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

Statements of Condition	2013		2012
(In thousands)
Assets
Cash	$	1,147	$	1,482
Investments		42		33
Investment in bank subsidiary		46,699		44,206
Investment in non-bank subsidiary		155		155
Other assets		403		390
Total assets	$	48,446	$	46,266
Liabilities and Shareholders' Equity
Accrued liabilities	$	221	$	364
Junior subordinated debentures		5,155		5,155
Shareholders' equity		43,070		40,747
Total liabilities and shareholders' equity	$	48,446	$	46,266

Statements of Income	2013			2012
(In thousands)
Income
Dividends from bank subsidiary	$	-		$	1,200
Dividends from non-bank subsidiary		4			3
Total income		4			1,203
Expenses
Interest		162			168
Operating, net		109			114
Total expenses		271			282
(Loss) income before taxes and equity in undistributed net income of subsidiaries		(267	)		921
Tax benefit		69			72
(Loss) income before equity in undistributed net income of subsidiaries		(198	)		993
Equity in undistributed net income of subsidiaries		2,604			1,655
Net income	$	2,406		$	2,648

Statements of Cash Flows	2013			2012
(In thousands)
Operating Activities
Net Income	$	2,406		$	2,648
Equity in undistributed net income of subsidiaries		(2,604	)		(1,655	)
Stock based compensation and ESOP expense		243			193
Net change in other assets and liabilities		(39	)		(93	)
Net cash flows from operating activities		6			1,093
Investing Activities
Capital contributed to wholly-owned bank subsidiary		-			-
Net cash flows from investing activities		-			-
Financing activities
Proceeds from exercise of stock options		45			5
Purchase of CPP Warrants from Treasury and redemption of CPP preferred stock		-			(537	)
Cash dividends paid to preferred shareholders		(83	)		(507	)
Cash dividends paid to common shareholders		(303	)		(301	)
Net cash flows from financing activities		(341	)		(1,340	)
Change in cash and cash equivalents		(335	)		(247	)
Cash and cash equivalents at beginning of year		1,482			1,729
Cash and cash equivalents at end of year	$	1,147		$	1,482