SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

Summarized Financial Information Concerning Reportable Segments And Reconciliation To Consolidated Results

The Holding Company, CFS, and CRM column below includes amounts to eliminate transactions between segments as well as income and expenses related to insurance products, mutual funds, brokerage services, and captive insurance (in thousands).


Year ended December 31, 2023	Core Banking		WMG		Holding Company, CFS and CRM1		Consolidated Totals
Interest and dividend income	$	112,947	$	—	$	127	$	113,074
Interest expense	38,617		—		—		38,617
Net interest income	74,330		—		127		74,457
Provision for credit losses	3,262		—		—		3,262
Net interest income after provision for credit losses	71,068		—		127		71,195
Non-interest income	13,150		10,460		939		24,549
Legal settlements	—		—		—		—
Non-interest expenses	55,982		7,061		1,200		64,243
Income (loss) before income tax expense	28,236		3,399		(134)		31,501
Income tax expense (benefit)	5,869		730		(98)		6,501
Segment net income (loss)	$	22,367	$	2,669	$	(36)	$	25,000

Segment assets	$	2,706,373	$	2,627	$	1,529	$	2,710,529

1 Chemung Risk Management, Inc. (CRM) was dissolved December 6, 2023.


Year ended December 31, 2022	Core Banking		WMG		Holding Company, CFS and CRM			Consolidated Totals
Interest and dividend income	$	81,425	$	—	$	50		$	81,475
Interest expense	7,296		—		—			7,296
Net interest income	74,129		—		50			74,179
Provision for loan losses	(554)		—		—			(554)
Net interest income after provision for loan losses	74,683		—		50			74,733
Non-interest income	10,225		10,280		931			21,436
Legal settlements	—		—		—		0	—
Non-interest expenses	51,301		6,582		1,397			59,280
Income (loss) before income tax expense	33,607		3,698		(416)			36,889
Income tax expense (benefit)	7,361		851		(106)			8,106
Segment net income (loss)	$	26,246	$	2,847	$	(310)		$	28,783

Segment assets	$	2,635,043	$	2,559	$	7,951		$	2,645,553