Latest news with #SouthernTier
Business Wire
4 days ago
- Business
- Business Wire
KBRA Assigns Ratings to Chemung Financial Corporation
NEW YORK--(BUSINESS WIRE)--KBRA assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to Elmira, NY-based Chemung Financial Corporation (NASDAQ: CHMG) ("the company"). In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 to its main subsidiary, Chemung Canal Trust Company. The Outlook for all long-term ratings is Stable. CHMG's ratings are anchored by its stable, low-cost, and granular funding base, which is supported by an extensive operating history and naturally robust market share in its Southern Tier legacy footprint. Moreover, the conservative approach to liquidity management, including a loan-to-deposit ratio that has historically remained in the low- to mid-80% range, helps reinforce this durable core deposit funding mix that funds most balance sheet growth. The deposit composition is favorable, including a high-level of NIB accounts (26% of total), which supports deposit costs (1.83% in 1Q25) well below the rated peer group. Moving forward, despite the ample growth opportunities in the Albany and Buffalo markets, KBRA expects the company to maintain its favorable liquidity and funding profile as loan growth opportunities are expected to be funded with core deposit gathering and natural runoff in the securities portfolio. Core earnings are supported by a predictable stream of non-spread revenue, led by a wealth management arm ($2.2 billion of AUM/AUA) that offers ample cross-selling opportunities and sticky depositor relationships. Notwithstanding relatively strong fee income (23% of total revenues), NIM has typically trailed similarly rated peers, though partly attributable to a tilt toward lower-yielding and longer-duration CRE and residential mortgage loans. Moving forward, management plans to pursue commercial lending in its expansion markets, but overall earnings capacity is not expected materially change until those efforts scale. Moreover, CHMG is contemplating a potential securities portfolio positioning, which could help accelerate stronger returns. Core capital, as measured by the CET1 ratio, has typically been managed in excess of 11.5%, naturally benefiting from the company's lower RWA density (averaging 69% over past five years) and solid internal capital generation ability. However, CHMG's large, underwater AFS securities portfolio ($60 million AOCL) weighs on TCE, with the related ratio at 7.4% as of 1Q25. When excluding the impact of AOCL, the TCE ratio is lifted by >200 bps, well above the rated peer group average. Moreover, we will continue to be mindful around capital levels as management executes its growth initiatives and potential balance sheet strategies. While CHMG has previously experienced pockets of uptick in problem asset levels, we believe these to be idiosyncratic, largely driven by fraud-related incidents, and the contemporary loan portfolio appears to be conservatively underwritten. As such, NPAs have trended around 50 bps in recent years with negligible related loss content, while criticized and classified loan trends have been largely benign. That said, the company maintains a somewhat elevated investor CRE concentration, totaling nearly 400% of total risk-based capital as of 1Q25. However, management's strategic focus on C&I lending in new markets is expected to result in a stable to gradually declining investor CRE concentration over time. Despite the current level, the CRE portfolio is highly granular, supported by disciplined underwriting standards, and is concentrated in stable markets where management has deep experience and long-standing customer relationships. Additionally, office exposure is relatively well-contained at 6% of total loans and is primarily composed of properties with service-oriented tenants located in suburban markets, which have demonstrated greater resilience than central business districts. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009527
Yahoo
21-05-2025
- Business
- Yahoo
2025-26 school budget & board results in the Southern Tier
