JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2012

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORP	d429808d8k.htm
EX-99.1 - PRESS RELEASE - JUNIATA VALLEY FINANCIAL CORP	d429808dex991.htm

Exhibit 99.2

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

(in thousands, except share data)


	(1)			(2)
	September 30,			December 31,
	2012			2011
ASSETS
Cash and due from banks	$	9,239		$	12,074
Interest bearing deposits with banks		7,608			2,100

Cash and cash equivalents		16,847			14,174
Interest bearing time deposits with banks		847			1,096
Securities available for sale		124,737			111,281
Restricted investment in Federal Home Loan Bank (FHLB) stock		1,387			1,700
Investment in unconsolidated subsidiary		3,939			3,796

Total loans		278,347			289,681
Less: Allowance for loan losses		(3,420	)		(2,931	)

Total loans, net of allowance for loan losses		274,927			286,750
Premises and equipment, net		6,441			6,710
Other real estate owned		913			427
Bank owned life insurance and annuities		14,301			14,069
Equity investment in low income housing project		2,303			393
Core deposit intangible		175			209
Goodwill		2,046			2,046
Accrued interest receivable and other assets		5,985			4,782

Total assets	$	454,848		$	447,433

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	66,080		$	64,751
Interest bearing		327,229			321,914

Total deposits		393,309			386,665
Securities sold under agreements to repurchase		4,268			3,500
Other interest bearing liabilities		1,282			1,244
Accrued interest payable and other liabilities		5,887			6,304

Total liabilities		404,746			397,713
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 -
4,233,490 shares at September 30, 2012;
4,228,218 shares at December 31, 2011		4,746			4,746
Surplus		18,340			18,363
Retained earnings		38,872			38,900
Accumulated other comprehensive loss		(1,931	)		(2,256	)
Cost of common stock in Treasury:
512,336 shares at September 30, 2012;
517,608 shares at December 31, 2011		(9,925	)		(10,033	)

Total stockholders’ equity		50,102			49,720

Total liabilities and stockholders’ equity	$	454,848		$	447,433

(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 September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
Interest income:
Loans, including fees	$	3,930	$	4,401		$	12,199	$	13,477
Taxable securities		337		328			1,004		894
Tax-exempt securities		190		222			554		689
Federal funds sold		—		1			—		5
Other interest income		7		8			23		23

Total interest income		4,464		4,960			13,780		15,088

Interest expense:
Deposits		891		1,162			2,774		3,528
Securities sold under agreements to repurchase		1		1			2		2
Other interest bearing liabilities		6		6			18		20

Total interest expense		898		1,169			2,794		3,550

Net interest income		3,566		3,791			10,986		11,538
Provision for loan losses		60		60			1,237		264

Net interest income after provision for loan losses		3,506		3,731			9,749		11,274

Non-interest income:
Trust fees		85		109			305		316
Customer service fees		323		354			957		1,015
Debit card fee income		202		204			611		603
Earnings on bank-owned life insurance and annuities		134		123			345		366
Commissions from sales of non-deposit products		128		53			288		221
Income from unconsolidated subsidiary		62		66			180		197
Gain on sale or call of securities		—		—			2		6
Gain on sale of loans		72		—			72		—
Gain from life insurance proceeds		—		—			53		—
Fees derived from loan activity		192		39			494		115
Other non-interest income		55		57			183		177

Total non-interest income		1,253		1,005			3,490		3,016

Non-interest expense:
Employee compensation expense		1,314		1,318			3,881		3,910
Employee benefits		500		334			1,513		1,158
Occupancy		231		236			689		731
Equipment		125		138			384		439
Data processing expense		364		336			1,074		995
Director compensation		58		74			177		221
Professional fees		105		111			286		341
Taxes, other than income		115		123			346		374
FDIC Insurance premiums		82		73			242		291
Loss (gain) on sales of other real estate owned		4		(14	)		3		(28	)
Amortization of intangibles		12		12			34		34
Other non-interest expense		363		368			1,109		1,106

Total non-interest expense		3,273		3,109			9,738		9,572

Income before income taxes		1,486		1,627			3,501		4,718
Provision for income taxes		354		413			736		1,174

Net income	$	1,132	$	1,214		$	2,765	$	3,544

Earnings per share
Basic	$	0.27	$	0.29		$	0.65	$	0.84
Diluted	$	0.27	$	0.29		$	0.65	$	0.83
Cash dividends declared per share	$	0.22	$	0.22		$	0.66	$	0.64
Weighted average basic shares outstanding		4,235,207		4,236,168			4,231,718		4,243,273
Weighted average diluted shares outstanding		4,236,542		4,239,872			4,234,008		4,246,533

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income

(Unaudited, in thousands, except share data)


	Three Months Ended
	September 30,		June 30,
	2012		2012
Interest income:
Loans, including fees	$	3,930	$	4,074
Taxable securities		337		337
Tax-exempt securities		190		186
Other interest income		7		8

Total interest income		4, 464		4,605

Interest expense:
Deposits		891		918
Securities sold under agreements to repurchase		1		—
Other interest bearing liabilities		6		6

Total interest expense		898		924

Net interest income		3,566		3,681
Provision for loan losses		60		69

Net interest income after provision for loan losses		3,506		3,612

Non-interest income:
Trust fees		85		114
Customer service fees		323		321
Debit card fee income		202		205
Earnings on bank-owned life insurance and annuities		134		105
Commissions from sales of non-deposit products		128		73
Income from unconsolidated subsidiary		62		61
Gain on sale or call of securities		—		2
Gain on sale of loans		72		—
Gain from life insurance proceeds		—		53
Fees derived from loan activity		192		198
Other non-interest income		55		63

Total non-interest income		1,253		1,195

Non-interest expense:
Employee compensation expense		1,314		1,289
Employee benefits		500		478
Occupancy		231		229
Equipment		125		126
Data processing expense		364		354
Director compensation		58		60
Professional fees		105		93
Taxes, other than income		115		113
FDIC Insurance premiums		82		81
Loss (gain) on sales of other real estate owned		4		(3	)
Amortization of intangibles		12		11
Other non-interest expense		363		389

Total non-interest expense		3,273		3,220

Income before income taxes		1,486		1,587
Provision for income taxes		354		372

Net income	$	1,132	$	1,215

Earnings per share
Basic	$	0.27	$	0.29
Diluted	$	0.27	$	0.29
Cash dividends declared per share	$	0.22	$	0.22
Weighted average basic shares outstanding		4,235,207		4,231,690
Weighted average diluted shares outstanding		4,236,542		4,234,321

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JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2012 - October 24, 2012

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