# EDGAR Filing Document

**Accession Number:** 0000763563
**File Stem:** 0001628280-26-042161
**Filing Date:** 2026-6
**Character Count:** 32490
**Document Hash:** 8114cf05ffee88c3202c1304091e706c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-042161.hdr.sgml**: 20260610

**ACCESSION NUMBER**: 0001628280-26-042161

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260610

**DATE AS OF CHANGE**: 20260610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHEMUNG FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000763563
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 161237038
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35741
- **FILM NUMBER:** 261079460

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CHEMUNG CANAL PLZ
- **STREET 2:** P O BOX 1522
- **CITY:** ELMIRA
- **STATE:** NY
- **ZIP:** 14902
- **BUSINESS PHONE:** 6077373711

**MAIL ADDRESS:**
- **STREET 1:** ONE CHEMUNG CANAL PLZ
- **STREET 2:** P O BOX 1522
- **CITY:** ELMIRA
- **STATE:** NY
- **ZIP:** 14902

?xml version='1.0' encoding='ASCII'? chmg-20260610

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 11-K**

**ANNUAL REPORT**

[X]&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the Fiscal Year Ended: December 31, 2025

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the transition period from ______to______

Commission file Number: 001-35741

A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

**Chemung Canal Trust Company Profit Sharing, Savings and Investment Plan**

B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**Chemung Financial Corporation**

**One Chemung Canal Plaza, P.O. Box 1522**

**Elmira, New York 14901**

**(607) 737-3711**

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

**CHEMUNG CANAL TRUST COMPANY**

**PROFIT SHARING, SAVINGS AND INVESTMENT PLAN**

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| <u>Audited Financial Statements</u> | <u>Audited Financial Statements</u> | <u>Audited Financial Statements</u> | <u>PAGE</u> |
| | Report of Independent Registered Public Accounting Firm | Report of Independent Registered Public Accounting Firm | <u>[1](#ie18356c2456d448ab80a5e1a2ccb0cff_7)</u> |
| | Statements of Net Assets Available for Benefits | Statements of Net Assets Available for Benefits | <u>[5](#ie18356c2456d448ab80a5e1a2ccb0cff_16)</u> |
| | Statements of Changes in Net Assets Available for Benefits | Statements of Changes in Net Assets Available for Benefits | <u>[6](#ie18356c2456d448ab80a5e1a2ccb0cff_19)</u> |
| | Notes to Financial Statements | Notes to Financial Statements | <u>[7](#ie18356c2456d448ab80a5e1a2ccb0cff_22)</u> |
| <u>Supplemental Schedule</u> | <u>Supplemental Schedule</u> | <u>Supplemental Schedule</u> | |
| | Form 5500 - Schedule H - Part IV: | Form 5500 - Schedule H - Part IV: | |
| | | Item 4i - Schedule of Assets Held for Investment Purposes at End of Year - December 31, 2025 | <u>[13](#ie18356c2456d448ab80a5e1a2ccb0cff_52)</u> |
| Signatures | Signatures | Signatures | <u>[14](#ie18356c2456d448ab80a5e1a2ccb0cff_55)</u> |
| Exhibit Index | Exhibit Index | Exhibit Index | <u>[15](#ie18356c2456d448ab80a5e1a2ccb0cff_58)</u> |

---

------

![mmb09.jpg](chmg-20260610_g1.jpg)

<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

Plan Administrator and Participants

Chemung Canal Trust Company

&nbsp;&nbsp;&nbsp;&nbsp;Profit Sharing, Savings and Investment Plan

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Chemung Canal Trust Company Profit Sharing, Savings and Investment Plan (the "Plan") as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedules (collectively, the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

![mmb11.jpg](chmg-20260610_g2.jpg)

------

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental information in the accompanying Schedule of Assets Held for Investment Purposes at End of Year – December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedules, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedules is fairly stated, in all material respects, in relation to the financial statements as a whole.

![mmb07.jpg](chmg-20260610_g3.jpg)

We have served as the Plan's auditor since 2003.

Elmira, New York

June 8, 2026

![MMB Footer.jpg](chmg-20260610_g2.jpg)

------

**CHEMUNG CANAL TRUST COMPANY**

**PROFIT SHARING, SAVINGS AND INVESTMENT PLAN**

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value | $72622160 | $64252669 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | 31737 | 36970 |
| &nbsp;&nbsp;&nbsp;Employer's contribution receivable | 25187 |  |
| &nbsp;&nbsp;&nbsp;Non-interest bearing cash | 32282 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets available for benefits | $72711366 | $64289643 |

---

The accompanying notes are an integral part of the financial statements.

