Chemung Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company announced total interest and dividend income of $13,896,000 compared to $13,922,000 for the same period a year ago. Net interest income was $12,962,000 compared to $13,034,000 for the same period a year ago. Income before income tax expense was $3,136,000 compared to $6,992,000 for the same period a year ago. Net income was $2,129,000 compared to $4,482,000 for the same period a year ago. Basic and diluted earnings per share were $0.45 compared to $0.96 for the same period a year ago. Return on average assets was 0.52% compared to 1.17% for the same period a year ago. Return on average equity was 6.05% compared to 12.54% for the same period a year ago. Return on average tangible equity was 7.42% compared to 15.49% for the same period a year ago. Fully taxable equivalent net interest income (non-GAAP) was $13,111,000 compared to $13,182,000 for the same period a year ago. Core net income (non-GAAP) was $2,079,000 compared to $575,000 for the same period a year ago. Core basic and diluted earnings per share were $0.44 compared to $0.12 for the same period a year ago. Core return on average assets was 0.51% compared to 0.15% for the same period a year ago. Core return on average equity was 5.90% compared to 1.61% for the same period a year ago.

For the full year, the company announced total interest and dividend income of $54,244,000 compared to $53,213,000 for the same period a year ago. Net interest income was $50,642,000 compared to $49,568,000 for the same period a year ago. Income before income tax expense was $14,091,000 compared to $11,866,000 for the same period a year ago. Net income was $9,433,000 compared to $8,157,000 for the same period a year ago. Basic and diluted earnings per share were $2.00 compared to $1.74 for the same period a year ago. Return on average assets was 0.60% compared to 0.54% for the same period a year ago. Return on average equity was 6.84% compared to 5.74% for the same period a year ago. Return on average tangible equity was 8.45% compared to 7.12% for the same period a year ago. Book value per share was $28.96 compared to $28.44 for the same period a year ago. Tangible book value per share was $23.53 compared to $22.71 for the same period a year ago. Fully taxable equivalent net interest income (non-GAAP) was $51,196,000 compared to $50,218,000 for the same period a year ago. Core net income (non-GAAP) was $9,203,000 compared to $6,616,000 for the same period a year ago. Core basic and diluted earnings per share were $1.95 compared to $1.41 for the same period a year ago. Core return on average assets was 0.58% compared to 0.44% for the same period a year ago. Core return on average equity was 6.67% compared to 4.66% for the same period a year ago. The company saw improvements in its earnings for the year due to the continued growth in its commercial loan and investment securities portfolios, along with expense control. The increase in net interest income was due primarily to interest income from the commercial loan portfolio, as the year-to-date average commercial loan balance increased $88.6 million when compared to the preceding year.

For the fourth quarter ended December 31, 2015, the company announced net charge-offs of $377,000 compared to $1,116,000 for the same period a year ago.