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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly period ended September 30, 2023
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File No. 001-35741
chemungfinanciallogoa05.jpg
CHEMUNG FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
 
New York16-1237038
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
One Chemung Canal Plaza, Elmira, NY
14901
(Address of principal executive offices)(Zip Code)
 
(607) 737-3711 or (800) 836-3711
(Registrant's telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading SymbolName of exchange on which registered
Common stock, par value $.01 per shareCHMGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes: ☒         No: ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes: ☒        No: ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Non-accelerated filer
Accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes:       No: ☒
The number of shares of the registrant's common stock, $.01 par value, outstanding on November 1, 2023 was 4,722,636.




CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES

INDEX

  PAGES
 
   
 
   
 
   
 
 
 
 
 
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   
 
   
 
2



GLOSSARY OF ABBREVIATIONS AND TERMS

To assist the reader the Corporation has provided the following list of commonly used abbreviations and terms included in the Notes to the Unaudited Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Abbreviations
ACLAllowance for Credit Losses
AFSAvailable for sale securities
ALCOAsset-Liability Committee
AOCIAccumulated Other Comprehensive Income
ASCAccounting Standards Codification
ASUAccounting Standards Update
BankChemung Canal Trust Company
Basel IIIThe Third Basel Accord of the Basel Committee on Banking Supervision
Board of DirectorsBoard of Directors of Chemung Financial Corporation
BOLIBank Owned Life Insurance
BTFPBank Term Funding Program
CAMCommon Area Maintenance Charges
CDARSCertificate of Deposit Account Registry Service
CDOCollateralized Debt Obligation
CECLCurrent expected credit loss
CFSCFS Group, Inc.
CorporationChemung Financial Corporation
CRMChemung Risk Management, Inc.
Dodd-Frank ActThe Dodd-Frank Wall Street Reform and Consumer Protection Act
EPSEarnings per share
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBNYFederal Home Loan Bank of New York
FRBBoard of Governors of the Federal Reserve System
FRBNYFederal Reserve Bank of New York
Freddie MacFederal Home Loan Mortgage Corporation
GAAPU.S. Generally Accepted Accounting Principles
HTMHeld to maturity securities
ICSInsured Cash Sweep Service
IFRSInternational Financial Reporting Standards
LGDLoss given default
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
NAICSNorth American Industry Classification System
N/MNot meaningful
OPEBOther postemployment benefits
OREOOther real estate owned
PDProbability of default
3



Regulatory Relief ActEconomic Growth, Regulatory Relief, and Consumer Protection Act
ROAReturn on average assets
ROEReturn on average equity
RWARisk-weighted assets
SBASmall Business Administration
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933
Tax ActTax Cuts and Jobs Act of 2017
TDRsTroubled debt restructurings
WMGWealth Management Group

Terms
Allowance for Credit Losses Replaces the Allowance for Loan and Lease Losses as the contra asset account used to represent the lifetime amount the Corporation anticipates will be unrecoverable from its assets. The ACL conforms to the CECL requirements as outlined in ASU 2016-13, and was implemented by the Corporation on January 1, 2023.
Allowance for credit losses to total loansRepresents period-end allowance for credit losses divided by retained loans.
Assets under administrationRepresents assets that are beneficially owned by clients and all investment decisions pertaining to these assets are also made by clients.
Assets under managementRepresents assets that are managed on behalf of clients.
Basel IA set of international banking regulations, which set out the minimum capital requirements of financial institutions with the goal of minimizing credit risk. The main focus was mainly on credit risk by creating a bank asset classification system.
Basel III
A comprehensive set of reform measures designed to improve the regulation, supervision, and risk management within the banking sector. The reforms require banks to maintain proper leverage ratios and meet certain capital requirements.
Benefit obligationRefers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for OPEB plans.
Brokered depositsRefers to deposits obtained from or through the mediation or assistance of a deposit broker.
Capital BankDivision of Chemung Canal Trust Company located in the “Capital Region” of New York State and includes the counties of Albany, Saratoga, and Schenectady.
Captive insurance companyA company that provides risk-mitigation services for its parent company.
CDARSProduct involving a network of financial institutions that exchange certificates of deposits among members in order to ensure FDIC insurance coverage on customer deposits above the single institution limit. Using a sophisticated matching system, funds are exchanged on a dollar-for-dollar basis, so that the equivalent of an original deposit comes back to the originating institution.
Collateralized debt obligationA structured financial product that pools together cash flow-generating assets, such as mortgages, bonds, and loans.
Collateralized mortgage obligationsA type of mortgage-backed security with principal repayments organized according to their maturities and into different classes based on risk.  The mortgages serve as collateral and are organized into classes based on their risk profile.
Dodd-Frank ActThe Dodd-Frank Act was enacted on July 21, 2010 and significantly changed the bank regulatory landscape and has impacted and will continue to impact the lending, deposit, investment, trading, and operating activities of financial institutions and their holding companies. The Dodd-Frank Act requires various federal agencies to adopt a broad range of new rules and regulations, and to prepare various studies and reports for Congress.
Employee Retention Tax CreditThe Employee Retention Tax Credit is a refundable payroll tax credit available to eligible employers as defined by the CARES Act of 2020, and amended by the Consolidated Appropriations Act of 2021 and American Rescue Plan Act of 2021.
4



