Parent Company - Financial Information

12 Months Ended

Dec. 31, 2017

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

PARENT COMPANY – FINANCIAL INFORMATION

NOTE 23: 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	2017		2016
(In thousands)
Assets
Cash	$	5,004	$	5,424
Investments		515		455
Investment in bank subsidiary		71,883		67,281
Investment in non-bank subsidiary		155		155
Other assets		117		475
Total assets	$	77,674	$	73,790
Liabilities and Shareholders' Equity
Accrued liabilities	$	471	$	404
Subordinated loans		15,059		15,025
Shareholders' equity		62,144		58,361
Total liabilities and shareholders' equity	$	77,674	$	73,790

Statements of Income	2017			2016
(In thousands)
Income
Dividends from non-bank subsidiary	$	4		$	4
Realized gains on available-for sale investment securities		428			108
Operating, net		15			-
Total income		447			112
Expenses
Interest		1,371			880
Operating, net		169			230
Total expenses		1,540			1,110
Loss before taxes and equity in undistributed net    income of subsidiaries		(1,093	)		(998	)
Tax benefit		262			254
Loss before equity in undistributed net income of subsidiaries		(831	)		(744	)
Equity in undistributed net income of subsidiaries		4,322			4,016
Net income	$	3,491		$	3,272

Statements of Cash Flows	2017			2016
(In thousands)
Operating Activities
Net Income	$	3,491		$	3,272
Equity in undistributed net income of subsidiaries		(4,322	)		(4,016	)
Realized gains on available-for-sale investment securities		-			(23	)
Stock based compensation and ESOP expense		712			557
Amortization of deferred financing from subordinated loan		34			34
Net change in other assets and liabilities		822			(152	)
Net cash flows from operating activities		737			(328	)
Investing Activities
Purchase investments		-			(130	)
Net gain on hedging transaction		(428	)		(85	)
Proceeds from sale of investment		-			43
Net cash flows from investing activities		(428	)		(172	)
Financing activities
Redemption of preferred stock - SBLF		-			(13,000	)
Proceeds from exercise of stock options		155			143
Purchase of common stock		-			(1,755	)
Cash dividends paid to preferred shareholders		-			(16	)
Cash dividends paid to common shareholders		(884	)		(866	)
Net cash flows from financing activities		(729	)		(15,494	)
Change in cash and cash equivalents		(420	)		(15,994	)
Cash and cash equivalents at beginning of year		5,424			21,418
Cash and cash equivalents at end of year	$	5,004		$	5,424