ELMIRA, N.Y. (AP) _ Chemung Financial Corp. (CHMG) on Monday reported second-quarter profit of $5.8 million.
The Elmira, New York-based bank said it had earnings of $1.20 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The financial holding company posted revenue of $21.6 million in the period. Its revenue net of interest expense was $20.7 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $19.4 million.
Chemung Financial shares have declined 40% since the beginning of the year. In the final minutes of trading on Monday, shares hit $25.52, a fall of 46% in the last 12 months.