JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 2, 2013

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPv351748_8k.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv351748_ex99-1.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, 
    2013    2012 
ASSETS          
Cash and due from banks  $9,007   $14,261 
Interest bearing deposits with banks   202    136 
Cash and cash equivalents   9,209    14,397 
           
Interest bearing time deposits with banks   847    847 
Securities available for sale   129,100    122,338 
Restricted investment in Federal Home Loan Bank (FHLB) stock   1,733    1,726 
Investment in unconsolidated subsidiary   4,063    4,000 
Loans held for sale   384    - 
Loans   275,260    277,500 
Less: Allowance for loan losses   (2,375)   (3,281)
Total loans, net of allowance for loan losses   272,885    274,219 
Premises and equipment, net   6,257    6,472 
Other real estate owned   117    428 
Bank owned life insurance and annuities   14,631    14,402 
Equity investment in low income housing project   3,968    3,796 
Core deposit intangible   142    164 
Goodwill   2,046    2,046 
Accrued interest receivable and other assets   4,430    4,034 
Total assets  $449,812   $448,869 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $70,844   $71,318 
Interest bearing   319,872    315,433 
Total deposits   390,716    386,751 
           
Securities sold under agreements to repurchase   3,355    3,836 
Short-term borrowings   1,000    1,600 
Other interest bearing liabilities   1,328    1,305 
Accrued interest payable and other liabilities   4,440    5,080 
Total liabilities   400,839    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 -          
4,215,184 shares at June 30, 2013;          
4,218,361 shares at December 31, 2012   4,746    4,746 
Surplus   18,354    18,346 
Retained earnings   38,982    38,824 
Accumulated other comprehensive loss   (2,855)   (1,419)
Cost of common stock in Treasury:          
530,642 shares at June 30, 2013;          
527,465 shares at December 31, 2012   (10,254)   (10,200)
Total stockholders' equity   48,973    50,297 
Total liabilities and stockholders' equity  $449,812   $448,869 

 

 

(1) Unaudited
(2) Unaudited but derived from audited financial statements; does not include related disclosures.

 

 

1
 

 

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share and per share data)

 

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2013   2012   2013   2012 
Interest income:                    
Loans, including fees  $3,707   $4,074   $7,397   $8,269 
Taxable securities   312    337    609    667 
Tax-exempt securities   147    186    298    364 
Other interest income   7    8    13    16 
Total interest income   4,173    4,605    8,317    9,316 
Interest expense:                    
Deposits   736    918    1,493    1,883 
Securities sold under agreements to repurchase   1    -    2    1 
Other interest bearing liabilities   4    6    9    12 
Total interest expense   741    924    1,504    1,896 
Net interest income   3,432    3,681    6,813    7,420 
Provision for loan losses   86    69    166    1,177 
Net interest income after provision for loan losses   3,346    3,612    6,647    6,243 
Non-interest income:                    
Customer service fees   310    321    620    634 
Debit card fee income   205    205    399    409 
Earnings on bank-owned life insurance and annuities   108    105    205    211 
Trust fees   85    114    174    220 
Commissions from sales of non-deposit products   103    73    219    160 
Income from unconsolidated subsidiary   50    61    104    118 
Fees derived from loan activity   52    56    112    95 
Gains on sales of loans   85    140    181    205 
Gains on calls of securities   -    2    1    2 
Gain from life insurance proceeds   -    53    -    53 
Other non-interest income   57    65    117    130 
Total non-interest income   1,055    1,195    2,132    2,237 
Non-interest expense:                    
Employee compensation expense   1,387    1,289    2,610    2,567 
Employee benefits   384    478    846    1,013 
Occupancy   240    229    485    458 
Equipment   114    126    234    259 
Data processing expense   361    354    715    710 
Director compensation   56    60    113    119 
Professional fees   91    93    186    181 
Taxes, other than income   119    113    242    231 
FDIC Insurance premiums   82    81    172    160 
Gain on sales of other real estate owned   (8)   (3)   (34)   (1)
Amortization of intangibles   11    11    22    22 
Amortization of investment in low-income housing partnership   145    -    145    - 
Other non-interest expense   348    389    629    746 
Total non-interest expense   3,330    3,220    6,365    6,465 
Income before income taxes   1,071    1,587    2,414    2,015 
Provision for income taxes   62    372    399    382 
Net income  $1,009   $1,215   $2,015   $1,633 
Earnings per share                    
Basic  $0.24   $0.29   $0.48   $0.39 
Diluted  $0.24   $0.29   $0.48   $0.39 
Cash dividends declared per share  $0.22   $0.22   $0.44   $0.44 
Weighted average basic shares outstanding   4,218,206    4,231,690    4,218,283    4,229,954 
Weighted average diluted shares outstanding   4,219,606    4,234,321    4,219,570    4,232,842 

 

 

See Notes to Consolidated Financial Statements

 

 

2
 

 

 

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share and per share data)

 

 

         
   Three Months Ended 
   June 30,   March 31, 
   2013   2013 
Interest income:          
Loans, including fees  $3,707   $3,690 
Taxable securities   312    297 
Tax-exempt securities   147    151 
Other interest income   7    6 
Total interest income   4,173    4,144 
Interest expense:          
Deposits   736    757 
Securities sold under agreements to repurchase   1    1 
Other interest bearing liabilities   4    5 
Total interest expense   741    763 
Net interest income   3,432    3,381 
Provision for loan losses   86    80 
Net interest income after provision for loan losses   3,346    3,301 
Non-interest income:          
Customer service fees   310    310 
Debit card fee income   205    194 
Earnings on bank-owned life insurance and annuities   108    97 
Trust fees   85    89 
Commissions from sales of non-deposit products   103    116 
Income from unconsolidated subsidiary   50    54 
Fees derived from loan activity   52    60 
Gains on sales of loans   85    96 
Gains on calls of securities   -    1 
Other non-interest income   57    60 
Total non-interest income   1,055    1,077 
Non-interest expense:          
Employee compensation expense   1,387    1,223 
Employee benefits   384    462 
Occupancy   240    245 
Equipment   114    120 
Data processing expense   361    354 
Director compensation   56    57 
Professional fees   91    95 
Taxes, other than income   119    123 
FDIC Insurance premiums   82    90 
Gain on sales of other real estate owned   (8)   (26)
Amortization of intangibles   11    11 
Amortization of investment in low-income housing partnership   145    - 
Other non-interest expense   348    281 
Total non-interest expense   3,330    3,035 
Income before income taxes   1,071    1,343 
Provision for income taxes   62    337 
Net income  $1,009   $1,006 
Earnings per share          
Basic  $0.24   $0.24 
Diluted  $0.24   $0.24 
Cash dividends declared per share  $0.22   $0.22 
Weighted average basic shares outstanding   4,218,206    4,218,361 
Weighted average diluted shares outstanding   4,219,606    4,219,526 

 

 

 

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