ELMIRA, N.Y. (AP) _ Chemung Financial Corp. (CHMG) on Monday reported first-quarter profit of $2.5 million.
The bank, based in Elmira, New York, said it had earnings of 51 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
The financial holding company posted revenue of $21.1 million in the period. Its revenue net of interest expense was $19.8 million, exceeding Street forecasts. Three analysts surveyed by Zacks expected $19.6 million.
Chemung Financial shares have dropped 38% since the beginning of the year. In the final minutes of trading on Monday, shares hit $26.20, a decline of 45% in the last 12 months.