PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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.