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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
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 31 |  | 2023 |  | 2022
Assets: |  |  |  |
Cash and cash equivalents |  | $ | 6,635 |  |  | $ | 2,708 |
Investment in subsidiary - Chemung Canal Trust Company |  | 185,159 |  |  | 157,493 |
Investment in subsidiary - CFS Group, Inc. |  | 1,418 |  |  | 1,294 |
Investment in subsidiary - Chemung Risk Management, Inc.1 |  | — |  |  | 2,887 |
Dividends receivable from subsidiary bank |  | 1,469 |  |  | 1,455 |
Equity investments, at fair value |  | 204 |  |  | 329 |
Other assets |  | 1,850 |  |  | 1,728 |
Total assets |  | $ | 196,735 |  |  | $ | 167,894 |
Liabilities and shareholders' equity: |  |  |  |
Dividends payable |  | $ | 1,469 |  |  | $ | 1,455 |
Other liabilities |  | 25 |  |  | 51 |
Total liabilities |  | 1,494 |  |  | 1,506 |
Shareholders' equity: |  |  |  |
Total shareholders' equity |  | 195,241 |  |  | 166,388 |
Total liabilities and shareholders' equity |  | $ | 196,735 |  |  | $ | 167,894 |
1 Chemung Risk Management, Inc. was dissolved effective December 6, 2023.
STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31 |  | 2023 |  | 2022 |  |
Dividends from subsidiary bank and non-bank |  | $ | 7,204 |  |  | $ | 7,051 |  |  |
Interest and dividend income |  | 11 |  |  | 7 |  |  |
Non-interest income |  | (125) |  |  | 10 |  |  |
Non-interest expenses |  | 345 |  |  | 586 |  |  |
Income before impact of subsidiaries' undistributed earnings |  | 6,745 |  |  | 6,482 |  |  |
Equity in undistributed earnings of Chemung Canal Trust Company |  | 18,267 |  |  | 21,638 |  |  |
Equity in undistributed earnings of CFS Group, Inc. |  | 124 |  |  | 220 |  |  |
Distributed earnings of Chemung Risk Management, Inc.1 |  | (301) |  |  | 250 |  |  |
Income before income tax |  | 24,835 |  |  | 28,590 |  |  |
Income tax benefit |  | (165) |  |  | (193) |  |  |
Net income |  | $ | 25,000 |  |  | $ | 28,783 |  |  |
1 Chemung Risk Management, Inc. was dissolved effective December 6, 2023.
STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31 |  | 2023 |  | 2022 |  |
Cash flows from operating activities: |  |  |  |  |  |
Net Income |  | $ | 25,000 |  |  | $ | 28,783 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in undistributed earnings of Chemung Canal Trust Company |  | (18,267) |  |  | (21,638) |  |  |
Equity in undistributed earnings of CFS Group, Inc. |  | (124) |  |  | (220) |  |  |
Distributed earnings of Chemung Risk Management, Inc.1 |  | 301 |  |  | (250) |  |  |
Change in dividend receivable |  | (14) |  |  | (5) |  |  |
Change in other assets |  | (122) |  |  | (211) |  |  |
Change in other liabilities |  | (1,085) |  |  | (733) |  |  |
Expense related to restricted stock units directors' deferred compensation plan |  | 20 |  |  | 20 |  |  |
Expense to employee restricted stock awards |  | 1,139 |  |  | 795 |  |  |
Net cash provided by operating activities |  | 6,848 |  |  | 6,541 |  |  |
Cash flow from investing activities: |  |  |  |  |  |
Proceeds from dissolution of Chemung Risk Management, Inc.1 |  | 2,634 |  |  | — |  |  |
Net cash provided by investing activities |  | 2,634 |  |  | — |  |  |
Cash flow from financing activities: |  |  |  |  |  |
Cash dividends paid |  | (5,840) |  |  | (5,797) |  |  |
Purchase of treasury stock |  | (316) |  |  | (933) |  |  |
Sale of treasury stock |  | 601 |  |  | 424 |  |  |
Net cash used in financing activities |  | (5,555) |  |  | (6,306) |  |  |
Increase (decrease) in cash and cash equivalents |  | 3,927 |  |  | 235 |  |  |
Cash and cash equivalents at beginning of year |  | 2,708 |  |  | 2,473 |  |  |
Cash and cash equivalents at end of year |  | $ | 6,635 |  |  | $ | 2,708 |  |  |
1 Chemung Risk Management, Inc. was dissolved effective December 6, 2023.

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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/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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