PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

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	2022		2021
Assets:
Cash on deposit with subsidiary bank	$	2,708	$	2,473
Investment in subsidiary - Chemung Canal Trust Company	157,493		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 bank	1,455		1,450
Securities available for sale, at estimated fair value	329		391
Other assets	1,728		1,517
Total assets	$	167,894	$	212,939
Liabilities and shareholders' equity:
Dividends payable	$	1,455	$	1,450
Other liabilities	51		34
Total liabilities	1,506		1,484
Shareholders' equity:
Total shareholders' equity	166,388		211,455
Total liabilities and shareholders' equity	$	167,894	$	212,939

Parent Company Statement of Income

STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31	2022		2021
Dividends from subsidiary bank and non-bank	$	7,051	$	6,854
Interest and dividend income	7		4
Non-interest income	10		85
Non-interest expenses	586		432
Income before impact of subsidiaries' undistributed earnings	6,482		6,511
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
Income before income tax	28,590		26,299
Income tax benefit	(193)		(126)
Net income	$	28,783	$	26,425

Parent Company Statement of Cash Flows

STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31	2022		2021
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 plan	20		19
Expense to employee restricted stock awards	795		535
Net cash provided by operating activities	6,541		6,738
Cash flow from financing activities:
Cash dividends paid	(5,797)		(5,318)
Purchase of treasury stock	(933)		(1,616)
Sale of treasury stock	424		426
Net cash used in financing activities	(6,306)		(6,508)
Increase (decrease) in cash and cash equivalents	235		230
Cash and cash equivalents at beginning of year	2,473		2,243
Cash and cash equivalents at end of year	$	2,708	$	2,473