When was this repurchase program authorized and what are its key terms?

The Board of Directors authorized the program on January 8, 2021, permitting repurchases of up to 250,000 shares, or approximately 5% of outstanding shares at that time. Shares may be repurchased through open-market transactions, privately negotiated deals, block trades, or Rule 10b5-1 trading plans, providing flexibility in execution timing and method.

How much of the authorization has been used to date?

As of June 30, 2026, Chemung Financial repurchased 49,184 shares for $2.0 million, representing about 19.7% of the 250,000-share authorization. The remaining 200,816 shares remain available for repurchase under the program.

Why did the company not repurchase shares in Q2 2026?

The filing does not specify the reason for the absence of repurchases in Q2 2026. The company may have chosen to retain capital for organic loan growth, which accelerated significantly during the period with 8.7% annualized loan growth year-to-date, or determined other capital allocation priorities were preferable at current share valuations.

What is a Rule 10b5-1 trading plan and why would Chemung use one?

A Rule 10b5-1 plan is a pre-arranged stock trading program adopted when a company is in possession of material non-public information, allowing automatic purchases at preset prices and timing. Chemung's authorization to use such plans provides flexibility and demonstrates market awareness while maintaining legal compliance during sensitive information periods.

How does this buyback compare to the company's dividend payments?

Chemung declared $0.68 per share in dividends during the first half of 2026 ($0.34 per quarter), totaling $3.3 million in dividends for six months. The $2.0 million in cumulative share repurchases over nearly six years indicates dividends are the primary capital return mechanism, with buybacks serving as a supplementary tool.

CHMG 8-K Filed 2026-07-22 Execution disclosure

Chemung Financial repurchased 49,184 shares under authorization program

Bank holding company continues disciplined execution of 250,000-share buyback authorization approved in January 2021

Shares repurchased49K

Avg price paid$40.42

MechanismRule 10b5-1 plan / open-market

What the filing says

Chemung Financial Corporation has repurchased 49,184 shares of common stock for $2.0 million under its share repurchase program authorized by the Board of Directors on January 8, 2021. The program permits repurchases of up to 250,000 shares, or approximately 5% of the then-outstanding shares, through open-market transactions, block trades, or pursuant to Rule 10b5-1 trading plans. The weighted average cost per share repurchased was $40.42.

No shares were repurchased during the second quarter of 2026, according to the filing. As of June 30, 2026, remaining buyback authority totaled 200,816 shares. The execution mechanism includes flexibility for Rule 10b5-1 trading plans in addition to open-market purchases.

The repurchase activity reflects the company's capital management strategy during a period of balance sheet repositioning and improving operating results. Year-to-date annualized loan growth totaled 8.7%, with commercial loan growth of 13.0%, demonstrating the bank's ability to deploy capital organically while maintaining a disciplined buyback cadence.

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Under the repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its then outstanding shares. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. As of June 30, 2026, a total of 49,184 shares of common stock at a total cost of $2.0 million were repurchased by the Corporation under its share repurchase program. — CHEMUNG FINANCIAL CORP 8-K filing · View on SEC EDGAR →

What this means

Chemung Financial has repurchased approximately 19.7% of its 250,000-share authorization program over a multi-year period since January 2021. The $2.0 million cumulative spend at $40.42 per share reflects measured capital deployment. With 200,816 shares of authorization remaining and no repurchases in Q2 2026, the company appears to prioritize organic loan growth—evidenced by commercial loan growth of 13.0% year-to-date annualized—while maintaining flexibility for opportunistic buybacks. The program represents an additional avenue for capital return alongside quarterly dividends of $0.34 per share.

Frequently asked questions

When was this repurchase program authorized and what are its key terms?: The Board of Directors authorized the program on January 8, 2021, permitting repurchases of up to 250,000 shares, or approximately 5% of outstanding shares at that time. Shares may be repurchased through open-market transactions, privately negotiated deals, block trades, or Rule 10b5-1 trading plans, providing flexibility in execution timing and method.
How much of the authorization has been used to date?: As of June 30, 2026, Chemung Financial repurchased 49,184 shares for $2.0 million, representing about 19.7% of the 250,000-share authorization. The remaining 200,816 shares remain available for repurchase under the program.
Why did the company not repurchase shares in Q2 2026?: The filing does not specify the reason for the absence of repurchases in Q2 2026. The company may have chosen to retain capital for organic loan growth, which accelerated significantly during the period with 8.7% annualized loan growth year-to-date, or determined other capital allocation priorities were preferable at current share valuations.
What is a Rule 10b5-1 trading plan and why would Chemung use one?: A Rule 10b5-1 plan is a pre-arranged stock trading program adopted when a company is in possession of material non-public information, allowing automatic purchases at preset prices and timing. Chemung's authorization to use such plans provides flexibility and demonstrates market awareness while maintaining legal compliance during sensitive information periods.
How does this buyback compare to the company's dividend payments?: Chemung declared $0.68 per share in dividends during the first half of 2026 ($0.34 per quarter), totaling $3.3 million in dividends for six months. The $2.0 million in cumulative share repurchases over nearly six years indicates dividends are the primary capital return mechanism, with buybacks serving as a supplementary tool.

execution rule-10b5-1 community-bank capital-allocation multi-year-program

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.