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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Cumulative effect adjustment for the adoption of ASC 326
 [1]
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Cumulative effect adjustment for the adoption of ASC 326
 [1]
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury Stock
Treasury Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2022 $ 166,388 $ (1,076) $ 165,312 $ 53 $ 53 $ 47,331 $ 47,331 $ 211,859 $ (1,076) $ 210,783 $ (17,598) $ (17,598) $ (75,257) $ (75,257)
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 13,550             13,550            
Other comprehensive income (loss) 511                       511  
Restricted stock awards 548         548                
Restricted stock units for directors' deferred compensation plan 10         10                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (131)         131      
Cash dividends declared (2,921)             (2,921)            
Distribution of shares of treasury stock for directors' compensation 96         (147)         243      
Repurchase of shares of common stock (98)                   (98)      
Sale of shares of treasury stock [2] 419         118         301      
Forfeiture of shares of restricted stock awards (1)         11         (12)      
Ending balance at Jun. 30, 2023 177,426     53   47,740   221,412     (17,033)   (74,746)  
Beginning balance at Mar. 31, 2023 177,342     53   47,387   216,594     (17,219)   (69,473)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 6,280             6,280            
Other comprehensive income (loss) (5,273)                       (5,273)  
Restricted stock awards 285         285                
Restricted stock units for directors' deferred compensation plan 5         5                
Cash dividends declared (1,462)             (1,462)            
Sale of shares of treasury stock [3] 250         52         198      
Forfeiture of shares of restricted stock awards (1)         11         (12)      
Ending balance at Jun. 30, 2023 177,426     53   47,740   221,412     (17,033)   (74,746)  
Beginning balance at Dec. 31, 2023 195,241     53   47,773   229,930     (16,502)   (66,013)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 12,037             12,037            
Other comprehensive income (loss) (3,898)                       (3,898)  
Restricted stock awards 613         613                
Restricted stock units for directors' deferred compensation plan 10         10                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (171)         171      
Cash dividends declared (2,946)             (2,946)            
Distribution of shares of treasury stock for directors' compensation 0         (217)         217      
Repurchase of shares of common stock (82)                   (82)      
Sale of shares of treasury stock [2] 247         89         158      
Forfeiture of shares of restricted stock awards 0         5         (5)      
Ending balance at Jun. 30, 2024 201,222     53   48,102   239,021     (16,043)   (69,911)  
Beginning balance at Mar. 31, 2024 197,128     53   47,794   235,506     (16,147)   (70,078)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 4,987             4,987            
Other comprehensive income (loss) 167                       167  
Restricted stock awards 305         305                
Restricted stock units for directors' deferred compensation plan 5         5                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (39)         39      
Cash dividends declared (1,472)             (1,472)            
Sale of shares of treasury stock [3] 102         32         70      
Forfeiture of shares of restricted stock awards 0         5         (5)      
Ending balance at Jun. 30, 2024 $ 201,222     $ 53   $ 48,102   $ 239,021     $ (16,043)   $ (69,911)  
[1] Due to implementation of ASC 326.
[2] All treasury stock sales were completed at the prevailing market price with the Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan which is a defined contribution plan sponsored by the Bank
[3] All treasury stock sales were completed at the prevailing market price with the Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan which is a defined contribution plan sponsored by the Bank.