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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
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) (in thousands):

BALANCE SHEETS - DECEMBER 31
 
2016
 
2015
Assets:
 
 
 
 
Cash on deposit with subsidiary bank
 
$
2,336

 
$
1,795

Investment in subsidiary - Chemung Canal Trust Company
 
138,469

 
133,263

Investment in subsidiary - CFS Group, Inc.
 
946

 
994

Investment in subsidiary - Chemung Risk Management, Inc.
 
833

 
—

Dividends receivable from subsidiary bank
 
1,225

 
1,214

Securities available for sale, at estimated fair value
 
386

 
337

Other assets
 
825

 
907

Total assets
 
$
145,020

 
$
138,510

Liabilities and shareholders' equity:
 
 

 
 

Dividends payable
 
$
1,225

 
$
1,214

Other liabilities
 
47

 
54

Total liabilities
 
1,272

 
1,268

Shareholders' equity:
 
 

 
 

Total shareholders' equity
 
143,748

 
137,242

Total liabilities and shareholders' equity
 
$
145,020

 
$
138,510



STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31
 
2016
 
2015
 
2014
Dividends from subsidiary bank
 
$
4,889

 
$
2,424

 
$
4,805

Interest and dividend income
 
9

 
9

 
10

Operating expenses
 
526

 
270

 
261

Income before impact of subsidiaries' undistributed earnings
 
4,372

 
2,163

 
4,554

Equity in undistributed earnings of Chemung Canal Trust Company
 
4,856

 
7,015

 
3,307

Equity in undistributed earnings of CFS Group, Inc.
 
(48
)
 
86

 
129

Equity in undistributed earnings of Chemung Risk Management, Inc.
 
583

 
—

 
—

Income before income tax
 
9,763

 
9,264

 
7,990

Income tax benefit
 
(264
)
 
(169
)
 
(167
)
Net Income
 
$
10,027

 
$
9,433

 
$
8,157



STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31
 
2016
 
2015
 
2014
Cash flows from operating activities:
 
 
 
 
 
 
Net Income
 
$
10,027

 
$
9,433

 
$
8,157

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

 
 

Equity in undistributed earnings of Chemung Canal Trust Company
 
(4,856
)
 
(7,015
)
 
(3,307
)
Equity in undistributed earnings of CFS Group, Inc.
 
48

 
(86
)
 
(129
)
Equity in undistributed earnings of Chemung Risk Management, Inc.
 
(583
)
 
—

 
—

Change in dividend receivable
 
(11
)
 
(10
)
 
(9
)
Change in other assets
 
82

 
222

 
126

Change in other liabilities
 
(203
)
 
(23
)
 
110

Expense related to employee stock compensation
 
210

 
93

 
117

Expense related to restricted stock units for directors' deferred compensation plan
 
97

 
95

 
94

Expense to employee restricted stock awards
 
192

 
314

 
151

Net cash provided by operating activities
 
5,003

 
3,023

 
5,310

Cash flow from financing activities:
 
 

 
 

 
 

Cash dividends paid
 
(4,878
)
 
(4,833
)
 
(4,796
)
Purchase of treasury stock
 
(22
)
 
(33
)
 
—

Sale of treasury stock
 
438

 
438

 
—

Net cash used in financing activities
 
(4,462
)
 
(4,428
)
 
(4,796
)
Increase (decrease) in cash and cash equivalents
 
541

 
(1,405
)
 
514

Cash and cash equivalents at beginning of year
 
1,795

 
3,200

 
2,686

Cash and cash equivalents at end of year
 
$
2,336

 
$
1,795

 
$
3,200