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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [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) (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 |
Parent Company Statement of Income |
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.
Parent Company Statement of Cash Flows |
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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