CHEMUNG FINANCIAL CORP

For the period ended Mar 31, 2024. Filed May 8, 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.

Mar 31, 2024 · Filed May 8, 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)	Three Months Ended March 31,
CASH FLOWS FROM OPERATING ACTIVITIES:	2024	2023
Net income	$7,050	$7,270
Adjustments to reconcile net income to net cash provided by operating activities:
(Increases in) Amortization of right-of-use assets	(370)	199
Provision (credit) for credit losses	(2,040)	277
(Gains) on disposal of fixed assets	(27)	—
Depreciation and amortization of fixed assets	465	533
Amortization of premiums on securities, net	510	656
Gain on sales of loans held for sale, net	(32)	(5)
Proceeds from sales of loans held for sale	1,677	210
Loans originated and held for sale	(1,741)	(205)
Net change in fair value of equity investments	(101)	(72)
Proceeds from sales of trading assets	89	—
Purchase of equity investments	(35)	(47)
Decrease (Increase) in other assets and accrued interest receivable	926	(132)
Increase in accrued interest payable	1,920	636
Expense related to restricted stock units for directors' deferred compensation plan	5	5
Expense related to employee restricted stock awards	308	394
Increases in (payments on) operating lease liabilities	370	(193)
Net (gain) loss on interest rate swaps	(34)	11
(Decrease) increase in other liabilities	(997)	1,159
Income from bank owned life insurance	(9)	(10)
Net cash provided by operating activities	7,934	10,686
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, calls, and principal paydowns on securities available for sale	11,942	15,901
Proceeds from maturities and principal collected on securities held to maturity	—	492
Purchases of securities available for sale	—	(2,199)
Purchase of FHLBNY and FRBNY stock	(10,894)	(16,853)
Redemption of FHLBNY and FRBNY stock	12,321	17,137
Proceeds from sales of fixed assets	31	—
Purchases of premises and equipment	(81)	(287)
Net increase in loans	(31,185)	(44,114)
Net cash used in investing activities	(17,866)	(29,923)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in demand, interest-bearing demand, savings, and insured money market deposits	34,250	(44,507)
Net increase in time deposits	17,095	49,709
Net change in FHLB overnight advances	(31,920)	(5,740)
Payments made on finance leases	(71)	(69)
Proceeds from FRB advances	50,000	—
Purchase of treasury stock	(82)	(98)
Sale of treasury stock	145	169
Cash dividends paid	(1,470)	(1,455)
Net cash provided by (used in) financing activities	67,947	(1,991)
Net increase (decrease) in cash and cash equivalents	58,015	(21,228)
Cash and cash equivalents, beginning of period	36,847	55,869
Cash and cash equivalents, end of period	$94,862	$34,641

CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(in thousands)	Three Months Ended March 31,
Supplemental disclosure of cash flow information:	2024	2023
Cash paid for:
Interest	$11,210	$5,647
Income taxes	459	431
Supplemental disclosure of non-cash activity:
Transfer of loans to other real estate owned	233	—
Dividends declared, not yet paid	1,473	1,460

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