PARENT COMPANY - FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2012

PARENT COMPANY - FINANCIAL INFORMATION [Abstract]

PARENT COMPANY - FINANCIAL INFORMATION

NOTE 21: PARENT COMPANY – FINANCIAL INFORMATION

The following represents the condensed financial information of Pathfinder Bancorp, Inc. as of and for the years ended December 31:

Statements of Condition	2012		2011
(In thousands)
Assets
Cash	$	1,482	$	1,729
Investments		33		23
Investment in bank subsidiary		44,206		41,213
Investment in non-bank subsidiary		155		155
Other assets		390		328
Total assets	$	46,266	$	43,448
Liabilities and Shareholders' Equity
Accrued liabilities	$	364	$	452
Junior subordinated debentures		5,155		5,155
Shareholders' equity		40,747		37,841
Total liabilities and shareholders' equity	$	46,266	$	43,448

Statements of Income	2012		2011
(In thousands)
Income
Dividends from bank subsidiary	$	1,200	$	-
Dividends from non-bank subsidiary		3		4
Total income		1,203		4
Expenses
Interest		168		163
Operating		114		200
Total expenses		282		363
Income (loss) before taxes and equity in undistributed net income of subsidiaries		921		(359	)
Tax benefit		72		108
Income (loss) before equity in undistributed net income of subsidiaries		993		(251	)
Equity in undistributed net income of subsidiaries		1,655		2,574
Net income	$	2,648	$	2,323

Statements of Cash Flows	2012			2011
(In thousands)
Operating Activities
Net Income	$	2,648		$	2,323
Equity in undistributed net income of subsidiaries		(1,655	)		(2,574	)
Stock based compensation and ESOP expense		193			112
Net change in other assets and liabilities		(93	)		29
Net cash flows from operating activities		1,093			(110	)
Investing Activities
Capital contributed to wholly-owned bank subsidiary		-			(4,900	)
Net cash flows from investing activities		-			(4,900	)
Financing activities
Proceeds from sale of preferred stock -SBLF		-			13,000
Proceeds from exercise of stock options		5			66
Purchase of CPP Warrants from Treasury and redemption of CPP Preferred  stock		(537	)		(6,771	)
Cash dividends paid to preferred shareholders		(507	)		(457	)
Cash dividends paid to common shareholders		(301	)		(298	)
Net cash flows from financing activities		(1,340	)		5,540
Change in cash and cash equivalents		(247	)		530
Cash and cash equivalents at beginning of year		1,729			1,199
Cash and cash equivalents at end of year	$	1,482		$	1,729