Chemung Financial in Elmira, N.Y., is calling for a do-over less than two weeks after releasing its second-quarter results.
The $1.7 billion-asset company late last week said that net income in the quarter fell 37% from a year earlier to $1.6 million, after it reported July 21 that profits had declined just 8.1% to $2.4 million.
A lease dispute was the culprit. Chemung created a $1.2 million legal reserve after the New York Supreme Court for the County of Tompkins granted a partial summary judgment in favor of the owner of a branch in Ithaca that the company's Chemung Canal Trust unit closed this spring. The company said it was notified of the decision July 25, four days after it initially reported second-quarter results.
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The $1.6 billion-asset company said in a press release Thursday that Anders Tomson will succeed Ronald Bentley as its CEO at the end of the year.
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Chemung Financial in Elmira, N.Y., is set to form an insurance unit.
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Chemung Financial in Elmira, N.Y., has promoted Anders Tomson to president and chief operating officer. Tomson had been president of Chemung Financial's Capital Bank, the name the company uses in its Albany County and Saratoga County, N.Y., markets.
July 9
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The court will hold an inquest on damages at a later date, but the original claim by the plaintiff sought $4 million in damages, Chemung said in a news release Friday.
Meanwhile, Chemung Financial's revised earnings report showed that net interest income rose 2.5% to $13 million primarily on loan interest and fees and income from securities.
Noninterest income decreased 2% to $5.2 million because of a drop in gains on securities transactions and income from bank-owned life insurance.
Noninterest expenses increased 12.6% to $15.6 million due primarily to increases in pension and employee benefits, occupancy expenses, data processing, and professional services.