XML 37 R46.htm IDEA: XBRL DOCUMENT v3.20.1
PARENT COMPANY FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information 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
 
2019
 
2018
Assets:
 
 
 
 
Cash on deposit with subsidiary bank
 
$
3,938

 
$
3,978

Investment in subsidiary - Chemung Canal Trust Company
 
175,470

 
158,166

Investment in subsidiary - CFS Group, Inc.
 
868

 
873

Investment in subsidiary - Chemung Risk Management, Inc.
 
1,954

 
1,748

Dividends receivable from subsidiary bank
 
—

 
—

Securities available for sale, at estimated fair value
 
492

 
554

Other assets
 
1,266

 
1,071

Total assets
 
$
183,988

 
$
166,390

Liabilities and shareholders' equity:
 
 

 
 

Dividends payable
 
$
1,263

 
$
1,254

Other liabilities
 
98

 
107

Total liabilities
 
1,361

 
1,361

Shareholders' equity:
 
 

 
 

Total shareholders' equity
 
182,627

 
165,029

Total liabilities and shareholders' equity
 
$
183,988

 
$
166,390
Parent Company Statement of Income
STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31
 
2019
 
2018
 
2017
Dividends from subsidiary bank and non-bank
 
$
4,516

 
$
3,187

 
$
4,926

Interest and dividend income
 
9

 
10

 
10

Non-interest income
 
(62
)
 
(20
)
 
22

Non-interest expenses
 
439

 
477

 
433

Income before impact of subsidiaries' undistributed earnings
 
4,024

 
2,700

 
4,525

Equity in undistributed earnings of Chemung Canal Trust Company
 
11,220

 
16,670

 
1,939

Equity in undistributed earnings of CFS Group, Inc.
 
(4
)
 
(32
)
 
(42
)
Equity in undistributed earnings of Chemung Risk Management, Inc.
 
205

 
124

 
791

Income before income tax
 
15,445

 
19,462

 
7,213

Income tax benefit
 
(164
)
 
(164
)
 
(217
)
Net income
 
$
15,609

 
$
19,626

 
$
7,430
Parent Company Statement of Cash Flows
STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31
 
2019
 
2018
 
2017
Cash flows from operating activities:
 
 
 
 
 
 
Net Income
 
$
15,609

 
$
19,626

 
$
7,430

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

 
 

 
 

Equity in undistributed earnings of Chemung Canal Trust Company
 
(11,220
)
 
(16,670
)
 
(1,939
)
Equity in undistributed earnings of CFS Group, Inc.
 
4

 
32

 
42

Equity in undistributed earnings of Chemung Risk Management, Inc.
 
(205
)
 
(124
)
 
(791
)
Change in dividend receivable
 
—

 
1,233

 
(8
)
Change in other assets
 
(196
)
 
(32
)
 
(214
)
Change in other liabilities
 
(48
)
 
773

 
51

Expense related to employee stock compensation
 
100

 
89

 
200

Expense related to restricted stock units for directors' deferred compensation plan
 
42

 
67

 
98

Expense to employee restricted stock awards
 
503

 
405

 
210

Net cash provided by operating activities
 
4,589

 
5,399

 
5,079

Cash flow from financing activities:
 
 

 
 

 
 

Cash dividends paid
 
(5,029
)
 
(4,969
)
 
(4,919
)
Purchase of treasury stock
 
(185
)
 
(112
)
 
(61
)
Sale of treasury stock
 
585

 
643

 
582

Net cash used in financing activities
 
(4,629
)
 
(4,438
)
 
(4,398
)
Increase (decrease) in cash and cash equivalents
 
(40
)
 
961

 
681

Cash and cash equivalents at beginning of year
 
3,978

 
3,017

 
2,336

Cash and cash equivalents at end of year
 
$
3,938

 
$
3,978

 
$
3,017