JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 29, 2011

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPc20616e8vk.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPc20616exv99w1.htm
Exhibit 99.2
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
(in thousands, except share data)
                 
    (1)     (2)  
    June 30,     December 31,  
    2011     2010  
ASSETS
Cash and due from banks
   $ 11,495     $ 12,758  
Interest bearing deposits with banks
     1,784       218  
Federal funds sold
     2,500       12,300  
 
            
Cash and cash equivalents
     15,779       25,276  
Interest bearing time deposits with banks
     1,096       1,345  
Securities available for sale
     111,995       79,923  
Restricted investment in Federal Home Loan Bank (FHLB) stock
     1,884       2,088  
Investment in unconsolidated subsidiary
     3,666       3,550  
 
                
Total loans, net of unearned interest
     292,009       298,102  
Less: Allowance for loan losses
     (2,881 )     (2,824 )
 
            
Total loans, net of allowance for loan losses
     289,128       295,278  
Premises and equipment, net
     6,890       7,067  
Other real estate owned
     163       412  
Bank owned life insurance and annuities
     13,830       13,568  
Core deposit intangible
     232       254  
Goodwill
     2,046       2,046  
Accrued interest receivable and other assets
     5,295       4,946  
 
            
Total assets
   $ 452,004     $ 435,753  
 
            
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
                
Deposits:
                
Non-interest bearing
   $ 60,275     $ 60,696  
Interest bearing
     333,278       316,094  
 
            
Total deposits
     393,553       376,790  
 
Securities sold under agreements to repurchase
     2,453       3,314  
Other interest bearing liabilities
     1,218       1,200  
Accrued interest payable and other liabilities
     4,294       4,473  
 
            
Total liabilities
     401,518       385,777  
Stockholders’ Equity:
                
Preferred stock, no par value:
Authorized - 500,000 shares, none issued
     —       —  
Common stock, par value $1.00 per share:
Authorized - 20,000,000 shares
Issued - 4,745,826 shares
Outstanding -
               
4,236,168 shares at June 30, 2011;
4,257,765 shares at December 31, 2010
     4,746       4,746  
Surplus
     18,356       18,354  
Retained earnings
     38,414       37,868  
Accumulated other comprehensive loss
     (1,142 )     (1,465 )
Cost of common stock in Treasury:
509,658 shares at June 30, 2011;
488,061 shares at December 31, 2010
     (9,888 )     (9,527 )
 
            
Total stockholders’ equity
     50,486       49,976  
 
            
Total liabilities and stockholders’ equity
   $ 452,004     $ 435,753  
 
            
     
(1)  
Unaudited
 
(2)  
Unaudited but derived from audited financial statements; does not include related disclosures.

 

 

 

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share data)
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Interest income:
                                
Loans, including fees
   $ 4,484     $ 4,896     $ 9,076     $ 9,932  
Taxable securities
     313       263       566       496  
Tax-exempt securities
     234       264       467       539  
Federal funds sold
     2       3       4       4  
Other interest income
     7       10       15       19  
 
                        
Total interest income
     5,040       5,436       10,128       10,990  
 
                        
Interest expense:
                                
Deposits
     1,191       1,347       2,366       2,866  
Securities sold under agreements to repurchase
     —       —       1       1  
Short-term borrowings
     —       —       —       1  
Long-term debt
     —       36       —       70  
Other interest bearing liabilities
     7       4       14       7  
 
                        
Total interest expense
     1,198       1,387       2,381       2,945  
 
                        
Net interest income
     3,842       4,049       7,747       8,045  
Provision for loan losses
     116       282       204       567  
 
                        
Net interest income after provision for loan losses
     3,726       3,767       7,543       7,478  
 
                        
Noninterest income:
                                
Trust fees
     94       90       207       210  
Customer service fees
     349       387       661       769  
Earnings on bank-owned life insurance and annuities
     124       138       243       260  
Commissions from sales of non-deposit products
     65       125       168       221  
Income from unconsolidated subsidiary
     66       63       131       119  
Gain on sales or calls of securities
     1       15       6       27  
Gain (Loss) on sales of other assets
     (1 )     7       14       6  
Other noninterest income
     303       199       595       435  
 
                        
Total noninterest income
     1,001       1,024       2,025       2,047  
 
                        
Noninterest expense:
                                
Employee compensation expense
     1,337       1,308       2,592       2,594  
Employee benefits
     423       403       824       819  
Occupancy
     252       216       495       449  
Equipment
     146       136       301       255  
Data processing expense
     337       346       659       711  
Director compensation
     70       86       147       173  
Professional fees
     91       136       230       229  
Taxes, other than income
     124       125       251       255  
FDIC Insurance premiums
     85       150       218       297  
Amortization of intangibles
     11       12       22       23  
Other noninterest expense
     423       381       738       639  
 
                        
Total noninterest expense
     3,299       3,299       6,477       6,444  
 
                        
Income before income taxes
     1,428       1,492       3,091       3,081  
Provision for income taxes
     337       354       761       755  
 
                        
Net income
   $ 1,091     $ 1,138     $ 2,330     $ 2,326  
 
                        
Earnings per share
                                
Basic
   $ 0.26     $ 0.26     $ 0.55     $ 0.54  
Diluted
   $ 0.26     $ 0.26     $ 0.55     $ 0.54  
Cash dividends declared per share
   $ 0.21     $ 0.20     $ 0.42     $ 0.40  
Weighted average basic shares outstanding
     4,237,886       4,309,610       4,246,884       4,319,816  
Weighted average diluted shares outstanding
     4,240,781       4,312,778       4,249,900       4,323,423  

 

 

 

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share data)
                 
    For the Quarter Ended  
    June 30,     March 31,  
    2011     2011  
Interest income:
                
Loans, including fees
   $ 4,484     $ 4,592  
Taxable securities
     313       253  
Tax-exempt securities
     234       233  
Federal funds sold
     2       2  
Other interest income
     7       8  
 
            
Total interest income
     5,040       5,088  
 
            
Interest expense:
                
Deposits
     1,191       1,175  
Securities sold under agreements to repurchase
     —       1  
Other interest bearing liabilities
     7       7  
 
            
Total interest expense
     1,198       1,183  
 
            
Net interest income
     3,842       3,905  
Provision for loan losses
     116       88  
 
            
Net interest income after provision for loan losses
     3,726       3,817  
 
            
Noninterest income:
                
Trust fees
     94       113  
Customer service fees
     349       312  
Earnings on bank-owned life insurance and annuities
     124       119  
Commissions from sales of non-deposit products
     65       103  
Income from unconsolidated subsidiary
     66       65  
Gain on sale or call of securities
     1       5  
Gain (Loss) on sales of other assets
     (1 )     15  
Other noninterest income
     303       292  
 
            
Total noninterest income
     1,001       1,024  
 
            
Noninterest expense:
                
Employee compensation expense
     1,337       1,255  
Employee benefits
     423       401  
Occupancy
     252       243  
Equipment
     146       155  
Data processing expense
     337       322  
Director compensation
     70       77  
Professional fees
     91       139  
Taxes, other than income
     124       127  
FDIC Insurance premiums
     85       133  
Amortization of intangibles
     11       11  
Other noninterest expense
     423       315  
 
            
Total noninterest expense
     3,299       3,178  
 
            
Income before income taxes
     1,428       1,663  
Provision for income taxes
     337       424  
 
            
Net income
   $ 1,091     $ 1,239  
 
            
Earnings per share
                
Basic
   $ 0.26     $ 0.29  
Diluted
   $ 0.26     $ 0.29  
Cash dividends declared per share
   $ 0.21     $ 0.21  

 

 

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