PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

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	2020		2019
Assets:
Cash on deposit with subsidiary bank	$	2,243	$	3,938
Investment in subsidiary - Chemung Canal Trust Company	192,364		175,470
Investment in subsidiary - CFS Group, Inc.	876		868
Investment in subsidiary - Chemung Risk Management, Inc.	2,563		1,954
Dividends receivable from subsidiary bank	1,214		—
Securities available for sale, at estimated fair value	377		492
Other assets	1,420		1,266
Total assets	$	201,057	$	183,988
Liabilities and shareholders' equity:
Dividends payable	$	1,214	$	1,263
Other liabilities	144		98
Total liabilities	1,358		1,361
Shareholders' equity:
Total shareholders' equity	199,699		182,627
Total liabilities and shareholders' equity	$	201,057	$	183,988

Parent Company Statement of Income

STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31	2020		2019		2018
Dividends from subsidiary bank and non-bank	$	10,806	$	4,516	$	3,187
Interest and dividend income	5		9		10
Non-interest income	(50)		(62)		(20)
Non-interest expenses	503		439		477
Income before impact of subsidiaries' undistributed earnings	10,258		4,024		2,700
Equity in undistributed earnings of Chemung Canal Trust Company	8,204		11,220		16,670
Equity in undistributed earnings of CFS Group, Inc.	8		(4)		(32)
Equity in undistributed earnings of Chemung Risk Management, Inc.	610		205		124
Income before income tax	19,080		15,445		19,462
Income tax benefit	(182)		(164)		(164)
Net income	$	19,262	$	15,609	$	19,626

Parent Company Statement of Cash Flows

STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31	2020		2019		2018
Cash flows from operating activities:
Net Income	$	19,262	$	15,609	$	19,626
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of Chemung Canal Trust Company	(8,204)		(11,220)		(16,670)
Equity in undistributed earnings of CFS Group, Inc.	(8)		4		32
Equity in undistributed earnings of Chemung Risk Management, Inc.	(610)		(205)		(124)
Change in dividend receivable	(1,214)		—		1,233
Change in other assets	(154)		(196)		(32)
Change in other liabilities	6		(48)		773
Expense related to employee stock compensation	101		100		89
Expense related to restricted stock units for directors' deferred compensation plan	29		42		67
Expense to employee restricted stock awards	672		503		405
Net cash provided by operating activities	9,880		4,589		5,399
Cash flow from financing activities:
Cash dividends paid	(5,006)		(5,029)		(4,969)
Purchase of treasury stock	(7,589)		(185)		(112)
Sale of treasury stock	1,018		585		643
Net cash used in financing activities	(11,577)		(4,629)		(4,438)
Increase (decrease) in cash and cash equivalents	(1,697)		(40)		961
Cash and cash equivalents at beginning of year	3,938		3,978		3,017
Cash and cash equivalents at end of year	$	2,241	$	3,938	$	3,978