10-Q/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q/A
[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly period ended June 30, 2012
Or
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-13888
CHEMUNG FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
New York				16-1237038
(State or other jurisdiction of incorporation or organization)				I.R.S. Employer Identification No.
One Chemung Canal Plaza, P.O. Box 1522, Elmira, NY				14902
(Address of principal executive offices)				(Zip Code)
(607) 737-3711 or (800) 836-3711
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES:    X         NO:____
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES:    X        NO:____
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer		[   ]	Non-accelerated filer		[   ]
Accelerated filer		[   ]	Smaller reporting company		[X]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
YES:         NO:  X
The number of shares of the registrant's common stock, $.01 par value, outstanding on August 10, 2012 was 4,578,012.

EXHIBIT INDEX

Chemung Financial Corporation is filing this Amendment No.1 (the "Form 10-Q/A") to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (the "Form 10-Q"), filed with the Securities and Exchange Commission ("SEC") on August 13, 2012, for the sole purpose of furnishing the Interactive Data File as Exhibit 101.  The Interactive Data File contained an incorrect Entity Central Index Key and was inadvertentley omitted from the Form 10-Q as originally filed due to unanticipated technical difficulties.

No other changes have been made to the Form-10-Q.  This Form 10-Q/A continues to speak as to the original filing date of the Form 10-Q, does not reflect events that may have occured subsequent to the original filing date, and does not modify or update any related disclosures in the Form 10-Q.

3.1  Certificate of Incorporation of Chemung Financial Corporation dated December 20, 1984.  Filed as Exhibit 3.1 to Registrant’s Form 10-K filed with the SEC on March 13, 2008 and incorporated herein by reference.

3.2  Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation, dated March 28, 1988.  Filed as Exhibit 3.2 to Registrant's Form 10-K filed with the SEC on March 13, 2008 and incorporated herein by reference.

3.3  Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation, dated May 13, 1998.  Filed as Exhibit 3.4 of the Registrant's Form 10-K for the year ended December 31, 2005 and incorporated herein by reference.

3.4  Amended and Restated Bylaws of the Registrant, as amended to May 16, 2012. Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 18, 2012 and incorporated herein by reference.

10.1  Change of Control Agreement with Mark A. Severson.  Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 18, 2012 and incorporated herein by reference.

31.1  Certification of President and Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

31.2  Certification of Treasurer and Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

32.1  Certification of President and Chief Executive Officer of the Registrant pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

32.2  Certification of Treasurer and Chief Financial Officer of the Registrant pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

101.INS  Instance Document

101.SCH  XBRL Taxonomy Schema

101.CAL  XBRL Taxonomy Calculation Linkbase

101.DEF  XBRL Taxonomy Definition Linkbase

101.LAB  XBRL Taxonomy Label Linkbase

101.PRE  XBRL Taxonomy Presentation Linkbase

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Loans and Allowance for Loan Losses, Receivables Past Due (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	$ 8,732,511	$ 13,611,088
Loans Past Due Over 90 Days Still Accruing	6,276,424	7,304,157
Aging of the recorded investment in loans past due [Abstract]
Loans Acquired with deteriorated credit quality	12,866,802
Total	746,302,688	657,559,695
Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	2,924,579	2,497,063
60-89 Days Past Due	527,102	426,085
Greater than 90 Days Past Due	1,851,078	7,436,005
Total Past Due	5,302,759	10,359,153
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	728,133,127	647,200,542
Total	733,435,886	657,559,695
Acquired Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	1,570,741	680,379
60-89 Days Past Due	1,135,310	563,212
Greater than 90 Days Past Due	7,390,478	7,768,444
Total Past Due	10,096,529	9,012,035
Loans Acquired with deteriorated credit quality	12,866,802	14,811,710
Loans Not Past Due	101,894,668	117,958,250
Total	124,857,999	141,781,995
Commercial, financial and agricultural [Member]
Aging of the recorded investment in loans past due [Abstract]
Loans Acquired with deteriorated credit quality	1,197,884
Total	118,921,923	116,807,456
Commercial, financial and agricultural [Member] | Agricultural [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	0	0
60-89 Days Past Due	0	0
Greater than 90 Days Past Due	0	0
Total Past Due	0	0
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	518,514	258,098
Total	518,514	258,098
Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	2,903,371	5,611,805
Loans Past Due Over 90 Days Still Accruing	0	0
Commercial, financial and agricultural [Member] | Commercial and industrial [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	27,835	4,571
60-89 Days Past Due	0	10,940
Greater than 90 Days Past Due	229,807	2,920,906
Total Past Due	257,642	2,936,417
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	116,317,883	113,612,941
Total	116,575,525	116,549,358
Commercial, financial and agricultural [Member] | Commercial and industrial [Member] | Acquired Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	168,854	275,121
60-89 Days Past Due	124,049	82,677
Greater than 90 Days Past Due	313,216	195,687
Total Past Due	606,119	553,485
Loans Acquired with deteriorated credit quality	1,197,884	1,499,141
Loans Not Past Due	22,396,047	25,335,874
Total	24,200,050	27,388,500
Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	419,434	18,749
Loans Past Due Over 90 Days Still Accruing	6,269,714	7,295,104
Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	340,910	0
60-89 Days Past Due	0	0
Greater than 90 Days Past Due	10,454	0
Total Past Due	351,364	0
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	22,835,834	7,383,731
Total	23,187,198	7,383,731
Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member] | Acquired Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	0	0
60-89 Days Past Due	0	418,518
Greater than 90 Days Past Due	6,678,694	7,295,104
Total Past Due	6,678,694	7,713,622
Loans Acquired with deteriorated credit quality	1,190,848	2,022,149
Loans Not Past Due	2,475,508	2,715,270
Total	10,345,050	12,451,041
Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	2,248,954	4,778,384
Loans Past Due Over 90 Days Still Accruing	0	0
Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	46,100	82,986
60-89 Days Past Due	0	0
Greater than 90 Days Past Due	506,261	2,977,010
Total Past Due	552,361	3,059,996
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	193,379,374	163,818,595
Total	193,931,735	166,878,591
Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member] | Acquired Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	544,679	0
60-89 Days Past Due	953,295	0
Greater than 90 Days Past Due	193,570	193,570
Total Past Due	1,691,544	193,570
Loans Acquired with deteriorated credit quality	10,242,515	11,063,483
Loans Not Past Due	56,718,062	65,836,938
Total	68,652,121	77,093,991
Residential mortgages [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	2,492,865	2,611,096
Loans Past Due Over 90 Days Still Accruing	0	0
Aging of the recorded investment in loans past due [Abstract]
Loans Acquired with deteriorated credit quality	235,555
Total	179,215,574	175,585,287
Residential mortgages [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	1,614,383	1,418,234
60-89 Days Past Due	336,911	293,337
Greater than 90 Days Past Due	770,010	1,221,056
Total Past Due	2,721,304	2,932,627
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	176,258,714	172,652,660
Total	178,980,018	175,585,287
Residential mortgages [Member] | Acquired Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	857,208	405,087
60-89 Days Past Due	57,966	62,017
Greater than 90 Days Past Due	204,636	84,083
Total Past Due	1,119,810	551,187
Loans Acquired with deteriorated credit quality	235,555	226,937
Loans Not Past Due	14,685,097	17,753,898
Total	16,040,462	18,532,022
Consumer loans [Member]
Aging of the recorded investment in loans past due [Abstract]
Loans Acquired with deteriorated credit quality	0
Total	220,242,896	190,904,630
Consumer loans [Member] | Credit cards [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	0	0
Loans Past Due Over 90 Days Still Accruing	6,710	9,053
Consumer loans [Member] | Credit cards [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	5,187	3,660
60-89 Days Past Due	5,171	8,031
Greater than 90 Days Past Due	6,710	9,053
Total Past Due	17,068	20,744
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	1,762,968	1,934,471
Total	1,780,036	1,955,215
Consumer loans [Member] | Home Equity Lines & Loans [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	467,544	455,418
Loans Past Due Over 90 Days Still Accruing	0	0
Consumer loans [Member] | Home Equity Lines & Loans [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	121,678	368,556
60-89 Days Past Due	54,119	27,717
Greater than 90 Days Past Due	179,233	212,573
Total Past Due	355,030	608,846
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	76,597,137	76,280,502
Total	76,952,167	76,889,348
Consumer loans [Member] | Home Equity Lines & Loans [Member] | Acquired Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	0	0
60-89 Days Past Due	0	0
Greater than 90 Days Past Due	0	0
Total Past Due	0	0
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	5,528,355	6,168,831
Total	5,528,355	6,168,831
Consumer loans [Member] | Indirect consumer loans [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	22,457	22,287
Loans Past Due Over 90 Days Still Accruing	0	0
Consumer loans [Member] | Indirect consumer loans [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	724,477	597,180
60-89 Days Past Due	123,534	75,817
Greater than 90 Days Past Due	135,626	85,763
Total Past Due	983,637	758,760
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	123,425,437	96,781,480
Total	124,409,074	97,540,240
Consumer loans [Member] | Other Direct Consumer Loans [Member]
Investment in non accrual and loans past due over 90 days [Abstract]
Non-Accrual	177,886	113,349
Loans Past Due Over 90 Days Still Accruing	0	0
Consumer loans [Member] | Other Direct Consumer Loans [Member] | Legacy Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	44,009	21,876
60-89 Days Past Due	7,367	10,243
Greater than 90 Days Past Due	12,977	9,644
Total Past Due	64,353	41,763
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	17,037,265	14,478,064
Total	17,101,618	14,519,827
Consumer loans [Member] | Other Direct Consumer Loans [Member] | Acquired Loans [Member]
Aging of the recorded investment in loans past due [Abstract]
30-59 Days Past Due	0	171
60-89 Days Past Due	0	0
Greater than 90 Days Past Due	362	0
Total Past Due	362	171
Loans Acquired with deteriorated credit quality	0	0
Loans Not Past Due	91,599	147,439
Total	$ 91,961	$ 147,610

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Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Summary of accumulated other comprehensive income balance [Abstract]
Unrealized gains on securities available for sale, opening balance	$ 8,184,871		$ 8,184,871		$ 7,987,055
Unrealized gains on securities available for sale, current period changes	96,290	2,426,874	197,816	2,766,538
Unrealized gains on securities available for sale, closing balance	8,184,871		8,184,871		7,987,055
Unrealized loss on pension plans and other benefit, opening balance			(9,428,433)
Unrealized loss on pension plans and other benefit plans	193,768	94,852	387,536	189,704
Unrealized loss on pension plans and other benefit, opening balance	(9,040,897)		(9,040,897)
Accumulated other comprehensive income (loss),opening balance	(856,026)		(856,026)		(1,441,378)
Total, current period changes	290,058	2,521,726	585,352	2,956,242
Total, Accumulated other comprehensive income. closing balance	$ (856,026)		$ (856,026)		$ (1,441,378)

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Securities (Tables)

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

Amortized cost and estimated fair value of securities available for sale

Amortized cost and estimated fair value of securities available for sale are as follows:

	June 30, 2012
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	143,778,752	$	3,581,127	$	8,000	$	147,351,879
Mortgage-backed securities, residential		38,178,813		2,429,367		-		40,608,180
Collateralized Mortgage obligations		5,399,128		90,845		2,917		5,487,056
Obligations of states and political subdivisions		41,695,595		1,737,291		5,541		43,427,345
Corporate bonds and notes		13,435,143		304,121		28,017		13,711,247
SBA loan pools		1,828,325		35,124		-		1,863,449
Trust Preferred securities		2,542,121		197,274		312,610		2,426,785
Corporate stocks		787,807		5,284,374		6,676		6,065,505
Total	$	247,645,684	$	13,659,523	$	363,761	$	260,941,446

	December 31, 2011
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	149,140,715	$	3,022,726	$	83,671	$	152,079,770
Mortgage-backed securities, residential		48,129,271		2,637,334		-		50,766,605
Collateralized mortgage obligations		7,412,470		135,603		11,321		7,536,753
Obligations of states and political subdivisions		44,561,789		1,954,265		3,083		46,512,971
Corporate bonds and notes		13,461,675		418,969		196,446		13,684,198
SBA loan pools		1,915,419		34,187		-		1,949,606
Trust preferred securities		2,538,286		132,516		360,735		2,310,066
Corporate stocks		788,030		5,246,655		4,844		6,029,841
Total	$	267,947,655	$	13,582,255	$	660,100	$	280,869,810

Amortized cost and estimated fair value of securities held to maturity

Amortized cost and estimated fair value of securities held to maturity are as follows:

	June 30, 2012
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of states and political subdivisions	$	6,334,331	$	763,815	$	-	$	7,098,146
Total	$	6,334,331	$	763,815	$	-	$	7,098,146

	December 31, 2011
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of states and political subdivisions	$	8,311,921	$	864,035	$	-	$	9,175,956
Total	$	8,311,921	$	864,035	$	-	$	9,175,956

Amortized cost and estimated fair value of debt securities by contractual maturity

The amortized cost and estimated fair value of debt securities are shown below by expected maturity.  Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.  Securities not due at a single maturity date are shown separately:

	June 30, 2012
	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within One Year	$	60,679,329	$	61,410,522	$	1,613,513	$	1,647,827
After One, But Within Five Years		132,755,934		137,107,786		3,293,374		3,663,339
After Five, But Within Ten Years		7,360,703		8,055,913		1,427,444		1,786,980
After Ten Years		655,645		343,035		-		-
Mortgage-backed securities, residential		38,178,813		40,608,180		-		-
Collateralized mortgage obligations		5,399,128		5,487,056		-		-
SBA loan pools		1,828,325		1,863,449		-		-
Total	$	246,857,877	$	254,875,941	$	6,334,331	$	7,098,146

Investment securities in an unrealized loss position

The following table summarizes the investment securities available for sale and held to maturity with unrealized losses at June 30, 2012 and December 31, 2011 by aggregated major security type and length of time in a continuous unrealized loss position:

	Less than 12 months				12 months or longer				Total
June 30, 2012	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	4,992,000	$	8,000	$	-	$	-	$	4,992,000	$	8,000
Collateralized mortgage obligations		553,923		2,917		-		-		553,923		2,917
Obligations of states and political subdivisions		948,419		5,541		-		-		948,419		5,541
Corporate bonds and notes		4,025,117		17,489		512,734		10,528		4,537,851		28,017
Trust preferred securities		-		-		343,035		312,610		343,035		312,610
Corporate stocks		45,285		4,707		1,670		1,969		46,955		6,676
Total temporarily impaired securities	$	10,564,744	$	38,654	$	857,439	$	325,107	$	11,422,183	$	363,761

	Less than 12 months				12 months or longer				Total
December 31, 2011	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	27,365,920	$	83,671	$	-	$	-	$	27,365,920	$	83,671
Collateralized mortgage obligations		2,546,461		11,321		-		-		2,546,461		11,321
Obligations of states and political subdivisions		947,203		3,083		-		-		947,203		3,083
Corporate bonds and notes		5,261,074		196,446		-		-		5,261,074		196,446
Trust preferred securities		-		-		294,910		360,735		294,910		360,735
Corporate stocks		1,669		1,969		47,117		2,875		48,786		4,844
Total temporarily impaired securities	$	36,122,327	$	296,490	$	342,027	$	363,610	$	36,464,354	$	660,100

Roll forward of the cumulative credit losses recognized in earnings

The table below presents a roll forward of the cumulative credit losses recognized in earnings for the three and six-month periods ending June 30, 2012 and 2011:

	2012		2011
Beginning balance, January 1,	$	3,506,073	$	3,438,673
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized		-		-
Additions/Subtractions:
Amounts realized for securities sold during the period		-		-
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis		-		-
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security		-		-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-		-
Ending balance, June 30,	$	3,506,073	$	3,438,673
Beginning balance, April 1,	$	3,506,073	$	3,438,673
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized		-		-
Additions/Subtractions:
Amounts realized for securities sold during the period		-		-
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis		-		-
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security		-		-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-		-
Ending balance, June 30,	$	3,506,073	$	3,438,673

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Segment Reporting (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Segment Reporting [Abstract]
Number of primary business segment	2		2
Reportable segments and reconciliation to consolidated results [Abstract]
Net interest income	$ 11,364,620	$ 11,451,083	$ 23,380,493	$ 19,997,272
Provision for loan losses	51,593	125,000	528,897	250,000	958,333
Net interest income after provision for loan losses	11,313,027	11,326,083	22,851,596	19,747,272
Other operating income	4,130,623	4,744,057	9,027,480	9,091,550
Other operating expenses	11,884,328	12,200,960	22,806,675	22,644,598
Income or (loss) before income tax expense	3,559,322	3,869,180	9,072,401	6,194,224
Income tax expense (benefit)	1,115,282	1,249,076	3,013,828	1,909,105
Segment net income (loss)	2,444,040	2,620,104	6,058,573	4,285,119
Segment assets	1,267,459,097	1,237,036,123	1,267,459,097	1,237,036,123	1,216,259,587
Core Banking [Member]
Reportable segments and reconciliation to consolidated results [Abstract]
Net interest income	11,363,000	11,448,000	23,376,000	19,992,000
Provision for loan losses	52,000	125,000	529,000	250,000
Net interest income after provision for loan losses	11,311,000	11,323,000	22,847,000	19,742,000
Other operating income	2,139,000	2,732,000	5,216,000	4,819,000
Other operating expenses	9,903,000	10,215,000	18,834,000	18,620,000
Income or (loss) before income tax expense	3,547,000	3,840,000	9,229,000	5,941,000
Income tax expense (benefit)	1,127,000	1,255,000	3,110,000	1,846,000
Segment net income (loss)	2,420,000	2,585,000	6,119,000	4,095,000
Segment assets	1,259,532,000	1,228,705,000	1,259,532,000	1,228,705,000
Wealth Management Group Services [Member]
Reportable segments and reconciliation to consolidated results [Abstract]
Net interest income	0	0	0	0
Provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other operating income	1,727,000	1,768,000	3,502,000	3,384,000
Other operating expenses	1,762,000	1,791,000	3,571,000	3,607,000
Income or (loss) before income tax expense	(35,000)	(23,000)	(69,000)	(223,000)
Income tax expense (benefit)	(14,000)	(9,000)	(26,000)	(86,000)
Segment net income (loss)	(21,000)	(14,000)	(43,000)	(137,000)
Segment assets	5,356,000	6,020,000	5,356,000	6,020,000
Holding Company and Other [Member]
Reportable segments and reconciliation to consolidated results [Abstract]
Net interest income	2,000	3,000	5,000	5,000
Provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	2,000	3,000	5,000	5,000
Other operating income	264,000	244,000	309,000	888,000
Other operating expenses	219,000	195,000	402,000	417,000
Income or (loss) before income tax expense	47,000	52,000	(88,000)	476,000
Income tax expense (benefit)	2,000	3,000	(70,000)	149,000
Segment net income (loss)	45,000	49,000	(18,000)	327,000
Segment assets	$ 2,571,000	$ 2,311,000	$ 2,571,000	$ 2,311,000

