Chemung Financial Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags
Chemung Financial (NASDAQ:CHMG) Full Year 2023 Results
Key Financial Results
Revenue: US$95.7m (flat on FY 2022).
Net income: US$25.0m (down 13% from FY 2022).
Profit margin: 26% (down from 30% in FY 2022).
EPS: US$5.28 (down from US$6.13 in FY 2022).
CHMG Banking Performance Indicators
Cost-to-income ratio: 66.2% (up from 61.7% in FY 2022).
Non-performing loans: 0.53% (up from 0.45% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Chemung Financial Revenues Beat Expectations, EPS Falls Short
Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 3.6%.
Looking ahead, revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are up 2.2% from a week ago.
Balance Sheet Analysis
While earnings are important, another area to consider is the balance sheet. See our latest analysis on Chemung Financial's balance sheet health.
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