The massive EPS beat and record net income, driven by strong NIM expansion and a one-time litigation recovery, will likely drive significant upward price action. Watch for follow-through on commercial loan growth trajectory and whether NPLs stabilize — the 0.57% NPL ratio is elevated vs year-end 2025 but remains manageable for a community bank. The charter conversion and rebranding signal strategic maturation.
Price Chart
Executive Summary
Chemung Financial Corp reported Q3 2026 net income of $12.7M ($2.63 EPS), a record quarter that crushed the $1.93 consensus by 36.3% and grew 63% YoY from $7.8M ($1.62). Net interest income rose 13.2% YoY to $25.7M, NIM expanded 29bp to 3.74%, and a $2.9M litigation recovery drove a $2.6M negative provision for credit losses. The bank also completed its national bank charter conversion and announced a dividend increase to $0.36/share.
Key Financial Metrics
Key Facts
- Q3 2026 EPS of $2.63 beat consensus of $1.93 by 36.3%
- Net income of $12.7M was a record quarter, up 63.1% YoY from $7.8M
- Net interest income grew 13.2% YoY to $25.7M; NIM expanded to 3.74% from 3.45%
- Provision for credit losses was a $2.6M credit due to a $2.9M litigation recovery
- Annualized commercial loan growth of 11.7% YTD; total loan growth 7.7% YTD
- Quarterly dividend increased 5.9% to $0.36/share
- Completed national bank charter conversion on Oct 1, 2026; announced rebranding to Canal Bank & Trust
- Non-performing loans rose to 0.57% of total loans from 0.35% at Dec 2025
- Tangible book value per share increased to $52.00 from $48.43 at Dec 2025
Financial Impact
EPS of $2.63 vs $1.93 consensus (+36.3%); net income $12.7M vs $7.8M YoY (+63.1%)
Risk Factors
- Non-performing loans rose to $13.8M (0.57% of loans) from $7.9M (0.35%) at Dec 2025
- The $2.9M litigation recovery that boosted earnings is non-recurring
- AOCI loss widened to $44.2M from $36.1M at Dec 2025 due to rising rates
- Uninsured deposits increased to 33.4% of total deposits from 30.1% at Dec 2025
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-006779 |
| Document: f8k_102226.htm | 0001171843-26-006779 |
| Document: 0001171843-26-006779-index-headers.html | 0001171843-26-006779 |
| Document: 0001171843-26-006779-index.html | 0001171843-26-006779 |
| Document: 0001171843-26-006779.txt | 0001171843-26-006779 |
| 8-K Data (Synthetic) | 0001171843-26-006779 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $83.88 | awaiting T+60 | — | $85.30 (+1.69%) |
Oct 22, 2026 4d ago | Press Release | $83.88 | awaiting T+60 | — | $85.30 (+1.69%) |
Oct 1, 2026 25d ago | 8-K | $80.61 | awaiting T+60 | — | $85.30 (+5.82%) |
Aug 19, 2026 9w ago | 8-K | $81.64 | awaiting T+60 | — | $85.30 (+4.48%) |
Aug 19, 2026 9w ago | Press Release | $81.64 | awaiting T+60 | — | $85.30 (+4.48%) |
Jul 22, 2026 13w ago | Press Release | $74.57 $79.60 | ▲ +6.75% | ▲ +2.19% | $85.30 (+14.39%) |
May 8, 2026 24w ago | 8-K | $68.00 $82.37 | ▲ +21.13% | ▲ +16.29% | $85.30 (+25.44%) |
Apr 23, 2026 26w ago | DEFA14A | $66.30 $77.04 | ▲ +16.19% | ▲ +11.17% | $85.30 (+28.66%) |
Apr 17, 2026 27w ago | 8-K | $62.82 $74.76 | ▲ +19.01% | ▲ +12.86% | $85.30 (+35.78%) |
Apr 17, 2026 27w ago | Press Release | $62.82 $74.76 | ▲ +19.01% | ▲ +12.86% | $85.30 (+35.78%) |
US Market Status
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