Chemung Financial Corporation reported on Wednesday that fourth quarter net income rose 133%.
Net income for the year nearly doubled to a record $10 million, and earnings per share increased 93% from $1.45 to $2.80 per share.
CEO Ronald M. Bentley also reported that the company was able to decrease their provision for loan losses due primarily to improved asset quality.
Chemung Financial is expected to merge with Albany based Fort Orange Financial Corp. in the second quarter of this year.
