• A community-focused version of a regional bank like PNC.
• Like a smaller, local Northern Trust, offering banking and wealth management services.
• Think of it as a Main Street Bank of America, deeply rooted in its local community and providing personalized trust and wealth management.

• Retail and Commercial Deposits: Services for individuals and businesses to securely save funds, including checking accounts, savings accounts, money market accounts, and certificates of deposit.
• Consumer Lending: Providing loans to individuals for personal needs, such as residential mortgages, home equity loans, auto loans, and personal loans.
• Commercial Lending: Offering loans and lines of credit to businesses for various purposes, including commercial real estate, working capital, and equipment financing.
• Wealth Management and Trust Services: Comprehensive financial planning, investment management, and trust and estate administration services for individuals, families, and institutions.
• Treasury Management Services: Solutions designed for businesses to manage their cash flow, payments, and financial operations efficiently.

Chemung Financial (CHMG) is a financial holding company operating primarily through its subsidiary banks, Chemung Canal Trust Company and Capital Bank. As such, the company sells primarily to individuals and businesses rather than to other companies in the traditional sense of a supplier-customer relationship.

The company serves the following categories of customers:

• Individuals/Consumers: This category includes individual customers and households who utilize services such as checking and savings accounts, personal loans, mortgages, home equity lines of credit, and other retail banking products.
• Businesses: This category encompasses a range of commercial clients, from small businesses to larger corporations. They are served with business checking and savings accounts, commercial loans, lines of credit, treasury management services, and other business banking solutions.
• Wealth Management & Trust Clients: This segment includes high-net-worth individuals, families, non-profit organizations, and corporations seeking specialized services such as investment management, financial planning, trust administration, and estate planning.

Anders M. Tomson, President & CEO

Anders M. Tomson was appointed President and Chief Executive Officer of Chemung Financial Corporation and its banking subsidiary, Chemung Canal Trust Company, in December 2016. He joined Chemung Canal Trust Company in April 2011 as Division President of Capital Bank, a five-branch division located in Albany and Saratoga counties, when Chemung Canal acquired Capital Bank & Trust. He was instrumental in facilitating the merger and acquisition of Capital Bank by Chemung Canal Trust Company. In July 2015, Tomson was named President and Chief Operating Officer of the Bank. Prior to joining Chemung Canal, he served as Senior Vice President and Commercial Real Estate Division Executive for RBS Citizens Bank and as Senior Vice President of the Community Preservation Corporation. Tomson holds an extensive background in commercial and real estate lending.

Dale M. McKim III, Executive Vice President, CFO and Treasurer

Dale M. McKim III joined Chemung Financial Corporation and Chemung Canal Trust Company as Executive Vice President, Chief Financial Officer, and Treasurer on July 1, 2023. He brings over 25 years of experience in finance and risk management to the company. Before joining Chemung Financial, Mr. McKim served as Chief Risk Officer for Evans Bank. He also held a position as a Partner/Senior Manager at KPMG LLP in Buffalo. Mr. McKim is a Certified Public Accountant and holds a Bachelor of Science degree in Accounting and Finance from the State University at Buffalo.

Peter K. Cosgrove, Executive Vice President and Chief Credit Officer

Peter K. Cosgrove serves as the Executive Vice President and Chief Credit Officer for Chemung Financial Corporation and Chemung Canal Trust Company. He has also previously held the title of Chief Risk Officer.

Mary E. Meisner, Executive Vice President and Chief Risk Officer

Mary E. Meisner is the Executive Vice President and Chief Risk Officer for Chemung Financial Corporation. She was previously a Senior Risk Officer.

Kimberly A. Hazelton, Executive Vice President, Retail Client Services and Marketing and Business Services

Kimberly A. Hazelton is an Executive Vice President at Chemung Financial, overseeing Retail Client Services and Marketing and Business Services. She is also recognized as the Executive Vice President, Retail Client Division.

