XML 42 R26.htm IDEA: XBRL DOCUMENT v3.22.1
PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information 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 3120212020
Assets:
Cash on deposit with subsidiary bank$2,473 $2,243 
Investment in subsidiary - Chemung Canal Trust Company203,373 192,364 
Investment in subsidiary - CFS Group, Inc.1,074 876 
Investment in subsidiary - Chemung Risk Management, Inc.2,661 2,563 
Dividends receivable from subsidiary bank1,450 1,214 
Securities available for sale, at estimated fair value391 377 
Other assets1,517 1,420 
Total assets$212,939 $201,057 
Liabilities and shareholders' equity:  
Dividends payable$1,450 $1,214 
Other liabilities34 144 
Total liabilities1,484 1,358 
Shareholders' equity:  
Total shareholders' equity211,455 199,699 
Total liabilities and shareholders' equity$212,939 $201,057 


STATEMENTS OF INCOME - YEARS ENDED DECEMBER 3120212020
Dividends from subsidiary bank and non-bank$6,854 $10,806 
Interest and dividend income4 5 
Non-interest income85 (50)
Non-interest expenses432 503 
Income before impact of subsidiaries' undistributed earnings6,511 10,258 
Equity in undistributed earnings of Chemung Canal Trust Company19,492 8,204 
Equity in undistributed earnings of CFS Group, Inc.198 8 
Equity in undistributed earnings of Chemung Risk Management, Inc.98 610 
Income before income tax26,299 19,080 
Income tax benefit(126)(182)
Net income$26,425 $19,262 
STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 3120212020
Cash flows from operating activities:
Net Income$26,425 $19,262 
Adjustments to reconcile net income to net cash provided by operating activities:  
Equity in undistributed earnings of Chemung Canal Trust Company(19,492)(8,204)
Equity in undistributed earnings of CFS Group, Inc.(198)(8)
Equity in undistributed earnings of Chemung Risk Management, Inc.(98)(610)
Change in dividend receivable(236)(1,214)
Change in other assets(97)(154)
Change in other liabilities(252)8 
Expense related to employee stock compensation132 101 
Expense related to restricted stock units for directors' deferred compensation plan19 29 
Expense to employee restricted stock awards535 672 
Net cash provided by operating activities6,738 9,882 
Cash flow from financing activities:  
Cash dividends paid(5,318)(5,006)
Purchase of treasury stock(1,616)(7,589)
Sale of treasury stock426 1,018 
Net cash used in financing activities(6,508)(11,577)
Increase (decrease) in cash and cash equivalents230 (1,695)
Cash and cash equivalents at beginning of year2,243 3,938 
Cash and cash equivalents at end of year$2,473 $2,243