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Loans and Allowance for Loan Losses, Allowances (Details) (USD $)	3 Months Ended	6 Months Ended			3 Months Ended	6 Months Ended		3 Months Ended	6 Months Ended		3 Months Ended	6 Months Ended			3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended			3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended			3 Months Ended	6 Months Ended		3 Months Ended	6 Months Ended		3 Months Ended	6 Months Ended			3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended			3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011	Jun. 30, 2012 Legacy Loans [Member]	Jun. 30, 2012 Legacy Loans [Member]	Dec. 31, 2011 Legacy Loans [Member]	Jun. 30, 2012 Acquired Loans [Member]	Jun. 30, 2012 Acquired Loans [Member]	Dec. 31, 2011 Acquired Loans [Member]	Jun. 30, 2011 Commercial, Financial and Agricultural [Member]	Jun. 30, 2011 Commercial, Financial and Agricultural [Member]	Jun. 30, 2012 Commercial, Financial and Agricultural [Member]	Dec. 31, 2011 Commercial, Financial and Agricultural [Member]	Jun. 30, 2012 Commercial, Financial and Agricultural [Member] Legacy Loans [Member]	Jun. 30, 2012 Commercial, Financial and Agricultural [Member] Legacy Loans [Member]	Jun. 30, 2012 Commercial, Financial and Agricultural [Member] Acquired Loans [Member]	Jun. 30, 2012 Commercial, Financial and Agricultural [Member] Acquired Loans [Member]	Jun. 30, 2011 Commercial Mortgages [Member]	Jun. 30, 2011 Commercial Mortgages [Member]	Jun. 30, 2012 Commercial Mortgages [Member]	Dec. 31, 2011 Commercial Mortgages [Member]	Jun. 30, 2012 Commercial Mortgages [Member] Legacy Loans [Member]	Jun. 30, 2012 Commercial Mortgages [Member] Legacy Loans [Member]	Jun. 30, 2012 Commercial Mortgages [Member] Acquired Loans [Member]	Jun. 30, 2012 Commercial Mortgages [Member] Acquired Loans [Member]	Jun. 30, 2011 Residential Mortgages [Member]	Jun. 30, 2011 Residential Mortgages [Member]	Jun. 30, 2012 Residential Mortgages [Member]	Dec. 31, 2011 Residential Mortgages [Member]	Jun. 30, 2012 Residential Mortgages [Member] Legacy Loans [Member]	Jun. 30, 2012 Residential Mortgages [Member] Legacy Loans [Member]	Dec. 31, 2011 Residential Mortgages [Member] Legacy Loans [Member]	Jun. 30, 2012 Residential Mortgages [Member] Acquired Loans [Member]	Jun. 30, 2012 Residential Mortgages [Member] Acquired Loans [Member]	Dec. 31, 2011 Residential Mortgages [Member] Acquired Loans [Member]	Jun. 30, 2011 Consumer Loans [Member]	Jun. 30, 2011 Consumer Loans [Member]	Jun. 30, 2012 Consumer Loans [Member]	Dec. 31, 2011 Consumer Loans [Member]	Jun. 30, 2012 Consumer Loans [Member] Legacy Loans [Member]	Jun. 30, 2012 Consumer Loans [Member] Legacy Loans [Member]	Jun. 30, 2012 Consumer Loans [Member] Acquired Loans [Member]	Jun. 30, 2012 Consumer Loans [Member] Acquired Loans [Member]	Jun. 30, 2011 Unallocated [Member]	Jun. 30, 2011 Unallocated [Member]	Jun. 30, 2012 Unallocated [Member]	Dec. 31, 2011 Unallocated [Member]	Jun. 30, 2012 Unallocated [Member] Legacy Loans [Member]	Jun. 30, 2012 Unallocated [Member] Legacy Loans [Member]	Jun. 30, 2012 Unallocated [Member] Acquired Loans [Member]	Jun. 30, 2012 Unallocated [Member] Acquired Loans [Member]
Loans and Allowance for Loan Losses [Abstract]
Period of historical loss factor for substandard classification, but not impaired		5 years
Historical loss experience period determination, by class		2 years
Allowance for loan losses, by portfolio segment [Roll Forward]
Beginning balance:	$ 9,590,951		$ 9,498,131		$ 9,981,482	$ 9,659,320		$ 301,808	$ 0		$ 2,502,200	$ 2,118,299			$ 3,136,457	$ 3,143,373	$ 224,936	$ 0	$ 2,657,185	$ 2,575,058			$ 2,953,632	$ 2,570,149	$ 76,872	$ 0	$ 1,366,214	$ 1,301,780			$ 1,417,252	$ 1,309,649		$ 0	$ 0		$ 2,424,312	$ 2,727,022			$ 2,100,433	$ 2,192,729	$ 0	$ 0	$ 641,040	$ 775,972			$ 373,708	$ 443,420	$ 0	$ 0
Reclassification of Accquired Loan Discount								0	123,559								0	73,228							0	50,331								0	0								0	0							0	0
Charge Offs:	(136,747)		(347,422)		(187,469)	(360,128)		0	(49,057)		(3,003)	(3,003)			(5,792)	(5,792)	0	0	0	(3,764)			(8,295)	(8,295)	0	(49,057)	0	0			(58,273)	(72,613)		0	0		(133,744)	(340,655)			(115,109)	(273,428)	0	0	0	0			0	0	0	0
Recoveries:	176,468		354,963		245,162	489,982		0	0		87,941	205,406			179,160	351,763	0	0	23,350	26,103			20,261	30,496	0	0	15,845	30,324			0	0		0	0		49,332	93,130			45,741	107,723	0	0	0	0			0	0	0	0
Net charge offs	39,721		7,541		57,693	129,854		0	74,502		84,938	202,403			173,368	345,971	0	73,228	23,350	22,339			11,966	22,201	0	1,274	15,845	30,324			(58,273)	(72,613)		0	0		(84,412)	(247,525)			(69,368)	(165,705)	0	0	0	0			0	0	0	0
Provision	125,000		250,000		57,998	307,999		(6,409)	220,897		487,419	760,731			(513,269)	(692,788)	(17,281)	134,427	(61,004)	15,258			22,370	395,618	10,872	86,470	(135,179)	(85,224)			65,837	187,780		0	0		(42,441)	(182,038)			443,120	447,161	0	0	(123,795)	(258,727)			39,940	(29,772)	0	0
Ending balance	9,755,672		9,755,672		10,097,173	10,097,173		295,399	295,399		3,081,433	3,081,433			2,796,556	2,796,556	207,655	207,655	2,612,655	2,612,655			2,987,968	2,987,968	87,744	87,744	1,246,880	1,246,880			1,424,816	1,424,816		0	0		2,297,459	2,297,459			2,474,185	2,474,185	0	0	517,245	517,245			413,648	413,648	0	0
Ending allowance balance attributable to loans [Abstract]
Allowance for Loan Losses Allocated		1,333,019		1,942,206									1,195,684	1,528,651							134,466	413,555							2,869	0									0	0							0	0
Collectively evaluated for impairment		8,764,154		7,717,114									1,600,872	1,614,722							2,853,502	2,156,594							1,421,947	1,309,649									2,474,185	2,192,729							413,648	443,420
Acquired with deteriorated credit quality		247,963											207,655								87,744								0										0								0
Total ending allowance balance		10,392,572		9,659,320									3,004,211	3,143,373							3,075,712	2,570,149							1,424,816	1,309,649									2,474,185	2,192,729							413,648	443,420
Loans [Abstract]
Loans individually evaluated for impairment		4,705,648		10,057,943									2,499,767	5,275,043							2,065,838	4,603,563							140,043	179,337									0	0
Loans collectively evaluated for impairment		728,730,238		647,501,752									114,594,272	111,532,413							215,053,094	169,658,759							178,839,976	175,405,950									220,242,896	190,904,630
Acquired with deteriorated credit quality		12,866,802			0	0	0	12,866,802	12,866,802	14,811,710			1,197,884								11,433,363								235,555		0	0	0	235,555	235,555	226,937			0
Total ending loans balance		$ 746,302,688		$ 657,559,695	$ 733,435,886	$ 733,435,886	$ 657,559,695	$ 124,857,999	$ 124,857,999	$ 141,781,995			$ 118,921,923	$ 116,807,456							$ 228,552,295	$ 174,262,322							$ 179,215,574	$ 175,585,287	$ 178,980,018	$ 178,980,018	$ 175,585,287	$ 16,040,462	$ 16,040,462	$ 18,532,022			$ 220,242,896	$ 190,904,630

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Basis of Presentation

6 Months Ended

Jun. 30, 2012

Basis of Presentation [Abstract]

Basis of Presentation

1.           Basis of Presentation

Chemung Financial Corporation (the "Corporation"), through its wholly owned subsidiaries, Chemung Canal Trust Company (the "Bank") and CFS Group, Inc., a financial services company, provides a wide range of banking, financing, fiduciary and other financial services to its local market area.  The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation.

The data in the consolidated balance sheet as of December 31, 2011 was derived from the audited consolidated financial statements in the Corporation's 2011 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 28, 2012.  That data, along with the other interim financial information presented in the consolidated balance sheets, statements of income, shareholders' equity and comprehensive income, and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, contained in the 2011 Annual Report on Form 10-K.  Amounts in prior periods' consolidated interim financial statements are reclassified whenever necessary to conform to the current period's presentation.

The consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary to present fairly the Corporation's financial position as of June 30, 2012 and December 31, 2011, and results of operations for the three and six-month periods ended June 30, 2012 and 2011, and changes in shareholders' equity and cash flows for the six-month periods ended June 30, 2012 and 2011. Subsequent events were evaluated for any required recognition or disclosure. The results for the periods presented are not necessarily indicative of results to be expected for the entire fiscal year or any other interim period.

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Stock Based Compensation (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Board of Director's Stock Compensation [Abstract]
Service period for comparable group used to determine share based payment awards	12 months
Distribution Of Shares Of Treasury Stock For Directors Compensation Value Stock Comp	$ 107,000
Number of treasury shares reissued to fund stock component of director compensation (in shares)	10,238
Restricted Stock Activity Weighted-Average Grant Date Fair Value [Abstract]
Unrecognized compensation cost related to nonvested shares	$ 254,191
Restricted Stock [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized under restricted stock plan (in shares)	10,000
Vesting period for stock award granted	5 years
Restricted Stock Activity Shares [Abstract]
Nonvested Beginning Balance (in shares)	12,458
Granted (in shares)	1,079
Vested (in shares)	(624)
Forfeited or Cancelled (in shares)	0
Nonvested Ending Balance (in shares)	12,913
Restricted Stock Activity Weighted-Average Grant Date Fair Value [Abstract]
Nonvested beginning balance (in dollars per share)	$ 22.33
Granted (in dollars per share)	$ 23.18
Vested (in dollars per share)	$ 22.47
Forfeited or Cancelled (in dollars per share)	$ 0
Nonvested Ending Balance (in dollars per share)	$ 22.40
Period for recognition of unrecognized compensation cost related to nonvested shares	4 years 1 month 13 days

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Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Stock Based Compensation [Abstract]

Summary of restricted stock activity

A summary of restricted stock activity from December 31, 2011 to June 30, 2012 is presented below:

	Shares			Weighted -Average  Grant  Date Fair  Value
Nonvested at December 31, 2011		12,458		$	22.33
Granted		1,079			23.18
Vested		(624	)		22.47
Forfeited or Cancelled		-			-
Nonvested at June 30, 2012		12,913		$	22.40

As of June 30, 2012, there was $254,191 of total unrecognized compensation cost related to nonvested shares granted under the Plan.  The cost is expected to be recognized over a weighted-average period of 4.12 years.

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Summarized financial information showing reconciliation of segment net income loss and assets to consolidated results

Summarized financial information concerning the Corporation's reportable segments and the reconciliation to the Corporation's consolidated results is shown in the following table.  Income taxes are allocated based on the separate taxable income of each entity and indirect overhead expenses are allocated based on reasonable and equitable allocations applicable to the reportable segment.  Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the Holding Company and Other column below, along with amounts to eliminate transactions between segments (dollars in thousands):

	Three Months Ended June 30, 2012									Six Months Ended June 30, 2012
	Core  Banking		Wealth  Management  Group Services			Holding  Company  And Other		Consolidated  Totals		Core  Banking		Wealth  Management  Group Services			Holding  Company  And Other			Consolidated  Totals
Net interest income	$	11,363	$	-		$	2	$	11,365	$	23,376	$	-		$	5		$	23,381
Provision for loan losses		52		-			-		52		529		-			-			529
Net interest income after provision for loan losses		11,311		-			2		11,313		22,847		-			5			22,852
Other operating income		2,139		1,727			264		4,130		5,216		3,502			309			9,027
Other operating expenses		9,903		1,762			219		11,884		18,834		3,571			402			22,807
Income or (loss) before income tax expense		3,547		(35	)		47		3,559		9,229		(69	)		(88	)		9,072
Income tax expense (benefit)		1,127		(14	)		2		1,115		3,110		(26	)		(70	)		3,014
Segment net income (loss)	$	2,420	$	(21	)	$	45	$	2,444	$	6,119	$	(43	)	$	(18	)	$	6,058
Segment assets										$	1,259,532	$	5,356		$	2,571		$	1,267,459

	Three Months Ended June 30, 2011									Six Months Ended June 30, 2011
	Core  Banking		Wealth  Management  Group Services			Holding  Company  And Other		Consolidated  Totals		Core  Banking		Wealth  Management Group Services			Holding  Company  And Other		Consolidated  Totals
Net interest income	$	11,448	$	-		$	3	$	11,451	$	19,992	$	-		$	5	$	19,997
Provision for loan losses		125		-			-		125		250		-			-		250
Net interest income after provision for loan losses		11,323		-			3		11,326		19,742		-			5		19,747
Other operating income		2,732		1,768			244		4,744		4,819		3,384			888		9,091
Other operating expenses		10,215		1,791			195		12,201		18,620		3,607			417		22,644
Income or (loss) before income tax expense		3,840		(23	)		52		3,869		5,941		(223	)		476		6,194
Income tax expense (benefit)		1,255		(9	)		3		1,249		1,846		(86	)		149		1,909
Segment net income (loss)	$	2,585	$	(14	)	$	49	$	2,620	$	4,095	$	(137	)	$	327	$	4,285
Segment assets										$	1,228,705	$	6,020		$	2,311	$	1,237,036

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Earnings Per Common Share (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Earnings Per Common Share [Abstract]
Weighted average number of shares outstanding (in shares)	4,636,395	4,631,504	4,639,204	4,127,969

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Fair Value (Details) (USD $)	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2012		Jun. 30, 2011	Jun. 30, 2012		Jun. 30, 2011	Dec. 31, 2011
Fair Value [Abstract]
Number of levels				3
Financial Assets [Abstract]
Total available for sale securities	$ 260,941,446			$ 260,941,446			$ 280,869,810
Trading assets	252,105			252,105			294,381
Financial Assets [Abstract]
Impaired loan valuation allowance	1,333,019			1,333,019			1,942,206
Provision for loan losses	51,593		125,000	528,897		250,000	958,333
Additional provision for loan and lease Losses	0			0
Carrying amount of impaired loans	3,586,354			3,586,354			6,095,645
OREO - Other real estate owned gross	1,078,156			1,078,156			1,009,162
Other real estate owned valuation allowance	107,886			107,886			111,407
OREO - Other real estate owned carrying value, net	970,270			970,270			897,755
Write down of OREO	20,240						12,120
Financial Assets [Abstract]
Cash and due from financial institutions	33,673,471			33,673,471			28,204,699
Interest-bearing deposits in other financial institutions	40,501,795			40,501,795			24,697,154
Securities available for sale	260,941,446			260,941,446			280,869,810
Securities held to maturity	6,334,331			6,334,331			8,311,921
Federal Home Loan and Federal Reserve Bank Stock	5,358,700			5,358,700			5,509,350
Net loans	845,554,680			845,554,680			787,255,857
Loans held for sale	482,344			482,344			395,427
Deposits [Abstract]
Securities sold under agreements to repurchase	31,750,428			31,750,428			37,106,842
Federal Home Loan Bank term advances	41,127,794			41,127,794			43,343,918
Accrued interest payable	655,923			655,923			800,148
Dividends payable	1,142,082			1,142,082			1,141,081
Estimated Fair Value [Member]
Financial Assets [Abstract]
Cash and due from financial institutions	33,673			33,673			28,205	[1]
Interest-bearing deposits in other financial institutions	40,502			40,502			24,697	[1]
Trading assets	252			252			294	[1]
Securities available for sale	260,941			260,941			280,870	[1]
Securities held to maturity	7,098			7,098			9,176	[1]
Net loans	865,579	[1]		865,579	[1]		805,760	[1]
Loans held for sale	482			482			395	[1]
Accrued interest receivable	3,810			3,810			3,882	[1]
Deposits [Abstract]
Demand, savings, and insured money market accounts	793,600			793,600			721,503	[1]
Time Deposits	261,851	[1]		261,851	[1]		279,441	[1]
Securities sold under agreements to repurchase	34,299	[1]		34,299	[1]		40,019	[1]
Federal Home Loan Bank term advances	43,747	[1]		43,747	[1]		46,603	[1]
Accrued interest payable	656			656			800	[1]
Dividends payable	1,142			1,142			1,141	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial Assets [Abstract]
Cash and due from financial institutions	33,673			33,673
Interest-bearing deposits in other financial institutions	37,615			37,615
Trading assets	252			252
Securities available for sale	43,304			43,304
Securities held to maturity	0			0
Federal Home Loan and Federal Reserve Bank Stock	0			0
Net loans	0			0
Loans held for sale	0			0
Accrued interest receivable	172			172
Deposits [Abstract]
Demand, savings, and insured money market accounts	793,600			793,600
Time Deposits	0			0
Securities sold under agreements to repurchase	0			0
Federal Home Loan Bank term advances	0			0
Accrued interest payable	12			12
Dividends payable	1,142			1,142
Significant Other Observable Inputs (Level 2) [Member]
Financial Assets [Abstract]
Cash and due from financial institutions	0			0
Interest-bearing deposits in other financial institutions	2,887			2,887
Trading assets	0			0
Securities available for sale	217,294			217,294
Securities held to maturity	7,098			7,098
Federal Home Loan and Federal Reserve Bank Stock	0			0
Net loans	0			0
Loans held for sale	482			482
Accrued interest receivable	1,268			1,268
Deposits [Abstract]
Demand, savings, and insured money market accounts	0			0
Time Deposits	261,851			261,851
Securities sold under agreements to repurchase	34,299			34,299
Federal Home Loan Bank term advances	43,747			43,747
Accrued interest payable	644			644
Dividends payable	0			0
Significant Unobservable Inputs (Level 3) [Member]
Financial Assets [Abstract]
Cash and due from financial institutions	0			0
Interest-bearing deposits in other financial institutions	0			0
Trading assets	0			0
Securities available for sale	343			343
Securities held to maturity	0			0
Federal Home Loan and Federal Reserve Bank Stock	0			0
Net loans	865,579			865,579
Loans held for sale	0			0
Accrued interest receivable	2,370			2,370
Deposits [Abstract]
Demand, savings, and insured money market accounts	0			0
Time Deposits	0			0
Securities sold under agreements to repurchase	0			0
Federal Home Loan Bank term advances	0			0
Accrued interest payable	0			0
Dividends payable	0			0
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and due from financial institutions	33,673			33,673			28,205
Interest-bearing deposits in other financial institutions	40,502			40,502			24,697
Trading assets	252			252			294
Securities available for sale	260,941			260,941			280,870
Securities held to maturity	6,334			6,334			8,312
Federal Home Loan and Federal Reserve Bank Stock	5,359			5,359			5,509
Net loans	845,555			845,555			787,256
Loans held for sale	482			482			395
Accrued interest receivable	3,810			3,810			3,882
Deposits [Abstract]
Demand, savings, and insured money market accounts	793,600			793,600			721,503
Time Deposits	260,078			260,078			276,990
Securities sold under agreements to repurchase	31,750			31,750			37,107
Federal Home Loan Bank term advances	41,128			41,128			43,344
Accrued interest payable	656			656			800
Dividends payable	1,142			1,142			1,141
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member]
Financial Assets [Abstract]
Obligations of U.S. Government and U.S. Government sponsored enterprises	37,929,000			37,929,000			35,950,000
Mortgage-backed securities, residential	0			0			0
Obligations of states and political subdivisions	0			0			0
Trust Preferred securities	0			0			0
Corporate bonds and notes	0			0			0
Collateralized mortgage obligations	0			0			0
SBA loan pools	0			0			0
Corporate stocks	5,375,502			5,375,502			5,339,839
Total available for sale securities	43,304,502			43,304,502			41,289,839
Trading assets	252,105			252,105			294,381
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	0			0			0
Commercial mortgages Loans, fair value disclosure	0			0			0
Commercial Mortgage Loans, Residential mortgages, Fair Value	0			0
Commercial Mortgage Loans Other, Fair Value Disclosure	0			0			0
Total Impaired Loan, Fair Value	0			0			0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other real esteate owned [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	0			0			0
Commercial Mortgage Loans, Residential mortgages, Fair Value	0			0			0
Commercial Mortgage Loans Other, Fair Value Disclosure	0			0			0
Consumer loans:
Home equity lines & loans	0			0			0
Financial Assets [Abstract]
Other real estate owned, net	0			0			0
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member]
Financial Assets [Abstract]
Obligations of U.S. Government and U.S. Government sponsored enterprises	109,422,879			109,422,879			116,129,770
Mortgage-backed securities, residential	40,608,180			40,608,180			50,766,604
Obligations of states and political subdivisions	43,427,345			43,427,345			46,512,971
Trust Preferred securities	2,083,750			2,083,750			2,015,156
Corporate bonds and notes	13,711,247			13,711,247			13,684,199
Collateralized mortgage obligations	5,487,056			5,487,056			7,536,753
SBA loan pools	1,863,449			1,863,449			1,949,606
Corporate stocks	690,003			690,003			690,002
Total available for sale securities	217,293,909			217,293,909			239,285,061
Trading assets	0			0			0
Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	0			0			0
Commercial mortgages Loans, fair value disclosure	0			0			0
Commercial Mortgage Loans, Residential mortgages, Fair Value	0			0
Commercial Mortgage Loans Other, Fair Value Disclosure	0			0			0
Total Impaired Loan, Fair Value	0			0			0
Significant Other Observable Inputs (Level 2) [Member] | Other real esteate owned [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	0			0			0
Commercial Mortgage Loans, Residential mortgages, Fair Value	0			0			0
Commercial Mortgage Loans Other, Fair Value Disclosure	0			0			0
Consumer loans:
Home equity lines & loans	0			0			0
Financial Assets [Abstract]
Other real estate owned, net	0			0			0
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member]
Financial Assets [Abstract]
Obligations of U.S. Government and U.S. Government sponsored enterprises	0			0			0
Mortgage-backed securities, residential	0			0			0
Obligations of states and political subdivisions	0			0			0
Trust Preferred securities	343,035			343,035			294,910
Corporate bonds and notes	0			0			0
Collateralized mortgage obligations	0			0			0
SBA loan pools	0			0			0
Corporate stocks	0			0			0
Total available for sale securities	343,035			343,035			294,910
Trading assets	0			0			0
Trust Preferred Securities [Rollforward]
Beginning balance	346,210		349,035	294,910		334,585	334,585
Included in earnings [Abstract]
Income on securities	0		0	0		0
Impairment charge on investment securities	0		0	0		0
Included in other comprehensive income	(3,175)		22,700	48,125		37,150
Transfers in and/or out of Level 3	0		0	0		0
Ending balance	343,035		371,735	343,035		371,735
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	1,123,030			1,123,030			831,601
Commercial Mortgage Loans, Residential mortgages, Fair Value	125,136			125,136
Commercial Mortgage Loans Other, Fair Value Disclosure	1,005,169			1,005,169			3,321,838
Total Impaired Loan, Fair Value	2,253,335			2,253,335			4,153,439
Significant Unobservable Inputs (Level 3) [Member] | Other real esteate owned [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	197,800			197,800			218,040
Commercial Mortgage Loans, Residential mortgages, Fair Value	419,810			419,810			276,355
Commercial Mortgage Loans Other, Fair Value Disclosure	316,060			316,060			366,760
Consumer loans:
Home equity lines & loans	36,600			36,600			36,600
Financial Assets [Abstract]
Other real estate owned, net	970,270			970,270			897,755
Fair Value [Member] | Recurring [Member]
Financial Assets [Abstract]
Obligations of U.S. Government and U.S. Government sponsored enterprises	147,351,879			147,351,879			152,079,770
Mortgage-backed securities, residential	40,608,180			40,608,180			50,766,604
Obligations of states and political subdivisions	43,427,345			43,427,345			46,512,971
Trust Preferred securities	2,426,785			2,426,785			2,310,066
Corporate bonds and notes	13,711,247			13,711,247			13,684,199
Collateralized mortgage obligations	5,487,056			5,487,056			7,536,753
SBA loan pools	1,863,449			1,863,449			1,949,606
Corporate stocks	6,065,505			6,065,505			6,029,841
Total available for sale securities	260,941,446			260,941,446			280,869,810
Trading assets	252,105			252,105			294,381
Fair Value [Member] | Impaired Loans [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	1,123,030			1,123,030			831,601
Commercial Mortgage Loans, Residential mortgages, Fair Value	125,136			125,136
Commercial Mortgage Loans Other, Fair Value Disclosure	1,005,169			1,005,169			3,321,838
Total Impaired Loan, Fair Value	2,253,335			2,253,335			4,153,439
Fair Value [Member] | Other real esteate owned [Member] | Non-recurring [Member]
Impaired Loans [Abstract]
Commercial and industrial Loans, fair value disclosure	197,800			197,800			218,040
Commercial Mortgage Loans, Residential mortgages, Fair Value	419,810			419,810			276,355
Commercial Mortgage Loans Other, Fair Value Disclosure	316,060			316,060			366,760
Consumer loans:
Home equity lines & loans	36,600			36,600			36,600
Financial Assets [Abstract]
Other real estate owned, net	$ 970,270			$ 970,270			$ 897,755

