JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - May 9, 2013

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPv344400_8k.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv344400_ex99-1.htm

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
( in thousands, except share data)
   (1)   (2) 
   March 31,   December 31, 
   2013   2012 
ASSETS          
Cash and due from banks  $6,705   $14,261 
Interest bearing deposits with banks   4,834    136 
Cash and cash equivalents   11,539    14,397 
           
Interest bearing time deposits with banks   847    847 
Securities available for sale   129,082    122,338 
Restricted investment in Federal Home Loan Bank (FHLB) stock   1,472    1,726 
Investment in unconsolidated subsidiary   4,034    4,000 
Loans held for sale   380    - 
Loans   272,108    277,500 
Less: Allowance for loan losses   (2,316)   (3,281)
Total loans, net of allowance for loan losses   269,792    274,219 
Premises and equipment, net   6,352    6,472 
Other real estate owned   162    428 
Bank owned life insurance and annuities   14,508    14,402 
Equity investment in low income housing project   3,946    3,796 
Core deposit intangible   153    164 
Goodwill   2,046    2,046 
Accrued interest receivable and other assets   4,454    4,034 
Total assets  $448,767   $448,869 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $70,524   $71,318 
Interest bearing   317,954    315,433 
Total deposits   388,478    386,751 
           
Securities sold under agreements to repurchase   3,828    3,836 
Short-term borrowings   -    1,600 
Other interest bearing liabilities   1,309    1,305 
Accrued interest payable and other liabilities   4,769    5,080 
Total liabilities   398,384    398,572 
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 -          
4,218,361 shares at March 31, 2013;          
4,218,361 shares at December 31, 2012   4,746    4,746 
Surplus   18,352    18,346 
Retained earnings   38,902    38,824 
Accumulated other comprehensive loss   (1,417)   (1,419)
Cost of common stock in Treasury:          
527,465 shares at March 31, 2013;          
527,465 shares at December 31, 2012   (10,200)   (10,200)
Total stockholders' equity   50,383    50,297 
Total liabilities and stockholders' equity  $448,767   $448,869 
           
(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 and per share data)
   Three Months Ended 
   March 31, 
   2013   2012 
Interest income:          
Loans, including fees  $3,690   $4,195 
Taxable securities   297    330 
Tax-exempt securities   151    178 
Other interest income   6    8 
Total interest income   4,144    4,711 
Interest expense:          
Deposits   757    965 
Securities sold under agreements to repurchase   1    1 
Other interest bearing liabilities   5    6 
Total interest expense   763    972 
Net interest income   3,381    3,739 
Provision for loan losses   80    1,108 
Net interest income after provision for loan losses   3,301    2,631 
Non-interest income:          
Customer service fees   310    313 
Debit card fee income   194    204 
Earnings on bank-owned life insurance and annuities   97    106 
Trust fees   89    106 
Commissions from sales of non-deposit products   116    87 
Income from unconsolidated subsidiary   54    57 
Fees derived from loan activity   60    39 
Gains on sales of loans   96    65 
Gains on calls of securities   1    - 
Other non-interest income   60    65 
Total non-interest income   1,077    1,042 
Non-interest expense:          
Employee compensation expense   1,223    1,278 
Employee benefits   462    535 
Occupancy   245    229 
Equipment   120    133 
Data processing expense   354    356 
Director compensation   57    59 
Professional fees   95    88 
Taxes, other than income   123    118 
FDIC Insurance premiums   90    79 
(Gain) loss on sales of other real estate owned   (26)   2 
Amortization of intangibles   11    11 
Other non-interest expense   281    357 
Total non-interest expense   3,035    3,245 
Income before income taxes   1,343    428 
Provision for income taxes   337    10 
Net income  $1,006   $418 
Earnings per share          
Basic  $0.24   $0.10 
Diluted  $0.24   $0.10 
Cash dividends declared per share  $0.22   $0.22 
Weighted average basic shares outstanding   4,218,361    4,228,218 
Weighted average diluted shares outstanding   4,219,526    4,231,276 

 

 
 

 

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share and per share data)
   Three Months Ended 
   March 31,   December 31, 
   2013   2012 
Interest income:          
Loans, including fees  $3,690   $3,893 
Taxable securities   297    307 
Tax-exempt securities   151    184 
Other interest income   6    6 
Total interest income   4,144    4,390 
Interest expense:          
Deposits   757    847 
Securities sold under agreements to repurchase   1    2 
Short-term borrowings   -    1 
Other interest bearing liabilities   5    4 
Total interest expense   763    854 
Net interest income   3,381    3,536 
Provision for loan losses   80    174 
Net interest income after provision for loan losses   3,301    3,362 
Non-interest income:          
Customer service fees   310    325 
Debit card fee income   194    198 
Earnings on bank-owned life insurance and annuities   97    105 
Trust fees   89    74 
Commissions from sales of non-deposit products   116    65 
Income from unconsolidated subsidiary   54    69 
Fees derived from loan activity   60    51 
Gains on sales of loans   96    147 
Gains on calls of securities   1    - 
Other non-interest income   60    68 
Total non-interest income   1,077    1,102 
Non-interest expense:          
Employee compensation expense   1,223    1,309 
Employee benefits   462    583 
Occupancy   245    240 
Equipment   120    126 
Data processing expense   354    366 
Director compensation   57    57 
Professional fees   95    76 
Taxes, other than income   123    92 
FDIC Insurance premiums   90    85 
(Gain) loss on sales of other real estate owned   (26)   31 
Amortization of intangibles   11    11 
Other non-interest expense   281    363 
Total non-interest expense   3,035    3,339 
Income before income taxes   1,343    1,125 
Provision for income taxes   337    242 
Net income  $1,006   $883 
Earnings per share          
Basic  $0.24   $0.20 
Diluted  $0.24   $0.20 
Cash dividends declared per share  $0.22   $0.22 
Weighted average basic shares outstanding   4,218,361    4,230,469 
Weighted average diluted shares outstanding   4,219,526    4,231,888 

 

 

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