XML 59 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
PARENT COMPANY FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Parent Company Statement of Financial Position
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
 
2017
 
2016
Assets:
 
 
 
 
Cash on deposit with subsidiary bank
 
$
3,017

 
$
2,336

Investment in subsidiary - Chemung Canal Trust Company
 
142,884

 
138,469

Investment in subsidiary - CFS Group, Inc.
 
904

 
946

Investment in subsidiary - Chemung Risk Management, Inc.
 
1,624

 
833

Dividends receivable from subsidiary bank
 
1,233

 
1,225

Securities available for sale, at estimated fair value
 
420

 
386

Other assets
 
1,039

 
825

Total assets
 
$
151,121

 
$
145,020

Liabilities and shareholders' equity:
 
 

 
 

Dividends payable
 
$
1,233

 
$
1,225

Other liabilities
 
75

 
47

Total liabilities
 
1,308

 
1,272

Shareholders' equity:
 
 

 
 

Total shareholders' equity
 
149,813

 
143,748

Total liabilities and shareholders' equity
 
$
151,121

 
$
145,020
Parent Company Statement of Income
STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31
 
2017
 
2016
 
2015
Dividends from subsidiary bank
 
$
4,926

 
$
4,889

 
$
2,424

Interest and dividend income
 
10

 
9

 
9

Non-interest income
 
22

 
—

 
—

Non-interest expenses
 
433

 
526

 
270

Income before impact of subsidiaries' undistributed earnings
 
4,525

 
4,372

 
2,163

Equity in undistributed earnings of Chemung Canal Trust Company
 
1,939

 
4,856

 
7,015

Equity in undistributed earnings of CFS Group, Inc.
 
(42
)
 
(48
)
 
86

Equity in undistributed earnings of Chemung Risk Management, Inc.
 
791

 
583

 
—

Income before income tax
 
7,213

 
9,763

 
9,264

Income tax benefit
 
(217
)
 
(264
)
 
(169
)
Net Income
 
$
7,430

 
$
10,027

 
$
9,433
Parent Company Statement of Cash Flows
STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31
 
2017
 
2016
 
2015
Cash flows from operating activities:
 
 
 
 
 
 
Net Income
 
$
7,430

 
$
10,027

 
$
9,433

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

 
 

 
 

Equity in undistributed earnings of Chemung Canal Trust Company
 
(1,939
)
 
(4,856
)
 
(7,015
)
Equity in undistributed earnings of CFS Group, Inc.
 
42

 
48

 
(86
)
Equity in undistributed earnings of Chemung Risk Management, Inc.
 
(791
)
 
(583
)
 
—

Change in dividend receivable
 
(8
)
 
(11
)
 
(10
)
Change in other assets
 
(214
)
 
82

 
222

Change in other liabilities
 
51

 
(203
)
 
(23
)
Expense related to employee stock compensation
 
200

 
210

 
93

Expense related to restricted stock units for directors' deferred compensation plan
 
98

 
97

 
95

Expense to employee restricted stock awards
 
210

 
192

 
314

Net cash provided by operating activities
 
5,079

 
5,003

 
3,023

Cash flow from financing activities:
 
 

 
 

 
 

Cash dividends paid
 
(4,919
)
 
(4,878
)
 
(4,833
)
Purchase of treasury stock
 
(61
)
 
(22
)
 
(33
)
Sale of treasury stock
 
582

 
438

 
438

Net cash used in financing activities
 
(4,398
)
 
(4,462
)
 
(4,428
)
Increase (decrease) in cash and cash equivalents
 
681

 
541

 
(1,405
)
Cash and cash equivalents at beginning of year
 
2,336

 
1,795

 
3,200

Cash and cash equivalents at end of year
 
$
3,017

 
$
2,336

 
$
1,795