[1] Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,058,573	$ 4,285,119
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	548,190	465,192
Provision for loan losses	528,897	250,000
Depreciation and amortization of fixed assets	1,497,490	1,450,227
Amortization of premiums on securities, net	894,292	557,177
Gains on sales of loans held for sale, net	(144,380)	(79,332)
Proceeds from sales of loans held for sale	5,360,780	3,480,239
Loans originated and held for sale	(5,303,317)	(3,264,965)
Net losses (gains) on sale of other real estate owned	4,502	(87,290)
Net gains on trading assets	(17,369)	(11,851)
Net gains on securities transactions	(299,919)	(679,209)
Proceeds from sale on trading assets	92,584	0
Purchase of trading assets	(32,939)	(249,568)
Decrease in other assets	4,919,260	3,916,406
(Increase) decrease in prepaid FDIC assessment	372,601	(323,836)
Decrease in accrued interest payable	(144,225)	(160,511)
Expense related to restricted stock units for directors' deferred compensation plan	42,982	42,924
Expense related to employee stock compensation	80,000	55,000
Expense related to employee stock awards	44,743	12,660
Decrease in other liabilities	(104,425)	(2,255,146)
Income from bank owned life insurance	(43,269)	(43,611)
Net cash provided by operating activities	14,355,051	7,359,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and calls of securities available for sale	69,367,438	56,656,054
Proceeds from maturities and principal collected on securities available for sale	14,616,579	14,554,015
Proceeds from maturities and principal collected on securities held to maturity	3,518,840	2,579,275
Purchases of securities available for sale	(64,276,418)	(80,994,140)
Purchases of securities held to maturity	(1,541,250)	(2,905,024)
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock	(26,250)	(45,000)
Redemption of Federal Home Loan Bank and Federal Reserve Bank stock	176,900	228,450
Purchases of premises and equipment	(1,452,526)	(722,734)
Cash paid Fort Orange Financial Corporation acquisition	0	(8,137,816)
Cash received Fort Orange Financial Corporation acquisition	0	33,284,995
Proceeds from sales of other real estate owned	132,273	323,143
Net increase in loans	(58,445,477)	(10,752,681)
Net cash (used) provided by investing activities	(37,929,891)	4,068,537
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in demand deposits, NOW accounts, savings accounts, and insured money market accounts	72,097,856	29,819,077
Net decrease in time deposits and individual retirement accounts	(16,911,987)	(2,684,163)
Net decrease in securities sold under agreements to repurchase	(5,356,414)	(13,124,903)
Repayments of Federal Home Loan Bank long term advances	(2,216,124)	(157,983)
Purchase of treasury stock	(480,073)	(183,542)
Cash dividends paid	(2,285,005)	(1,772,606)
Net cash provided by financing activities	44,848,253	11,895,880
Net increase in cash and cash equivalents	21,273,413	23,324,042
Cash and cash equivalents, beginning of period	52,901,853	60,619,777
Cash and cash equivalents, end of period	74,175,266	83,943,819
Cash paid during the year for:
Interest	3,068,390	3,272,153
Income Taxes	3,500	2,204,866
Supplemental disclosure of non-cash activity:
Transfer of loans to other real estate owned	$ 223,071	$ 32,621

XML

Goodwill and Intangible Assets (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Goodwill [Roll Forward]
Beginning of year			$ 21,983,617	$ 9,872,375
Adjustment of Acquired goodwill			(159,174)	0
Ending of year	21,824,443	9,872,375	21,824,443	9,872,375
Finite-lived intangible assets, net [Abstract]
Balance Acquired	9,883,221		9,883,221		9,883,221
Accumulated Amortization	4,240,871		4,240,871		3,692,681
Amortization of intangible assets	264,050	288,689	548,190	465,192
Finite-lived intangible assets, future amortization expense [Abstract]
2012	498,530		498,530
2013	876,524		876,524
2014	777,801		777,801
2015	681,176		681,176
2016	607,713		607,713
2017 and thereafter	2,200,606		2,200,606
Total	5,642,350		5,642,350		6,190,540
Core deposit intangibles [Member]
Finite-lived intangible assets, net [Abstract]
Balance Acquired	3,819,798		3,819,798		3,819,798
Accumulated Amortization	1,514,800		1,514,800		1,213,118
Other customer relationship intangibles [Member]
Finite-lived intangible assets, net [Abstract]
Balance Acquired	6,063,423		6,063,423		6,063,423
Accumulated Amortization	$ 2,726,071		$ 2,726,071		$ 2,479,563

XML

Loans and Allowance for Loan Losses, Credit Quality Indicator (Details) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2012	Dec. 31, 2011	Mar. 31, 2011
Trouble debt restructurings [Abstract]
Period after troubled debt restructuring modification where no default payments made		12 months
Number of days past due after which loan considered as payment default		90 days
Troubled debt restructuring reserve		$ 3,000	$ 218,000
Troubled debt restructuring loan amount modified	59,000	59,000
Finance receivable by credit quality indicator [Abstract]
Loans	746,302,688	746,302,688	657,559,695
Deteriorated Loans Transferred in [Abstract]
Contractually required principal and interest, opening balance		21,261,000		17,780,000
Contractually required principal and interest, closing balance	19,835,000	19,835,000	21,261,000	17,780,000
Contractual cash flows not expected to be collected (nonaccretable discount), opening balance		(4,662,000)		(4,222,000)
Contractual cash flows not expected to be collected (nonaccretable discount), closing balance	(3,978,000)	(3,978,000)	(4,662,000)	(4,222,000)
Cash flows expected to be collected, opening balance		16,599,000		13,558,000
Cash flows expected to be collected, closing balance	15,857,000	15,857,000	16,599,000	13,558,000
Interest component of expected cash flows (accretable yield), opening balance		(1,844,000)		(1,417,000)
Interest component of expected cash flows (accretable yield, closing balance	(2,972,000)	(2,972,000)	(1,844,000)	(1,417,000)
Fair value of loans acquired with deteriorating credit quality, opening balance		14,755,000		12,141,000
Fair value of loans acquired with deteriorating credit quality, closing balance	12,885,000	12,885,000	14,755,000	12,141,000
Contractually required principal and interest, income accretion	0	0
Contractual cash flows not expected to be collected (nonaccretable discount), income accretion	0	0
Cash flows expected to be collected, income accretion	0	0
Interest component of expected cash flows (accretable yield), income accretion	255,000	1,171,000
Fair value of loans acquired with deteriorating credit quality, income accretion	255,000	1,171,000
Contractually required principal and interest, all other adjustments	2,055,000	(1,426,000)
Contractual cash flows not expected to be collected (nonaccretable discount), all other adjustments	244,000	684,000
Cash flows expected to be collected, all other adjustments	2,299,000	(742,000)
Interest component of expected cash flows (accretable yield), all other adjustments	(1,810,000)	(2,299,000)
Fair value of loans acquired with deteriorating credit quality, all other adjustments	489,000	(3,041,000)
Commercial, financial and agricultural [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	118,921,923	118,921,923	116,807,456
Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	179,215,574	179,215,574	175,585,287
Consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	220,242,896	220,242,896	190,904,630
Legacy Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	733,435,886	733,435,886	657,559,695
Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Agricultural [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	518,514	518,514	258,098
Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	116,575,525	116,575,525	116,549,358
Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	23,187,198	23,187,198	7,383,731
Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	193,931,735	193,931,735	166,878,591
Legacy Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	178,980,018	178,980,018	175,585,287
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	178,980,018	178,980,018	175,585,287
Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	1,780,036	1,780,036	1,955,215
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	1,780,036	1,780,036	1,955,215
Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	76,952,167	76,952,167	76,889,348
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	76,952,167	76,952,167	76,889,348
Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	124,409,074	124,409,074	97,540,240
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	124,409,074	124,409,074	97,540,240
Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	17,101,618	17,101,618	14,519,827
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	17,101,618	17,101,618	14,519,827
Acquired Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	124,857,999	124,857,999	141,781,995
Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	24,200,050	24,200,050	27,388,500
Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	10,345,050	10,345,050	12,451,041
Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	68,652,121	68,652,121	77,093,991
Acquired Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	16,040,462	16,040,462	18,532,022
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	16,040,462	16,040,462	18,532,022
Acquired Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	0	0	0
Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	5,528,355	5,528,355	6,168,831
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	5,528,355	5,528,355	6,168,831
Acquired Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	0	0	0
Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	91,961	91,961	147,610
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	91,961	91,961	147,610
Not Rated [Member] | Legacy Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	396,239,847	396,239,847	363,432,389
Not Rated [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Agricultural [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Not Rated [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Not Rated [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Not Rated [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Not Rated [Member] | Legacy Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	176,749,755	176,749,755	173,120,292
Not Rated [Member] | Legacy Loans [Member] | Consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	124,231,188	124,231,188
Not Rated [Member] | Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	1,780,036	1,780,036	1,955,215
Not Rated [Member] | Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	76,399,344	76,399,344	76,432,196
Not Rated [Member] | Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			97,426,891
Not Rated [Member] | Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	17,079,524	17,079,524	14,497,795
Not Rated [Member] | Acquired Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	21,162,622	21,162,622	24,475,425
Not Rated [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0
Not Rated [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0
Not Rated [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Not Rated [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0
Not Rated [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			0
Not Rated [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			0
Not Rated [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	15,542,306	15,542,306	18,158,984
Not Rated [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	5,528,355	5,528,355	6,168,831
Not Rated [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	91,961	91,961	147,610
Pass [Member] | Legacy Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	301,950,199	301,950,199	253,008,952
Pass [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Agricultural [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	518,514	518,514	258,098
Pass [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	99,732,167	99,732,167	93,923,356
Pass [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	22,220,989	22,220,989	6,391,614
Pass [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	179,478,529	179,478,529	152,435,884
Pass [Member] | Legacy Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Pass [Member] | Legacy Loans [Member] | Consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0
Pass [Member] | Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Pass [Member] | Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Pass [Member] | Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			0
Pass [Member] | Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Pass [Member] | Acquired Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	78,148,308	78,148,308	89,640,181
Pass [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	997,892	997,892
Pass [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	55,072,078	55,072,078
Pass [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	22,078,338	22,078,338	25,164,742
Pass [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			1,790,731
Pass [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			62,684,708
Pass [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Pass [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Pass [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	12,866,802	12,866,802	14,811,710
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	1,190,848	1,190,848
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	10,242,515	10,242,515
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	1,197,884	1,197,884	1,499,141
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			2,022,149
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			11,063,483
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	235,555	235,555	226,937
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Loans Acquired with deteriorated credit quality [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Legacy Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	21,542,859	21,542,859	21,669,130
Special Mention [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Agricultural [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	12,130,092	12,130,092	14,957,683
Special Mention [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	201,730	201,730	208,360
Special Mention [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	9,211,037	9,211,037	6,503,087
Special Mention [Member] | Legacy Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Legacy Loans [Member] | Consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0
Special Mention [Member] | Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			0
Special Mention [Member] | Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Acquired Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	7,579,825	7,579,825	8,524,703
Special Mention [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	6,557,221	6,557,221
Special Mention [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	474,202	474,202
Special Mention [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	548,402	548,402	602,006
Special Mention [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			7,447,661
Special Mention [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			475,036
Special Mention [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Special Mention [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Substandard [Member] | Legacy Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	11,360,471	11,360,471	15,404,212
Substandard [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Agricultural [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Substandard [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	2,768,639	2,768,639	4,139,413
Substandard [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	764,479	764,479	783,757
Substandard [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	4,844,286	4,844,286	7,423,514
Substandard [Member] | Legacy Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	2,230,263	2,230,263	2,464,995
Substandard [Member] | Legacy Loans [Member] | Consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	177,886	177,886
Substandard [Member] | Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Substandard [Member] | Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	552,823	552,823	457,152
Substandard [Member] | Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			113,349
Substandard [Member] | Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	22,095	22,095	22,032
Substandard [Member] | Acquired Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	4,819,092	4,819,092	4,038,430
Substandard [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	1,599,089	1,599,089
Substandard [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	2,669,756	2,669,756
Substandard [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	287,646	287,646	24,635
Substandard [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			1,190,500
Substandard [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			2,677,194
Substandard [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	262,601	262,601	146,101
Substandard [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Substandard [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Legacy Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	2,342,510	2,342,510	4,045,012
Doubtful [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Agricultural [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	1,944,627	1,944,627	3,528,906
Doubtful [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Legacy Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	397,883	397,883	516,106
Doubtful [Member] | Legacy Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Legacy Loans [Member] | Consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0
Doubtful [Member] | Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			0
Doubtful [Member] | Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Acquired Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	281,350	281,350	291,546
Doubtful [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0
Doubtful [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	193,570	193,570
Doubtful [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	87,780	87,780	97,976
Doubtful [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			0
Doubtful [Member] | Acquired Loans [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Finance receivable by credit quality indicator [Abstract]
Loans			193,570
Doubtful [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Doubtful [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Finance receivable by credit quality indicator [Abstract]
Loans	0	0	0
Performing [Member] | Legacy Loans [Member] | Residential mortgages [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	176,749,755	176,749,755	173,120,292
Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	1,773,326	1,773,326	1,946,162
Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	76,484,390	76,484,390	76,432,196
Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	124,231,188	124,231,188	97,426,891
Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	17,079,523	17,079,523	14,497,878
Performing [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	15,777,861	15,777,861	18,385,921
Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	0	0	0
Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	5,528,355	5,528,355	6,168,831
Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	0	0	0
Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	91,599	91,599	147,610
Non-Performing [Member] | Legacy Loans [Member] | Residential mortgages [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	2,230,263	2,230,263	2,464,995
Non-Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	6,710	6,710	9,053
Non-Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	467,777	467,777	457,152
Non-Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	177,886	177,886	113,349
Non-Performing [Member] | Legacy Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	22,095	22,095	21,949
Non-Performing [Member] | Acquired Loans [Member] | Residential mortgages [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	262,601	262,601	146,101
Non-Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Credit Cards [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	0	0	0
Non-Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Home Equity Lines & Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	0	0	0
Non-Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Indirect consumer loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	0	0	0
Non-Performing [Member] | Acquired Loans [Member] | Consumer loans [Member] | Other Direct Consumer Loans [Member]
Residential and consumer finance receivable [Abstract]
Residential and consumer loans receivable	$ 362	$ 362	$ 0

XML

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and due from financial institutions	$ 33,673,471	$ 28,204,699
Interest-bearing deposits in other financial institutions	40,501,795	24,697,154
Total cash and cash equivalents	74,175,266	52,901,853
Trading assets	252,105	294,381
Securities available for sale, at estimated fair value	260,941,446	280,869,810
Securities held to maturity, estimated fair value of $7,098,146 at June 30, 2012 and $9,175,956 at December 31, 2011	6,334,331	8,311,921
Federal Home Loan Bank and Federal Reserve Bank Stock, at cost	5,358,700	5,509,350
Loans, net of deferred origination fees and costs, and unearned income	855,947,252	796,915,177
Allowance for loan losses	(10,392,572)	(9,659,320)
Loans, net	845,554,680	787,255,857
Loans held for sale	482,344	395,427
Premises and equipment, net	24,717,442	24,762,405
Goodwill	21,824,443	21,983,617
Other intangible assets, net	5,642,350	6,190,540
Bank owned life insurance	2,668,373	2,625,104
Other assets	19,507,617	25,159,322
Total assets	1,267,459,097	1,216,259,587
Deposits:
Non-interest-bearing	297,412,952	258,835,961
Interest-bearing	756,265,757	739,656,878
Total deposits	1,053,678,709	998,492,839
Securities sold under agreements to repurchase	31,750,428	37,106,842
Federal Home Loan Bank term advances	41,127,794	43,343,918
Accrued interest payable	655,923	800,148
Dividends payable	1,142,082	1,141,081
Other liabilities	8,895,360	9,445,319
Total liabilities	1,137,250,296	1,090,330,147
Shareholders' equity:
Common stock, $.01 par value per share, 10,000,000 shares authorized; 5,310,076 issued at June 30, 2012 and December 31, 2011	53,101	53,101
Additional-paid-in capital	45,525,152	45,582,861
Retained earnings	104,401,468	100,628,900
Treasury stock, at cost (742,091 shares at June 30, 2012; 741,003 shares at December 31, 2011)	(18,914,894)	(18,894,044)
Accumulated other comprehensive income (loss),opening balance	(856,026)	(1,441,378)
Total shareholders' equity	130,208,801	125,929,440
Total liabilities and shareholders' equity	$ 1,267,459,097	$ 1,216,259,587

XML

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (Unaudited) (USD $)	Common Stock [Member]	Additional paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balances at Dec. 31, 2010	$ 43,001	$ 22,022,122	$ 94,407,620	$ (19,166,655)	$ 102,475	$ 97,408,563
Net income	0	0	4,285,119	0	0	4,285,119
Total, current period changes	0	0	0	0	2,956,242	2,956,242
Restricted stock awards	0	12,660	0	0	0	12,660
Restricted stock units for directors' deferred compensation plan	0	42,924	0	0	0	42,924
Cash dividends declared	0	0	(2,033,380)	0	0	(2,033,380)
Distribution of shares of treasury stock for directors' compensation	0	(33,831)	0	265,262	0	231,431
Distribution of shares of treasury stock for employee compensation	0	(6,140)	0	61,140	0	55,000
Distribution of shares of treasury stock for director's deferred compensation	0	(7,364)	0	7,310		(54)
Distribution of shares of treasury stock for employee restricted stock warrants	0	(35,260)	0	86,550	0	51,290
Purchase of shares of treasury stock	0	0	0	(183,542)	0	(183,542)
Issuance of shares related to FOFC Merger	10,100	23,723,538	0	0	0	23,733,638
Balances at Jun. 30, 2011	53,101	45,718,649	96,659,359	(18,929,935)	3,058,717	126,559,891
Balances at Dec. 31, 2011	53,101	45,582,861	100,628,900	(18,894,044)	(1,441,378)	125,929,440
Net income	0	0	6,058,573	0	0	6,058,573
Total, current period changes	0	0	0	0	585,352	585,352
Restricted stock awards	0	44,743	0	0	0	44,743
Restricted stock units for directors' deferred compensation plan	0	42,982	0	0	0	42,982
Cash dividends declared	0	0	(2,286,005)	0	0	(2,286,005)
Distribution of shares of treasury stock for directors' compensation	0	(28,121)	0	261,069	0	232,948
Distribution of shares of treasury stock for employee compensation	0	(8,052)	0	88,052	0	80,000
Distribution of shares of treasury stock for director's deferred compensation	0	(81,747)	0	82,588		841
Distribution of shares of treasury stock for employee restricted stock warrants	0	(27,514)	0	27,514	0	0
Purchase of shares of treasury stock	0	0	0	(480,073)	0	(480,073)
Balances at Jun. 30, 2012	$ 53,101	$ 45,525,152	$ 104,401,468	$ (18,914,894)	$ (856,026)	$ 130,208,801

