Chemung Financial Corporation achieved a significant increase in profitability for the third quarter of 2026, driven by expanded net interest margins and a non-recurring litigation recovery. The results highlight the earnings power generated from strategic commercial loan growth and disciplined management of funding costs in a rising interest rate environment.
Key Highlights
- Net interest margin expanded to 3.74%, a substantial increase from 3.45% in the third quarter of 2025.
- Provision for credit losses was a credit of $2.6 million, primarily due to a $2.9 million partial recovery from a litigation settlement related to a loan participation.
- Commercial loans grew to $1.89 billion, representing a robust 11.7% annualized growth rate year-to-date.
- Efficiency ratio improved significantly, with the unadjusted ratio falling to 56.51% for the quarter from 61.32% a year ago.