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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative effect adjustment for the adoption of ASC 326
[2]
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Cumulative effect adjustment for the adoption of ASC 326
[2]
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury Stock
Treasury Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2021 $ 211,455     $ 53   $ 46,901   $ 188,877     $ (17,846)   $ (6,530)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 21,344             21,344            
Other comprehensive loss (73,351)                       (73,351)  
Restricted stock awards 486         486                
Restricted stock units for directors' deferred compensation plan 195         195                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (112)         112      
Cash dividends declared (4,347)             (4,347)            
Distribution of treasury stock for directors' compensation 105         (139)         244      
Repurchase of shares of common stock (695)                   (695)      
Sale of shares of treasury stock [1] 328         124         204      
Forfeitures of shares of restricted stock awards (2)         32         (34)      
Ending balance at Sep. 30, 2022 155,518     53   47,487   205,874     (18,015)   (79,881)  
Beginning balance at Dec. 31, 2021 211,455     53   46,901   188,877     (17,846)   (6,530)  
Ending balance at Dec. 31, 2022 $ 166,388 $ (1,076) $ 165,312 53 $ 53 47,331 $ 47,331 211,859 $ (1,076) $ 210,783 (17,598) $ (17,598) (75,257) $ (75,257)
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-13 [Member]                          
Beginning balance at Jun. 30, 2022 $ 174,690     53   47,196   200,870     (18,084)   (55,345)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 6,453             6,453            
Other comprehensive loss (24,536)                       (24,536)  
Restricted stock awards 153         153                
Restricted stock units for directors' deferred compensation plan 95         95                
Cash dividends declared (1,449)             (1,449)            
Sale of shares of treasury stock [1] 112         41         71      
Forfeitures of shares of restricted stock awards           2         (2)      
Ending balance at Sep. 30, 2022 155,518     53   47,487   205,874     (18,015)   (79,881)  
Beginning balance at Dec. 31, 2022 166,388 $ (1,076) $ 165,312 53 $ 53 47,331 $ 47,331 211,859 $ (1,076) $ 210,783 (17,598) $ (17,598) (75,257) $ (75,257)
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 21,198             21,198            
Other comprehensive loss (13,422)                       (13,422)  
Restricted stock awards 837         837                
Restricted stock units for directors' deferred compensation plan 15         15                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (217)         217      
Cash dividends declared (4,385)             (4,385)            
Distribution of treasury stock for directors' compensation 96         (147)         243      
Repurchase of shares of common stock (98)                   (98)      
Sale of shares of treasury stock [1] 512         144         368      
Forfeitures of shares of restricted stock awards (1)         11         (12)      
Ending balance at Sep. 30, 2023 170,064     53   47,974   227,596     (16,880)   (88,679)  
Beginning balance at Jun. 30, 2023 177,426     53   47,740   221,412     (17,033)   (74,746)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 7,648             7,648            
Other comprehensive loss (13,933)                       (13,933)  
Restricted stock awards 289         289                
Restricted stock units for directors' deferred compensation plan 5         5                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (86)         86      
Cash dividends declared (1,464)             (1,464)            
Sale of shares of treasury stock [1] 93         26         67      
Ending balance at Sep. 30, 2023 $ 170,064     $ 53   $ 47,974   $ 227,596     $ (16,880)   $ (88,679)  
[1] All treasury stock sales were completed at the prevailing market price with the Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan which is a defined contribution plan sponsored by the Bank.
[2] Due to implementation of ASC 326. See "Adoption of New Accounting Standards" discussion in Note 1.