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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2014
PARENT COMPANY FINANCIAL INFORMATION [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) (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 |
Parent Company Statement of Income |
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 |
Parent Company Statement of Cash Flows |
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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