XML

Securities (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	$ 247,645,684		$ 247,645,684		$ 267,947,655
Unrealized Gains	13,659,523		13,659,523		13,582,255
Unrealized Losses	363,761		363,761		660,100
Estimated Fair Value	260,941,446		260,941,446		280,869,810
Information related to the pooled trust preferred security [Abstract]
Other than temporary impairment recognized in other comprehensive income for securities available for sale			190,833	214,680
Held to maturity securities, amortized cost and fair value basis [Abstract]
Amortized Cost	6,334,331		6,334,331		8,311,921
Unrealized Gains	763,815		763,815		864,035
Unrealized Losses	0		0		0
Estimated Fair Value	7,098,146		7,098,146		9,175,956
Available for Sale amortized cost [Abstract]
Within One Year	60,679,329		60,679,329
After One, But Within Five Years	132,755,934		132,755,934
After Five, But Within Ten Years	7,360,703		7,360,703
After Ten Years	655,645		655,645
Total	246,857,877		246,857,877
Available for Sale, Fair Value [Abstract]
Within One Year	61,410,522		61,410,522
After One, But Within Five Years	137,107,786		137,107,786
After Five, But Within Ten Years	8,055,913		8,055,913
After Ten Years	343,035		343,035
Total	254,875,941		254,875,941
held to maturity Amortized Cost [Abstract]
Within One Year	1,613,513		1,613,513
After One, But Within Five Years	3,293,374		3,293,374
After Five, But Within Ten Years	1,427,444		1,427,444
After Ten Years	0		0
Total	6,334,331		6,334,331
Held To Maturity Fair Value [Abstract]
Within One Year	1,647,827		1,647,827
After One, But Within Five Years	3,663,339		3,663,339
After Five, But Within Ten Years	1,786,980		1,786,980
After Ten Years	0		0
Total	7,098,146		7,098,146
Proceeds from sales and calls of securities available for sale	16,787,750	6,485,156	69,367,438	56,656,054
Realized gain on available for sale securities, Gross	2,750	485,811	299,919	679,209
Continuous unrealized loss securities, 12 months or less [Abstract]
Less than 12 months - Fair Value	10,564,744		10,564,744		36,122,327
Less than 12 months - Unrealized Losses	38,654		38,654		296,490
Continuous unrealized loss securities, 12 months or more [Abstract]
12 months or longer - Fair Value	857,439		857,439		342,027
12 months or longer - Unrealized Losses	325,107		325,107		363,610
Securities with continuous unrealized losses, Total [Abstract]
Fair Value	11,422,183		11,422,183		36,464,354
Unrealized Losses	363,761		363,761		660,100
Other than temporary impairment credit losses recognized in earnings [Roll Forward]
Beginning balance	3,506,073	3,438,673	3,506,073	3,438,673
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized	0	0	0	0
Additions/Subtractions [Abstract]
Amounts realized for securities sold during the period	0	0	0	0
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis	0	0	0	0
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security	0	0	0	0
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized	0	0	0	0
Ending balance	3,506,073	3,438,673	3,506,073	3,438,673
Obligations of U.S. Government and U.S. Government sponsored enterprises [Member]
Continuous unrealized loss securities, 12 months or less [Abstract]
Less than 12 months - Fair Value	4,992,000		4,992,000		27,365,920
Less than 12 months - Unrealized Losses	8,000		8,000		83,671
Continuous unrealized loss securities, 12 months or more [Abstract]
12 months or longer - Fair Value	0		0		0
12 months or longer - Unrealized Losses	0		0		0
Securities with continuous unrealized losses, Total [Abstract]
Fair Value	4,992,000		4,992,000		27,365,920
Unrealized Losses	8,000		8,000		83,671
Collateralized Mortgage obligations [Member]
Continuous unrealized loss securities, 12 months or less [Abstract]
Less than 12 months - Fair Value	553,923		553,923		2,546,461
Less than 12 months - Unrealized Losses	2,917		2,917		11,321
Continuous unrealized loss securities, 12 months or more [Abstract]
12 months or longer - Fair Value	0		0		0
12 months or longer - Unrealized Losses	0		0		0
Securities with continuous unrealized losses, Total [Abstract]
Fair Value	553,923		553,923		2,546,461
Unrealized Losses	2,917		2,917		11,321
Obligations of states and political subdivisions [Member]
Continuous unrealized loss securities, 12 months or less [Abstract]
Less than 12 months - Fair Value	948,419		948,419		947,203
Less than 12 months - Unrealized Losses	5,541		5,541		3,083
Continuous unrealized loss securities, 12 months or more [Abstract]
12 months or longer - Fair Value	0		0		0
12 months or longer - Unrealized Losses	0		0		0
Securities with continuous unrealized losses, Total [Abstract]
Fair Value	948,419		948,419		947,203
Unrealized Losses	5,541		5,541		3,083
Corporate bonds and notes [Member]
Continuous unrealized loss securities, 12 months or less [Abstract]
Less than 12 months - Fair Value	4,025,117		4,025,117		5,261,074
Less than 12 months - Unrealized Losses	17,489		17,489		196,446
Continuous unrealized loss securities, 12 months or more [Abstract]
12 months or longer - Fair Value	512,734		512,734		0
12 months or longer - Unrealized Losses	10,528		10,528		0
Securities with continuous unrealized losses, Total [Abstract]
Fair Value	4,537,851		4,537,851		5,261,074
Unrealized Losses	28,017		28,017		196,446
Trust Preferred securities [Member]
Continuous unrealized loss securities, 12 months or less [Abstract]
Less than 12 months - Fair Value	0		0		0
Less than 12 months - Unrealized Losses	0		0		0
Continuous unrealized loss securities, 12 months or more [Abstract]
12 months or longer - Fair Value	343,035		343,035		294,910
12 months or longer - Unrealized Losses	312,610		312,610		360,735
Securities with continuous unrealized losses, Total [Abstract]
Fair Value	343,035		343,035		294,910
Unrealized Losses	312,610		312,610		360,735
Corporate stocks [Member]
Continuous unrealized loss securities, 12 months or less [Abstract]
Less than 12 months - Fair Value	45,285		45,285		1,669
Less than 12 months - Unrealized Losses	4,707		4,707		1,969
Continuous unrealized loss securities, 12 months or more [Abstract]
12 months or longer - Fair Value	1,670		1,670		47,117
12 months or longer - Unrealized Losses	1,969		1,969		2,875
Securities with continuous unrealized losses, Total [Abstract]
Fair Value	46,955		46,955		48,786
Unrealized Losses	6,676		6,676		4,844
Mortgage-backed securities, residential [Member]
Available for Sale amortized cost [Abstract]
Without single maturity date	38,178,813		38,178,813
Available for Sale, Fair Value [Abstract]
Without single maturity date	40,608,180		40,608,180
held to maturity Amortized Cost [Abstract]
Without single maturity date	0		0
Held To Maturity Fair Value [Abstract]
Without single maturity date	0		0
Collateralized Mortgage obligations [Member]
Available for Sale amortized cost [Abstract]
Without single maturity date	5,399,128		5,399,128
Available for Sale, Fair Value [Abstract]
Without single maturity date	5,487,056		5,487,056
held to maturity Amortized Cost [Abstract]
Without single maturity date	0		0
Held To Maturity Fair Value [Abstract]
Without single maturity date	0		0
SBA loan pools [Member]
Available for Sale amortized cost [Abstract]
Without single maturity date	1,828,325		1,828,325
Available for Sale, Fair Value [Abstract]
Without single maturity date	1,863,449		1,863,449
held to maturity Amortized Cost [Abstract]
Without single maturity date	0		0
Held To Maturity Fair Value [Abstract]
Without single maturity date	0		0
Obligations of U.S. Government and U.S. Government sponsored enterprises [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	143,778,752		143,778,752		149,140,715
Unrealized Gains	3,581,127		3,581,127		3,022,726
Unrealized Losses	8,000		8,000		83,671
Estimated Fair Value	147,351,879		147,351,879		152,079,770
Mortgage-backed securities, residential [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	38,178,813		38,178,813		48,129,271
Unrealized Gains	2,429,367		2,429,367		2,637,334
Unrealized Losses	0		0		0
Estimated Fair Value	40,608,180		40,608,180		50,766,605
Collateralized Mortgage obligations [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	5,399,128		5,399,128		7,412,470
Unrealized Gains	90,845		90,845		135,603
Unrealized Losses	2,917		2,917		11,321
Estimated Fair Value	5,487,056		5,487,056		7,536,753
Obligations of states and political subdivisions [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	41,695,595		41,695,595		44,561,789
Unrealized Gains	1,737,291		1,737,291		1,954,265
Unrealized Losses	5,541		5,541		3,083
Estimated Fair Value	43,427,345		43,427,345		46,512,971
Held to maturity securities, amortized cost and fair value basis [Abstract]
Amortized Cost	6,334,331		6,334,331		8,311,921
Unrealized Gains	763,815		763,815		864,035
Unrealized Losses	0		0		0
Estimated Fair Value	7,098,146		7,098,146		9,175,956
Corporate bonds and notes [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	13,435,143		13,435,143		13,461,675
Unrealized Gains	304,121		304,121		418,969
Unrealized Losses	28,017		28,017		196,446
Estimated Fair Value	13,711,247		13,711,247		13,684,198
SBA loan pools [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	1,828,325		1,828,325		1,915,419
Unrealized Gains	35,124		35,124		34,187
Unrealized Losses	0		0		0
Estimated Fair Value	1,863,449		1,863,449		1,949,606
Trust Preferred securities [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	2,542,121		2,542,121		2,538,286
Unrealized Gains	197,274		197,274		132,516
Unrealized Losses	312,610		312,610		360,735
Estimated Fair Value	2,426,785		2,426,785		2,310,066
Other than temporary impairment [Abstract]
Number of pooled trust preferred securities	2		2
Number of securities written down	1		1
Information related to the pooled trust preferred security [Abstract]
Credit quality as component in assessing fair value of impaired securities	1		1
Corporate stocks [Member]
Available for sale securities amortized cost and fair value basis [Abstract]
Amortized Cost	787,807		787,807		788,030
Unrealized Gains	5,284,374		5,284,374		5,246,655
Unrealized Losses	6,676		6,676		4,844
Estimated Fair Value	6,065,505		6,065,505		6,029,841
TPREF Funding II, Ltd. (Class B) [Member]
Information related to the pooled trust preferred security [Abstract]
Book value of Pooled trust preferred security analyzed for currently performing collateral	629		629
Other than temporary impairment losses investments			0
Unrealized losses on security	$ 304		$ 304

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Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

			Fair Value Measurement at June 30, 2012 Using
Financial Assets:	Fair Value		Quoted Prices  in Active  Markets for  Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Obligations of U.S. Government and U.S Government sponsored enterprises	$	147,351,879	$	37,929,000	$	109,422,879	$	-
Mortgage-backed securities, residential		40,608,180		-		40,608,180		-
Obligations of states and political subdivisions		43,427,345		-		43,427,345		-
Collateralized mortgage obligations		5,487,056		-		5,487,056		-
Corporate bonds and notes		13,711,247		-		13,711,247		-
SBA loan pools		1,863,449		-		1,863,449		-
Trust Preferred securities		2,426,785		-		2,083,750		343,035
Corporate stocks		6,065,505		5,375,502		690,003		-
Total available for sale securities	$	260,941,446	$	43,304,502	$	217,293,909	$	343,035
Trading assets	$	252,105	$	252,105	$	-	$	-

			Fair Value Measurement at December 31, 2011 Using
Financial Assets:	Fair Value		Quoted Prices in Active  Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	152,079,770	$	35,950,000	$	116,129,770	$	-
Mortgage-backed securities, residential		50,766,604		-		50,766,604		-
Obligations of states and political subdivisions		46,512,971		-		46,512,971		-
Trust Preferred securities		2,310,066		-		2,015,156		294,910
Corporate bonds and notes		13,684,199		-		13,684,199		-
Collateralized mortgage obligations		7,536,753		-		7,536,753		-
SBA loan pools		1,949,606		-		1,949,606		-
Corporate stocks		6,029,841		5,339,839		690,002		-
Total available for sale securities	$	280,869,810	$	41,289,839	$	239,285,061	$	294,910
Trading assets	$	294,381	$	294,381	$	-	$	-

Reconciliation of all assets measured at fair value on a recurring basis

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six-month periods ending June 30, 2012 and 2011:

	Fair Value  Measurement for  Six-Months Ended  June 30, 2012 Using  Significant  Unobservable Inputs  (Level 3)		Fair Value  Measurement for  Six-Months Ended  June 30, 2011 Using  Significant  Unobservable Inputs  (Level 3)
Investment Securities Available for Sale
Beginning balance	$	294,910	$	334,585
Total gains/losses (realized/unrealized):
Included in earnings:
Income on securities		-		-
Impairment charge on investment securities		-		-
Included in other comprehensive income		48,125		37,150
Transfers in and/or out of Level 3		-		-
Ending balance June 30	$	343,035	$	371,735

	Fair Value  Measurement for Three-Months  Ended June 30, 2012  Using Significant  Unobservable Inputs  (Level 3)			Fair Value  Measurement for  Three-Months  Ended June 30, 2011  Using Significant  Unobservable Inputs  (Level 3)
Investment Securities Available for Sale
Beginning balance	$	346,210		$	349,035
Total gains/losses (realized/unrealized):
Included in earnings:
Income on securities		-			-
Impairment charge on investment securities		-			-
Included in other comprehensive income		(3,175	)		22,700
Transfers in and/or out of Level 3		-			-
Ending balance June 30	$	343,035		$	371,735

Summary of assets and liabilities measured at fair value on a non-recurring basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below:

			Fair Value Measurement at June 30, 2012 Using
Financial Assets:	Fair Value		Quoted Prices  in Active  Markets for  Identical  Assets (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Impaired Loans:
Commercial, financial and agricultural:
Commercial and industrial	$	1,123,030	$	-	$	-	$	1,123,030
Commercial mortgages:				-		-
Other		1,005,169		-		-		1,005,169
Residential mortgages		125,136		-		-		125,136
Total Impaired Loans	$	2,253,335	$	-	$	-	$	2,253,335
Other real estate owned:
Commercial, financial and agricultural:
Commercial and industrial	$	197,800	$	-	$	-	$	197,800
Commercial mortgages:
Other		316,060		-		-		316,060
Residential mortgages		419,810		-		-		419,810
Consumer loans:
Home equity lines & loans		36,600		-		-		36,600
Total Other real estate owned, net	$	970,270	$	-	$	-	$	970,270

			Fair Value Measurement at December 31, 2011 Using
Financial Assets:	Fair Value		Quoted Prices  in Active  Markets for Identical Assets (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Impaired Loans:
Commercial, financial and agricultural:
Commercial and industrial	$	831,601	$	-	$	-	$	831,601
Commercial mortgages:				-		-
Other		3,321,838		-		-		3,321,838
Total Impaired Loans	$	4,153,439	$	-	$	-	$	4,153,439
Other real estate owned:
Commercial, financial and agricultural:
Commercial and industrial	$	218,040	$	-	$	-	$	218,040
Commercial mortgages:
Other		366,760		-		-		366,760
Residential mortgages		276,355		-		-		276,355
Consumer loans:
Home equity lines & loans		36,600		-		-		36,600
Total Other real estate owned, net	$	897,755	$	-	$	-	$	897,755

Carrying value and estimated fair value of financial instruments

The carrying amounts and estimated fair values of other financial instruments, at June 30, 2012 and December 31, 2011, are as follows (dollars in thousands):

	Fair Value Measurements at June 30, 2012 Using
Financial assets:	Carrying  Amount		Quoted Prices  in Active  Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)		Estimated  Fair Value (1)
Cash and due from financial institutions	$	33,673	$	33,673	$	-		-	$	33,673
Interest-bearing deposits in other financial institutions		40,502		37,615		2,887		-		40,502
Trading assets		252		252		-		-		252
Securities available for sale		260,941		43,304		217,294		343		260,941
Securities held to maturity		6,334		-		7,098		-		7,098
Federal Home Loan and Federal Reserve Bank stock		5,359		-		-		-		N/A
Net loans		845,555		-		-	865,579		865,579
Loans held for sale		482		-		482		-		482
Accrued interest receivable		3,810		172		1,268		2,370		3,810
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts		793,600		793,600		-		-		793,600
Time deposits		260,078		-	261,851			-	261,851
Securities sold under agreements to repurchase		31,750		-	34,299			-	34,299
Federal Home Loan Bank advances		41,128		-	43,747			-	43,747
Accrued interest payable		656		12		644		-		656
Dividends payable		1,142		1,142		-		-		1,142

	December 31, 2011
Financial assets:	Carrying Amount		Estimated Fair Value (1)
Cash and due from financial institutions	$	28,205	$	28,205
Interest-bearing deposits in other financial institutions		24,697		24,697
Trading assets		294		294
Securities available for sale		280,870		280,870
Securities held to maturity		8,312		9,176
Federal Home Loan and Federal Reserve Bank stock		5,509		N/A
Net loans		787,256		805,760
Loans held for sale		395		395
Accrued interest receivable		3,882		3,882
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts		721,503		721,503
Time deposits		276,990		279,441
Securities sold under agreements to repurchase		37,107		40,019
Federal Home Loan Bank advances		43,344		46,603
Accrued interest payable		800		800
Dividends payable		1,141		1,141

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

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Loans and Allowance for Loan Losses (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Composition of loan portfolio [Abstract]
Loans and leases receivable	$ 855,947,252	$ 796,915,177
Commercial, financial and agricultural [Member]
Composition of loan portfolio [Abstract]
Loans and leases receivable	139,046,623	142,209,279
Commercial mortgages [Member]
Composition of loan portfolio [Abstract]
Loans and leases receivable	297,158,610	264,589,013
Residential mortgages [Member]
Composition of loan portfolio [Abstract]
Loans and leases receivable	194,511,823	193,599,853
Indirect consumer loans [Member]
Composition of loan portfolio [Abstract]
Loans and leases receivable	124,061,078	97,165,447
Consumer loans [Member]
Composition of loan portfolio [Abstract]
Loans and leases receivable	$ 101,169,118	$ 99,351,585

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Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2012

Accumulated Other Comprehensive Income [Abstract]

Components of accumulated other comprehensive income (Loss)

The following is a summary of the accumulated other comprehensive income balance, net of tax:

		Balance at December 31, 2011			Current  Period  Change		Balance at June 30,  2012
Unrealized gains on securities available for sale	$	7,987,055		$	197,816	$	8,184,871
Unrealized loss on pension plans and other benefit Plans		(9,428,433	)		387,536		(9,040,897	)
Total	$	(1,441,378	)	$	585,352	$	(856,026	)

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Additional Paid-in Capital [Member]
Number of shares of treasury stock distributed for director's compensation ( in shares)	10,238	10,378
Number of shares of treasury stock for employee compensation, (in shares)	3,453	2,392
Number shares of treasury stock for director's deferred compensation, (in shares)	3,240	286
Issuance of shares related to FOFC Merger (in shares)		1,009,942
Retained Earnings [Member]
Cash dividends declared (in dollars per share)	0.5	0.5
Treasury Stock [Member]
Number of shares of treasury stock distributed for director's compensation ( in shares)	10,238	10,378
Number of shares of treasury stock for employee compensation, (in shares)	3,453	2,392
Number shares of treasury stock for director's deferred compensation, (in shares)	3,240	286
Number of treasury stock shares purchased (in shares)	19,098	7,844
Common Stock [Member]
Issuance of shares related to FOFC Merger (in shares)		1,009,942

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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Assets:
Securities held to maturity, fair value	$ 7,098,146	$ 9,175,956
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	5,310,076	5,310,076
Treasury stock, at cost (in shares)	742,091	741,003

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Loans and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2012

Loans and Allowance for Loan Losses [Abstract]

Loans and Allowance for Loan Losses

9.           Loans and Allowance for Loan Losses

The composition of the loan portfolio is summarized as follows:

	June 30, 2012		December 31, 2011
Commercial, financial and agricultural	$	139,046,623	$	142,209,279
Commercial mortgages		297,158,610		264,589,013
Residential mortgages		194,511,823		193,599,853
Indirect consumer loans		124,061,078		97,165,447
Consumer loans		101,169,118		99,351,585
	$	855,947,252	$	796,915,177

Loans are charged against the allowance for loan losses when management believes that the collectability of all or a portion of the principal is unlikely.  The allowance is an amount that management believes will be adequate to absorb probable incurred losses on existing loans. Management's evaluation of the adequacy of the allowance for loan losses is performed on a periodic basis and takes into consideration such factors as the credit risk grade assigned to the loan, historical loan loss experience and review of specific problem loans (including evaluations of the underlying collateral).  Historical loss experience is adjusted by management based on their judgment as to the current impact of qualitative factors including changes in the composition and volume of the loan portfolio, overall portfolio quality, and current economic conditions that may affect the borrowers' ability to pay.  Management believes that the allowance for loan losses is adequate to absorb probable incurred losses.  While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions.  In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Corporation's allowance for loan losses. Such agencies may require the Corporation to recognize additions to the allowance based on their judgments about information available to them at the time of their examination.

Management, after considering current information and events regarding a borrower's ability to repay its obligations, classifies a loan as impaired when it is probable that the Corporation will be unable to collect all amounts due according to the contractual terms of the loan agreement.  If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan's existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures.  Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan's effective rate at inception.  If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral.  For troubled debt restructurings that subsequently default, the Corporation determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses.

The general component of the allowance for loan losses covers non-impaired loans and is based on historical loss experience adjusted for current factors.  Loans not impaired but classified as substandard and special mention use a historical loss factor on a rolling five year history of net losses.  For all other unclassified loans, the historical loss experience is determined by portfolio class and is based on the actual loss history experienced by the Corporation over the most recent eight quarters.  This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio class.  These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified:  commercial, financial and agricultural; commercial mortgages; residential mortgages; and consumer loans.

Risk Characteristics

Commercial, financial and agricultural loans primarily consist of loans to small to mid-sized businesses in our market area in a diverse range of industries.  These loans are of higher risk and typically are made on the basis of the borrower's ability to make repayment from the cash flow of the borrower's business.  Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value.  The credit risk related to commercial loans is largely influenced by general economic conditions and the resulting impact on a borrower's operations or on the value of underlying collateral, if any.

Commercial mortgage loans generally have larger balances and involve a greater degree of risk than residential mortgage loans, inferring higher potential losses on an individual customer basis.  Loan repayment is often dependent on the successful operation and management of the properties and/or the businesses occupying the properties, as well as on the collateral securing the loan.  Economic events or conditions in the real estate market could have an adverse impact on the cash flows generated by properties securing the Company's commercial real estate loans and on the value of such properties.

Residential mortgage loans are generally made on the basis of the borrower's ability to make repayment from his or her employment and other income, but are secured by real property whose value tends to be more easily ascertainable.  Credit risk for these types of loans is generally influenced by general economic conditions, the characteristics of individual borrowers and the nature of the loan collateral.

The consumer loan segment includes home equity lines of credit and home equity loans, which exhibit many of the same risk characteristics as residential mortgages.  Indirect and other consumer loans may entail greater credit risk than residential mortgage and home equity loans, particularly in the case of other consumer loans which are unsecured or, in the case of indirect consumer loans, secured by depreciable assets, such as automobiles or boats. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance.  In addition, consumer loan collections are dependent on the borrower's continuing financial stability, thus are more likely to be affected by adverse personal circumstances such as job loss, illness or personal bankruptcy.  Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans.

