Chemung Financial Corp (NASDAQ: CHMG) is a New York-based bank holding company that operates Chemung Canal Trust Company, a community bank established in 1833 and headquartered in Elmira, New York. The corporation earns money primarily through net interest income, the spread between interest collected on loans and investments and interest paid on deposits, supplemented by non-interest income from fee-based services. Net interest income was $87.2 million in FY2025, up from $74.1 million in FY2024, while non-interest income was $7.9 million in FY2025 compared to $23.2 million in FY2024. The bank held 64.56% of total market deposits in Chemung County as of June 30, 2025, its home market. It became a financial holding company in June 2000 and established Chemung Financial Services (CFS) in September 2001 to offer mutual funds, annuities, brokerage services, insurance, and tax preparation. Total deposits were approximately $2.26 billion as of December 31, 2025, with loans-to-deposits at 99.95%. The corporation operates under the Chemung Canal Trust Company, Capital Bank, and Canal Bank division brands across upstate New York markets.

Revenue model

Net interest income from loans and investment securities funded by customer deposits, supplemented by non-interest income from fee-based services including mutual funds, annuities, brokerage, insurance, and tax preparation offered through subsidiary CFS. Net interest income was $87.2 million in FY2025; non-interest income was $7.9 million in FY2025.

Products and services

Commercial and industrial loans, consumer loans, residential real estate loans originated for secondary market sale, home equity lines of credit, credit card lines, standby letters of credit, lines of credit, mutual funds, annuities, brokerage services, insurance products, and tax preparation services. Mortgage-backed securities and obligations of U.S. government and state/municipal entities held as investments.

Customers and end markets

Retail depositors, commercial borrowers, municipal clients, and consumers across upstate New York counties. Albany, Saratoga, and Schenectady markets are tied to New York State government activities, the nanotechnology and semiconductor industries, and local colleges. Chemung County is the legacy home market.

Value-chain role

Community bank and trust company acting as a direct lender, deposit gatherer, and financial services distributor. Originates residential mortgage loans for secondary market sale. Provides payment card services via MasterCard. Uses automated processing for transaction operations.

Geographic exposure

Upstate New York, operating under three brand divisions: Chemung Canal Trust Company (legacy Chemung County and surrounding counties), Capital Bank division (Albany-area markets, 1.81% of a $26.9 billion deposit market as of June 30, 2025), and Canal Bank division (0.06% of a $57.5 billion deposit market as of June 30, 2025). Headquartered in Elmira, New York.

Source: SEC 10-K, filed 2026-03-13

Industry: State Commercial Banks Peers: Ames National Corp COMMUNITY FINANCIAL CORP /MD/ Investar Holding Corp MISSION BANCORP National Bankshares Inc PNC Financial Services Group Inc