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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2014
PARENT COMPANY FINANCIAL INFORMATION [Abstract] |
PARENT COMPANY FINANCIAL INFORMATION | (15) 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) (amounts in thousands):
BALANCE SHEETS - DECEMBER 31 |  | 2014 |  |  | 2013 |
Assets: |  |  |  |  |  |
Cash on deposit with subsidiary bank |  | $ | 3,200 |  |  | $ | 2,686 |
Investment in subsidiary - Chemung Canal Trust Company |  |  | 128,081 |  |  |  | 133,557 |
Investment in subsidiary - CFS Group, Inc. |  |  | 908 |  |  |  | 779 |
Dividends receivable from subsidiary bank |  |  | 1,204 |  |  |  | 1,195 |
Securities available for sale, at estimated fair value |  |  | 346 |  |  |  | 343 |
Other assets |  |  | 1,129 |  |  |  | 1,254 |
Total assets |  | $ | 134,868 |  |  | $ | 139,814 |
Liabilities and shareholders' equity: |  |  |  |  |  |  |  |
Dividends payable |  |  | 1,204 |  |  |  | 1,195 |
Other liabilities |  |  | 36 |  |  |  | 41 |
Total liabilities |  |  | 1,240 |  |  |  | 1,236 |
Shareholders' equity: |  |  |  |  |  |  |  |
Total shareholders' equity |  |  | 133,628 |  |  |  | 138,578 |
Total liabilities and shareholders' equity |  | $ | 134,868 |  |  | $ | 139,814 |
STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31 |  | 2014 |  |  | 2013 |  |  | 2012 |
Dividends from subsidiary bank |  | $ | 4,805 |  |  | $ | 4,778 |  |  | $ | 4,573 |
Interest and dividend income |  |  | 10 |  |  |  | 9 |  |  |  | 7 |
Other income |  |  | - |  |  |  | 132 |  |  |  | 150 |
Operating expenses |  |  | 261 |  |  |  | 324 |  |  |  | 331 |
Income before impact of subsidiaries' undistributed earnings |  |  | 4,554 |  |  |  | 4,595 |  |  |  | 4,399 |
Equity in undistributed earnings of Chemung Canal Trust Company |  |  | 3,307 |  |  |  | 3,873 |  |  |  | 6,411 |
Equity in undistributed earnings of CFS Group, Inc. |  |  | 129 |  |  |  | 139 |  |  |  | 54 |
Income before income tax |  |  | 7,990 |  |  |  | 8,607 |  |  |  | 10,864 |
Income tax benefit |  |  | (167 | ) |  |  | (124 | ) |  |  | (158 | )
Net Income |  | $ | 8,157 |  |  | $ | 8,731 |  |  | $ | 11,022 |
STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31 |  | 2014 |  |  | 2013 |  |  | 2012 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net Income |  | $ | 8,157 |  |  | $ | 8,731 |  |  | $ | 11,022 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of Chemung Canal Trust Company |  |  | (3,307 | ) |  |  | (3,873 | ) |  |  | (6,411 | )
Equity in undistributed earnings of CFS Group, Inc. |  |  | (129 | ) |  |  | (139 | ) |  |  | (54 | )
Change in dividend receivable |  |  | (9 | ) |  |  | (1,195 | ) |  |  | 1,141 |
Change in other assets |  |  | 126 |  |  |  | 558 |  |  |  | 765 |
Change in other liabilities |  |  | 110 |  |  |  | 79 |  |  |  | 48 |
Expense related to employee stock compensation |  |  | 117 |  |  |  | 112 |  |  |  | 80 |
Expense related to restricted stock units for directors' deferred compensation plan |  |  | 94 |  |  |  | 99 |  |  |  | 87 |
Expense to employee restricted stock awards |  |  | 151 |  |  |  | 131 |  |  |  | 80 |
Net cash provided by operating activities |  |  | 5,310 |  |  |  | 4,503 |  |  |  | 6,758 |
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid |  |  | (4,796 | ) |  |  | (3,583 | ) |  |  | (5,714 | )
Purchase of treasury stock |  |  | - |  |  |  | (93 | ) |  |  | (636 | )
Sale of treasury stock |  |  | - |  |  |  | 71 |  |  |  | 258 |
Net cash used in financing activities |  |  | (4,796 | ) |  |  | (3,605 | ) |  |  | (6,092 | )
Increase in cash and cash equivalents |  |  | 514 |  |  |  | 898 |  |  |  | 666 |
Cash and cash equivalents at beginning of year |  |  | 2,686 |  |  |  | 1,788 |  |  |  | 1,122 |
Cash and cash equivalents at end of year |  | $ | 3,200 |  |  | $ | 2,686 |  |  | $ | 1,788 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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