PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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