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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
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 |  | 2024 |  | 2023
Assets: |  |  |  |
Cash and cash equivalents |  | $ | 2,252 |  |  | $ | 6,635 |
Investment in subsidiary - Chemung Canal Trust Company |  | 209,709 |  |  | 185,159 |
Investment in subsidiary - CFS Group, Inc. |  | 1,450 |  |  | 1,418 |
Dividends receivable from subsidiary bank |  | — |  |  | 1,469 |
Equity investments, at fair value |  | 180 |  |  | 204 |
Other assets |  | 1,977 |  |  | 1,850 |
Total assets |  | $ | 215,568 |  |  | $ | 196,735 |
Liabilities and shareholders' equity: |  |  |  |
Dividends payable |  | $ | — |  |  | $ | 1,469 |
Other liabilities |  | 259 |  |  | 25 |
Total liabilities |  | 259 |  |  | 1,494 |
Shareholders' equity: |  |  |  |
Total shareholders' equity |  | 215,309 |  |  | 195,241 |
Total liabilities and shareholders' equity |  | $ | 215,568 |  |  | $ | 196,735 |
Parent Company Statement of Income |
STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31 |  | 2024 |  | 2023 |  |
Dividends from subsidiary bank and non-bank |  | $ | 1,475 |  |  | $ | 7,204 |  |  |
Interest and dividend income |  | 35 |  |  | 11 |  |  |
Non-interest income |  | (24) |  |  | (125) |  |  |
Non-interest expenses |  | 296 |  |  | 345 |  |  |
Income before impact of subsidiaries' undistributed earnings |  | 1,190 |  |  | 6,745 |  |  |
Equity in undistributed earnings of Chemung Canal Trust Company |  | 22,344 |  |  | 18,267 |  |  |
Equity in undistributed earnings of CFS Group, Inc. |  | 32 |  |  | 124 |  |  |
Distributed earnings of Chemung Risk Management, Inc.1 |  | — |  |  | (301) |  |  |
Income before income tax |  | 23,566 |  |  | 24,835 |  |  |
Income tax benefit |  | (105) |  |  | (165) |  |  |
Net income |  | $ | 23,671 |  |  | $ | 25,000 |  |  |
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 |  | 2024 |  | 2023 |  |
Cash flows from operating activities: |  |  |  |  |  |
Net Income |  | $ | 23,671 |  |  | $ | 25,000 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in undistributed earnings of Chemung Canal Trust Company |  | (22,344) |  |  | (18,267) |  |  |
Equity in undistributed earnings of CFS Group, Inc. |  | (32) |  |  | (124) |  |  |
Distributed earnings of Chemung Risk Management, Inc.1 |  | — |  |  | 301 |  |  |
Change in dividend receivable |  | 1,469 |  |  | (14) |  |  |
Change in other assets |  | (127) |  |  | (122) |  |  |
Change in other liabilities |  | (1,002) |  |  | (1,085) |  |  |
Expense related to restricted stock units directors' deferred compensation plan |  | 21 |  |  | 20 |  |  |
Expense related to employee restricted stock awards |  | 1,238 |  |  | 1,139 |  |  |
Net cash provided by operating activities |  | 2,894 |  |  | 6,848 |  |  |
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 |  | (7,365) |  |  | (5,840) |  |  |
Purchase of treasury stock |  | (344) |  |  | (316) |  |  |
Sale of treasury stock |  | 430 |  |  | 601 |  |  |
Net cash used in financing activities |  | (7,279) |  |  | (5,555) |  |  |
Increase (decrease) in cash and cash equivalents |  | (4,385) |  |  | 3,927 |  |  |
Cash and cash equivalents at beginning of year |  | 6,635 |  |  | 2,708 |  |  |
Cash and cash equivalents at end of year |  | $ | 2,250 |  |  | $ | 6,635 |  |  |
1 Chemung Risk Management, Inc. was dissolved effective December 6, 2023.

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