JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 30, 2013

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPv358625_8k.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv358625_ex99-1.htm

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

( in thousands, except share data)

 

   (1)   (2) 
   September 30,   December 31, 
   2013   2012 
ASSETS          
Cash and due from banks  $9,789   $14,261 
Interest bearing deposits with banks   23    136 
Cash and cash equivalents   9,812    14,397 
Interest bearing time deposits with banks   249    847 
Securities available for sale   128,153    122,338 
Restricted investment in Federal Home Loan Bank (FHLB) stock   2,065    1,726 
Investment in unconsolidated subsidiary   4,094    4,000 
Loans   282,782    277,500 
Less: Allowance for loan losses   (2,467)   (3,281)
Total loans, net of allowance for loan losses   280,315    274,219 
Premises and equipment, net   6,169    6,472 
Other real estate owned   445    428 
Bank owned life insurance and annuities   14,754    14,402 
Equity investment in low income housing project   3,983    3,796 
Core deposit intangible   130    164 
Goodwill   2,046    2,046 
Accrued interest receivable and other assets   4,538    4,034 
Total assets  $456,753   $448,869 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $73,299   $71,318 
Interest bearing   310,443    315,433 
Total deposits   383,742    386,751 
           
Securities sold under agreements to repurchase   4,480    3,836 
Short-term borrowings   13,863    1,600 
Other interest bearing liabilities   1,335    1,305 
Accrued interest payable and other liabilities   4,393    5,080 
Total liabilities   407,813    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 -          
4,196,566 shares at September 30, 2013;          
4,218,361 shares at December 31, 2012   4,746    4,746 
Surplus   18,363    18,346 
Retained earnings   39,074    38,824 
Accumulated other comprehensive loss   (2,657)   (1,419)
Cost of common stock in Treasury:          
549,260 shares at September 30, 2013;          
527,465 shares at December 31, 2012   (10,586)   (10,200)
Total stockholders' equity   48,940    50,297 
Total liabilities and stockholders' equity  $456,753   $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   Nine Months Ended 
   September 30,   September 30, 
   2013   2012   2013   2012 
Interest income:                    
Loans, including fees  $3,743   $3,930   $11,140   $12,199 
Taxable securities   329    337    938    1,004 
Tax-exempt securities   149    190    447    554 
Other interest income   3    7    16    23 
Total interest income   4,224    4,464    12,541    13,780 
Interest expense:                    
Deposits   711    891    2,204    2,774 
Securities sold under agreements to repurchase   1    1    3    2 
Other interest bearing liabilities   7    6    16    18 
Total interest expense   719    898    2,223    2,794 
Net interest income   3,505    3,566    10,318    10,986 
Provision for loan losses   100    60    266    1,237 
Net interest income after provision for loan losses   3,405    3,506    10,052    9,749 
Non-interest income:                    
Customer service fees   341    323    961    957 
Debit card fee income   211    202    610    611 
Earnings on bank-owned life insurance and annuities   112    134    317    345 
Trust fees   83    85    257    305 
Commissions from sales of non-deposit products   73    128    292    288 
Income from unconsolidated subsidiary   42    62    146    180 
Fees derived from loan activity   14    51    126    146 
Gain on sales of loans   84    215    265    420 
(Loss) gain on calls of securities   (1)   -    -    2 
Gain from life insurance proceeds   -    -    -    53 
Other non-interest income   64    53    181    183 
Total non-interest income   1,023    1,253    3,155    3,490 
Non-interest expense:                    
Employee compensation expense   1,358    1,314    3,968    3,881 
Employee benefits   399    500    1,245    1,513 
Occupancy   234    231    719    689 
Equipment   116    125    350    384 
Data processing expense   367    364    1,082    1,074 
Director compensation   56    58    169    177 
Professional fees   95    105    281    286 
Taxes, other than income   120    115    362    346 
FDIC Insurance premiums   75    82    247    242 
(Gain) loss on sales of other real estate owned   (3)   4    (37)   3 
Amortization of intangibles   12    12    34    34 
Amortization of investment in low-income housing partnership   145    -    290    - 
Other non-interest expense   375    363    1,004    1,109 
Total non-interest expense   3,349    3,273    9,714    9,738 
Income before income taxes   1,079    1,486    3,493    3,501 
Provision for income taxes   60    354    459    736 
Net income  $1,019   $1,132   $3,034   $2,765 
Earnings per share                    
Basic  $0.24   $0.27   $0.72   $0.65 
Diluted  $0.24   $0.27   $0.72   $0.65 
Cash dividends declared per share  $0.22   $0.22   $0.66   $0.66 
Weighted average basic shares outstanding   4,208,567    4,235,207    4,215,009    4,231,718 
Weighted average diluted shares outstanding   4,208,972    4,236,542    4,216,000    4,234,008 

 

 
 

 

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income

(Unaudited, in thousands, except share and per share data)

 

   Three Months Ended 
   September 30,   June 30, 
   2013   2013 
Interest income:          
Loans, including fees  $3,743   $3,707 
Taxable securities   329    312 
Tax-exempt securities   149    147 
Other interest income   3    7 
Total interest income   4,224    4,173 
Interest expense:          
Deposits   711    736 
Securities sold under agreements to repurchase   1    1 
Other interest bearing liabilities   7    4 
Total interest expense   719    741 
Net interest income   3,505    3,432 
Provision for loan losses   100    86 
Net interest income after provision for loan losses   3,405    3,346 
Non-interest income:          
Customer service fees   341    310 
Debit card fee income   211    205 
Earnings on bank-owned life insurance and annuities   112    108 
Trust fees   83    85 
Commissions from sales of non-deposit products   73    103 
Income from unconsolidated subsidiary   42    50 
Fees derived from loan activity   14    52 
Gain on sales of loans   84    85 
Loss on calls of securities   (1)   - 
Other non-interest income   64    57 
Total non-interest income   1,023    1,055 
Non-interest expense:          
Employee compensation expense   1,358    1,387 
Employee benefits   399    384 
Occupancy   234    240 
Equipment   116    114 
Data processing expense   367    361 
Director compensation   56    56 
Professional fees   95    91 
Taxes, other than income   120    119 
FDIC Insurance premiums   75    82 
Gain on sales of other real estate owned   (3)   (8)
Amortization of intangibles   12    11 
Amortization of investment in low-income housing partnership   145    145 
Other non-interest expense   375    348 
Total non-interest expense   3,349    3,330 
Income before income taxes   1,079    1,071 
Provision for income taxes   60    62 
Net income  $1,019   $1,009 
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   4,208,567    4,218,206 
Weighted average diluted shares outstanding   4,208,972    4,219,606 

 

 

 

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