Fully taxable equivalent basisIncome from tax-exempt loans and investment securities that have been increased by an amount equivalent to the taxes that would have been paid if this income were taxable at statutory rates; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
GAAPAccounting principles generally accepted in the United States of America.
Holding companyConsists of the operations for Chemung Financial Corporation (parent only).
ICSProduct involving a network of financial institutions that exchange interest-bearing money market deposits among members in order to ensure FDIC insurance coverage on customer deposits above the single institution limit.  Using a sophisticated matching system, funds are exchanged on a dollar-for-dollar basis, so that the equivalent of an original deposit comes back to the originating institution.
Loans held for saleResidential real estate loans originated for sale on the secondary market with maturities from 15-30 years.
Long term lease obligationAn obligation extending beyond the current year, which is related to a long term finance lease that is considered to have the economic characteristics of asset ownership.
Mortgage-backed securitiesA type of asset-backed security that is secured by a collection of mortgages.
Municipal clientsA political unit, such as a city, town, or village, incorporated for local self-government.
N/AData is not applicable or available for the period presented.
N/MNot meaningful.
Non-GAAPA calculation not made according to GAAP.
Obligations of state and political subdivisionsAn obligation that is guaranteed by the full faith and credit of a state or political subdivision that has the power to tax.
Obligations of U.S. GovernmentA federally guaranteed obligation backed by the full power of the U.S. government, including Treasury bills, Treasury notes and Treasury bonds.
Obligations of U.S. Government sponsored enterprisesObligations of agencies originally established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress; these obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
OREORepresents real property owned by the Corporation, which is not directly related to its business and is most frequently the result of a foreclosure on real property.
Political subdivisionA county, city, town, or other municipal corporation, a public authority, or a publicly-owned entity that is an instrumentality of a state or a municipal corporation.
Pre-provision profit/(loss)Represents total net revenue less non-interest expense, before income tax expense (benefit). The Corporation believes that this financial measure is useful in assessing the ability of a bank to generate income in excess of its provision for credit losses.
Regulatory Relief ActThe Economic Growth, Regulatory Relief and Consumer Protection Act was enacted on May 24, 2018 provides certain limited amendments to the Dodd-Frank Act, as well as certain targeted modifications to other post-financial crisis regulatory requirements. In addition, the legislation establishes new consumer protections and amends various securities- and investment company-related requirements.
RWARisk-weighted assets consist of on- and off-balance sheet assets that are assigned to one of several broad risk categories and weighted by factors representing their risk and potential for default. On-balance sheet assets are risk-weighted based on the perceived credit risk associated with the obligor or counterparty, the nature of any collateral, and the guarantor, if any. Off-balance sheet assets such as lending-related commitments, guarantees, derivatives and other applicable off-balance sheet positions are risk-weighted by multiplying the contractual amount by the appropriate credit conversion factor to determine the on-balance sheet credit equivalent amount, which is then risk-weighted based on the same factors used for on-balance sheet assets. Risk-weighted assets also incorporate a measure for market risk related to applicable trading assets-debt and equity instruments. The resulting risk-weighted values for each of the risk categories are then aggregated to determine total risk-weighted assets.
SBA loan poolsBusiness loans partially guaranteed by the SBA.
Securities sold under agreements to repurchaseSale of securities together with an agreement for the seller to buy back the securities at a later date.
5



Tax ActThe Tax Act was enacted on December 22, 2017 and amended the Internal Revenue Code of 1986. The legislation reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent, with some related business deductions and credits being either reduced or eliminated.
TDRPrior to the adoption of ASU 2022-02 on January 1, 2023, a TDR was deemed to occur when the Corporation modified the original terms of a loan agreement by granting a concession to a borrower that was experiencing financial difficulty.
Trust preferred securitiesA hybrid security with characteristics of both subordinated debt and preferred stock which allows for early redemption by the issuer, makes fixed or variable payments, and matures at face value.
UnauditedFinancial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.
WMGProvides services as executor and trustee under wills and agreements, and guardian, custodian, trustee and agent for pension, profit-sharing and other employee benefit trusts, as well as various investment, financial planning, pension, estate planning and employee benefit administration services.

