Downtown Elmira, where Chemung Financial Corporation is headquartered. Photo: Andre Carrotflower, CC BY-SA 4.0, via Wikimedia Commons.
Chemung Financial Corporation, the Elmira parent of Chemung Canal Trust Company, reported third-quarter net income of $12.7 million, or $2.63 a share, up from $7.8 million, or $1.62 a share, in the third quarter of 2025 and from $8.8 million, or $1.82, in the second quarter of this year. The company released the results on Oct. 22.
Net interest income was $25.7 million in the third quarter, up $1.0 million, or 4.0 percent, from $24.7 million in the prior quarter, the release said, driven mainly by higher interest income on loans. Compared with the same quarter a year earlier, net interest income was up $3.0 million, or 13.2 percent. Year-to-date annualized loan growth was 7.7 percent, including 11.7 percent annualized growth in commercial loans.
The board also raised the quarterly dividend by $0.02 a share during the third quarter, a 5.9 percent increase from the prior quarter. Dividends declared in the third quarter were $0.36 a share.
President and CEO Anders M. Tomson said the results “reflect the earnings power the Corporation has built through the strategic decisions of the past year and the efforts of our team across each of our markets.” He pointed to commercial loan growth and “disciplined management of funding costs.”
In the same release, Tomson noted that earlier in October the bank completed a conversion to a national charter, now operating as Chemung Canal Trust Company, National Association, and announced its intent to unify the Chemung Canal, Capital Bank and Canal Bank names under Canal Bank & Trust, N.A. The company said the rebranding would be introduced in the fourth quarter and rolled out beginning in 2027. Tomson said the values “that have guided us since 1833 will not” change with the name.
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