------

**CHEMUNG CANAL TRUST COMPANY**

**PROFIT SHARING, SAVINGS AND INVESTMENT PLAN**

**STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| **Additions** |  |  |
| &nbsp;&nbsp;&nbsp;Additions to net assets attributed to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | $2973057 | $2550290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 6149250 | 4811968 |
|  | 9122307 | 7362258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer | 1635350 | 1506322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant | 2460472 | 2258896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollover | 548717 | 1497944 |
|  | 4644539 | 5263162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net additions | 13766846 | 12625420 |
| **Deductions** |  |  |
| &nbsp;&nbsp;&nbsp;Deductions from net assets attributed to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid to participants | 5345123 | 6700630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 5345123 | 6700630 |
| Net increase in net assets available for benefits | 8421723 | 5924790 |
| Net assets available for benefits at beginning of year | 64289643 | 58364853 |
| Net assets available for benefits at end of year | $72711366 | $64289643 |

---

The accompanying notes are an integral part of the financial statements.

------

**CHEMUNG CANAL TRUST COMPANY**

**PROFIT SHARING, SAVINGS AND INVESTMENT PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**DECEMBER 31, 2025 AND 2024** 

**(1)DESCRIPTION OF PLAN**

The Chemung Canal Trust Company Profit Sharing, Savings and Investment Plan (the "Plan") is a defined contribution plan sponsored by Chemung Canal Trust Company (the "Bank", the "Plan Sponsor", and the "Plan Administrator"), a wholly-owned bank subsidiary of Chemung Financial Corporation ("Corporation"). The Corporation is a $2.7 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through its principal subsidiary, the Bank, a full-service community bank with trust powers. Established in 1833, the Bank is the oldest locally-owned and managed community bank in the State of New York. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance.

The following is a general description of the Plan. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

**GENERAL**

The Plan allows eligible employees (the "Participants") of the Bank and CFS Group, Inc. (collectively, the "Employer") to contribute a portion of their compensation on a pre-tax or post-tax basis, into an individual account for the purpose of providing retirement benefits to the Participant at retirement or termination of employment. The Employer may also make contributions to each Participant's individual account (as described below) pursuant to the provisions of the Plan. All contributions to the Plan are held in a tax-exempt trust established under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code") and the Plan is a tax-qualified Plan under Section 401(a) of the Code. The Plan qualifies as a safe harbor plan as described in the Code Sections 401(k) (12) and 401(m) (11).

The Plan is administered by the Plan Administrator, who is appointed by the Board of Directors of the Bank. The Plan complies with the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. The Plan is not designed to comply with Section 404(c) of ERISA and the related regulations.

**ELIGIBILITY**

Employees are eligible to enroll and make voluntary contributions to the Plan as of their first day of employment, if they are not classified as leased or seasonal employees. Newly hired and rehired eligible employees are automatically enrolled in the Plan at a 3% before-tax contribution rate, and manage their voluntary contributions independently. Unless they make another investment election, Participant contributions are invested in the Plan's qualified default investment fund.

Participants who are not currently contributing to the Plan, or are making contributions at a percentage less than 3% will have their contribution increased to 3% at the beginning of the year. Participants who are contributing between 3% and 5% based on their most recent election will have their contribution increased by 1% each year until a 6% contribution rate is reached.

**CONTRIBUTIONS**

***Participant Contributions***

The Plan allows Participants to defer a percentage of their eligible compensation each pay period on a pre-tax or post-tax basis, through payroll, subject to certain legal limitations. Eligible compensation includes all income earned by the Participant (e.g., salary, wages, bonus, commissions, special pay). The value of restricted stock that is reported as income when vested and the dividends paid on these shares are excluded from eligible compensation.

***Employer Matching Contributions***

The Bank contributes a match equal to 50% of the Participant's elective deferrals up to a maximum of 6% of eligible compensation. This is paid each pay period and trued up annually after the close of the plan year. There is no hours of service requirement to receive matching contributions.

***Employer Discretionary Contributions***

Participants hired prior to July 1, 2010 may receive an additional annual contribution at the discretion of the Board of Directors of the Bank. Participants receive a pro-rata portion of the contribution equal to the ratio of each eligible Participant's compensation to the compensation of all eligible Participants, if they complete 1,000 hours of service during the plan year and are employed on December 31<sup>st</sup> of the plan year.

