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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Corporation manages its operations through two primary business segments: core banking and WMG. The core banking segment provides revenues by attracting deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the Corporation’s local markets, and to invest in securities. The WMG services segment provides revenues by providing trust and investment advisory services to clients. Accounting policies for the segments are the same as those described in Note 1 of the Corporation’s 2023 Annual Report on Form 10-K, which was filed with the SEC on March 13, 2024. Summarized financial information concerning the Corporation’s reportable segments and the reconciliation to the Corporation’s consolidated results are shown in the following table. Income taxes are allocated based on the separate taxable income of each entity and indirect overhead expenses are allocated based on reasonable and equitable allocations applicable to the reportable segment. The Holding Company and CFS columns below include amounts to eliminate transactions between segments (in thousands).
|  | Three months ended June 30, 2024
|  | Core Banking |  | WMG |  | Holding Company and CFS |  | Consolidated Totals
Interest and dividend income |  | $ | 31,377 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 31,386 |
Interest expense |  | 13,625 |  |  | — |  |  | — |  |  | 13,625 |
Net interest income |  | 17,752 |  |  | — |  |  | 9 |  |  | 17,761 |
Provision for credit losses |  | 879 |  |  | — |  |  | — |  |  | 879 |
Net interest income after provision for credit losses |  | 16,873 |  |  | — |  |  | 9 |  |  | 16,882 |
Other non-interest income |  | 2,494 |  |  | 2,860 |  |  | 244 |  |  | 5,598 |
Other non-interest expense |  | 14,110 |  |  | 1,737 |  |  | 372 |  |  | 16,219 |
Income (loss) before income tax expense (benefit) |  | 5,257 |  |  | 1,123 |  |  | (119) |  |  | 6,261 |
Income tax expense (benefit) |  | 1,077 |  |  | 238 |  |  | (41) |  |  | 1,274 |
Segment net income (loss) |  | $ | 4,180 |  |  | $ | 885 |  |  | $ | (78) |  |  | $ | 4,987 |
|  | Three months ended June 30, 2023
|  | Core Banking |  | WMG |  | Holding Company, CFS, and CRM(1) |  | Consolidated Totals
Interest and dividend income |  | $ | 27,757 |  |  | $ | — |  |  | $ | 39 |  |  | $ | 27,796 |
Interest expense |  | 9,201 |  |  | — |  |  |  |  | 9,201 |
Net interest income |  | 18,556 |  |  | — |  |  | 39 |  |  | 18,595 |
Provision for credit losses |  | 236 |  |  | — |  |  |  |  | 236 |
Net interest income after provision for credit losses |  | 18,320 |  |  | — |  |  | 39 |  |  | 18,359 |
Other non-interest income |  | 2,701 |  |  | 2,603 |  |  | 143 |  |  | 5,447 |
Other non-interest expense |  | 13,894 |  |  | 1,699 |  |  | 320 |  |  | 15,913 |
Income (loss) before income tax expense (benefit) |  | 7,127 |  |  | 904 |  |  | (138) |  |  | 7,893 |
Income tax expense (benefit) |  | 1,476 |  |  | 198 |  |  | (61) |  |  | 1,613 |
Segment net income (loss) |  | $ | 5,651 |  |  | $ | 706 |  |  | $ | (77) |  |  | $ | 6,280 |
(1)Chemung Risk Management, Inc. (CRM) was dissolved December 6, 2023.
|  | Six months ended June 30, 2024
|  | Core Banking |  | WMG |  | Holding Company, and CFS |  | Consolidated Totals
Interest and dividend income |  | $ | 62,588 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 62,605 |
Interest expense |  | 26,755 |  |  | — |  |  | — |  |  | 26,755 |
Net interest income |  | 35,833 |  |  | — |  |  | 17 |  |  | 35,850 |
Provision for credit losses |  | (1,161) |  |  | — |  |  | — |  |  | (1,161) |
Net interest income after provision for credit losses |  | 36,994 |  |  | — |  |  | 17 |  |  | 37,011 |
Other non-interest income |  | 5,236 |  |  | 5,563 |  |  | 456 |  |  | 11,255 |
Other non-interest expense |  | 28,649 |  |  | 3,632 |  |  | 636 |  |  | 32,917 |
Income (loss) before income tax expense (benefit) |  | 13,581 |  |  | 1,931 |  |  | (163) |  |  | 15,349 |
Income tax expense (benefit) |  | 2,947 |  |  | 420 |  |  | (55) |  |  | 3,312 |
Segment net income (loss) |  | $ | 10,634 |  |  | $ | 1,511 |  |  | $ | (108) |  |  | $ | 12,037 |
Segment assets |  | $ | 2,751,272 |  |  | $ | 2,873 |  |  | $ | 1,668 |  |  | $ | 2,755,813 |
|  | Six months ended June 30, 2023
|  | Core Banking |  | WMG |  | Holding Company, CFS, and CRM(1) |  | Consolidated Totals
Interest and dividend income |  | $ | 53,960 |  |  | $ | — |  |  | $ | 66 |  |  | $ | 54,026 |
Interest expense |  | 15,484 |  |  | — |  |  | — |  |  | 15,484 |
Net interest income |  | 38,476 |  |  | — |  |  | 66 |  |  | 38,542 |
Provision for credit losses |  | 513 |  |  | — |  |  | — |  |  | 513 |
Net interest income after provision for credit losses |  | 37,963 |  |  | — |  |  | 66 |  |  | 38,029 |
Other non-interest income |  | 5,352 |  |  | 5,183 |  |  | 335 |  |  | 10,870 |
Other non-interest expense |  | 27,590 |  |  | 3,497 |  |  | 662 |  |  | 31,749 |
Income (loss) before income tax expense (benefit) |  | 15,725 |  |  | 1,686 |  |  | (261) |  |  | 17,150 |
Income tax expense (benefit) |  | 3,307 |  |  | 375 |  |  | (82) |  |  | 3,600 |
Segment net income (loss) |  | $ | 12,418 |  |  | $ | 1,311 |  |  | $ | (179) |  |  | $ | 13,550 |
Segment assets |  | $ | 2,667,404 |  |  | $ | 2,584 |  |  | $ | 4,685 |  |  | $ | 2,674,673 |
(1)Chemung Risk Management, Inc. (CRM) was dissolved December 6, 2023.

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