The following tables present activity in the allowance for loan losses by portfolio segment for the three and six-month periods ending June 30, 2012 and June 30, 2011 and by loans originated by the Corporation (referred to as "Legacy" loans) and loans acquired in the merger with Fort Orange Financial Corp. ("FOFC") which was completed on April 8, 2011 (referred to as "Acquired" loans).  The Acquired loan allowance represents any valuation allowances established after acquisition for decreases in cash flows expected to be collected on loans acquired with deteriorated credit quality:

Legacy Loans	Six Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer  Loans			Unallocated			Total
Beginning balance:	$	3,143,373		$	2,570,149		$	1,309,649		$	2,192,729		$	443,420		$	9,659,320
Charge Offs:		(5,792	)		(8,295	)		(72,613	)		(273,428	)		-			(360,128	)
Recoveries:		351,763			30,496			-			107,723			-			489,982
Net recoveries (charge offs)		345,971			22,201			(72,613	)		(165,705	)		-			129,854
Provision		(692,788	)		395,618			187,780			447,161			(29,772	)		307,999
Ending balance	$	2,796,556		$	2,987,968		$	1,424,816		$	2,474,185		$	413,648		$	10,097,173

Acquired loans	Six Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural		Commercial  Mortgages			Residential  Mortgages		Consumer  Loans		Unallocated		Total
Beginning balance:	$	-	$	-		$	-	$	-	$	-	$	-
Reclassification of acquired loan Discount		73,228		50,331			-		-		-		123,559
Charge Offs:		-		(49,057	)		-		-		-		(49,057	)
Recoveries:		-		-			-		-		-		-
Net recoveries		73,228		1,274			-		-		-		74,502
Provision		134,427		86,470			-		-		-		220,897
Ending balance	$	207,655	$	87,744		$	-	$	-	$	-	$	295,399

Legacy Loans	Three Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer  Loans			Unallocated		Total
Beginning balance:	$	3,136,457		$	2,953,632		$	1,417,252		$	2,100,433		$	373,708	$	9,981,482
Charge Offs:		(5,792	)		(8,295	)		(58,273	)		(115,109	)		-		(187,469	)
Recoveries:		179,160			20,261			-			45,741			-		245,162
Net recoveries (charge offs)		173,368			11,966			(58,273	)		(69,368	)		-		57,693
Provision		(513,269	)		22,370			65,837			443,120			39,940		57,998
Ending balance	$	2,796,556		$	2,987,968		$	1,424,816		$	2,474,185		$	413,648	$	10,097,173

Acquired loans	Three Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Unallocated		Total
Beginning balance:	$	224,936		$	76,872	$	-	$	-	$	-	$	301,808
Reclassification of acquired loan Discount		-			-		-		-		-		-
Charge Offs:		-			-		-		-		-		-
Recoveries:		-			-		-		-		-		-
Net charge offs		-			-		-		-		-		-
Provision		(17,281	)		10,872		-		-		-		(6,409	)
Ending balance	$	207,655		$	87,744	$	-	$	-	$	-	$	295,399

	Six Months Ended June 30, 2011
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer  Loans			Unallocated			Total
Beginning balance:	$	2,118,299		$	2,575,058		$	1,301,780		$	2,727,022		$	775,972		$	9,498,131
Charge Offs:		(3003	)		(3,764	)		-			(340,655	)		-			(347,422	)
Recoveries:		205,406			26,103			30,324			93,130			-			354,963
Net recoveries (charge offs)		202,403			22,339			30,324			(247,525	)		-			7,541
Provision		760,731			15,258			(85,224	)		(182,038	)		(258,727	)		250,000
Ending balance	$	3,081,433		$	2,612,655		$	1,246,880		$	2,297,459		$	517,245		$	9,755,672

	Three Months Ended June 30, 2011
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer Loans			Unallocated			Total
Beginning balance:	$	2,502,200		$	2,657,185		$	1,366,214		$	2,424,312		$	641,040		$	9,590,951
Charge Offs:		(3,003	)		-			-			(133,744	)		-			(136,747	)
Recoveries:		87,941			23,350			15,845			49,332			-			176,468
Net recoveries (charge offs)		84,938			23,350			15,845			(84,412	)		-			39,721
Provision		487,419			(61,004	)		(135,179	)		(42,441	)		(123,795	)		125,000
Ending balance	$	3,081,433		$	2,612,655		$	1,246,880		$	2,297,459		$	517,245		$	9,755,672

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of June 30, 2012 and December 31, 2011.  The recorded investment excludes Acquired loans except for those loans acquired with deteriorated credit quality:

	June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural		Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Unallocated		Total
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	1,195,684	$	134,466	$	2,869	$	-	$	-	$	1,333,019
Collectively evaluated for impairment		1,600,872		2,853,502		1,421,947		2,474,185		413,648		8,764,154
Acquired with deteriorated credit quality		207,655		87,744		-		-		-		247,963
Total ending allowance balance	$	3,004,211	$	3,075,712	$	1,424,816	$	2,474,185	$	413,648	$	10,392,572

	December 31, 2011
Allowance for loan losses	Commercial,  Financial  and  Agricultural		Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Unallocated		Total
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	1,528,651	$	413,555	$	-	$	-	$	-	$	1,942,206
Collectively evaluated for impairment		1,614,722		2,156,594		1,309,649		2,192,729		443,420		7,717,114
Total ending allowance balance	$	3,143,373	$	2,570,149	$	1,309,649	$	2,192,729	$	443,420	$	9,659,320

	June 30, 2012
Loans:	Commercial,  Financial  and  Agricultural		Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Total
Loans individually evaluated for impairment	$	2,499,767	$	2,065,838	$	140,043	$	-	$	4,705,648
Loans collectively evaluated for impairment		114,594,272		215,053,094		178,839,976		220,242,896		728,730,238
Acquired with deteriorated credit quality		1,197,884		11,433,363		235,555		-		12,866,802
Total ending loans balance	$	118,921,923	$	228,552,295	$	179,215,574	$	220,242,896	$	746,302,688

	December 31, 2011
Loans:	Commercial,  Financial  and  Agricultural		Commercial Mortgages		Residential  Mortgages		Consumer Loans		Total
Loans individually evaluated for impairment	$	5,275,043	$	4,603,563	$	179,337	$	-	$	10,057,943
Loans collectively evaluated for impairment		111,532,413		169,658,759		175,405,950		190,904,630		647,501,752
Total ending loans balance	$	116,807,456	$	174,262,322	$	175,585,287	$	190,904,630	$	657,559,695

The following tables present loans individually evaluated for impairment recognized by class of loans as of June 30, 2012 and December 31, 2011, the average recorded investment and interest income recognized by class of loans as of the three and six-month periods ending June 30, 2012 and 2011:

	June 30, 2012						December 31, 2011
	Unpaid  Principal  Balance		Allowance for  Loan Losses  Allocated		Recorded  Investment		Unpaid  Principal  Balance		Allowance for  Loan Losses  Allocated		Recorded  Investment
With no related allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial	$	180,672	$	-	$	180,785	$	2,914,401	$	-	$	2,914,776
Commercial mortgages:
Construction		10,454		-		10,454		10,454		-		10,454
Other		928,897		-		915,838		862,815		-		860,648
Residential mortgages		12,038		-		12,038		178,925		-		179,337
With an allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial		2,318,714		1,195,684		2,318,982		2,360,252		1,528,651		2,360,267
Commercial mortgages:
Construction		-		-		-		8,295		8,295		8,295
Other		1,139,635		134,466		1,139,546		3,727,097		405,260		3,724,166
Residential mortgages		128,005		2,869		128,005		-		-		-
Total	$	4,718.415	$	1,333,019	$	4,705,648	$	10,062,239	$	1,942,206	$	10,057,943

	Six-Months Ended June 30, 2012				Six-Months Ended June 30, 2011				Three Months Ended June 30, 2012				Three Months Ended June 30, 2011
	Average  Recorded  Investment		Interest  Income  Recognized		Average  Recorded  Investment		Interest  Income  Recognized		Average  Recorded  Investment		Interest  Income  Recognized		Average  Recorded  Investment		Interest  Income  Recognized
With no related allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial	$	1,067,170	$	-	$	3,141,620	$	18,759	$	143,367	$	-	$	3,116,317	$	10,933
Commercial mortgages:
Construction		10,454		-		31,128		-		10,454		-		30,559		-
Other		827,553		-		3,451,644		-		811,005		-		3,402,624		-
Residential mortgages		111,368		-		349,501		5,640		77,384		-		320,055		3,266
Consumer loans:
Home equity lines & loans		19,856		2,289		-		-		29,784		1,123		-		-
With an allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial		2,347,963		-		1,306,572		144,242		2,341,810		-		1,948,091		144,242
Commercial mortgages:
Construction		5,530		-		30,318		-		4,148		-		20,008		-
Other		2,109,919		-		703,733		-		1,302,796		-		646,603		-
Residential mortgages		42,668		-		-		-		-		-		-		-
Total	$	6,542,481	$	2,289	$	9,014,516	$	168,641	$	4,720,748	$	1,123	$	9,484,257	$	157,841

The following table presents the recorded investment in non accrual and loans past due over 90 days still on accrual by class of loans as of the periods ending June 30, 2012 and December 31, 2011.  This table includes Acquired loans except for those loans with evidence of credit deterioration at the time of the merger:

	June 30, 2012				December 31, 2011
	Non-Accrual		Loans Past  Due Over 90  Days Still  Accruing		Non-Accrual		Loans Past  Due Over 90  Days Still  Accruing
Commercial, financial and agricultural:
Commercial & industrial	$	2,903,371	$	-	$	5,611,805	$	-
Commercial mortgages
Construction		419,434		6,269,714		18,749		7,295,104
Other		2,248,954		-		4,778,384		-
Residential mortgages		2,492,865		-		2,611,096		-
Consumer loans
Credit cards		-		6,710		-		9,053
Home equity lines & loans		467,544		-		455,418		-
Indirect consumer loans		22,457		-		22,287		-
Other direct consumer loans		177,886		-		113,349		-
Total	$	8,732,511	$	6,276,424	$	13,611,088	$	7,304,157

The following tables present the aging of the recorded investment in loans past due (including non-accrual loans) by class of loans as of June 30, 2012 and December 31, 2011 and by Legacy loans and Acquired loans:

	June 30, 2012
Legacy Loans:	30-59 Days  Past Due		60-89 Days  Past Due		Greater  than 90  Days Past  Due		Total Past  Due		Loans  Acquired  with  deteriorated  credit quality		Loans Not Past  Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	27,835	$	-	$	229,807	$	257,642	$	-	$	116,317,883	$	116,575,525
Agricultural		-		-		-		-		-		518,514		518,514
Commercial mortgages:
Construction		340,910		-		10,454		351,364		-		22,835,834		23,187,198
Other		46,100		-		506,261		552,361		-		193,379,374		193,931,735
Residential mortgages		1,614,383		336,911		770,010		2,721,304		-		176,258,714		178,980,018
Consumer loans:
Credit cards		5,187		5,171		6,710		17,068		-		1,762,968		1,780,036
Home equity lines & loans		121,678		54,119		179,233		355,030		-		76,597,137		76,952,167
Indirect consumer loans		724,477		123,534		135,626		983,637		-		123,425,437		124,409,074
Other direct consumer loans		44,009		7,367		12,977		64,353		-		17,037,265		17,101,618
Total	$	2,924,579	$	527,102	$	1,851,078	$	5,302,759	$	-	$	728,133,127	$	733,435,886

	June 30, 2012
Acquired Loans:	30-59 Days  Past Due		60-89 Days  Past Due		Greater  than 90  Days Past  Due		Total Past  Due		Loans  Acquired with  deteriorated  credit quality		Loans Not Past Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	168,854	$	124,049	$	313,216	$	606,119	$	1,197,884	$	22,396,047	$	24,200,050
Commercial mortgages:
Construction		-		-		6,678,694		6,678,694		1,190,848		2,475,508		10,345,050
Other		544,679		953,295		193,570		1,691,544		10,242,515		56,718,062		68,652,121
Residential mortgages		857,208		57,966		204,636		1,119,810		235,555		14,685,097		16,040,462
Consumer loans:
Home equity lines & loans		-		-		-		-		-		5,528,355		5,528,355
Other direct consumer loans		-		-		362		362		-		91,599		91,961
Total	$	1,570,741	$	1,135,310	$	7,390,478	$	10,096,529	$	12,866,802	$	101,894,668	$	124,857,999

	December 31, 2011
Legacy Loans:	30-59 Days  Past Due		60-89 Days  Past Due		Greater  than 90  Days Past Due		Total Past Due		Loans  Acquired  with  deteriorated  credit quality		Loans Not Past  Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	4,571	$	10,940	$	2,920,906	$	2,936,417	$	-	$	113,612,941	$	116,549,358
Agricultural		-		-		-		-		-		258,098		258,098
Commercial mortgages:
Construction		-		-		-		-		-		7,383,731		7,383,731
Other		82,986		-		2,977,010		3,059,996		-		163,818,595		166,878,591
Residential mortgages		1,418,234		293,337		1,221,056		2,932,627		-		172,652,660		175,585,287
Consumer loans:
Credit cards		3,660		8,031		9,053		20,744		-		1,934,471		1,955,215
Home equity lines & loans		368,556		27,717		212,573		608,846		-		76,280,502		76,889,348
Indirect consumer loans		597,180		75,817		85,763		758,760		-		96,781,480		97,540,240
Other direct consumer loans		21,876		10,243		9,644		41,763		-		14,478,064		14,519,827
Total	$	2,497,063	$	426,085	$	7,436,005	$	10,359,153	$	-	$	647,200,542	$	657,559,695

	December 31, 2011
Acquired Loans:	30-59 Days Past Due		60-89 Days Past Due		Greater than 90  Days Past Due		Total Past Due		Loans  Acquired  with  deteriorated credit quality		Loans Not Past  Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	275,121	$	82,677	$	195,687	$	553,485	$	1,499,141	$	25,335,874	$	27,388,500
Commercial mortgages:
Construction		-		418,518		7,295,104		7,713,622		2,022,149		2,715,270		12,451,041
Other		-		-		193,570		193,570		11,063,483		65,836,938		77,093,991
Residential mortgages		405,087		62,017		84,083		551,187		226,937		17,753,898		18,532,022
Consumer loans:
Home equity lines & loans		-		-		-		-		-		6,168,831		6,168,831
Other direct consumer loans		171		-		-		171		-		147,439		147,610
Total	$	680,379	$	563,212	$	7,768,444	$	9,012,035	$	14,811,710	$	117,958,250	$	141,781,995

Troubled Debt Restructurings:

The Corporation has $3 thousand of allocated specific reserves to customers whose loan terms have been modified in troubled debt restructurings which are included in non-accrual loans as of June 30, 2012.  The Corporation had $218 thousand allocated specific reserves to customers whose loan terms have been modified in troubled debt restructurings which are included in non-accrual loans as of December 31, 2011.  The Corporation has not committed to lend any additional amounts as of June 30, 2012 or December 31, 2011 to customers with outstanding loans that are classified as trouble debt restructurings.

During the six months ended June 30, 2012, one loan in the amount of $59 thousand was modified as a troubled debt restructuring by the Corporation.  This loan was paid off during the second quarter of 2012.  The modification of the terms of this loan included an extension of the maturity date.  During the three months ended June 30, 2012, no loans were modified as troubled debt restructurings by the Corporation.  Additionally, there were no payment defaults on any loans previously modified as troubled debt restructurings within twelve months following the modification.  A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

Credit Quality Indicators:

The Corporation establishes a risk rating at origination for all commercial loans.  The main factors considered in assigning risk ratings include, but are not limited to: historic and future debt service coverage, collateral position, operating performance, liquidity, leverage, payment history, management ability, and the customer's industry.  Commercial relationship managers monitor all loans in their respective portfolios for any changes in the borrower's ability to service their debt and affirm the risk ratings for the loans at least annually.

For the retail loans, which include lines of credit, installment, mortgage, and home equity loans, once a loan is properly approved and closed, the Corporation evaluates credit quality based upon loan repayment.

The Corporation uses the risk rating system to identify criticized and classified loans. Commercial relationships within the criticized and classified risk ratings are analyzed quarterly.  The Corporation uses the following definitions for criticized and classified loans (which are consistent with regulatory guidelines):

Special Mention - Loans classified as special mention have a potential weakness that deserves management's close attention.  If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution's credit position as some future date.

Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capability of the obligor or of the collateral pledged, if any.  Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.  They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be not rated loans.  Based on the analysis's performed as of June 30, 2012 and December 31, 2011, the risk category of the recorded investment of loans by class of loans is as follows:

	June 30, 2012
Legacy Loans:	Not Rated		Pass		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial	$	-	$	99,732,167	$	12,130,092	$	2,768,639	$	1,944,627
Agricultural		-		518,514		-		-		-
Commercial mortgages:
Construction		-		22,220,989		201,730		764,479		-
Other		-		179,478,529		9,211,037		4,844,286		397,883
Residential mortgages		176,749,755		-		-		2,230,263		-
Consumer loans:
Credit cards		1,780,036		-		-		-		-
Home equity lines & loans		76,399,344		-		-		552,823		-
Indirect consumer loans		124,231,188		-		-		177,886		-
Other direct consumer loans		17,079,524		-		-		22,095		-
Total	$	396,239,847	$	301,950,199	$	21,542,859	$	11,360,471	$	2,342,510

	June 30, 2012
Acquired Loans:		Not Rated		Pass		Loans  Acquired  with  deteriorated  credit quality		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial		$	-		22,078,338	$	1,197,884	$	548,402	$	287,646	$	87,780
Commercial mortgages			-
Construction			-		997,892		1,190,848		6,557,221		1,599,089		-
Other			-		55,072,078		10,242,515		474,202		2,669,756		193,570
Residential mortgages			15,542,306		-		235,555		-		262,601		-
Consumer loans
Home equity lines & loans			5,528,355		-		-		-		-		-
Other direct consumer loans			91,961		-		-		-		-		-
Total		$	21,162,622		78,148,308	$	12,866,802	$	7,579,825	$	4,819,092	$	281,350

	December 31, 2011
Legacy Loans:	Not Rated		Pass		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial	$	-	$	93,923,356	$	14,957,683	$	4,139,413	$	3,528,906
Agricultural		-		258,098		-		-		-
Commercial mortgages:
Construction		-		6,391,614		208,360		783,757		-
Other		-		152,435,884		6,503,087		7,423,514		516,106
Residential mortgages		173,120,292		-		-		2,464,995		-
Consumer loans:
Credit cards		1,955,215		-		-		-		-
Home equity lines & loans		76,432,196		-		-		457,152		-
Indirect consumer loans		97,426,891		-		-		113,349		-
Other direct consumer loans		14,497,795		-		-		22,032		-
Total	$	363,432,389	$	253,008,952	$	21,669,130	$	15,404,212	$	4,045,012

	December 31, 2011
Acquired Loans:		Not Rated		Pass		Loans  Acquired  with  deteriorated  credit quality		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial		$	-	$	25,164,742	$	1,499,141	$	602,006	$	24,635	$	97,976
Commercial mortgages
Construction			-		1,790,731		2,022,149		7,447,661		1,190,500		-
Other			-		62,684,708		11,063,483		475,036		2,677,194		193,570
Residential mortgages			18,158,984		-		226,937		-		146,101		-
Consumer loans
Home equity lines & loans			6,168,831		-		-		-		-		-
Other direct consumer loans			147,610		-		-		-		-		-
Total		$	24,475,425	$	89,640,181	$	14,811,710	$	8,524,703	$	4,038,430	$	291,546

The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Corporation also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity.  The following table presents the recorded investment in residential and consumer loans based on payment activity as of June 30, 2012 and December 31, 2011:

	June 30, 2012
			Consumer Loans
Legacy Loans:	Residential  Mortgages		Credit Card		Home Equity Lines & Loans		Indirect  Consumer  Loans		Other Direct Consumer  Loans
Performing	$	176,749,755	$	1,773,326	$	76,484,390	$	124,231,188	$	17,079,523
Non-Performing		2,230,263		6,710		467,777		177,886		22,095
		178,980,018		1,780,036		76,952,167		124,409,074		17,101,618
Acquired Loans:
Performing	$	15,777,861	$	-	$	5,528,355	$	-	$	91,599
Non-Performing		262,601		-		-		-		362
Total	$	16,040,462	$	-	$	5,528,355	$	-	$	91,961

	December 31, 2011
			Consumer Loans
Legacy Loans:	Residential  Mortgages		Credit Card		Home Equity Lines & Loans		Indirect Consumer Loans		Other Direct Consumer Loans
Performing	$	173,120,292	$	1,946,162	$	76,432,196	$	97,426,891	$	14,497,878
Non-Performing		2,464,995		9,053		457,152		113,349		21,949
Total	$	175,585,287	$	1,955,215	$	76,889,348	$	97,540,240	$	14,519,827
Acquired Loans:
Performing	$	18,385,921	$	-	$	6,168,831	$	-	$	147,610
Non-Performing		146,101		-		-		-		-
Total	$	18,532,022	$	-	$	6,168,831	$	-	$	147,610

Acquired loans include loans acquired with deteriorated credit quality.  The Corporation adjusted its estimates of future expected losses, cash flows, and renewal assumptions during the current year.  The tables below summarize the changes in total contractually required principal and interest cash payments, management's estimate of expected total cash payments and carrying value of the loans from January 1, 2012 to June 30, 2012 and from March 31, 2012 to June 30, 2012 (in thousands of dollars):

Six Months Ended June 30, 2012	Balance at  December 31,  2011			Income  Accretion		All Other  Adjustments			Balance at  June 30, 2012
Contractually required principal and interest	$	21,261		$	-	$	(1,426	)	$	19,835
Contractual cash flows not expected to be collected (nonaccretable discount)		(4,662	)		-		684			(3,978	)
Cash flows expected to be collected		16,599			-		(742	)		15,857
Interest component of expected cash flows (accretable yield)		(1,844	)		1,171		(2,299	)		(2,972	)
Fair value of loans acquired with deteriorating credit quality	$	14,755		$	1,171	$	(3,041	)	$	12,885

Three Months Ended June 30, 2012	Balance at  March 31,  2012			Income  Accretion		All Other  Adjustments			Balance at  June 30, 2012
Contractually required principal and interest	$	17,780		$	-	$	2,055		$	19,835
Contractual cash flows not expected to be collected (nonaccretable discount)		(4,222	)		-		244			(3,978	)
Cash flows expected to be collected		13,558			-		2,299			15,857
Interest component of expected cash flows (accretable yield)		(1,417	)		255		(1,810	)		(2,972	)
Fair value of loans acquired with deteriorating credit quality	$	12,141		$	255	$	489		$	12,885

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2012	Aug. 10, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	CHEMUNG FINANCIAL CORP
Entity Central Index Key	0000763563
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,578,012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012

XML

Components of Quarterly and Year-to-Date Net Periodic Benefit Costs

6 Months Ended

Jun. 30, 2012

Components of Quarterly and Year-to-Date Net Periodic Benefit Costs [Abstract]

Components of Quarterly and Year-to-Date Net Periodic Benefit Costs

10.        Components of Quarterly and Year-to-Date Net Periodic Benefit Costs

	Six Months Ended						Three Months Ended
	June 30,			June 30,			June 30,			June 30,
	2012			2011			2012			2011
Qualified Pension
Service cost, benefits earned during the period	$	646,702		$	518,268		$	323,351		$	259,134
Interest cost on projected benefit obligation		812,220			785,912			406,110			392,956
Expected return on plan assets		(1,326,986	)		(1,171,346	)		(663,493	)		(585,673	)
Amortization of unrecognized transition obligation		-			-			-			-
Amortization of unrecognized prior service cost		6,928			14,940			3,464			7,470
Amortization of unrecognized net loss		661,136			338,226			330,568			169,113
Net periodic pension expense	$	800,000		$	486,000		$	400,000		$	243,000
Supplemental Pension
Service cost, benefits earned during the period	$	17,384		$	15,312		$	8,692		$	7,656
Interest cost on projected benefit obligation		25,546			26,887			12,773			13,443
Expected return on plan assets		-			-			-			-
Amortization of unrecognized prior service cost		-			-			-			-
Amortization of unrecognized net loss		9,960			4,732			4,980			2,366
Net periodic supplemental pension expense	$	52,890		$	46,931		$	26,445		$	23,465
Postretirement, Medical and Life
Service cost, benefits earned during the period	$	17,500		$	16,500		$	8,750		$	8,250
Interest cost on projected benefit obligation		36,000			37,500			18,000			18,750
Expected return on plan assets		-			-			-			-
Amortization of unrecognized prior service cost		(48,500	)		(48,500	)		(24,250	)		(24,250	)
Amortization of unrecognized net gain		-			-			-			-
Net periodic postretirement, medical and life expense	$	5,000		$	5,500		$	2,500		$	2,750

XML

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Interest and dividend income:
Loans, including fees	$ 11,033,636	$ 11,207,847	$ 22,704,549	$ 19,783,190
Taxable securities	1,349,390	1,594,432	2,835,741	2,843,016
Tax exempt securities	335,626	369,088	676,247	684,511
Interest-bearing deposits	46,338	62,088	88,120	101,816
Total interest and dividend income	12,764,990	13,233,455	26,304,657	23,412,533
Interest expense:
Deposits	829,906	1,160,405	1,757,888	2,187,770
Borrowed funds	320,936	263,513	633,976	497,938
Securities sold under agreements to repurchase	249,528	358,454	532,300	729,553
Total interest expense	1,400,370	1,782,372	2,924,164	3,415,261
Net interest income	11,364,620	11,451,083	23,380,493	19,997,272
Provision for loan losses	51,593	125,000	528,897	250,000
Net interest income after provision for loan losses	11,313,027	11,326,083	22,851,596	19,747,272
Other operating income:
Wealth management group fee income	1,726,812	1,768,469	3,502,388	3,384,160
Service charges on deposit accounts	1,040,285	1,066,831	2,032,165	2,049,909
Net gain on securities transactions	2,750	485,811	299,919	679,209
Net gain on sales of loans held for sale	79,041	32,400	144,380	79,332
Casualty Gain	21,578	0	780,435	0
Gains on sales of other real estate owned	20,426	88,961	20,426	88,961
Income from bank owned life insurance	21,744	22,024	43,269	43,611
Other	1,217,987	1,279,561	2,204,498	2,766,368
Total other operating income	4,130,623	4,744,057	9,027,480	9,091,550
Other operating expenses:
Salaries and wages	4,556,051	4,338,097	9,048,726	8,261,602
Pension and other employee benefits	1,466,537	1,081,663	2,756,477	2,124,770
Net occupancy expenses	1,285,131	1,258,473	2,580,009	2,432,515
Furniture and equipment expenses	577,482	565,083	1,095,848	1,062,530
Data processing expense	1,230,296	1,043,286	2,307,779	1,905,099
Amortization of intangible assets	264,050	288,689	548,190	465,192
Marketing and advertising expense	355,826	270,256	645,064	482,811
Losses on sales of other real estate owned	18,468	0	24,928	1,671
Other real estate owned expenses	88,420	21,268	131,899	48,491
FDIC insurance	183,412	189,989	410,043	442,385
Merger related expenses	4,000	1,187,347	8,545	2,223,419
Other	1,854,655	1,956,809	3,249,167	3,194,113
Total other operating expenses	11,884,328	12,200,960	22,806,675	22,644,598
Income before income tax expense	3,559,322	3,869,180	9,072,401	6,194,224
Income tax expense	1,115,282	1,249,076	3,013,828	1,909,105
Net income	$ 2,444,040	$ 2,620,104	$ 6,058,573	$ 4,285,119
Weighted average shares outstanding (in shares)	4,636,395	4,631,504	4,639,204	4,127,969
Basic and diluted earnings per share ( in dollars per share)	$ 0.53	$ 0.57	$ 1.31	$ 1.04

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Fair Value

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Fair Value

4.           Fair Value

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

Investment Securities:  The fair values of securities available for sale are usually determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or matrix pricing, which is a mathematical technique widely used to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs).