6



CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)September 30,
2023
December 31,
2022
ASSETS
Cash and due from financial institutions$52,563 $29,309 
Interest-earning deposits in other financial institutions23,017 26,560 
Total cash and cash equivalents75,580 55,869 
Equity investments, at estimated fair value2,811 2,830 
Securities available for sale, at estimated fair value (amortized cost of $683,837, net of allowance for credit losses of $0 at September 30, 2023; and amortized cost of $729,198, net of allowance for credit losses on securities of $0 at December 31, 2022)
569,004 632,589 
Securities held to maturity, estimated fair value of $1,779 at September 30, 2023 and $2,402 at December 31, 2022 (net of allowance for credit losses of $0 at September 30, 2023 and December 31, 2022, respectively)
1,804 2,424 
FHLBNY and FRBNY Stock, at cost4,053 8,197 
Loans, net of deferred loan fees1,930,688 1,829,448 
Allowance for credit losses (1)
(20,252)(19,659)
Loans, net1,910,436 1,809,789 
Premises and equipment, net15,036 16,113 
Operating lease right-of-use assets5,850 6,449 
Goodwill21,824 21,824 
Bank-owned life insurance2,903 2,871 
Interest rate swap assets32,923 27,141 
Accrued interest receivable and other assets65,610 59,457 
Total assets$2,707,834 $2,645,553 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Deposits: 
Non-interest-bearing$683,348 $733,329 
Interest-bearing1,790,151 1,593,898 
Total deposits2,473,499 2,327,227 
FHLBNY overnight advances 95,810 
Long term finance lease obligation3,120 3,327 
Operating lease liabilities6,028 6,620 
Dividends payable1,463 1,455 
Interest rate swap liabilities32,923 27,196 
Accrued interest payable and other liabilities20,737 17,530 
Total liabilities2,537,770 2,479,165 
Shareholders' equity: 
Common stock, $0.01 par value per share, 10,000,000 shares authorized;
  5,310,076 issued at September 30, 2023 and December 31, 2022
53 53 
Additional paid-in capital47,974 47,331 
Retained earnings227,596 211,859 
Treasury stock, at cost; 589,004 shares at September 30, 2023 and 615,448
  shares at December 31, 2022
(16,880)(17,598)
Accumulated other comprehensive loss(88,679)(75,257)
Total shareholders' equity170,064 166,388 
Total liabilities and shareholders' equity$2,707,834 $2,645,553 
(1)Effective January 1, 2023, the allowance calculation is based upon Current Expected Credit loss methodology. Prior to January 1, 2023, the allowance calculation was based upon incurred loss methodology. Refer to Note 1 for further discussion.
See accompanying notes to unaudited consolidated financial statements.
7



CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
(in thousands, except per share data)2023202220232022
Interest and dividend income:
Loans, including fees$25,033 $17,670 $71,113 $47,541 
Taxable securities3,537 2,982 10,750 8,533 
Tax exempt securities258 267 778 805 
Interest-earning deposits187 80 400 116 
Total interest and dividend income29,015 20,999 83,041 56,995 
Interest expense:    
Deposits10,721 1,805 24,577 3,322 
Borrowed funds277 204 1,905 365 
Total interest expense10,998 2,009 26,482 3,687 
Net interest income18,017 18,990 56,559 53,308 
Provision (credit) for credit losses (1)
449 1,255 962 (1,634)
Net interest income after provision for credit losses17,568 17,735 55,597 54,942 
Non-interest income:    
WMG fee income2,533 2,403 7,716 7,788 
Service charges on deposit accounts1,018 989 2,918 2,789 
Interchange revenue from debit card transactions1,141 1,126 3,468 3,462 
Changes in fair value of equity investments(68)(93)(99)(448)
Net gains (losses) on sales of loans held for sale67 7 90 106 
Net gains on sales of other real estate owned 22 14 68 
Income from bank-owned life insurance11 12 32 34 
Other3,106 570 4,539 2,219 
Total non-interest income7,808 5,036 18,678 16,018 
Non-interest expenses:    
Salaries and wages6,542 6,550 20,029 18,829 
Pension and other employee benefits1,979 2,024 5,467 5,679 
Other components of net periodic pension and postretirement benefits(174)(413)(522)(1,224)
Net occupancy 1,337 1,269 4,242 4,065 
Furniture and equipment 353 493 1,232 1,340 
Data processing2,480 2,087 7,334 6,742 
Professional services554 442 1,596 1,627 
Amortization of intangible assets   15 
Marketing and advertising 218 266 720 726 
Other real estate owned 10 12 49 (17)
FDIC insurance525 389 1,608 987 
Loan expense249 (64)789 327 
Other1,595 1,522 4,873 4,491 
Total non-interest expenses15,668 14,577 47,417 43,587 
Income before income tax expense9,708 8,194 26,858 27,373 
Income tax expense 2,060 1,741 5,660 6,029 
Net income $7,648 $6,453 $21,198 $21,344 
Weighted average shares outstanding4,736 4,692 4,729 4,691 
Basic and diluted earnings per share$1.61 $1.37 $4.48 $4.55 

