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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information 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 3120222021
Assets:
Cash on deposit with subsidiary bank$2,708 $2,473 
Investment in subsidiary - Chemung Canal Trust Company157,493 203,373 
Investment in subsidiary - CFS Group, Inc.1,294 1,074 
Investment in subsidiary - Chemung Risk Management, Inc.2,887 2,661 
Dividends receivable from subsidiary bank1,455 1,450 
Securities available for sale, at estimated fair value329 391 
Other assets1,728 1,517 
Total assets$167,894 $212,939 
Liabilities and shareholders' equity:  
Dividends payable$1,455 $1,450 
Other liabilities51 34 
Total liabilities1,506 1,484 
Shareholders' equity:  
Total shareholders' equity166,388 211,455 
Total liabilities and shareholders' equity$167,894 $212,939 


STATEMENTS OF INCOME - YEARS ENDED DECEMBER 3120222021
Dividends from subsidiary bank and non-bank$7,051 $6,854 
Interest and dividend income7 4 
Non-interest income10 85 
Non-interest expenses586 432 
Income before impact of subsidiaries' undistributed earnings6,482 6,511 
Equity in undistributed earnings of Chemung Canal Trust Company21,638 19,492 
Equity in undistributed earnings of CFS Group, Inc.220 198 
Equity in undistributed earnings of Chemung Risk Management, Inc.250 98 
Income before income tax28,590 26,299 
Income tax benefit(193)(126)
Net income$28,783 $26,425 
STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 3120222021
Cash flows from operating activities:
Net Income$28,783 $26,425 
Adjustments to reconcile net income to net cash provided by operating activities:  
Equity in undistributed earnings of Chemung Canal Trust Company(21,638)(19,492)
Equity in undistributed earnings of CFS Group, Inc.(220)(198)
Equity in undistributed earnings of Chemung Risk Management, Inc.(250)(98)
Change in dividend receivable(5)(236)
Change in other assets(211)(97)
Change in other liabilities(733)(252)
Expense related to employee stock compensation— 132 
Expense related to restricted stock units directors' deferred compensation plan20 19 
Expense to employee restricted stock awards795 535 
Net cash provided by operating activities6,541 6,738 
Cash flow from financing activities:  
Cash dividends paid(5,797)(5,318)
Purchase of treasury stock(933)(1,616)
Sale of treasury stock424 426 
Net cash used in financing activities(6,306)(6,508)
Increase (decrease) in cash and cash equivalents235 230 
Cash and cash equivalents at beginning of year2,473 2,243 
Cash and cash equivalents at end of year$2,708 $2,473