The Corporation's investment in collateralized debt obligations consisting of pooled trust preferred securities which are issued by financial institutions were historically priced using Level 2 inputs.  The lack of observable inputs and market activity in this class of investments has been significant and resulted in unreliable external pricing.  Broker pricing and bid/ask spreads, when available, have varied widely.  The once active market has become comparatively inactive. As a result, these investments are now priced using Level 3 inputs.

The Corporation utilizes an external model for pricing these securities. This is the same model used in determining other-than-temporary impairment ("OTTI") as further described in Note 8.  Information such as historical and current performance of the underlying collateral, deferral/default rates, collateral coverage ratios, break in yield calculations, cash flow projections, liquidity and credit premiums required by a market participant, and financial trend analysis with respect to the individual issuing financial institutions, are utilized in determining individual security valuations. Discount rates were utilized along with the cash flow projections in order to calculate an appropriate fair value.  These discount rates were calculated based on industry index rates and adjusted for various credit and liquidity factors.  Due to current market conditions as well as the limited trading activity of these securities, the market value of the securities is highly sensitive to assumption changes and market volatility.

Trading Assets:  The fair values of trading assets are determined by quoted market prices (Level 1 inputs).

Impaired Loans:  At the time a loan is considered impaired, it is valued at the lower of cost or fair value.  Impaired loans carried at fair value have been partially charged-off or receive specific allocations as part of the allowance for loan loss accounting.  For collateral dependent loans, fair value is commonly based on real estate appraisals.  These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach.  Adjustments are routinely made in the appraisal process by independent appraisers to adjust for differences between the comparable sales and income data available.  Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value.  Non-real estate collateral may be valued using an appraisal, net book value per the borrower's financial statements, or aging reports, adjusted or discounted based on management's historical knowledge, changes in market conditions from the time of the valuation, and management's expertise and knowledge of the client and client's business, typically resulting in a Level 3 fair value classification.  Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Other Real Estate Owned:  Assets acquired through or instead of loan foreclosures are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis.  These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell.  Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value.

Appraisals for both collateral-dependent impaired loans and other real estate owned ("OREO") are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Corporation.  Once received, appraisals are reviewed for reasonableness of assumptions, approaches utilized, Uniform Standards of Professional Appraisal Practice and other regulatory compliance, as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics.  Appraisals are generally completed within the previous 12 month period prior to a property being placed into OREO.  On impaired loans, appraisal values are adjusted based on the age of the appraisal, the position of the lien, the type of the property and its condition.

Assets and liabilities measured at fair value on a recurring basis are summarized below:

			Fair Value Measurement at June 30, 2012 Using
Financial Assets:	Fair Value		Quoted Prices  in Active  Markets for  Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Obligations of U.S. Government and U.S Government sponsored enterprises	$	147,351,879	$	37,929,000	$	109,422,879	$	-
Mortgage-backed securities, residential		40,608,180		-		40,608,180		-
Obligations of states and political subdivisions		43,427,345		-		43,427,345		-
Collateralized mortgage obligations		5,487,056		-		5,487,056		-
Corporate bonds and notes		13,711,247		-		13,711,247		-
SBA loan pools		1,863,449		-		1,863,449		-
Trust Preferred securities		2,426,785		-		2,083,750		343,035
Corporate stocks		6,065,505		5,375,502		690,003		-
Total available for sale securities	$	260,941,446	$	43,304,502	$	217,293,909	$	343,035
Trading assets	$	252,105	$	252,105	$	-	$	-

			Fair Value Measurement at December 31, 2011 Using
Financial Assets:	Fair Value		Quoted Prices in Active  Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	152,079,770	$	35,950,000	$	116,129,770	$	-
Mortgage-backed securities, residential		50,766,604		-		50,766,604		-
Obligations of states and political subdivisions		46,512,971		-		46,512,971		-
Trust Preferred securities		2,310,066		-		2,015,156		294,910
Corporate bonds and notes		13,684,199		-		13,684,199		-
Collateralized mortgage obligations		7,536,753		-		7,536,753		-
SBA loan pools		1,949,606		-		1,949,606		-
Corporate stocks		6,029,841		5,339,839		690,002		-
Total available for sale securities	$	280,869,810	$	41,289,839	$	239,285,061	$	294,910
Trading assets	$	294,381	$	294,381	$	-	$	-

There were no transfers between Level 1 and Level 2 during the three or six-month periods ending June 30, 2012 or the year ending December, 31, 2011.

The significant unobservable inputs used in the fair value measurement of the Corporation's collateralized debt obligations are probabilities of specific-issuer defaults and deferrals and specific-issuer recovery assumptions.  Significant increases in specific-issuer default assumptions or decreases in specific-issuer recovery assumptions would result in a significantly lower fair value measurement.  Conversely, decreases in specific-issuer default assumptions or increases in specific-issuer recovery assumptions would result in a higher fair value measurement.  The Corporation treats all interest payment deferrals as defaults and assumes no recoveries on defaults.

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six-month periods ending June 30, 2012 and 2011:

	Fair Value  Measurement for  Six-Months Ended  June 30, 2012 Using  Significant  Unobservable Inputs  (Level 3)		Fair Value  Measurement for  Six-Months Ended  June 30, 2011 Using  Significant  Unobservable Inputs  (Level 3)
Trust Preferred Securities
Beginning balance	$	294,910	$	334,585
Total gains/losses (realized/unrealized):
Included in earnings:
Income on securities		-		-
Impairment charge on investment securities		-		-
Included in other comprehensive income		48,125		37,150
Transfers in and/or out of Level 3		-		-
Ending balance June 30	$	343,035	$	371,735

	Fair Value  Measurement for Three-Months  Ended June 30, 2012  Using Significant  Unobservable Inputs  (Level 3)			Fair Value  Measurement for  Three-Months  Ended June 30, 2011  Using Significant  Unobservable Inputs  (Level 3)
Trust Preferred Securities
Beginning balance	$	346,210		$	349,035
Total gains/losses (realized/unrealized):
Included in earnings:
Income on securities		-			-
Impairment charge on investment securities		-			-
Included in other comprehensive income		(3,175	)		22,700
Transfers in and/or out of Level 3		-			-
Ending balance June 30	$	343,035		$	371,735

Assets and liabilities measured at fair value on a non-recurring basis are summarized below:

			Fair Value Measurement at June 30, 2012 Using
Financial Assets:	Fair Value		Quoted Prices  in Active  Markets for  Identical  Assets (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)
Impaired Loans:
Commercial, financial and agricultural:
Commercial and industrial	$	1,123,030	$	-	$	-	$	1,123,030
Commercial mortgages:				-		-
Other		1,005,169		-		-		1,005,169
Residential mortgages		125,136		-		-		125,136
Total Impaired Loans	$	2,253,335	$	-	$	-	$	2,253,335
Other real estate owned:
Commercial, financial and agricultural:
Commercial and industrial	$	197,800	$	-	$	-	$	197,800
Commercial mortgages:
Other		316,060		-		-		316,060
Residential mortgages		419,810		-		-		419,810
Consumer loans:
Home equity lines & loans		36,600		-		-		36,600
Total Other real estate owned, net	$	970,270	$	-	$	-	$	970,270

			Fair Value Measurement at December 31, 2011 Using
Financial Assets:	Fair Value		Quoted Prices  in Active  Markets for Identical Assets (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Impaired Loans:
Commercial, financial and agricultural:
Commercial and industrial	$	831,601	$	-	$	-	$	831,601
Commercial mortgages:				-		-
Other		3,321,838		-		-		3,321,838
Total Impaired Loans	$	4,153,439	$	-	$	-	$	4,153,439
Other real estate owned:
Commercial, financial and agricultural:
Commercial and industrial	$	218,040	$	-	$	-	$	218,040
Commercial mortgages:
Other		366,760		-		-		366,760
Residential mortgages		276,355		-		-		276,355
Consumer loans:
Home equity lines & loans		36,600		-		-		36,600
Total Other real estate owned, net	$	897,755	$	-	$	-	$	897,755

Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $3,586,354 with a valuation allowance of $1,333,019 as of June 30, 2012, resulting in no additional provision for loan losses for the three and six-month periods ending June 30, 2012.  Impaired loans had a carrying amount of $6,095,645, with a valuation allowance of $1,942,206 as of December 31, 2011, resulting in a $958,333 provision for loan losses for the year ending December 31, 2011.

OREO, which is measured by the lower of carrying or fair value less costs to sell, had a net carrying amount of $970,270 at June 30, 2012.  The net carrying amount reflects the outstanding balance of $1,078,156 net of a valuation allowance of $107,886 at June 30, 2012, which resulted in a write down of $20,240 for the three and six-month periods ending June 30, 2012.  OREO had a net carrying amount of $897,755 at December 31, 2011.  The net carrying amount reflects the outstanding balance of $1,009,162 net of a valuation allowance of $111,407 at December 31, 2011, which resulted in write downs of $12,120 for the year ending December 31, 2011.

The carrying amounts and estimated fair values of other financial instruments, at June 30, 2012 and December 31, 2011, are as follows (dollars in thousands):

	Fair Value Measurements at June 30, 2012 Using
Financial assets:	Carrying  Amount		Quoted Prices  in Active  Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs (Level 2)		Significant  Unobservable  Inputs (Level 3)		Estimated  Fair Value (1)
Cash and due from financial institutions	$	33,673	$	33,673	$	-		-	$	33,673
Interest-bearing deposits in other financial institutions		40,502		37,615		2,887		-		40,502
Trading assets		252		252		-		-		252
Securities available for sale		260,941		43,304		217,294		343		260,941
Securities held to maturity		6,334		-		7,098		-		7,098
Federal Home Loan and Federal Reserve Bank stock		5,359		-		-		-		N/A
Net loans		845,555		-		-	865,579		865,579
Loans held for sale		482		-		482		-		482
Accrued interest receivable		3,810		172		1,268		2,370		3,810
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts		793,600		793,600		-		-		793,600
Time deposits		260,078		-	261,851			-	261,851
Securities sold under agreements to repurchase		31,750		-	34,299			-	34,299
Federal Home Loan Bank advances		41,128		-	43,747			-	43,747
Accrued interest payable		656		12		644		-		656
Dividends payable		1,142		1,142		-		-		1,142

	December 31, 2011
Financial assets:	Carrying Amount		Estimated Fair Value (1)
Cash and due from financial institutions	$	28,205	$	28,205
Interest-bearing deposits in other financial institutions		24,697		24,697
Trading assets		294		294
Securities available for sale		280,870		280,870
Securities held to maturity		8,312		9,176
Federal Home Loan and Federal Reserve Bank stock		5,509		N/A
Net loans		787,256		805,760
Loans held for sale		395		395
Accrued interest receivable		3,882		3,882
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts		721,503		721,503
Time deposits		276,990		279,441
Securities sold under agreements to repurchase		37,107		40,019
Federal Home Loan Bank advances		43,344		46,603
Accrued interest payable		800		800
Dividends payable		1,141		1,141

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

The methods and assumptions used to estimate fair value are described as follows:

Cash, Due From and Interest-Bearing Deposits in Other Financial Institutions

For those short-term instruments that generally mature in ninety days or less, the carrying value approximates fair value of which non interest-bearing deposits are classified as Level 1 and interest-bearing deposits with the Federal Home Loan Bank of New York ("FHLB") and Federal Reserve Bank of New York ("FRB") are classified as Level 1, and time deposits are classified as Level 2.

FHLB and FRB Stock

It is not practicable to determine the fair value of FHLB and FRB stock due to restrictions placed on its transferability.

Loans Receivable

For variable-rate loans that reprice frequently, fair values approximate carrying values.  The fair values for other loans are estimated through discounted cash flow analysis using interest rates currently being offered for loans with similar terms and credit quality.  Loans are classified as Level 3.  The methods utilized to estimate the fair value of loans do not necessarily represent an exit price.  Loans held for sale are classified as Level 2.

Deposits

The fair values disclosed for demand deposits, savings accounts and money market accounts are, by definition, equal to the amounts payable on demand at the reporting date (i.e., their carrying values) and classified as Level 1.

The fair value of certificates of deposits is estimated using a discounted cash flow approach that applies interest rates currently being offered on certificates to a schedule of the weighted-average expected monthly maturities and classified as Level 2.

Securities Sold Under Agreements to Repurchase (Repurchase Agreements)

These instruments bear both variable and fixed rates of interest.  Therefore, the carrying value approximates fair value for the variable rate instruments and the fair value of fixed rate instruments is based on discounted cash flows to maturity.  These are classified as Level 2.

Federal Home Loan Bank Advances

These instruments bear a stated rate of interest to maturity and, therefore, the fair value is based on discounted cash flows to maturity and classified as Level 2.

Accrued Interest Receivable and Payable

For these short-term instruments, the carrying value approximates fair value resulting in a classification of Level 1, Level 2 or Level 3 depending upon the classification of the asset/liability they are associated with.

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Adoption of New Accounting Standards

6 Months Ended

Jun. 30, 2012

Adoption of New Accounting Standards [Abstract]

Adoption of New Accounting Standards [Text Block]

3.           Adoption of New Accounting Standards

In May, 2011, the FASB issued an amendment to achieve common fair value measurement and disclosure requirements between U.S. and International accounting principles.  Overall, the guidance is consistent with existing U.S. accounting principles; however, there are some amendments that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements.  The amendments in this guidance are effective for interim and annual reporting periods beginning after December 15, 2011.  The effect of adopting this standard did not have a material effect on the Corporation's operating results or financial condition, but the additional disclosures are included in Note 4.

In June 2011, the FASB amended existing guidance and eliminated the option to present the components of other comprehensive income as part of the statement of changes in shareholders' equity. The amendment requires that comprehensive income be presented in either a single continuous statement or in two separate consecutive statements.  The amendments in this guidance are effective as of the beginning of a fiscal reporting year, and interim periods within that year, that begins after December 15, 2011.  In connection with the adoption of this amendment, the Corporation changed the presentation of the statement of comprehensive income for the Corporation to two consecutive statements instead of presenting it as part of the consolidated statements of shareholders' equity.

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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets [Abstract]

Schedule of changes in goodwill

The changes in goodwill included in the core banking segment during the periods ending June 30, 2012 and 2011 were as follows:

	2012			2011
Beginning of year	$	21,983,617		$	9,872,375
Adjustment of Acquired goodwill		(159,174	)		-
June 30,	$	21,824,443		$	9,872,375

Schedule of acquired finite-lived intangible assets by major class

Acquired intangible assets were as follows at June 30, 2012 and December 31, 2011:

	At June 30, 2012				At December 31, 2011
	Balance  Acquired		Accumulated  Amortization		Balance  Acquired		Accumulated  Amortization
Core deposit intangibles	$	3,819,798	$	1,514,800	$	3,819,798	$	1,213,118
Other customer relationship intangibles		6,063,423		2,726,071		6,063,423		2,479,563
Total	$	9,883,221	$	4,240,871	$	9,883,221	$	3,692,681

Schedule of expected amortization expense

The remaining estimated aggregate amortization expense at June 30, 2012 is listed below:

Year	Estimated Expense
2012	$	498,530
2013		876,524
2014		777,801
2015		681,176
2016		607,713
2017 and thereafter		2,200,606
Total	$	5,642,350

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Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting

11.        Segment Reporting

The Corporation manages its operations through two primary business segments: core banking and wealth management group services.  The core banking segment provides revenues by attracting deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the Corporation's local markets and to invest in securities.  The wealth management group services segment provides revenues by providing trust and investment advisory services to clients.

Summarized financial information concerning the Corporation's reportable segments and the reconciliation to the Corporation's consolidated results is shown in the following table.  Income taxes are allocated based on the separate taxable income of each entity and indirect overhead expenses are allocated based on reasonable and equitable allocations applicable to the reportable segment.  Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the Holding Company and Other column below, along with amounts to eliminate transactions between segments (dollars in thousands):

	Three Months Ended June 30, 2012									Six Months Ended June 30, 2012
	Core  Banking		Wealth  Management  Group Services			Holding  Company  And Other		Consolidated  Totals		Core  Banking		Wealth  Management  Group Services			Holding  Company  And Other			Consolidated  Totals
Net interest income	$	11,363	$	-		$	2	$	11,365	$	23,376	$	-		$	5		$	23,381
Provision for loan losses		52		-			-		52		529		-			-			529
Net interest income after provision for loan losses		11,311		-			2		11,313		22,847		-			5			22,852
Other operating income		2,139		1,727			264		4,130		5,216		3,502			309			9,027
Other operating expenses		9,903		1,762			219		11,884		18,834		3,571			402			22,807
Income or (loss) before income tax expense		3,547		(35	)		47		3,559		9,229		(69	)		(88	)		9,072
Income tax expense (benefit)		1,127		(14	)		2		1,115		3,110		(26	)		(70	)		3,014
Segment net income (loss)	$	2,420	$	(21	)	$	45	$	2,444	$	6,119	$	(43	)	$	(18	)	$	6,058
Segment assets										$	1,259,532	$	5,356		$	2,571		$	1,267,459

	Three Months Ended June 30, 2011									Six Months Ended June 30, 2011
	Core  Banking		Wealth  Management  Group Services			Holding  Company  And Other		Consolidated  Totals		Core  Banking		Wealth  Management Group Services			Holding  Company  And Other		Consolidated  Totals
Net interest income	$	11,448	$	-		$	3	$	11,451	$	19,992	$	-		$	5	$	19,997
Provision for loan losses		125		-			-		125		250		-			-		250
Net interest income after provision for loan losses		11,323		-			3		11,326		19,742		-			5		19,747
Other operating income		2,732		1,768			244		4,744		4,819		3,384			888		9,091
Other operating expenses		10,215		1,791			195		12,201		18,620		3,607			417		22,644
Income or (loss) before income tax expense		3,840		(23	)		52		3,869		5,941		(223	)		476		6,194
Income tax expense (benefit)		1,255		(9	)		3		1,249		1,846		(86	)		149		1,909
Segment net income (loss)	$	2,585	$	(14	)	$	49	$	2,620	$	4,095	$	(137	)	$	327	$	4,285
Segment assets										$	1,228,705	$	6,020		$	2,311	$	1,237,036

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

7.           Commitments and Contingencies

The Corporation is a party to certain financial instruments with off-balance sheet risk such as commitments under standby letters of credit, unused portions of lines of credit, overdraft protection and commitments to fund new loans.  In accordance with U.S. GAAP, these financial instruments are not recorded in the financial statements.  The Corporation's policy is to record such instruments when funded.  These transactions involve, to varying degrees, elements of credit, interest rate and liquidity risk.  Such transactions are generally used by the Corporation to manage clients' requests for funding and other client needs.

On February 14 and April 14, 2011, the Bank received separate settlement demands from representatives of beneficiaries of certain trusts for which the Bank has acted as trustee.  The settlement demands relate to alleged claims of, among other things, breach of the Bank's fiduciary duties as trustee, including the Bank's alleged failure to adequately diversify the relevant trust portfolios. The beneficiaries seek aggregate damages of up to approximately $27.0 million.  On September 16, 2011, the beneficiaries objected in the Surrogate's Court of the State of New York, County of Chemung (the "Surrogate's Court") to accountings with respect to the above-mentioned trusts provided by the Bank, based on allegations similar to those offered in the settlement demands.  The matter remains pending at the Surrogate's Court.  Although these matters are inherently unpredictable, management will defend against these claims vigorously.  Management has concluded that it is reasonably possible, but not probable, that the financial position, results of operations or cash flows of the Corporation could be materially adversely affected in any particular period by the unfavorable resolution of these claims, not withstanding any potential recovery under applicable insurance coverage.  An amount of loss or range of loss cannot be reasonably estimated at this time.

