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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2011
PARENT COMPANY FINANCIAL INFORMATION [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
(16)           PARENT COMPANY FINANCIAL INFORMATION

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):

BALANCE SHEETS - DECEMBER 31
 
2011
   
2010
 
Assets:
           
Cash on deposit with subsidiary bank
 
$
1,122,470
   
$
1,265,305
 
Investment in subsidiary-Chemung Canal Trust Company
   
121,462,184
     
92,881,477
 
Investment in subsidiary-CFS Group, Inc.
   
586,431
     
542,266
 
Dividends receivable from subsidiary bank
   
1,141,082
     
881,203
 
Securities available for sale, at estimated fair value
   
307,064
     
295,276
 
Other assets
   
2,578,311
     
2,517,801
 
  Total assets
 
$
127,197,542
   
$
98,383,328
 
Liabilities and shareholders' equity:
               
Dividends payable
   
1,141,082
     
881,203
 
Other liabilities
   
127,020
     
93,562
 
  Total liabilities
   
1,268,102
     
974,765
 
Shareholders' equity:
               
  Total shareholders' equity
   
125,929,440
     
97,408,563
 
  Total liabilities and shareholders' equity
 
$
127,197,542
   
$
98,383,328
 
 

STATEMENTS OF INCOME - YEARS ENDED DECEMBER 31
 
2011
   
2010
   
2009
 
Dividends from subsidiary bank
 
$
11,916,475
   
$
3,520,584
   
$
11,021,685
 
Interest and dividend income
   
8,127
     
3,451
     
7,168
 
Gain on security transactions
   
-
     
-
     
9,130
 
Other income
   
776,672
     
388,190
     
138,483
 
Operating expenses
   
227,847
     
209,794
     
164,956
 
Income before impact of subsidiaries' earnings and distributions and income taxes
   
12,473,427
     
3,702,431
     
11,011,510
 
Equity in (dividends in excess of earnings ) undistributed earnings
  of Chemung Canal Trust Company
   
(1,837,241
)
   
6,391,013
     
(5,753,397
)
Equity in undistributed earnings (losses) of CFS Group, Inc.
   
44,166
     
9,335
     
(99,458
)
Income before income tax
   
10,680,352
     
10,102,779
     
5,158,655
 
Income tax expense(benefit)
   
142,597
     
906
     
(74,180
)
Net Income
 
$
10,537,755
   
$
10,101,873
   
$
5,232,835
 


STATEMENTS OF CASH FLOWS - YEARS ENDED DECEMBER 31
 
2011
   
2010
   
2009
 
Cash flows from operating activities:
                 
Net Income
 
$
10,537,755
   
$
10,101,873
   
$
5,232,835
 
Adjustments to reconcile net income to net cash provided by operating activities:
                       
Equity in dividends in excess of earnings (undistributed earnings) 
  of Chemung Canal Trust Company
   
1,837,241
     
(6,391,013
)
   
5,753,397
 
Equity in undistributed (earnings) losses of CFS Group, Inc.
   
(44,166
)
   
(9,335
)
   
99,458
 
Gain on sales of securities transactions
   
-
     
-
     
(9,130
)
Increase in dividend receivable
   
(259,879
)
   
(1,115
)
   
(4,650
)
(Increase) decrease in other assets
   
(60,510
)
   
(19,789
)
   
136,587
 
(Decrease) increase in other liabilities
   
136,602
     
704,097
     
131,816
 
Expense related to employee stock compensation
   
55,000
     
55,000
     
50,000
 
Expense related to restricted stock units for directors' deferred compensation plan
   
80,083
     
111,772
     
104,929
 
Expense to employee restricted stock awards
   
28,141
     
1,143
     
-
 
   Net cash provided by operating activities
   
12,310,267
     
4,552,633
     
11,495,242
 
Cash flow from investing activities:
                       
Cash paid Canton Bancorp acquisition
   
-
     
-
     
(7,651,632
)
Cash paid Fort Orange Financial Corp. acquisition
   
(8,137,816
)
   
-
     
-
 
Proceeds from sales of securities available for sale
   
-
     
-
     
112,880
 
Purchase of securities available for sale
   
-
     
-
     
(103,750
)
   Net cash used by investing activities
   
(8,137,816
)
   
-
     
(7,642,502
)
Cash flow from financing activities:
                       
Cash dividends paid
   
(4,056,597
)
   
(3,519,470
)
   
(3,517,034
)
Purchase of treasury stock
   
(501,299
)
   
(425,567
)
   
(156,143
)
Sale of treasury stock
   
242,610
     
127,500
     
229,520
 
   Net cash used in financing activities
   
(4,315,286
)
   
(3,817,537
)
   
(3,443,657
)
   (Decrease) increase in cash and cash equivalents
   
(142,835
)
   
735,096
     
409,083
 
Cash and cash equivalents at beginning of year
   
1,265,305
     
530,209
     
121,126
 
Cash and cash equivalents at end of year
 
$
1,122,470
   
$
1,265,305
   
$
530,209