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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
PARENT COMPANY FINANCIAL INFORMATION

Condensed parent company only financial statement information of Chemung Financial Corporation is as follows (investment in subsidiaries is recorded using the equity method of accounting) (in thousands):

BALANCE SHEETS - DECEMBER 31
 
2015
 
2014
Assets:
 
 
 
 
Cash on deposit with subsidiary bank
 
$
1,795

 
$
3,200

Investment in subsidiary - Chemung Canal Trust Company
 
133,263

 
128,081

Investment in subsidiary - CFS Group, Inc.
 
994

 
908

Dividends receivable from subsidiary bank
 
1,214

 
1,204

Securities available for sale, at estimated fair value
 
337

 
346

Other assets
 
907

 
1,129

Total assets
 
$
138,510

 
$
134,868

Liabilities and shareholders' equity:
 
 

 
 

Dividends payable
 
1,214

 
1,204

Other liabilities
 
54

 
36

Total liabilities
 
1,268

 
1,240

Shareholders' equity:
 
 

 
 

Total shareholders' equity
 
137,242

 
133,628

Total liabilities and shareholders' equity
 
$
138,510

 
$
134,868



STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31
 
2015
 
2014
 
2013
Dividends from subsidiary bank
 
$
2,424

 
$
4,805

 
$
4,778

Interest and dividend income
 
9

 
10

 
9

Other income
 
—

 
—

 
132

Operating expenses
 
270

 
261

 
324

Income before impact of subsidiaries' undistributed earnings
 
2,163

 
4,554

 
4,595

Equity in undistributed earnings of Chemung Canal Trust Company
 
7,015

 
3,307

 
3,873

Equity in undistributed earnings of CFS Group, Inc.
 
86

 
129

 
139

Income before income tax
 
9,264

 
7,990

 
8,607

Income tax benefit
 
(169
)
 
(167
)
 
(124
)
Net Income
 
$
9,433

 
$
8,157

 
$
8,731



STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31
 
2015
 
2014
 
2013
Cash flows from operating activities:
 
 
 
 
 
 
Net Income
 
$
9,433

 
$
8,157

 
$
8,731

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

 
 

Equity in undistributed earnings of Chemung Canal Trust Company
 
(7,015
)
 
(3,307
)
 
(3,873
)
Equity in undistributed earnings of CFS Group, Inc.
 
(86
)
 
(129
)
 
(139
)
Change in dividend receivable
 
(10
)
 
(9
)
 
(1,195
)
Change in other assets
 
222

 
126

 
558

Change in other liabilities
 
(23
)
 
110

 
79

Expense related to employee stock compensation
 
93

 
117

 
112

Expense related to restricted stock units for directors' deferred compensation plan
 
95

 
94

 
99

Expense to employee restricted stock awards
 
314

 
151

 
131

Net cash provided by operating activities
 
3,023

 
5,310

 
4,503

Cash flow from financing activities:
 
 

 
 

 
 

Cash dividends paid
 
(4,833
)
 
(4,796
)
 
(3,583
)
Purchase of treasury stock
 
(33
)
 
—

 
(93
)
Sale of treasury stock
 
438

 
—

 
71

Net cash used in financing activities
 
(4,428
)
 
(4,796
)
 
(3,605
)
Increase (decrease) in cash and cash equivalents
 
(1,405
)
 
514

 
898

Cash and cash equivalents at beginning of year
 
3,200

 
2,686

 
1,788

Cash and cash equivalents at end of year
 
$
1,795

 
$
3,200

 
$
2,686