10,972 | 11,394 |
Non-interest income | 5,186 | 11,400 | 4,986 | 5,406 | 4,964 |
Non-interest expense | 13,736 | 15,792 | 17,763 | 13,579 | 13,343 |
Income (loss) before income tax expense (benefit) | 3,402 | 6,992 | (940) | 2,799 | 3,015 |
Income tax expense (benefit) | 1,126 | 2,510 | (621) | 869 | 951 |
Net income (loss) | $ 2,276 | $ 4,482 | $ (319) | $ 1,930 | $ 2,064 |
Basic and diluted earnings (loss) per share | $ 0.48 | $ 0.96 | $ (0.07) | $ 0.41 | $ 0.44 |
Average basic and diluted shares outstanding | 4,706,774 | 4,690,519 | 4,683,797 | 4,680,776 | 4,677,178 |
PERFORMANCE RATIOS | |||||
Return on average assets | 0.59% | 1.17% | (0.08)% | 0.51% | 0.56% |
Return on average equity | 6.79% | 12.54% | (0.90)% | 5.44% | 5.93% |
Return on average tangible equity (a) | 8.45% | 15.49% | (1.11)% | 6.75% | 7.41% |
Efficiency ratio (b) | 76.26% | 85.10% | 75.07% | 77.21% | 77.28% |
Non-interest expense to average assets (c) | 3.57% | 4.11% | 3.55% | 3.62% | 3.64% |
Loans to deposits | 83.59% | 87.62% | 84.99% | 82.87% | 79.31% |
YIELDS / RATES - Fully Taxable Equivalent | |||||
Yield on loans | 4.28% | 4.49% | 4.33% | 4.40% | 4.51% |
Yield on investments | 1.83% | 1.98% | 1.95% | 1.91% | 2.09% |
Yield on interest-earning assets | 3.74% | 3.96% | 3.82% | 3.77% | 3.85% |
Cost of interest-bearing deposits | 0.20% | 0.21% | 0.22% | 0.22% | 0.23% |
Cost of borrowings | 2.74% | 2.65% | 2.85% | 2.93% | 2.91% |
Cost of interest-bearing liabilities | 0.35% | 0.36% | 0.37% | 0.37% | 0.38% |
Interest rate spread | 3.39% | 3.60% | 3.45% | 3.40% | 3.47% |
Net interest margin, fully taxable equivalent | 3.49% | 3.71% | 3.55% | 3.51% | 3.58% |
CAPITAL | |||||
Total equity to total assets at end of period | 8.60% | 8.77% | 9.16% | 9.35% | 9.38% |
Tangible equity to tangible assets at end of period (a) | 7.04% | 7.13% | 7.51% | 7.68% | 7.67% |
Book value per share | $ 28.92 | $ 28.44 | $ 29.78 | $ 30.28 | $ 30.03 |
Tangible book value per share | 23.28 | 22.71 | 23.98 | 24.40 | 24.08 |
Period-end market value per share | 28.30 | 27.66 | 28.09 | 29.54 | 27.12 |
Dividends declared per share | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 |
AVERAGE BALANCES | |||||
Loans (d) | $ 1,132,473 | $ 1,112,297 | $ 1,097,133 | $ 1,047,181 | $ 1,007,415 |
Earning assets | 1,450,249 | 1,410,804 | 1,404,165 | 1,400,174 | 1,381,604 |
Total assets | 1,558,919 | 1,522,834 | 1,509,315 | 1,504,153 | 1,488,577 |
Deposits | 1,338,913 | 1,307,305 | 1,301,083 | 1,298,159 | 1,282,917 |
Total equity | 135,974 | 141,845 | 142,944 | 142,318 | 141,061 |
Tangible equity (a) | 109,219 | 114,786 | 115,553 | 114,603 | 112,996 |
ASSET QUALITY | |||||
Net charge-offs | $ 184 | $ 1,116 | $ 1,070 | $ 625 | $ 260 |
Non-performing loans (e) | 10,419 | 7,778 | 7,209 | 7,712 | 8,567 |
Non-performing assets (f) | 12,925 | 10,843 | 10,328 | 8,345 | 8,808 |
Allowance for loan losses | 13,892 | 13,686 | 13,151 | 13,632 | 13,155 |
Annualized net charge-offs to average loans | 0.07% | 0.40% | 0.39% | 0.24% | 0.10% |
Non-performing loans to total loans | 0.91% | 0.69% | 0.65% | 0.71% | 0.84% |
Non-performing assets to total assets | 0.82% | 0.71% | 0.68% | 0.55% | 0.59% |
Allowance for loan losses to total loans | 1.21% | 1.22% | 1.18% | 1.26% | 1.28% |
Allowance for loan losses to non-performing loans | 133.33% | 175.96% | 182.42% | 176.76% | 153.55% |
(a) See the GAAP to Non-GAAP reconciliations. | |||||
(b) Efficiency ratio is non-interest expense less merger and acquisition expenses less amortization of intangible assets less legal settlement divided by the total of fully taxable equivalent net interest income plus non-interest income less net gain on securities transactions less gain from bargain purchase less gain on liquidation of trust preferred securities. | |||||
(c) For the non-interest expense to average assets ratio, non-interest expense does not include legal settlement expense. | |||||
(d) Loans include loans held for sale. Loans do not reflect the allowance for loan losses. | |||||
(e) Non-performing loans include non-accrual loans only. | |||||
(f) Non-performing assets include non-performing loans plus other real estate owned. | |||||
N/M - Not meaningful. |
Chemung Financial Corporation
GAAP to Non-GAAP Reconciliations (Unaudited)
The table below shows computations of core net income (loss), tangible equity and tangible assets, and certain related ratios, all of which are considered to be non-GAAP financial measures. The tangible equity to tangible assets ratio has become a focus of some investors and management believes this ratio may assist in analyzing the Corporation's capital position, absent the effects of intangible assets. These non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of results reported under GAAP. Because not all companies use identical calculations, the non-GAAP measures presented in the following table may not be comparable to those reported by other companies.