SOUTHERN TIER, N.Y. (WETM) — On Tuesday, May 20, people in the Southern Tier, along with others living in New York State, voted on their local school districts' budget, and selected board members, for the 2025-2026 school year, and most of the results are in. So far, residents approved the proposed school budgets for all but two districts in Chemung, Schuyler, Steuben, and Tioga counties. Five districts throughout the Southern Tier including, Horseheads, Bradford, Corning, Prattsburgh, and Waverly needed super majorities (more than 60% of votes) to pass their budgets. Prattsburgh and Horseheads did not have enough Yes votes for the proposed budget to pass, making those the only two districts out of the 18 districts in the area that we have results for, not to pass its budget. Results for each district's budget and school board election can be found Passed (704 yes, 178 no) $155,344,907 -6.44% tax rate increase Board seats: Josh Palmer (635 votes) Ruth Bruning (530 votes) Caranell Parks (478 votes) Julie Wray (447 votes) Elmira Heights School District Budget: Passed (164 yes, 60 no) $29,978,969 2% tax rate increase Board seats: The uncontested open position is unresolved for the time being. Proposition to purchase two buses: Passed (171 yes, 52 no) Supplemental Financing for Capital Project: Passed (162 yes, 62 no) Proposition to establish reserve for Technology: Passed (166 yes, 57 no) Proposition to establish reserve for Transportation: Passed (156 yes, 68 no) Proposition to establish reserve for Maintenance: Passed (131 yes, 93 no)Budget: Failed (1,201 yes, 1,159 no) $105,800,502 Board seats: Daniel Christmas (1,341 votes) Matthew Feinberg (1,145 votes) Kara Sheehan (1,087 votes) Proposition to purchase school buses: Passed (1,342 yes, 1,012 no)Budget: (226 yes, 30 no) $22,562,566 4% tax rate increase Board seats: David Stigers (162 votes) William Shrout (142 votes) Proposition to buy two new buses & a van for $418,000: Passed (218 Yes, 37 No) Dutton S. Peterson and Montour Falls Memorial Library funding: Passed (186 Yes, 70 No) Building and facility improvement funding for $1,040,000: Passed (226 Yes, 30 No) Maintenance equipment funding for $190,000: Passed (226 Yes, 30 No)Budget: Passed (373 yes, 201 no) $31,433,950 1.76% tax rate increase Board seats: Astra Titus (358 votes, 1 year term) Jessica Austic (232 votes) Chad Hendrickson (402 votes, 3 year term) Keith Caslin – (414 votes, 3 year term) Bus lease proposition: Passed (374 Yes, 193 No)Budget: Passed (221 yes, 132 no) $36,880,787 0% tax rate increase Board seats: Jennifer Bean (219 votes)Budget: Passed (145 yes, 90 no) $15,737,523 -1.15% tax rate increase Board seats: Michelle Chamberlin (141 votes) Proposition to purchase two diesel buses & one passenger vehicle: Passed (169 yes, 65 no) Proposition to purchase one heavy-duty pickup truck: Passed (156 yes, 79 no) Technology reserve proposition: Passed (165 yes, 64 no) Library budget proposal: Passed (158 yes, 77 no) Two trustees to the Arkport Public Library Board: Sally Schmitt and Tammy WellingtonBudget: Passed (110 yes, 33 no) $14,562,895 2.98% tax rate increase Board seats: Megan Hubbard (124 votes) Proposition of a vehicle purchase: Passed (118 yes, 28 no)No results reported Passed (97 yes, 54 no) $10,286,439 5.85% tax rate increaseBudget: Passed (282 yes, 144 no) $27,287,344 2% tax rate increase Board seats: Michael Larrabee (194 votes) Michael Austin (216 votes) Dr. Sandor and Berthe Benedek Memorial Library funding proposition: Failed (207 yes, 241 no)No results reported yet. Corning-Painted Post School District No results reported Passed (169 yes, 34 no) $16,801,058 1.56% tax rate increase Board seats: Michael Martuscello (98 votes) Hornell City School District Budget: Passed (174 yes, 76 no) $44,978,293 1.24% tax rate increase Board seats: Brian May Transportation reserve fund proposition: Passed (194 yes, 55 no) Authorization of an Energy Performance Contract: Passed (162 yes, 86 no) Hornell Public Library budget of $407,382: Passed (167 yes, 65 no)Budget: Passed (122 yes, 27 no) $15,290,981 .25% tax rate increase Board seats: Cameron Mitch Bullock (127 votes) Bus purchase proposition: Passed (125 yes, 25 no)Budget: Failed (111 yes, 111 no) $12,157,375 Board seats: Joel Sanford (193 votes) Library budget proposition: Passed (121 yes, 102 no)Budget: Passed (252 yes, 45 no) $38,061,723 3.08% tax rate increase Board seats: Jessica Nisbet (164 votes) Library levy proposition: Passed (233 yes, 61 no) Creation of capital reserve fund proposition: (253 yes, 43 no)Budget: Passed (128 yes, 60 no) $29,070,645 1.30% tax rate increase Board seats: Sean Vallely (135 votes) Karen Johnson (149 votes)Budget: Passed (115 yes, 25 no) $25,069,385 Board seats: Pamela Zwierlein (127 votes) Bus purchase proposition: Passed (114 yes, 26 no) Library budget proposition: Passed (121 yes, 19 no)Budget: Passed (305 Yes, 109 No) $47,422,566 3.90 % tax rate increase Board seats: Eric Reznicek (335 votes) Parvin Mensch (262 votes) Bus lease proposition: Passed (305 Yes, 105 No) These are all of the budget results that have been reported to 18 News as of 11:30 p.m. on Tuesday, May 20. The Corning, Bath and Canisteo-Greenwood districts have not reported any results, 18 News will update this story when that information becomes available. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-05-2025