In the normal course of business, there are various outstanding claims and legal proceedings involving the Corporation or its subsidiaries. Except for the above matter, we believe that we are not a party to any pending legal, arbitration, or regulatory proceedings that could have a material adverse impact on our financial results or liquidity.

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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

5.           Goodwill and Intangible Assets

The changes in goodwill included in the core banking segment during the periods ending June 30, 2012 and 2011 were as follows:

	2012			2011
Beginning of year	$	21,983,617		$	9,872,375
Adjustment of Acquired goodwill		(159,174	)		-
June 30,	$	21,824,443		$	9,872,375

Acquired intangible assets were as follows at June 30, 2012 and December 31, 2011:

	At June 30, 2012				At December 31, 2011
	Balance  Acquired		Accumulated  Amortization		Balance  Acquired		Accumulated  Amortization
Core deposit intangibles	$	3,819,798	$	1,514,800	$	3,819,798	$	1,213,118
Other customer relationship intangibles		6,063,423		2,726,071		6,063,423		2,479,563
Total	$	9,883,221	$	4,240,871	$	9,883,221	$	3,692,681

Aggregate amortization expense was $548,190 and $465,192 for the six-month periods ended June 30, 2012 and 2011, respectively.

The remaining estimated aggregate amortization expense at June 30, 2012 is listed below:

Year	Estimated Expense
2012	$	498,530
2013		876,524
2014		777,801
2015		681,176
2016		607,713
2017 and thereafter		2,200,606
Total	$	5,642,350

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Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2012

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

6.           Accumulated Other Comprehensive Income

Accumulated other comprehensive income or loss represents the net unrealized holding gains or losses on securities available for sale and the funded status of the Corporation's defined benefit pension plan and other benefit plans, as of the consolidated balance sheet dates, net of the related tax effect.

The following is a summary of the accumulated other comprehensive income balance, net of tax:

		Balance at December 31, 2011			Current  Period  Change		Balance at June 30,  2012
Unrealized gains on securities available for sale	$	7,987,055		$	197,816	$	8,184,871
Unrealized loss on pension plans and other benefit Plans		(9,428,433	)		387,536		(9,040,897	)
Total	$	(1,441,378	)	$	585,352	$	(856,026	)

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Securities

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

Securities

8.           Securities

Amortized cost and estimated fair value of securities available for sale are as follows:

	June 30, 2012
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	143,778,752	$	3,581,127	$	8,000	$	147,351,879
Mortgage-backed securities, residential		38,178,813		2,429,367		-		40,608,180
Collateralized Mortgage obligations		5,399,128		90,845		2,917		5,487,056
Obligations of states and political subdivisions		41,695,595		1,737,291		5,541		43,427,345
Corporate bonds and notes		13,435,143		304,121		28,017		13,711,247
SBA loan pools		1,828,325		35,124		-		1,863,449
Trust Preferred securities		2,542,121		197,274		312,610		2,426,785
Corporate stocks		787,807		5,284,374		6,676		6,065,505
Total	$	247,645,684	$	13,659,523	$	363,761	$	260,941,446

	December 31, 2011
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	149,140,715	$	3,022,726	$	83,671	$	152,079,770
Mortgage-backed securities, residential		48,129,271		2,637,334		-		50,766,605
Collateralized mortgage obligations		7,412,470		135,603		11,321		7,536,753
Obligations of states and political subdivisions		44,561,789		1,954,265		3,083		46,512,971
Corporate bonds and notes		13,461,675		418,969		196,446		13,684,198
SBA loan pools		1,915,419		34,187		-		1,949,606
Trust preferred securities		2,538,286		132,516		360,735		2,310,066
Corporate stocks		788,030		5,246,655		4,844		6,029,841
Total	$	267,947,655	$	13,582,255	$	660,100	$	280,869,810

Amortized cost and estimated fair value of securities held to maturity are as follows:

	June 30, 2012
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of states and political subdivisions	$	6,334,331	$	763,815	$	-	$	7,098,146
Total	$	6,334,331	$	763,815	$	-	$	7,098,146

	December 31, 2011
	Amortized  Cost		Unrealized  Gains		Unrealized  Losses		Estimated Fair  Value
Obligations of states and political subdivisions	$	8,311,921	$	864,035	$	-	$	9,175,956
Total	$	8,311,921	$	864,035	$	-	$	9,175,956

The amortized cost and estimated fair value of debt securities are shown below by expected maturity.  Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.  Securities not due at a single maturity date are shown separately:

	June 30, 2012
	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within One Year	$	60,679,329	$	61,410,522	$	1,613,513	$	1,647,827
After One, But Within Five Years		132,755,934		137,107,786		3,293,374		3,663,339
After Five, But Within Ten Years		7,360,703		8,055,913		1,427,444		1,786,980
After Ten Years		655,645		343,035		-		-
Mortgage-backed securities, residential		38,178,813		40,608,180		-		-
Collateralized mortgage obligations		5,399,128		5,487,056		-		-
SBA loan pools		1,828,325		1,863,449		-		-
Total	$	246,857,877	$	254,875,941	$	6,334,331	$	7,098,146

Proceeds from sales and calls of securities available for sale for the three and six months ended June 30, 2012 were $16,787,750 and $69,367,438, respectively.  Realized gross gains on these sales and calls were$2,750 and $299,919 during the three and six month periods ended June 30, 2012, respectively.  There were no sales or calls of securities available for sale that resulted in losses for the three or six-months ended June 30, 2012.

Proceeds from sales and calls of securities available for sale for the three and six months ended June 30, 2011, were $6,485,156 and $56,656,054, respectively.  Realized gross gains on these sales and calls were $485,811 and $679,209 during the three and six month periods ended June 30, 2011, respectively.  There were no sales or calls of securities available for sale that resulted in losses for the three or six-months ended June 30, 2011.

The following table summarizes the investment securities available for sale and held to maturity with unrealized losses at June 30, 2012 and December 31, 2011 by aggregated major security type and length of time in a continuous unrealized loss position:

	Less than 12 months				12 months or longer				Total
June 30, 2012	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	4,992,000	$	8,000	$	-	$	-	$	4,992,000	$	8,000
Collateralized mortgage obligations		553,923		2,917		-		-		553,923		2,917
Obligations of states and political subdivisions		948,419		5,541		-		-		948,419		5,541
Corporate bonds and notes		4,025,117		17,489		512,734		10,528		4,537,851		28,017
Trust preferred securities		-		-		343,035		312,610		343,035		312,610
Corporate stocks		45,285		4,707		1,670		1,969		46,955		6,676
Total temporarily impaired securities	$	10,564,744	$	38,654	$	857,439	$	325,107	$	11,422,183	$	363,761

	Less than 12 months				12 months or longer				Total
December 31, 2011	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	27,365,920	$	83,671	$	-	$	-	$	27,365,920	$	83,671
Collateralized mortgage obligations		2,546,461		11,321		-		-		2,546,461		11,321
Obligations of states and political subdivisions		947,203		3,083		-		-		947,203		3,083
Corporate bonds and notes		5,261,074		196,446		-		-		5,261,074		196,446
Trust preferred securities		-		-		294,910		360,735		294,910		360,735
Corporate stocks		1,669		1,969		47,117		2,875		48,786		4,844
Total temporarily impaired securities	$	36,122,327	$	296,490	$	342,027	$	363,610	$	36,464,354	$	660,100

Other-Than-Temporary Impairment ("OTTI")

When OTTI occurs, for either debt securities or purchased beneficial interests, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment.

As of June 30, 2012, the majority of the Corporation's unrealized losses in the investment securities portfolio related to two pooled trust preferred securities. The decline in fair value on these securities is primarily attributable to the financial crisis and resulting credit deterioration and financial condition of the underlying issuers, all of which are financial institutions.  This deterioration may affect the future receipt of both principal and interest payments on these securities.  This fact combined with the current illiquidity in the market makes it unlikely that the Corporation would be able to recover its investment in these securities if the securities were sold at this time.  One of these securities has been previously written down through the income statement to an amount considered to be immaterial to the financial statements.  Therefore management is no longer analyzing this security for further impairment.

Our analysis of these investments includes a $629 thousand book value collateralized debt obligation ("CDO") which is a pooled trust preferred security. This security was rated high quality at inception, but at June 30, 2012 Moody's rated this security as Caa3, which is defined as substantial risk of default.  The Corporation uses the OTTI evaluation model to compare the present value of expected cash flows to the previous estimate to determine if there are adverse changes in cash flows during each quarter. The OTTI model considers the structure and term of the CDO and the financial condition of the underlying issuers. Specifically, the model details interest rates, principal balances of note classes and underlying issuers, the timing and amount of interest and principal payments of the underlying issuers, and the allocation of the payments to the note classes. The current estimate of expected cash flows is based on the most recent trustee reports and any other relevant market information including announcements of interest payment deferrals or defaults of underlying trust preferred securities.

Upon completion of the June 30, 2012 analysis, our model indicated no additional OTTI on this CDO.  This security remained classified as available for sale and represented $304 thousand of the unrealized losses reported at June 30, 2012.  Payments continue to be made as agreed on this security.

When conducting the June 30, 2012 analysis, the present value of expected future cash flows using a discount rate equal to the yield in effect at the time of purchase was compared to the previous quarters' analysis.  The analysis indicated no further decline in value attributed to credit related factors stemming from further deterioration in the underlying collateral payment streams.  Additionally, to estimate fair value the present value of the expected future cash flows was calculated using a current estimated discount rate that a willing market participant might use to value the security based on current market conditions and interest rates.  This comparison indicated a slight decrease in value during the quarter, based on factors other than credit, which resulted in a loss reported in other comprehensive income.  Changes in credit quality may or may not correlate to changes in the overall fair value of the impaired securities as the change in credit quality is only one component in assessing the overall fair value of the impaired securities.  Therefore, the recognition of additional credit related OTTI could result in a gain reported in other comprehensive income.  Total other-than-temporary impairment recognized in accumulated other comprehensive income was $190,833 and $214,680 for securities available for sale at June 30, 2012 and June 30, 2011, respectively.

The table below presents a roll forward of the cumulative credit losses recognized in earnings for the three and six-month periods ending June 30, 2012 and 2011:

	2012		2011
Beginning balance, January 1,	$	3,506,073	$	3,438,673
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized		-		-
Additions/Subtractions:
Amounts realized for securities sold during the period		-		-
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis		-		-
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security		-		-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-		-
Ending balance, June 30,	$	3,506,073	$	3,438,673
Beginning balance, April 1,	$	3,506,073	$	3,438,673
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized		-		-
Additions/Subtractions:
Amounts realized for securities sold during the period		-		-
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis		-		-
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security		-		-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-		-
Ending balance, June 30,	$	3,506,073	$	3,438,673

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Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012
Commitments and Contingencies [Abstract]
Trust beneficiaries seeking aggregate damages, maximum	$ 27

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2012

Basis of Presentation [Abstract]

Consolidation of subsidiaries

Chemung Financial Corporation (the "Corporation"), through its wholly owned subsidiaries, Chemung Canal Trust Company (the "Bank") and CFS Group, Inc., a financial services company, provides a wide range of banking, financing, fiduciary and other financial services to its local market area.  The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation.

Consolidation policy

The consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary to present fairly the Corporation's financial position as of June 30, 2012 and December 31, 2011, and results of operations for the three and six-month periods ended June 30, 2012 and 2011, and changes in shareholders' equity and cash flows for the six-month periods ended June 30, 2012 and 2011. Subsequent events were evaluated for any required recognition or disclosure. The results for the periods presented are not necessarily indicative of results to be expected for the entire fiscal year or any other interim period.

Subsequent events

The consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary to present fairly the Corporation's financial position as of June 30, 2012 and December 31, 2011, and results of operations for the three and six-month periods ended June 30, 2012 and 2011, and changes in shareholders' equity and cash flows for the six-month periods ended June 30, 2012 and 2011. Subsequent events were evaluated for any required recognition or disclosure. The results for the periods presented are not necessarily indicative of results to be expected for the entire fiscal year or any other interim period.

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Loans and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2012

Loans and Allowance for Loan Losses [Abstract]

Composition of the loan portfolio by type

The composition of the loan portfolio is summarized as follows:

	June 30, 2012		December 31, 2011
Commercial, financial and agricultural	$	139,046,623	$	142,209,279
Commercial mortgages		297,158,610		264,589,013
Residential mortgages		194,511,823		193,599,853
Indirect consumer loans		124,061,078		97,165,447
Consumer loans		101,169,118		99,351,585
	$	855,947,252	$	796,915,177

Allowance for loan losses by portfolio segment

The following tables present activity in the allowance for loan losses by portfolio segment for the three and six-month periods ending June 30, 2012 and June 30, 2011 and by loans originated by the Corporation (referred to as "Legacy" loans) and loans acquired in the merger with Fort Orange Financial Corp. ("FOFC") completed on April 8, 2011 (referred to as "Acquired" loans).  The Acquired loan allowance represents any valuation allowances established after acquisition for decreases in cash flows expected to be collected on loans acquired with deteriorated credit quality:

Legacy Loans	Six Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer  Loans			Unallocated			Total
Beginning balance:	$	3,143,373		$	2,570,149		$	1,309,649		$	2,192,729		$	443,420		$	9,659,320
Charge Offs:		(5,792	)		(8,295	)		(72,613	)		(273,428	)		-			(360,128	)
Recoveries:		351,763			30,496			-			107,723			-			489,982
Net recoveries (charge offs)		345,971			22,201			(72,613	)		(165,705	)		-			129,854
Provision		(692,788	)		395,618			187,780			447,161			(29,772	)		307,999
Ending balance	$	2,796,556		$	2,987,968		$	1,424,816		$	2,474,185		$	413,648		$	10,097,173

Acquired loans	Six Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural		Commercial  Mortgages			Residential  Mortgages		Consumer  Loans		Unallocated		Total
Beginning balance:	$	-	$	-		$	-	$	-	$	-	$	-
Reclassification of acquired loan Discount		73,228		50,331			-		-		-		123,559
Charge Offs:		-		(49,057	)		-		-		-		(49,057	)
Recoveries:		-		-			-		-		-		-
Net recoveries		73,228		1,274			-		-		-		74,502
Provision		134,427		86,470			-		-		-		220,897
Ending balance	$	207,655	$	87,744		$	-	$	-	$	-	$	295,399

Legacy Loans	Three Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer  Loans			Unallocated		Total
Beginning balance:	$	3,136,457		$	2,953,632		$	1,417,252		$	2,100,433		$	373,708	$	9,981,482
Charge Offs:		(5,792	)		(8,295	)		(58,273	)		(115,109	)		-		(187,469	)
Recoveries:		179,160			20,261			-			45,741			-		245,162
Net recoveries (charge offs)		173,368			11,966			(58,273	)		(69,368	)		-		57,693
Provision		(513,269	)		22,370			65,837			443,120			39,940		57,998
Ending balance	$	2,796,556		$	2,987,968		$	1,424,816		$	2,474,185		$	413,648	$	10,097,173

Acquired loans	Three Months Ended June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Unallocated		Total
Beginning balance:	$	224,936		$	76,872	$	-	$	-	$	-	$	301,808
Reclassification of acquired loan Discount		-			-		-		-		-		-
Charge Offs:		-			-		-		-		-		-
Recoveries:		-			-		-		-		-		-
Net charge offs		-			-		-		-		-		-
Provision		(17,281	)		10,872		-		-		-		(6,409	)
Ending balance	$	207,655		$	87,744	$	-	$	-	$	-	$	295,399

	Six Months Ended June 30, 2011
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer  Loans			Unallocated			Total
Beginning balance:	$	2,118,299		$	2,575,058		$	1,301,780		$	2,727,022		$	775,972		$	9,498,131
Charge Offs:		(3003	)		(3,764	)		-			(340,655	)		-			(347,422	)
Recoveries:		205,406			26,103			30,324			93,130			-			354,963
Net recoveries (charge offs)		202,403			22,339			30,324			(247,525	)		-			7,541
Provision		760,731			15,258			(85,224	)		(182,038	)		(258,727	)		250,000
Ending balance	$	3,081,433		$	2,612,655		$	1,246,880		$	2,297,459		$	517,245		$	9,755,672

	Three Months Ended June 30, 2011
Allowance for loan losses	Commercial,  Financial  and  Agricultural			Commercial  Mortgages			Residential  Mortgages			Consumer Loans			Unallocated			Total
Beginning balance:	$	2,502,200		$	2,657,185		$	1,366,214		$	2,424,312		$	641,040		$	9,590,951
Charge Offs:		(3,003	)		-			-			(133,744	)		-			(136,747	)
Recoveries:		87,941			23,350			15,845			49,332			-			176,468
Net recoveries (charge offs)		84,938			23,350			15,845			(84,412	)		-			39,721
Provision		487,419			(61,004	)		(135,179	)		(42,441	)		(123,795	)		125,000
Ending balance	$	3,081,433		$	2,612,655		$	1,246,880		$	2,297,459		$	517,245		$	9,755,672

Allowance for loan losses and the recorded investment in loans based on impairment method.

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of June 30, 2012 and December 31, 2011.  The recorded investment excludes loans acquired in the FOFC merger except those loans acquired with deteriorated credit quality:

	June 30, 2012
Allowance for loan losses	Commercial,  Financial  and  Agricultural		Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Unallocated		Total
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	1,195,684	$	134,466	$	2,869	$	-	$	-	$	1,333,019
Collectively evaluated for impairment		1,600,872		2,853,502		1,421,947		2,474,185		413,648		8,764,154
Acquired with deteriorated credit quality		207,655		87,744		-		-		-		247,963
Total ending allowance balance	$	3,004,211	$	3,075,712	$	1,424,816	$	2,474,185	$	413,648	$	10,392,572

	December 31, 2011
Allowance for loan losses	Commercial,  Financial  and  Agricultural		Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Unallocated		Total
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	1,528,651	$	413,555	$	-	$	-	$	-	$	1,942,206
Collectively evaluated for impairment		1,614,722		2,156,594		1,309,649		2,192,729		443,420		7,717,114
Total ending allowance balance	$	3,143,373	$	2,570,149	$	1,309,649	$	2,192,729	$	443,420	$	9,659,320

	June 30, 2012
Loans:	Commercial,  Financial  and  Agricultural		Commercial  Mortgages		Residential  Mortgages		Consumer  Loans		Total
Loans individually evaluated for impairment	$	2,499,767	$	2,065,838	$	140,043	$	-	$	4,705,648
Loans collectively evaluated for impairment		114,594,272		215,053,094		178,839,976		220,242,896		728,730,238
Acquired with deteriorated credit quality		1,197,884		11,433,363		235,555		-		12,866,802
Total ending loans balance	$	118,921,923	$	228,552,295	$	179,215,574	$	220,242,896	$	746,302,688

	December 31, 2011
Loans:	Commercial,  Financial  and  Agricultural		Commercial Mortgages		Residential  Mortgages		Consumer Loans		Total
Loans individually evaluated for impairment	$	5,275,043	$	4,603,563	$	179,337	$	-	$	10,057,943
Loans collectively evaluated for impairment		111,532,413		169,658,759		175,405,950		190,904,630		647,501,752
Total ending loans balance	$	116,807,456	$	174,262,322	$	175,585,287	$	190,904,630	$	657,559,695

Summary of impaired financing receivables

The following tables present loans individually evaluated for impairment recognized by class of loans as of June 30, 2012 and December 31, 2011, the average recorded investment and interest income recognized by class of loans as of the three and six-month periods ending June 30, 2012 and 2011:

	June 30, 2012						December 31, 2011
	Unpaid  Principal  Balance		Allowance for  Loan Losses  Allocated		Recorded  Investment		Unpaid  Principal  Balance		Allowance for  Loan Losses  Allocated		Recorded  Investment
With no related allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial	$	180,672	$	-	$	180,785	$	2,914,401	$	-	$	2,914,776
Commercial mortgages:
Construction		10,454		-		10,454		10,454		-		10,454
Other		928,897		-		915,838		862,815		-		860,648
Residential mortgages		12,038		-		12,038		178,925		-		179,337
With an allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial		2,318,714		1,195,684		2,318,982		2,360,252		1,528,651		2,360,267
Commercial mortgages:
Construction		-		-		-		8,295		8,295		8,295
Other		1,139,635		134,466		1,139,546		3,727,097		405,260		3,724,166
Residential mortgages		128,005		2,869		128,005		-		-		-
Total	$	4,718.415	$	1,333,019	$	4,705,648	$	10,062,239	$	1,942,206	$	10,057,943

	Six-Months Ended June 30, 2012				Six-Months Ended June 30, 2011				Three Months Ended June 30, 2012				Three Months Ended June 30, 2011
	Average  Recorded  Investment		Interest  Income  Recognized		Average  Recorded  Investment		Interest  Income  Recognized		Average  Recorded  Investment		Interest  Income  Recognized		Average  Recorded  Investment		Interest  Income  Recognized
With no related allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial	$	1,067,170	$	-	$	3,141,620	$	18,759	$	143,367	$	-	$	3,116,317	$	10,933
Commercial mortgages:
Construction		10,454		-		31,128		-		10,454		-		30,559		-
Other		827,553		-		3,451,644		-		811,005		-		3,402,624		-
Residential mortgages		111,368		-		349,501		5,640		77,384		-		320,055		3,266
Consumer loans:
Home equity lines & loans		19,856		2,289		-		-		29,784		1,123		-		-
With an allowance recorded:
Commercial, financial and agricultural:
Commercial & industrial		2,347,963		-		1,306,572		144,242		2,341,810		-		1,948,091		144,242
Commercial mortgages:
Construction		5,530		-		30,318		-		4,148		-		20,008		-
Other		2,109,919		-		703,733		-		1,302,796		-		646,603		-
Residential mortgages		42,668		-		-		-		-		-		-		-
Total	$	6,542,481	$	2,289	$	9,014,516	$	168,641	$	4,720,748	$	1,123	$	9,484,257	$	157,841

Recorded investment in non accrual and loans past due

The following table presents the recorded investment in non accrual and loans past due over 90 days still on accrual by class of loans as of the periods ending June 30, 2012 and December 31, 2011.  This table includes loans acquired in the FOFC merger, except those loans with evidence of credit deterioration at the time of the merger:

	June 30, 2012				December 31, 2011
	Non-Accrual		Loans Past  Due Over 90  Days Still  Accruing		Non-Accrual		Loans Past  Due Over 90  Days Still  Accruing
Commercial, financial and agricultural:
Commercial & industrial	$	2,903,371	$	-	$	5,611,805	$	-
Commercial mortgages
Construction		419,434		6,269,714		18,749		7,295,104
Other		2,248,954		-		4,778,384		-
Residential mortgages		2,492,865		-		2,611,096		-
Consumer loans
Credit cards		-		6,710		-		9,053
Home equity lines & loans		467,544		-		455,418		-
Indirect consumer loans		22,457		-		22,287		-
Other direct consumer loans		177,886		-		113,349		-
Total	$	8,732,511	$	6,276,424	$	13,611,088	$	7,304,157

Recorded investment in loans past due

The following tables present the aging of the recorded investment in loans past due (including non-accrual loans) by class of loans as of June 30, 2012 and December 31, 2011 and by legacy loans and acquired loans:

	June 30, 2012
Legacy Loans:	30-59 Days  Past Due		60-89 Days  Past Due		Greater  than 90  Days Past  Due		Total Past  Due		Loans  Acquired  with  deteriorated  credit quality		Loans Not Past  Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	27,835	$	-	$	229,807	$	257,642	$	-	$	116,317,883	$	116,575,525
Agricultural		-		-		-		-		-		518,514		518,514
Commercial mortgages:
Construction		340,910		-		10,454		351,364		-		22,835,834		23,187,198
Other		46,100		-		506,261		552,361		-		193,379,374		193,931,735
Residential mortgages		1,614,383		336,911		770,010		2,721,304		-		176,258,714		178,980,018
Consumer loans:
Credit cards		5,187		5,171		6,710		17,068		-		1,762,968		1,780,036
Home equity lines & loans		121,678		54,119		179,233		355,030		-		76,597,137		76,952,167
Indirect consumer loans		724,477		123,534		135,626		983,637		-		123,425,437		124,409,074
Other direct consumer loans		44,009		7,367		12,977		64,353		-		17,037,265		17,101,618
Total	$	2,924,579	$	527,102	$	1,851,078	$	5,302,759	$	-	$	728,133,127	$	733,435,886

	June 30, 2012
Acquired Loans:	30-59 Days  Past Due		60-89 Days  Past Due		Greater  than 90  Days Past  Due		Total Past  Due		Loans  Acquired with  deteriorated  credit quality		Loans Not Past Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	168,854	$	124,049	$	313,216	$	606,119	$	1,197,884	$	22,396,047	$	24,200,050
Commercial mortgages:
Construction		-		-		6,678,694		6,678,694		1,190,848		2,475,508		10,345,050
Other		544,679		953,295		193,570		1,691,544		10,242,515		56,718,062		68,652,121
Residential mortgages		857,208		57,966		204,636		1,119,810		235,555		14,685,097		16,040,462
Consumer loans:
Home equity lines & loans		-		-		-		-		-		5,528,355		5,528,355
Other direct consumer loans		-		-		362		362		-		91,599		91,961
Total	$	1,570,741	$	1,135,310	$	7,390,478	$	10,096,529	$	12,866,802	$	101,894,668	$	124,857,999

	December 31, 2011
Legacy Loans:	30-59 Days  Past Due		60-89 Days  Past Due		Greater  than 90  Days Past Due		Total Past Due		Loans  Acquired  with  deteriorated  credit quality		Loans Not Past  Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	4,571	$	10,940	$	2,920,906	$	2,936,417	$	-	$	113,612,941	$	116,549,358
Agricultural		-		-		-		-		-		258,098		258,098
Commercial mortgages:
Construction		-		-		-		-		-		7,383,731		7,383,731
Other		82,986		-		2,977,010		3,059,996		-		163,818,595		166,878,591
Residential mortgages		1,418,234		293,337		1,221,056		2,932,627		-		172,652,660		175,585,287
Consumer loans:
Credit cards		3,660		8,031		9,053		20,744		-		1,934,471		1,955,215
Home equity lines & loans		368,556		27,717		212,573		608,846		-		76,280,502		76,889,348
Indirect consumer loans		597,180		75,817		85,763		758,760		-		96,781,480		97,540,240
Other direct consumer loans		21,876		10,243		9,644		41,763		-		14,478,064		14,519,827
Total	$	2,497,063	$	426,085	$	7,436,005	$	10,359,153	$	-	$	647,200,542	$	657,559,695

	December 31, 2011
Acquired Loans:	30-59 Days Past Due		60-89 Days Past Due		Greater than 90  Days Past Due		Total Past Due		Loans  Acquired  with  deteriorated credit quality		Loans Not Past  Due		Total
Commercial, financial and agricultural:
Commercial & industrial	$	275,121	$	82,677	$	195,687	$	553,485	$	1,499,141	$	25,335,874	$	27,388,500
Commercial mortgages:
Construction		-		418,518		7,295,104		7,713,622		2,022,149		2,715,270		12,451,041
Other		-		-		193,570		193,570		11,063,483		65,836,938		77,093,991
Residential mortgages		405,087		62,017		84,083		551,187		226,937		17,753,898		18,532,022
Consumer loans:
Home equity lines & loans		-		-		-		-		-		6,168,831		6,168,831
Other direct consumer loans		171		-		-		171		-		147,439		147,610
Total	$	680,379	$	563,212	$	7,768,444	$	9,012,035	$	14,811,710	$	117,958,250	$	141,781,995

Risk category of the recorded investment of loans by class of loans

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be not rated loans.  Based on the analysis's performed as of June 30, 2012 and December 31, 2011, the risk category of the recorded investment of loans by class of loans is as follows:

	June 30, 2012
Legacy Loans:	Not Rated		Pass		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial	$	-	$	99,732,167	$	12,130,092	$	2,768,639	$	1,944,627
Agricultural		-		518,514		-		-		-
Commercial mortgages:
Construction		-		22,220,989		201,730		764,479		-
Other		-		179,478,529		9,211,037		4,844,286		397,883
Residential mortgages		176,749,755		-		-		2,230,263		-
Consumer loans:
Credit cards		1,780,036		-		-		-		-
Home equity lines & loans		76,399,344		-		-		552,823		-
Indirect consumer loans		124,231,188		-		-		177,886		-
Other direct consumer loans		17,079,524		-		-		22,095		-
Total	$	396,239,847	$	301,950,199	$	21,542,859	$	11,360,471	$	2,342,510

	June 30, 2012
Acquired Loans:		Not Rated		Pass		Loans  Acquired  with  deteriorated  credit quality		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial		$	-		22,078,338	$	1,197,884	$	548,402	$	287,646	$	87,780
Commercial mortgages			-
Construction			-		997,892		1,190,848		6,557,221		1,599,089		-
Other			-		55,072,078		10,242,515		474,202		2,669,756		193,570
Residential mortgages			15,542,306		-		235,555		-		262,601		-
Consumer loans
Home equity lines & loans			5,528,355		-		-		-		-		-
Other direct consumer loans			91,961		-		-		-		-		-
Total		$	21,162,622		78,148,308	$	12,866,802	$	7,579,825	$	4,819,092	$	281,350

	December 31, 2011
Legacy Loans:	Not Rated		Pass		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial	$	-	$	93,923,356	$	14,957,683	$	4,139,413	$	3,528,906
Agricultural		-		258,098		-		-		-
Commercial mortgages:
Construction		-		6,391,614		208,360		783,757		-
Other		-		152,435,884		6,503,087		7,423,514		516,106
Residential mortgages		173,120,292		-		-		2,464,995		-
Consumer loans:
Credit cards		1,955,215		-		-		-		-
Home equity lines & loans		76,432,196		-		-		457,152		-
Indirect consumer loans		97,426,891		-		-		113,349		-
Other direct consumer loans		14,497,795		-		-		22,032		-
Total	$	363,432,389	$	253,008,952	$	21,669,130	$	15,404,212	$	4,045,012

	December 31, 2011
Acquired Loans:		Not Rated		Pass		Loans  Acquired  with  deteriorated  credit quality		Special  Mention		Substandard		Doubtful
Commercial, financial and agricultural:
Commercial & industrial		$	-	$	25,164,742	$	1,499,141	$	602,006	$	24,635	$	97,976
Commercial mortgages
Construction			-		1,790,731		2,022,149		7,447,661		1,190,500		-
Other			-		62,684,708		11,063,483		475,036		2,677,194		193,570
Residential mortgages			18,158,984		-		226,937		-		146,101		-
Consumer loans
Home equity lines & loans			6,168,831		-		-		-		-		-
Other direct consumer loans			147,610		-		-		-		-		-
Total		$	24,475,425	$	89,640,181	$	14,811,710	$	8,524,703	$	4,038,430	$	291,546

Recorded investment in residential and consumer loans based on payment activity

The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Corporation also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity.  The following table presents the recorded investment in residential and consumer loans based on payment activity as of June 30, 2012 and December 31, 2011:

	June 30, 2012
			Consumer Loans
Legacy Loans:	Residential  Mortgages		Credit Card		Home Equity Lines & Loans		Indirect  Consumer  Loans		Other Direct Consumer  Loans
Performing	$	176,749,755	$	1,773,326	$	76,484,390	$	124,231,188	$	17,079,523
Non-Performing		2,230,263		6,710		467,777		177,886		22,095
		178,980,018		1,780,036		76,952,167		124,409,074		17,101,618
Acquired Loans:
Performing	$	15,777,861	$	-	$	5,528,355	$	-	$	91,599
Non-Performing		262,601		-		-		-		362
Total	$	16,040,462	$	-	$	5,528,355	$	-	$	91,961

	December 31, 2011
			Consumer Loans
Legacy Loans:	Residential  Mortgages		Credit Card		Home Equity Lines & Loans		Indirect Consumer Loans		Other Direct Consumer Loans
Performing	$	173,120,292	$	1,946,162	$	76,432,196	$	97,426,891	$	14,497,878
Non-Performing		2,464,995		9,053		457,152		113,349		21,949
Total	$	175,585,287	$	1,955,215	$	76,889,348	$	97,540,240	$	14,519,827
Acquired Loans:
Performing	$	18,385,921	$	-	$	6,168,831	$	-	$	147,610
Non-Performing		146,101		-		-		-		-
Total	$	18,532,022	$	-	$	6,168,831	$	-	$	147,610

Summary of changes in contractually required principal and interest on loans acquired

Acquired loans include loans acquired with deteriorated credit quality.  The Corporation adjusted its estimates of future expected losses, cash flows, and renewal assumptions during the current year.  The tables below summarize the changes in total contractually required principal and interest cash payments, management's estimate of expected total cash payments and carrying value of the loans from January 1, 2012 to June 30, 2012 and from March 31, 2012 to June 30, 2012 (in thousands of dollars):

Six Months Ended June 30, 2012	Balance at  December 31,  2011			Income  Accretion		All Other  Adjustments			Balance at  June 30, 2012
Contractually required principal and interest	$	21,261		$	-	$	(1,426	)	$	19,835
Contractual cash flows not expected to be collected (nonaccretable discount)		(4,662	)		-		684			(3,978	)
Cash flows expected to be collected		16,599			-		(742	)		15,857
Interest component of expected cash flows (accretable yield)		(1,844	)		1,171		(2,299	)		(2,972	)
Fair value of loans acquired with deteriorating credit quality	$	14,755		$	1,171	$	(3,041	)	$	12,885

Three Months Ended June 30, 2012	Balance at  March 31,  2012			Income  Accretion		All Other  Adjustments			Balance at  June 30, 2012
Contractually required principal and interest	$	17,780		$	-	$	2,055		$	19,835
Contractual cash flows not expected to be collected (nonaccretable discount)		(4,222	)		-		244			(3,978	)
Cash flows expected to be collected		13,558			-		2,299			15,857
Interest component of expected cash flows (accretable yield)		(1,417	)		255		(1,810	)		(2,972	)
Fair value of loans acquired with deteriorating credit quality	$	12,141		$	255	$	489		$	12,885

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Components of Quarterly and Year-to-Date Net Periodic Benefit Costs (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Qualified Pension [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost, benefits earned during the period	$ 323,351	$ 259,134	$ 646,702	$ 518,268
Interest cost on projected benefit obligation	406,110	392,956	812,220	785,912
Expected return on plan assets	(663,493)	(585,673)	(1,326,986)	(1,171,346)
Amortization of unrecognized transition obligation	0	0	0	0
Amortization of unrecognized prior service cost	3,464	7,470	6,928	14,940
Amortization of unrecognized net gain loss	330,568	169,113	661,136	338,226
Net periodic pension expense	400,000	243,000	800,000	486,000
Supplemental Pension [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost, benefits earned during the period	8,692	7,656	17,384	15,312
Interest cost on projected benefit obligation	12,773	13,443	25,546	26,887
Expected return on plan assets	0	0	0	0
Amortization of unrecognized prior service cost	0	0	0	0
Amortization of unrecognized net gain loss	4,980	2,366	9,960	4,732
Net periodic pension expense	26,445	23,465	52,890	46,931
Postretirement, Medical and Life [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost, benefits earned during the period	8,750	8,250	17,500	16,500
Interest cost on projected benefit obligation	18,000	18,750	36,000	37,500
Expected return on plan assets	0	0	0	0
Amortization of unrecognized prior service cost	(24,250)	(24,250)	(48,500)	(48,500)
Amortization of unrecognized net gain loss	0	0	0	0
Net periodic pension expense	$ 2,500	$ 2,750	$ 5,000	$ 5,500

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 2,444,040	$ 2,620,104	$ 6,058,573	$ 4,285,119
Other comprehensive income
Unrealized holding gains on securities available for sale	159,166	4,443,919	673,527	5,191,291
Change in unrealized losses on securities available for sale for which a portion of an other-than-temporary impairment has been recognized in earnings, net of reclassification	0	0	0	0
Reclassification adjustment gains realized in net income	(2,750)	(485,811)	(299,919)	(679,209)
Net unrealized gains	156,416	3,958,108	373,608	4,512,082
Less: Tax effect	60,126	1,531,234	175,792	1,745,544
Net of tax amount	96,290	2,426,874	197,816	2,766,538
Change in funded status of defined benefit pension plan and other benefit plans	314,762	154,699	629,524	309,398
Less: Tax effect	120,994	59,847	241,988	119,694
Net of tax amount	193,768	94,852	387,536	189,704
Total other comprehensive income	290,058	2,521,726	585,352	2,956,242
Comprehensive income	$ 2,734,098	$ 5,141,830	$ 6,643,925	$ 7,241,361

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Common Share [Abstract]

Earnings Per Common Share

2.           Earnings Per Common Share

Basic earnings per share is net income divided by the weighted average number of common shares outstanding during the period.  Issuable shares, including those related to directors' restricted stock units and directors' stock compensation, are considered outstanding and are included in the computation of basic earnings per share.  All outstanding unvested share based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Restricted stock awards are grants of participating securities.  The impact of the participating securities on earnings per share is not material.  Earnings per share information is adjusted to present comparative results for stock splits and stock dividends that occur.  Earnings per share were computed by dividing net income by 4,639,204 and 4,127,969 weighted average shares outstanding for the six-month periods ended June 30, 2012 and 2011, and 4,636,395 and 4,631,504 weighted average shares outstanding for the three-month periods ended June 30, 2012 and 2011, respectively.  There were no dilutive common stock equivalents during the three and six-month periods ended June 30, 2012 or 2011.

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Components of Quarterly and Year-to-Date Net Periodic Benefit Costs (Tables)

6 Months Ended

Jun. 30, 2012

Components of Quarterly and Year-to-Date Net Periodic Benefit Costs [Abstract]

Components of net periodic benefit costs

	Six Months Ended						Three Months Ended
	June 30,			June 30,			June 30,			June 30,
	2012			2011			2012			2011
Qualified Pension
Service cost, benefits earned during the period	$	646,702		$	518,268		$	323,351		$	259,134
Interest cost on projected benefit obligation		812,220			785,912			406,110			392,956
Expected return on plan assets		(1,326,986	)		(1,171,346	)		(663,493	)		(585,673	)
Amortization of unrecognized transition obligation		-			-			-			-
Amortization of unrecognized prior service cost		6,928			14,940			3,464			7,470
Amortization of unrecognized net loss		661,136			338,226			330,568			169,113
Net periodic pension expense	$	800,000		$	486,000		$	400,000		$	243,000
Supplemental Pension
Service cost, benefits earned during the period	$	17,384		$	15,312		$	8,692		$	7,656
Interest cost on projected benefit obligation		25,546			26,887			12,773			13,443
Expected return on plan assets		-			-			-			-
Amortization of unrecognized prior service cost		-			-			-			-
Amortization of unrecognized net loss		9,960			4,732			4,980			2,366
Net periodic supplemental pension expense	$	52,890		$	46,931		$	26,445		$	23,465
Postretirement, Medical and Life
Service cost, benefits earned during the period	$	17,500		$	16,500		$	8,750		$	8,250
Interest cost on projected benefit obligation		36,000			37,500			18,000			18,750
Expected return on plan assets		-			-			-			-
Amortization of unrecognized prior service cost		(48,500	)		(48,500	)		(24,250	)		(24,250	)
Amortization of unrecognized net gain		-			-			-			-
Net periodic postretirement, medical and life expense	$	5,000		$	5,500		$	2,500		$	2,750

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Loans and Allowance for Loan Losses, Impaired Loans (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	$ 4,718.415		$ 4,718.415		$ 10,062,239
Allowance for Loan Losses Allocated	1,333,019		1,333,019		1,942,206
Recorded Investment	4,705,648		4,705,648		10,057,943
Average Recorded Investment	4,720,748	9,484,257	6,542,481	9,014,516
Interest Income Recognized	1,123	157,841	2,289	168,641
With Allowance Recorded [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	2,318,714		2,318,714		2,360,252
Allowance for Loan Losses Allocated	1,195,684		1,195,684		1,528,651
Recorded Investment	2,318,982		2,318,982		2,360,267
Average Recorded Investment	2,341,810	1,948,091	2,347,963	1,306,572
Interest Income Recognized	0	144,242	0	144,242
With Allowance Recorded [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	0		0		8,295
Allowance for Loan Losses Allocated	0		0		8,295
Recorded Investment	0		0		8,295
Average Recorded Investment	4,148	20,008	5,530	30,318
Interest Income Recognized	0	0	0	0
With Allowance Recorded [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	1,139,635		1,139,635		3,727,097
Allowance for Loan Losses Allocated	134,466		134,466		405,260
Recorded Investment	1,139,546		1,139,546		3,724,166
Average Recorded Investment	1,302,796	646,603	2,109,919	703,733
Interest Income Recognized	0	0	0	0
With Allowance Recorded [Member] | Residential mortgages [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	128,005		128,005		0
Allowance for Loan Losses Allocated	2,869		2,869		0
Recorded Investment	128,005		128,005		0
Average Recorded Investment	0	0	42,668	0
Interest Income Recognized	0	0	0	0
With no related allowance recorded [Member] | Commercial, financial and agricultural [Member] | Commercial and industrial [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	180,672		180,672		2,914,401
Allowance for Loan Losses Allocated	0		0		0
Recorded Investment	180,785		180,785		2,914,776
Average Recorded Investment	143,367	3,116,317	1,067,170	3,141,620
Interest Income Recognized	0	10,933	0	18,759
With no related allowance recorded [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Construction [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	10,454		10,454		10,454
Allowance for Loan Losses Allocated	0		0		0
Recorded Investment	10,454		10,454		10,454
Average Recorded Investment	10,454	30,559	10,454	31,128
Interest Income Recognized	0	0	0	0
With no related allowance recorded [Member] | Commercial, financial and agricultural [Member] | Commercial mortgages [Member] | Other [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	928,897		928,897		862,815
Allowance for Loan Losses Allocated	0		0		0
Recorded Investment	915,838		915,838		860,648
Average Recorded Investment	811,005	3,402,624	827,553	3,451,644
Interest Income Recognized	0	0	0	0
With no related allowance recorded [Member] | Residential mortgages [Member]
Loans individually evaluated for impairment [Abstract]
Unpaid Principal Balance	12,038		12,038		178,925
Allowance for Loan Losses Allocated	0		0		0
Recorded Investment	12,038		12,038		179,337
Average Recorded Investment	77,384	320,055	111,368	349,501
Interest Income Recognized	0	3,266	0	5,640
With no related allowance recorded [Member] | Consumer Loan [Member] | Home equity lines and loans [Member]
Loans individually evaluated for impairment [Abstract]
Average Recorded Investment	29,784	0	19,856	0
Interest Income Recognized	$ 1,123	$ 0	$ 2,289	$ 0

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Stock Based Compensation

6 Months Ended

Jun. 30, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation

12.        Stock Based Compensation

Board of Director's Stock Compensation

Members of the Board of Directors receive common shares of the Corporation equal in value to the amount of fees individually earned during the previous year for service as a director.  The common shares are distributed to the Corporation's individual board members from treasury shares of the Corporation on or about January 15 following the calendar year of service.

Additionally, the President and CEO of the Corporation, who does not receive cash compensation as a member of the Board of Directors, is awarded common shares equal in value to the average of those awarded to board members not employed by the Corporation who have served for twelve (12) months during the prior year.

During January 2012, 10,238 shares were re-issued from treasury to fund the stock component of directors' compensation.  An expense of $107 thousand related to this compensation was recognized during the period ending June 30, 2012.  This expense is accrued as shares are earned.

Restricted Stock Plan

Pursuant to the Corporation's Restricted Stock Plan (the "Plan") the Corporation may make discretionary grants of restricted stock to officers other than the Corporation's Chief Executive Officer.  Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date.  The maximum number of shares as to which stock awards may be granted under the Plan is 10,000 per year, with these shares vesting over a 5 year period.

A summary of restricted stock activity from December 31, 2011 to June 30, 2012 is presented below:

	Shares			Weighted -Average  Grant  Date Fair  Value
Nonvested at December 31, 2011		12,458		$	22.33
Granted		1,079			23.18
Vested		(624	)		22.47
Forfeited or Cancelled		-			-
Nonvested at June 30, 2012		12,913		$	22.40

As of June 30, 2012, there was $254,191 of total unrecognized compensation cost related to nonvested shares granted under the Plan.  The cost is expected to be recognized over a weighted-average period of 4.12 years.