As of or for the Three Months Ended | |||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
(amounts in thousands, except per share data) | 2015 | 2014 | 2014 | 2014 | 2014 |
CORE NET INCOME | |||||
Reported net income (loss) (GAAP) | $ 2,276 | $ 4,482 | $ (319) | $ 1,930 | $ 2,064 |
Net gain on securities transactions (net of tax) | (31) | (3,907) | -- | (322) | -- |
Legal settlement (net of tax) | -- | -- | 2,617 | -- | -- |
Merger and acquisition related expenses (net of tax) | -- | -- | -- | 18 | 53 |
Core net income (non-GAAP) | $ 2,245 | $ 575 | $ 2,298 | $ 1,626 | $ 2,117 |
Average basic and diluted shares outstanding | 4,706,774 | 4,690,519 | 4,683,797 | 4,680,776 | 4,677,178 |
Reported basic and diluted earnings (loss) per share (GAAP) | $0.48 | $0.96 | ($0.07) | $0.41 | $0.44 |
Reported return on average assets (GAAP) | 0.59% | 1.17% | (0.08)% | 0.51% | 0.56% |
Reported return on average equity (GAAP) | 6.79% | 12.54% | (0.90)% | 5.44% | 5.93% |
Core basic and diluted earnings per share (non-GAAP) | $0.48 | $0.12 | $0.49 | $0.35 | $0.45 |
Core return on average assets (non-GAAP) | 0.58% | 0.15% | 0.60% | 0.43% | 0.58% |
Core return on average equity (non-GAAP) | 6.70% | 1.61% | 6.38% | 4.58% | 6.09% |
TANGIBLE EQUITY AND TANGIBLE ASSETS | |||||
(PERIOD END) | |||||
Total shareholders' equity (GAAP) | $ 136,293 | $ 133,628 | $ 139,561 | $ 141,781 | $ 140,523 |
Less: intangible assets | (26,587) | (26,891) | (27,208) | (27,532) | (27,857) |
Tangible equity (non-GAAP) | $ 109,706 | $ 106,737 | $ 112,353 | $ 114,249 | $ 112,666 |
Total assets (GAAP) | $ 1,584,772 | $ 1,524,539 | $ 1,523,557 | $ 1,515,881 | $ 1,497,531 |
Less: intangible assets | (26,587) | (26,891) | (27,208) | (27,532) | (27,857) |
Tangible assets (non-GAAP) | $ 1,558,185 | $ 1,497,648 | $ 1,496,349 | $ 1,488,349 | $ 1,469,674 |
Total equity to total assets at end of period (GAAP) | 8.60% | 8.77% | 9.16% | 9.35% | 9.38% |
Book value per share (GAAP) | $ 28.92 | $ 28.44 | $ 29.78 | $ 30.28 | $ 30.03 |
Tangible equity to tangible assets at end of period (non-GAAP) | 7.04% | 7.13% | 7.51% | 7.68% | 7.67% |
Tangible book value per share (non-GAAP) | $ 23.28 | $ 22.71 | $ 23.98 | $ 24.40 | $ 24.08 |
TANGIBLE EQUITY AND TANGIBLE ASSETS | |||||
(AVERAGE) | |||||
Total shareholders' equity (GAAP) | $ 135,974 | $ 141,845 | $ 142,944 | $ 142,318 | $ 141,061 |
Less: intangible assets | (26,755) | (27,059) | (27,391) | (27,715) | (28,065) |
Tangible equity (non-GAAP) | $ 109,219 | $ 114,786 | $ 115,553 | $ 114,603 | $ 112,996 |
Return on average equity (GAAP) | 6.79% | 12.54% | (0.90)% | 5.44% | 5.93% |
Return on average tangible equity (non-GAAP) | 8.45% | 15.49% | (1.11)% | 6.75% | 7.41% |
Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in these sections. All statements regarding, among other things, the Corporation's expected financial condition and results of operations, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend." The Corporation cannot promise that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, difficulties in managing the Corporation's growth, competition, changes in law or the regulatory environment, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and changes in general business and economic trends. Information concerning these and other factors can be found in the Corporation's periodic filings with the Securities and Exchange Commission, including in our 2014 Annual Report on Form 10-K. These filings are available publicly on the SEC's website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: Karl F. Krebs, EVP and CFO kkrebs@chemungcanal.com Phone: 607-737-3714