------

***Employer Non-Discretionary Contributions***

The Bank contributes a non-discretionary 3% of eligible compensation for each Participant, regardless of the Participant's deferral. There is no hours of service requirement to receive non-discretionary contributions.

***Rollover Contributions***

The Plan accepts qualifying rollover contributions made by Participants in cash from qualified retirement plans of other employers and conduit individual retirement accounts. After-tax rollovers are not accepted by the Plan. Rollover contributions are 100% vested at the time of the contribution.

***Dividend Election***

The Plan has been designated as a non-leveraged employee stock ownership plan in accordance with the Code and ERISA. As such, a Participant may elect to have any dividends attributable to Chemung Financial Corporation common stock paid to them on a quarterly basis rather than reinvested; the dividend payments are not subject to an early distribution tax penalty. If a Participant makes no election, the dividend income will automatically be reinvested in the Participant's account in the Chemung Financial Corporation Common Stock Fund.

***Vesting***

Participants are immediately vested in their voluntary contributions, rollover contributions and employer discretionary and non-discretionary contributions. A five-year graded vesting schedule (20% per year of service) is applied to employer non-discretionary contributions for plan years prior to 2017. A year of service is credited upon the completion of 1,000 hours of service during the plan year. Employer matching contributions vest based upon hire date. Hire dates before January 1, 2025 qualify for immediate vesting. Vesting of Employer matching contributions for hire dates on or after January 1, 2025 are based on the employee's "vested percentage" and based upon years of service. Employees become fully vested upon three years of service.

***Forfeited Accounts***

Employer non-discretionary contributions that are forfeited can be used to reduce a future employer contribution that would otherwise be paid directly by the employer. As of December 31, 2025, $1,897 of forfeited non-vested accounts are held to be used to reduce employer contributions in future years. During the year ended December 31, 2024, $2,778 of forfeited non-vested accounts were used to reduce employer contributions.

**DISTRIBUTIONS**

***Withdrawal of Contributions***

Upon termination of service, the Participant's account is either, as elected by the Participant, maintained in the Plan, directly rolled over into a qualified retirement plan or individual retirement account in the Participant's name, or paid to the Participant in a lump sum or installment payments.

***Payment of Vested Benefits***

A Participant who terminates employment may elect to receive the value of their vested benefit under the Plan. In the event of the death of a married Participant, fully vested benefits will be distributed to the Participant's spouse or to another beneficiary, if the spouse previously consented. An unmarried Participant may designate anyone as their beneficiary. If there is no spouse or living beneficiary on the date of the Participant's death, the value of the vested benefit is distributed to the Participant's estate.

**VOTING RIGHTS**

The Corporation's common stock held in the Chemung Financial Corporation Common Stock Fund is voted by the Trustee at the Corporation's stockholder meetings in accordance with the confidential instructions of the Participants whose accounts are invested in the common stock. All shares of the Corporation's common stock for which the Trustee receives voting instructions from Participants to whose accounts the shares are allocated are voted in accordance with those instructions. All shares of the Corporation's common stock for which the Trustee does not receive timely voting instructions are voted by the Trustee in the same proportion on each issue as it votes those shares credited to participants' accounts for which it has received voting instructions from Participants.

**ADMINISTRATIVE EXPENSES**

All administrative expenses of the Plan are paid by the Bank.

------

**(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**BASIS OF ACCOUNTING**

The accounting and financial statements of the Plan conform to accounting principles generally accepted in the United States of America ("GAAP").

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management of the Plan to make estimates and assumptions that affect the reported amounts in the Statements of Net Assets Available for Benefits and disclosures at the date of the financial statements and the reported amounts of additions and deductions in the Statements of Changes in Net Assets Available for Benefits. Actual results could differ from those estimates.

**RISKS AND UNCERTAINTIES**

The Plan provides for various investment options consisting of Chemung Financial Corporation common stock, Chemung Canal Trust Company common trust funds and mutual funds. Investment securities are exposed to various risks, such as interest rate fluctuations, market conditions, and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is possible that changes in valuations in the near term could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits. Plan participants who are invested in the Chemung Financial Corporation Stock Fund are exposed to market risk in the event of a significant decline in the value of Chemung Financial Corporation common stock.

**INVESTMENT VALUATION**

The Trustee holds the Plan's investments and executes transactions therein. The investments of the Plan are reported at fair value. Please see Note 3 for a description of the valuation methodologies for assets measured at fair value.

The methods described in Note 3 may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

There were no methodology changes for valuing investments in the current year.

