Authorization

Chemung Financial Corporation Reports Annual Net Income of $19.3 million, or $4.01 per Share, and Fourth Quarter 2020 Net Income of $5.2 million, or $1.11 per Share

ELMIRA, N.Y., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the a??Corporationa??) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the a??Banka??), today reported net income of $19.3 million, or $4.01 per share, for the year ended December 31, 2020, compared to $15.6 million, or $3.21 per share, for the year ended December 31, 2019. Net income was $5.2 million, or $1.11 per share, for the fourth quarter of 2020, compared to $4.2 million, or $0.87 per share, for the fourth quarter of 2019."The year 2020 was certainly an extraordinary and challenging year for our employees, our communities and our country. COVID-19 fundamentally altered both business and social practices across the globe, and we reacted and adapted quickly. Although the coronavirus altered how our Company conducted business, we were confident that our strong financial position, our community focus and our strong culture would help us through the difficult times. Due to the hard work of so many, I am proud to report earnings of $1.11 per share for the fourth quarter of 2020, and $4.01 per share for the fiscal year 2020," said Anders M. Tomson, President and CEO of Chemung Canal Trust Company. a??As we look to 2021, our business, along with so many others, will remain disrupted by the pandemic. We are once again supporting local businesses through our continued participation in the Paycheck Protection Program, and we look ahead with optimism as we enter the Western New York market and continue to focus on expense management and non-interest income opportunities,a?? Tomson added.Fourth Quarter Highlights1:

Fourth quarter earnings per share grew to $1.11 per share as of December 31, 2020 versus $0.87 per share as of December 31, 2019





Total shareholdersa?? equity increased $17.1 million, or 9.35% from December 31, 2019





Tangible book value per share increased from $32.74 to $37.83, or 15.5% from December 31, 2019 2





Loans, net of deferred fees, increased $227.2 million, including $150.9 million of Payroll Protection Program (PPP) loans, or 17.36% from December 31, 2019





Non-performing loans decreased from $18.0 million as of December 31, 2019 to $10.0 million as of December 31, 2020, 0.65% of total loans.

1 Balance sheet comparisons are calculated as of December 31, 2020 versus December 31, 2019.
2 See GAAP to Non-GAAP Reconciliations, included within.2020 vs 2019
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