PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

PARENT COMPANY FINANCIAL INFORMATION [Abstract]

Parent Company Statement of Financial Position

BALANCE SHEETS - DECEMBER 31	2013		2012
Assets:
Cash on deposit with subsidiary bank	$	2,685,601	$	1,788,169
Investment in subsidiary-Chemung Canal Trust Company		133,557,084		126,597,837
Investment in subsidiary-CFS Group, Inc.		778,949		640,229
Dividends receivable from subsidiary bank		1,194,522		-
Securities available for sale, at estimated fair value		342,898		304,190
Other assets		1,255,162		1,813,162
Total assets	$	139,814,216	$	131,143,587
Liabilities and shareholders' equity:
Dividends payable		1,194,522		-
Other liabilities		41,700		28,650
Total liabilities		1,236,222		28,650
Shareholders' equity:
Total shareholders' equity		138,577,994		131,114,937
Total liabilities and shareholders' equity	$	139,814,216	$	131,143,587

Parent Company Statement of Income

STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31	2013			2012			2011
Dividends from subsidiary bank	$	4,778,149		$	4,572,958		$	11,916,475
Interest and dividend income		8,629			7,372			8,127
Other income		132,574			150,136			776,672
Operating expenses		324,122			331,441			227,847
Income before impact of subsidiaries' undistributed earnings or distributions in excess of earnings and income taxes		4,595,230			4,399,025			12,473,427
Equity in undistributed earnings (dividends in excess of earnings) of Chemung Canal Trust Company		3,873,011			6,410,993			(1,837,241	)
Equity in undistributed earnings of CFS Group, Inc.		138,720			53,798			44,166
Income before income tax		8,606,961			10,863,816			10,680,352
Income tax (benefit) expense		(124,095	)		(158,424	)		142,597
Net Income	$	8,731,056		$	11,022,240		$	10,537,755

Parent Company Statement of Cash Flows

STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31	2013			2012			2011
Cash flows from operating activities:
Net Income	$	8,731,056		$	11,022,240		$	10,537,755
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in (undistributed earnings) dividends in excess of earnings of Chemung Canal Trust Company		(3,873,011	)		(6,410,993	)		1,837,241
Equity in undistributed earnings of CFS Group, Inc.		(138,720	)		(53,798	)		(44,166	)
Change in dividend receivable		(1,194,522	)		1,141,081			(259,879	)
Change in other assets		558,000			765,150			(60,510	)
Change in other liabilities		78,117			48,081			161,692
Expense related to employee stock compensation		112,154			80,000			55,000
Expense related to restricted stock units for directors' deferred compensation plan		98,815			86,717			80,083
Expense to employee restricted stock awards		130,920			79,510			28,141
Net cash provided by operating activities		4,502,809			6,757,988			12,335,357
Cash flow from investing activities:
Cash paid Fort Orange Financial Corp. acquisition		-			-			(8,137,816	)
Net cash used by investing activities		-			-			(8,137,816	)
Cash flow from financing activities:
Cash dividends paid		(3,583,627	)		(5,714,039	)		(4,056,597	)
Purchase of treasury stock		(92,630	)		(635,800	)		(501,299	)
Sale of treasury stock		70,880			257,550			217,520
Net cash used in financing activities		(3,605,377	)		(6,092,289	)		(4,340,376	)
Increase (Decrease) in cash and cash equivalents		897,432			665,699			(142,835	)
Cash and cash equivalents at beginning of year		1,788,169			1,122,470			1,265,305
Cash and cash equivalents at end of year	$	2,685,601		$	1,788,169		$	1,122,470