1. High concentration in Commercial Real Estate (CRE) loans: Chemung Financial has a significant exposure to the commercial real estate market, with CRE loans representing 61.9% of its total loan balances as of September 30, 2025. This concentration is considerably higher than industry averages, creating a "single-point-of-failure risk" in the event of a downturn in the commercial property market.
2. Shrinking profit margins and persistent decline in earnings: The company has experienced a notable reduction in profitability, with its net profit margin decreasing to 13.8% from 24.5% a year prior. Over the past five years, Chemung Financial's earnings have contracted at an average rate of 1.8% per year, including a recent year of negative earnings growth. This trend challenges the company's ability to achieve steady and reliable growth.
3. Intense competition from larger regional banks: As Chemung Financial expands into new markets like Albany and Buffalo, it faces significant competition from larger regional banks. These competitors possess greater financial resources, larger technology budgets, and more established brand recognition, posing a threat to Chemung Financial's growth strategy and market share.

The primary clear emerging threat to Chemung Financial, a traditional regional bank, stems from the increasing market penetration and sophistication of digital-first financial technology (fintech) companies and neobanks. These entities, such as Chime, Varo, Ally Bank, and SoFi, provide core banking services (deposits, payments, and various lending products) primarily through mobile applications and online platforms. Their appeal often lies in lower fees, superior digital user experiences, and tailored products designed for tech-savvy consumers. This digital-first approach directly competes for customer acquisition and retention, particularly among younger demographics and those prioritizing convenience and accessibility over physical branch presence, thereby eroding the traditional market share of community banks.

Commercial Banking

Retail Banking

Wealth Management

Here are 3-5 expected drivers of future revenue growth for Chemung Financial (CHMG) over the next 2-3 years:

1. Loan Growth, particularly in Commercial and Commercial Real Estate: Chemung Financial has demonstrated strong loan growth, with a significant concentration in commercial real estate and commercial loans. The company reported annualized loan growth of 8.4%, including 13.6% annualized commercial loan growth in the third quarter of 2025. This growth is further supported by the expansion of its Western New York Canal Bank division, which has seen accelerated loan growth, particularly in commercial real estate, following the establishment of a regional banking center and an enlarged commercial lending team.
2. Net Interest Margin (NIM) Expansion: The company's strategic balance sheet repositioning efforts have led to a notable improvement in its net interest margin. For the third quarter of 2025, the fully taxable equivalent net interest margin increased to 3.45% from 2.72% in the same period in 2024, and by 40 basis points from the prior quarter. This improvement is primarily driven by gains in interest income on loans and interest-earning deposits, coupled with a decline in interest expense on deposits, and an increase in the average yield on interest-earning assets while reducing the total cost of funds.
3. Growth in Non-Interest Income: Chemung Financial has experienced an increase in non-interest income, which is expected to continue contributing to revenue growth. This rise is mainly attributed to higher service charges on deposit accounts and an increase in other non-interest income, particularly from interest-rate swap fees, reflecting a rise in originations of loans with interest-rate swap exposures.
4. Expansion of Wealth Management Services: The Wealth Management Group (WMG) is a key segment for Chemung Financial, providing trust and investment advisory services. The company has been adding staff to its wealth management division, particularly within its Western New York Canal Bank division, indicating an ongoing focus on expanding these services and client acquisition. The WMG also reported strong performance in 2022, with robust new client acquisition and client retention.

Share Repurchases

• Chemung Financial announced a share repurchase plan on January 8, 2021.
• As of June 30, 2025, the company had repurchased 49,184 shares for a total of $2.0 million under its repurchase program.
• Remaining buyback authority under the program was 200,816 shares as of June 30, 2025, out of an authorized 250,000 shares (approximately 5% of outstanding shares).

Share Issuance

• On June 10, 2025, Chemung Financial issued $45 million in 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035.
• The net proceeds from this issuance are intended for general corporate purposes and to support regulatory capital ratios for growth initiatives, which may include a balance sheet restructuring.
• These Notes are designed to qualify as Tier 2 capital under the capital guidelines of the Federal Reserve Board.