(1)Effective January 1, 2023, the allowance calculation is based upon Current Expected Credit loss methodology. Prior to January 1, 2023, the allowance calculation was based upon incurred loss methodology. Refer to Note 1 for further discussion.
See accompanying notes to unaudited consolidated financial statements.
8



CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
(in thousands)2023202220232022
Net income$7,648 $6,453 $21,198 $21,344 
Other comprehensive loss    
Unrealized holding losses on securities available for sale(18,893)(33,266)(18,224)(99,431)
Tax effect(4,952)(8,719)(4,776)(26,050)
Net of tax amount(13,941)(24,547)(13,448)(73,381)
Change in funded status of defined benefit pension plan and other benefit plans:   
Reclassification adjustment for amortization of net actuarial loss12 16 36 41 
Total before tax effect12 16 36 41 
Tax effect4 5 10 11 
Net of tax amount8 11 26 30 
Total other comprehensive loss(13,933)(24,536)(13,422)(73,351)
Comprehensive income (loss)$(6,285)$(18,083)$7,776 $(52,007)
See accompanying notes to unaudited consolidated financial statements.
9




CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)

(in thousands, except share and per share data)Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal
Balances at June 30, 2022$53 $47,196 $200,870 $(18,084)$(55,345)$174,690 
Net income— — 6,453 — — 6,453 
Other comprehensive loss— — — — (24,536)(24,536)
Restricted stock awards— 153 — — — 153 
Restricted stock units for directors' deferred compensation plan— 95 — — — 95 
Cash dividends declared ($0.31 per share)
— — (1,449)— — (1,449)
Sale of 2,540 shares of treasury stock (a)
— 41 — 71 — 112 
Forfeiture of 48 shares of restricted stock awards
— 2 — (2)— — 
Balances at September 30, 2022$53 $47,487 $205,874 $(18,015)$(79,881)$155,518 
Balances at June 30, 2023$53 $47,740 $221,412 $(17,033)$(74,746)$177,426 
Net income— — 7,648 — — 7,648 
Other comprehensive loss— — — — (13,933)(13,933)
Restricted stock awards— 289 — — — 289 
Restricted stock units for directors' deferred compensation plan— 5 — — — 5 
Distribution of 2,981 shares of treasury stock grants for employee restricted stock awards
— (86)— 86 —  
Cash dividends declared ($0.31 per share)
— — (1,464)— — (1,464)
Sale of 2,359 shares of treasury stock (a)
— 26 — 67 — 93 
Balances at September 30, 2023$53 $47,974 $227,596 $(16,880)$(88,679)$170,064 
(a) 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.