- Entertainment
- Yahoo
BLAST raises awareness for mental health with latest show ‘Next to Normal'
ENDICOTT, N.Y. (WIVT/WBGH) – Coinciding with Mental Health Awareness Month, a vulnerable musical that explores the complexities of mental illness is coming to the Cider Mill Stage. Bold Local Artists of the Southern Tier, or BLAST, is presenting Next to Normal. Next to Normal is a Tony Award and Pulitzer Prize-winning show that follows the Goodman family as they struggle with the highs and lows of mental illness. Stephen Kane portrays Dan, a husband and dad who is trying his best to keep his family together. The son of a psychologist, Kane says talking about mental health was encouraged in his household. He says mental health is health. 'Why this musical is so important is because we are talking about it. We are quite literally putting it on stage in a way that up until this point, hadn't been done before. So, to see it on stage is just one huge, monumental step in normalizing this thing that is something that none of us are impervious to,' said Kane. Kane encourages everyone to take care of their mental health. He says if you are struggling, seek help because there is hope. Next to Normal opens on Friday and will run throughout this weekend and next. Show times are at 7:30 on Friday and Saturday and 2:30 on Sunday. Tickets begin at $32. To purchase, visit NY lawmakers push AI safety bills Elementary students join Mayor Kraham for first carousel ride of the season Local Rotary Clubs prepare for Band Organ Rally and Carousel Festival Binghamton High School recognized for musical excellence BLAST raises awareness for mental health with latest show 'Next to Normal' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
25-04-2025
- Yahoo
Otego woman arrested on child porn charges
OTEGO, N.Y. (WIVT/WBGH) – An investigation into a cyber tip from the National Center for Missing and Exploited Children has led to the arrest of an Otego woman for multiple felony child pornography charges, the Otsego County Sheriff's Office announced Friday. 24-year-old Amber L. Renwick, of Otego, is accused of possessing and sending child sexual material to other users on the messaging app Kik from her account. In February 2025, investigators received information from the Internet Crimes Against Children Task Force regarding child sexual abuse material being distributed from a Kik account, which investigators claim was Renwick. On Friday, April 25, investigators from the Sheriff's Office and New York State Police Computer Crimes Unit in Troop C arrested Renwick following a search of her residence. She was officially charged with: Promotion of a Sexual Performance by a Child – D Felony (3 counts) Possession of a Sexual Performance by a Child – E Felony (2 counts) Sexual Misconduct – A Misdemeanor Investigators say the case is ongoing and additional charges are pending. Otego woman arrested on child porn charges BCSO Featured Warrant: Timothy Boyer Foodies in Johnson City shut down by Health Department Gov. Hochul announces $1.6 million in grants to Southern Tier reforestation effort Former Skyview Drags enters partnership with World Drag Racing Alliance Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
25-04-2025
- Health
- Yahoo
Foodies in Johnson City shut down by Health Department
JOHNSON CITY, N.Y. (WIVT/WBGH) – A new restaurant in Johnson City has been shut down by the health department. Foodies Restaurant, located on Reynolds Road in the same building as Mooney's, has a notice of closure taped to its front door dated April 15th. There is also a hand-written note on the door from owner Hassan Wraich indicating that the restaurant will be reopening soon, once it is inspected by the health department. Director of Environmental Health at the Broome County Health Department Joshua Phelps tells News 34 that Foodies did not pass its initial pre-operational inspection and began serving food without a permit, prompting the closure. According to social media postings, Wraich is a recent immigrant from Germany who plans to offer a variety of dishes, including German fare, Halal dishes, pizza and more. BCSO Featured Warrant: Timothy Boyer Foodies in Johnson City shut down by Health Department Gov. Hochul announces $1.6 million in grants to Southern Tier reforestation effort Former Skyview Drags enters partnership with World Drag Racing Alliance Showers return for the start of the weekend Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
