Chemung Financial Corporation reported earnings results for the fourth quarter and full year ended December 31, 2016. For the period, the company reported total interest and dividend income of $14,269,000 against total interest and dividend income of $13,896,000 a year ago. Net interest income of $52,329,000 against net interest income was $50,642,000 a year ago. Net interest income was $13,296,000 against net interest income of $12,962,000 a year ago. Income before income tax was $4,228,000 against income before income tax of $3,136,000 a year ago. Net income was $2,954,000 against net income of $2,129,000 a year ago. Basic and diluted earnings per share were $0.62 against basic and diluted earnings per share of $0.45 a year ago. Return on average assets of 0.69% against return on average assets of 0.52% a year ago. Return on average equity of 8.20% against return on average equity of 6.05% a year ago. Return on average tangible equity of 9.92% against return on average tangible equity of 7.42% a year ago. Book value per share was $30.07 against book value per share of $28.96 a year ago. Tangible book value per share was $24.89 against tangible book value per share of $23.53 a year ago.

For the period, the company reported total interest and dividend income of $56,168,000 against total interest and dividend income of $54,244,000 a year ago. Net interest income was $52,329,000 against net interest income of $50,642,000 a year ago. Net interest income was $49,892,000 against net interest income of $49,071,000 a year ago. Income before income tax was $14,431,000 against income before income tax of $14,091,000 a year ago. Net income was $10,027,000 against net income of $9,433,000 a year ago. Basic and diluted earnings per share were $2.11 against basic and diluted earnings per share of $2 a year ago. Return on average assets of 0.6% against return on average assets of 0.6% a year ago. Return on average equity of 7.02% against return on average equity of 6.84% a year ago. Return on average tangible equity of 8.52% against return on average tangible equity of 8.45% a year ago. Book value per share was $30.07 against book value per share of $28.96 a year ago. Tangible book value per share was $24.89 against tangible book value per share of $23.53 a year ago. Net interest income increase was due primarily to interest income from the loan portfolio, as the year-to-date average loan balance increased $52.6 million when compared to the preceding year.

Net charge-offs for the fourth quarter of 2016 were $1.5 million compared with $0.4 million for the same period in the prior year. The increase in the net charge-offs, compared to the same period in the prior year, can be attributed to the write-off of specifically reserved commercial loans.