CHEMUNG FINANCIAL CORP

For the period ended Jun 30, 2024. Filed Aug 7, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 7, 2024

CHMG$86.290.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)	Six Months Ended June 30,
CASH FLOWS FROM OPERATING ACTIVITIES:	2024	2023
Net income	$12,037	$13,550
Adjustments to reconcile net income to net cash provided by operating activities:
(Increases in) Amortization of right-of-use assets	(179)	399
Provision (credit) for credit losses	(1,161)	513
(Gains) Loss on disposal of fixed assets	(40)	3
Depreciation and amortization of fixed assets	936	1,060
Amortization of premiums on securities, net	1,114	1,270
Gain on sales of loans held for sale, net	(71)	(23)
Proceeds from sales of loans held for sale	3,866	1,318
Loans originated and held for sale	(4,176)	(2,080)
Net losses (gains) on sale of other real estate owned	3	(14)
Fair value adjustment on other real estate owned	—	(3)
Net change in fair value of equity investments	(115)	31
Proceeds from sales of equity investments	134	39
Purchase of equity investments	(63)	(81)
(Increase) Decrease in other assets and accrued interest receivable	(938)	1,317
Increase in accrued interest payable	2,718	1,964
Expense related to restricted stock units for directors' deferred compensation plan	10	10
Expense related to employee restricted stock awards	613	548
Increases in (payments on) operating lease liabilities	182	(392)
Net (gain) loss on interest rate swaps	(31)	(55)
Decrease in other liabilities	(398)	(1,488)
Income from bank owned life insurance	(19)	(21)
Net cash provided by operating activities	14,422	17,865
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, calls, and principal paydowns on securities available for sale	26,657	30,883
Proceeds from maturities and principal collected on securities held to maturity	128	619
Purchases of securities available for sale	—	(3,207)
Purchase of FHLBNY and FRBNY stock	(18,165)	(29,969)
Redemption of FHLBNY and FRBNY stock	18,157	31,838
Proceeds from sales of fixed assets	44	—
Purchases of premises and equipment	(1,100)	(446)
Proceeds from sale of other real estate owned	185	154
Net increase in loans	(39,540)	(64,566)
Net cash used in investing activities	(13,634)	(34,694)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in demand, interest-bearing demand, savings, and insured money market deposits	(7,941)	(80,135)
Net (decrease) increase in time deposits	(5,565)	143,102
Net change in FHLBNY and FRBNY advances	48,080	(45,050)
Increases in (payments on) finance leases	785	(138)
Purchase of treasury stock	(82)	(98)
Sale of treasury stock	247	419
Cash dividends paid	(2,942)	(2,914)
Net cash provided by financing activities	32,582	15,186
Net increase (decrease) in cash and cash equivalents	33,370	(1,643)
Cash and cash equivalents, beginning of period	36,847	55,869
Cash and cash equivalents, end of period	$70,217	$54,226

CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(in thousands)	Six Months Ended June 30,
Supplemental disclosure of cash flow information:	2024	2023
Cash paid for:
Interest	$24,037	$13,520
Income taxes	3,284	4,056
Supplemental disclosure of non-cash activity:
Transfer of loans to other real estate owned	407	108
Dividends declared, not yet paid	1,473	1,462

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