Ronald M. Bentley, Chemung Financial Corporation CEO stated:
"The continued growth in our commercial loan portfolio drove a $29 million increase in loans outstanding during the year and a 4.7% increase in net interest income in the second quarter over the same period in the prior year. Increasing net interest income and managing expenses remains a priority for us and we continue to look for opportunities to enhance income and gain efficiencies in our day-to-day operations."
Second Quarter Highlights:
• Loans, net of deferred fees increased $28.8 million, or 2.6%
• Commercial loans increased $46.3 million, or 7.5%
• Deposits increased $52.0 million, or 4.1%
• Net interest income increased $0.5 million, or 4.7%
• Provision for loan losses decreased $0.8 million, or 76.5%
• Dividends declared during the quarter were $0.26