**INVESTMENT TRANSACTIONS AND INVESTMENT INCOME**

Purchases and sales of securities are reflected on a trade-date basis. Dividend income is recorded on the ex-dividend date. Other investment income is recorded as earned on an accrual basis.

**NET APPRECIATION OF INVESTMENTS**

The net appreciation in the fair value of plan investments presented in the Statements of Changes in Net Assets Available for Benefits consists of realized gains or losses and unrealized appreciation or depreciation on those investments.

**PARTICIPANT WITHDRAWALS**

Participant withdrawals are recorded when paid.

**SUBSEQUENT EVENTS**

The Plan has evaluated subsequent events and determined no subsequent events have occurred requiring adjustments to the financial statements or disclosures.

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**(3)FAIR VALUE MEASUREMENTS**

Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value:

**Level 1:&nbsp;&nbsp;&nbsp;&nbsp;**Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

**Level 2:&nbsp;&nbsp;&nbsp;&nbsp;**Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

**Level 3:&nbsp;&nbsp;&nbsp;&nbsp;**Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Plan used the following methods and significant assumptions to estimate fair value:

***Chemung Financial Corporation Common Stock***

Chemung Financial Corporation common stock is classified within Level 1 of the valuation hierarchy and is valued at the closing price reported on the Nasdaq Stock Market.

***Mutual Funds***

Mutual funds are classified within Level 1 of the valuation hierarchy and are valued at the net asset value of the shares held by the Plan and generally are based on the fair value of the underlying assets.

The following table sets forth, by level within the fair value hierarchy, the Plan's assets at fair value, as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>December 31, 2025</u>** | | | | |
| Investments at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corporation common stock | $5317294 | $— | $— | $5317294 |
| &nbsp;&nbsp;&nbsp;Mutual funds | 67304866 |  |  | 67304866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $72622160 | $— | $— | $72622160 |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>December 31, 2024</u>** |  |  |  |  |
| Investments at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corporation common stock | $5467013 | $— | $— | $5467013 |
| &nbsp;&nbsp;&nbsp;Mutual funds | 58785656 |  |  | 58785656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $64252669 | $— | $— | $64252669 |

---

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**(4) TAX STATUS**

The IRS has determined and informed the Company by a letter dated October 24, 2017, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

**(5) PLAN TERMINATION**

Although it has not expressed any intent to do so, the Plan's Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of the Plan's termination, or partial termination as defined under ERISA, participants have a fully vested interest in their accounts and their accounts will be paid to them as provided by the plan document.

**(6) TRANSACTIONS WITH PARTIES-IN-INTEREST**

The Bank is the Plan's Sponsor and acts as trustee for the Plan's assets. In addition, the Plan invested in Chemung Financial Corporation common stock (representing approximately 7.3% and 8.5% of net assets at December 31, 2025 and 2024, respectively). The expenses of administering the Plan are paid by the Bank and are not charged to the Plan.

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**CHEMUNG CANAL TRUST COMPANY**

**PROFIT SHARING, SAVINGS AND INVESTMENT PLAN**

**SUPPLEMENTAL SCHEDULE**

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CHEMUNG CANAL TRUST COMPANY PROFIT SHARING, SAVINGS AND INVESTMENT PLAN

EIN: 16-0380815 PLAN #: 002

FORM 5500 – SCHEDULE H – PART IV; ITEM 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES

