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CHMG (Chemung Financial) Credit Losses Provision : $1.70 Mil (As of Sep. 2024)


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What is Chemung Financial Credit Losses Provision?

Chemung Financial's credit losses provision for the three months ended in Sep. 2024 was $0.56 Mil. Its credit losses provision for the trailing twelve months (TTM) ended in Sep. 2024 was $1.70 Mil.

Chemung Financial's quarterly credit losses provision increased from Mar. 2024 ($-2.04 Mil) to Jun. 2024 ($0.88 Mil) but then declined from Jun. 2024 ($0.88 Mil) to Sep. 2024 ($0.56 Mil).

Chemung Financial's annual credit losses provision declined from Dec. 2021 ($0.02 Mil) to Dec. 2022 ($-0.55 Mil) but then increased from Dec. 2022 ($-0.55 Mil) to Dec. 2023 ($3.26 Mil).

Chemung Financial Credit Losses Provision Historical Data

The historical data trend for Chemung Financial's Credit Losses Provision can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Chemung Financial Credit Losses Provision Chart

Chemung Financial Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Credit Losses Provision
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.95 4.24 0.02 -0.55 3.26

Chemung Financial Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Credit Losses Provision Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.45 2.30 -2.04 0.88 0.56

Chemung Financial Credit Losses Provision Calculation

For each period of operations, banks may reserve a portion of their income to cover the possible non-performing loans. The amount of the Credit Losses Provision is dependent on the management's estimate of the load quality they have. The higher Credit Losses Provision is, the lower banks' reported income in. This does not affect banks' cash flow statement.

Credit Losses Provision for the trailing twelve months (TTM) ended in Sep. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was $1.70 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Chemung Financial Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Chemung Financial Corp (NAS:CHMG) » Definitions » Credit Losses Provision
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Traded in Other Exchanges
N/A
Address
One Chemung Canal Plaza, Elmira, NY, USA, 14901
Website
https://www.chemungcanal.com
Chemung Financial Corp is a bank holding firm. It provides financial services, including demand, savings, and time deposits, commercial, residential, and consumer loans, letters of credit, wealth management services, employee benefit plans, securities, and insurance brokerage services. Its business operations are organized into two lines of business: Banking, and Wealth Management services. It derives its revenues from the core banking business.
Executives
Loren D Cole officer: Executive Vice President ONE CHEMUNG CANAL PLAZA, ELMIRA NY 14901
Tranter G. Thomas Jr. director ONE CHEMUNG CANAL PLAZA, ELMIRA NY 14901
Thomas W Wirth officer: Senior Vice President ONE CHEMUNG CANAL PLAZA, P.O. BOX 1522, ELMIRA NY 14902-1522
Daniel D Fariello officer: President, Capital Bank Div. ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Archibold Raimundo C. Jr director ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Meade Joseph F Iv director ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Mckim Dale M. Iii officer: EVP, CFO & Treasurer ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Jeffrey P. Kenefick officer: Regional President ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Thomas R. Tyrrell director ONE CHEMUNG CANAL PLAZA, ELMIRA NY 14901
John J Stempin officer: Controller ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Ronald M Bentley officer: President & COO ONE CHEMUNG CANAL PLAZA, ELMIRA NY 14901
Koen G. Long officer: Controller ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Denise V Gonick director ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Jeffrey B Streeter director ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522
Robert H Dalrymple director, 10 percent owner ONE CHEMUNG CANAL PLAZA, PO BOX 1522, ELMIRA NY 14902-1522