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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 Income (Loss)
Accumulated Other Comprehensive Income (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 21,198             21,198            
Other comprehensive income (loss) (13,422)                       (13,422)  
Restricted stock awards 837         837                
Restricted stock units for directors' deferred compensation plan 15         15                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (217)         217      
Cash dividends declared (4,385)             (4,385)            
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] 512         144         368      
Forfeiture of shares of restricted stock awards (1)         11         (12)      
Ending balance at Sep. 30, 2023 170,064     53   47,974   227,596     (16,880)   (88,679)  
Beginning balance at Jun. 30, 2023 177,426     53   47,740   221,412     (17,033)   (74,746)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 7,648             7,648            
Other comprehensive income (loss) (13,933)                       (13,933)  
Restricted stock awards 289         289                
Restricted stock units for directors' deferred compensation plan 5         5                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (86)         86      
Cash dividends declared (1,464)             (1,464)            
Sale of shares of treasury stock [3] 93         26         67      
Ending balance at Sep. 30, 2023 170,064     53   47,974   227,596     (16,880)   (88,679)  
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 17,757             17,757            
Other comprehensive income (loss) 10,878                       10,878  
Restricted stock awards 922         922                
Restricted stock units for directors' deferred compensation plan 15         15                
Distribution of shares of treasury stock grants for employee restricted stock awards 0         (171)         171      
Cash dividends declared (4,421)             (4,421)            
Distribution of shares of treasury stock for directors' compensation 0         (217)         217      
Repurchase of shares of common stock (92)                   (92)      
Sale of shares of treasury stock [2] 354         130         224      
Forfeiture of shares of restricted stock awards 0         5         (5)      
Ending balance at Sep. 30, 2024 220,654     53   48,457   243,266     (15,987)   (55,135)  
Beginning balance at Jun. 30, 2024 201,222     53   48,102   239,021     (16,043)   (69,911)  
Increase (Decrease) in Shareholders' Equity [Roll Forward]                            
Net income 5,720             5,720            
Other comprehensive income (loss) 14,776                       14,776  
Restricted stock awards 309         309                
Restricted stock units for directors' deferred compensation plan 5         5                
Cash dividends declared (1,475)             (1,475)            
Repurchase of shares of common stock (10)                   (10)      
Sale of shares of treasury stock [3] 107         41         66      
Ending balance at Sep. 30, 2024 $ 220,654     $ 53   $ 48,457   $ 243,266     $ (15,987)   $ (55,135)  
[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.