AT END OF YEAR - DECEMBER 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par or maturity value | (c) Description of investment including maturity date, rate of interest, collateral, par or maturity value | (d) Cost | (e) Current value |
| \* | Chemung Financial Corporation | 95292 | shares |  | $5317294 |
|  | <u>Mutual funds:</u> |  |  |  |  |
|  | American Century Small Cap Value | 30687 | shares |  | 275263 |
|  | Calvert Small Cap Fund | 47 | shares |  | 1455 |
|  | Calvert US Mid-Cap Core Responsible Index Fund | 77 | shares |  | 3356 |
|  | Calvert International Core Responsible Index Fund | 215 | shares |  | 8137 |
|  | Dodge & Cox Stock Fund Class 1 | 412412 | shares |  | 6841912 |
|  | Dodge & Cox Income Fund Class 1 | 16900 | shares |  | 217170 |
|  | Federated Hermes Total Return | 118833 | shares |  | 1139604 |
|  | Fidelity Treasury Portfolio Institutional Class | 6026 | shares |  | 6026 |
|  | Fidelity Small Cap Index Fund | 13950 | shares |  | 504583 |
|  | Fidelity Contrafund | 160296 | shares |  | 3895191 |
|  | Fidelity Investments Money Market Government | 4953552 | shares |  | 4953552 |
|  | Fidelity International Index Fund | 57167 | shares |  | 3475731 |
|  | Fidelity NASDAQ Composite Index Fund | 5930 | shares |  | 1749079 |
|  | Fidelity US Sustainability Index Fund | 2033 | shares |  | 61960 |
|  | Guggenheim Core Bond Fund Institutional Class | 52651 | shares |  | 869267 |
|  | JPMorgan Emerging Markets Equity Fund | 4984 | shares |  | 208635 |
|  | JPMorgan Large Cap Growth Fund | 25003 | shares |  | 2161260 |
|  | Legg Mason Clearbridge Small Cap Growth I Fund | 25844 | shares |  | 936587 |
|  | Lord Abbett Short Duration Income | 183939 | shares |  | 715523 |
|  | Parnassus Core Equity Fund | 512 | shares |  | 28734 |
|  | Parnassus Endeavor Fund | 183 | shares |  | 10211 |
|  | Putnam Large Cap Value Fund | 125653 | shares |  | 4934407 |
|  | RBC Emerging Markets Equity Fund | 59856 | shares |  | 1026527 |
|  | T. Rowe Price Retirement 2025 | 15745 | shares |  | 277750 |
|  | T. Rowe Price Retirement 2030 | 19192 | shares |  | 532590 |
|  | T. Rowe Price Retirement 2035 | 85474 | shares |  | 1998392 |
|  | T. Rowe Price Retirement 2040 | 2959 | shares |  | 101780 |
|  | T. Rowe Price Retirement 2045 | 11250 | shares |  | 285976 |
|  | T. Rowe Price Retirement 2050 | 1416 | shares |  | 30636 |
|  | T. Rowe Price Retirement 2060 | 1149 | shares |  | 21813 |
|  | T. Rowe Price Retirement 2065 | 474 | shares |  | 7013 |
|  | Vanguard Dividend Growth Fund | 22071 | shares |  | 725041 |
|  | Vanguard International Growth Admiral Fund | 5724 | shares |  | 652460 |
|  | Vanguard S&P Mid-Cap 400 Index Fund | 1816 | shares |  | 809822 |
|  | Vanguard Mid Cap Index Admiral Fund | 2435 | shares |  | 874915 |
|  | Vanguard Extended Market Index Admiral Fund | 11300 | shares |  | 1792407 |
|  | Vanguard 500 Index Admiral Fund | 28871 | shares |  | 18241798 |
|  | Vanguard Total Bond Market Index Admiral Fund | 470777 | shares |  | 4599493 |
|  | Vanguard High Yield Corp-Admiral Fund | 131953 | shares |  | 734977 |
|  | Vanguard Long-Term Government Bond Index Admiral Fund | 13178 | shares |  | 247615 |
|  | Vanguard Short-Term Investment-Grade Admiral Fund | 127967 | shares |  | 1346218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Investments |  |  |  | $72622160 |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Certain cost information in column (d) is not required to be disclosed as investments are participant directed under an individual account plan.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | | **CHEMUNG CANAL TRUST COMPANY PROFIT SHARING, SAVINGS AND INVESTMENT PLAN** |
| Date: June 8, 2026 | By: | /s/ *Nathan Gage* |
|  |  | Interim Plan Administrator |
|  |  | Chemung Canal Trust Company Profit Sharing, Savings and Investment Plan |
| Date: June 8, 2026 | By: | /s/ *Dale M. McKim III* |
|  |  | Chief Financial Officer |
|  |  | Chemung Canal Trust Company |

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**<u>EXHIBIT INDEX</u>**

The following exhibits are either filed with this Form 11-K or are incorporated herein by reference. The Corporation's Securities Exchange Act File number is 001-35741.

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 23.1 | <u>[Consent of Mengel, Metzger, Barr & Co. LLP](cfc11-k2025exhibit231.htm)</u> |

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## Exhibit 23.1

![mmb09a.jpg](mmb09a.jpg)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

Audit Committee and Participants

Chemung Canal Trust Company

&nbsp;&nbsp;&nbsp;&nbsp;Profit Sharing, Savings and Investment Plan

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-104663) of Chemung Financial Corporation of our report dated June 8, 2026, relating to the financial statements and supplemental schedule of the Chemung Canal Trust Company Profit Sharing, Savings and Investment Plan which appear in this Form 11-K for the year ended December 31, 2025.

![mmb08a.jpg](mmb08a.jpg)

Elmira, New York

June 10, 2026

![mmb12a.jpg](mmb12a.jpg)