See accompanying notes to unaudited consolidated financial statements.
10



CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)
(in thousands, except share and per share data)Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal
Balances at January 1, 2022$53 $46,901 $188,877 $(17,846)$(6,530)$211,455 
Net income— — 21,344 — — 21,344 
Other comprehensive loss— — — — (73,351)(73,351)
Restricted stock awards— 486 — — — 486 
Restricted stock units for directors' deferred compensation plan— 195 — — — 195 
Distribution of 3,985 shares of treasury stock grants for employee restricted stock awards
— (112)— 112 —  
Cash dividends declared ($0.93 per share)
— — (4,347)— — (4,347)
Distribution of 8,575 shares of treasury stock for directors' compensation
— (139)— 244 — 105 
Repurchase of 15,388 shares of common stock
— — — (695)— (695)
Sale of 7,222 shares of treasury stock (a)
— 124 — 204 — 328 
Forfeiture of 729 shares of restricted stock awards
— 32 — (34)— (2)
Balances at September 30, 2022$53 $47,487 $205,874 $(18,015)$(79,881)$155,518 
Balances at January 1, 2023$53 $47,331 $211,859 $(17,598)$(75,257)$166,388 
Cumulative effect of accounting change (b)— — (1,076)— — (1,076)
Balances at January 1, 2023, as adjusted53 47,331 210,783 (17,598)(75,257)165,312 
Net income— — 21,198 — — 21,198 
Other comprehensive loss— — — — (13,422)(13,422)
Restricted stock awards— 837 — — — 837 
Restricted stock units for directors' deferred compensation plan— 15 — — — 15 
Distribution of 7,558 shares of treasury stock grants for employee restricted stock awards
— (217)— 217 —  
Cash dividends declared ($0.93 per share)
— — (4,385)— — (4,385)
Distribution of 8,492 shares of treasury stock for directors' compensation
— (147)— 243 — 96 
Repurchase of 2,148 shares of common stock
— — — (98)— (98)
Sale of 12,868 shares of treasury stock (a)
— 144 — 368 — 512 
Forfeiture of 326 shares of restricted stock awards
— 11 — (12)— (1)
Balances at September 30, 2023$53 $47,974 $227,596 $(16,880)$(88,679)$170,064 

(a) 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.
(b) Due to implementation of ASC 326. See "Adoption of New Accounting Standards" discussion in Note 1.
See accompanying notes to unaudited consolidated financial statements.
11



CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)Nine Months Ended 
 September 30,
CASH FLOWS FROM OPERATING ACTIVITIES:20232022
Net income$21,198 $21,344 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of right-of-use assets599 588 
Amortization of intangible assets 15 
Provision (credit) for credit losses (1)
962 (1,634)
Loss on disposal of fixed assets3 20 
Depreciation and amortization of fixed assets1,533 1,691 
Amortization of premiums on securities, net1,880 3,143 
Gain on sales of loans held for sale, net(90)(106)
Proceeds from sales of loans held for sale3,064 342 
Loans originated and held for sale(2,974)160 
Net gains on sale of other real estate owned(14)(68)
Fair value adjustment on other real estate owned(3) 
Net change in fair value of equity investments99 448 
Proceeds from sales of trading assets39 36 
Purchase of equity investments(119)(197)
Increase in other assets and accrued interest receivable(1,350)(19,518)
Increase in accrued interest payable3,225 133 
Expense related to restricted stock units for directors' deferred compensation plan15 195 
Expense related to employee restricted stock awards837 486 
Payments on operating leases(592)(568)
Net gain on interest rate swaps(55)(225)
(Decrease) increase in other liabilities(964)26,434 
Income from bank owned life insurance(32)(34)
  Net cash provided by operating activities27,261 32,685 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, calls, and principal paydowns on securities available for sale46,687 72,611 
Proceeds from maturities and principal collected on securities held to maturity619 1,306 
Purchases of securities available for sale(3,207)(23,502)
Purchases of securities held to maturity (735)
Purchase of FHLBNY and FRBNY stock(42,878)(3,175)
Redemption of FHLBNY and FRBNY stock47,022 3,521 
Proceeds from sales of fixed assets 125 
Purchases of premises and equipment(459)(448)
Proceeds from sale of other real estate owned154 279 
Net increase in loans(101,780)(225,558)
Net cash used in investing activities(53,842)(175,576)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts(42,532)23,600 
Increase in time deposits188,804 153,507 
Net change in FHLB overnight advances(95,810)(13,860)
Payments made on finance leases(207)(200)
Purchase of treasury stock(98)(695)
Sale of treasury stock512 328 
Cash dividends paid(4,377)(4,347)
Net cash provided by financing activities46,292 158,333 
Net increase in cash and cash equivalents19,711 15,442 
Cash and cash equivalents, beginning of period55,869 26,981 
Cash and cash equivalents, end of period$75,580 $42,423 

(1)Effective January 1, 2023, the allowance calculation is based upon Current Expected Credit loss methodology. Prior to January 1, 2023, the allowance calculation was based upon incurred loss methodology. Refer to Note 1 for further discussion.
See accompanying notes to unaudited consolidated financial statements.
12



CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
(UNAUDITED)
(in thousands)Nine Months Ended 
 September 30,
Supplemental disclosure of cash flow information:20232022
Cash paid for:
Interest$23,257 $3,554