PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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.