JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 4, 2014

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPv367212_8k.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv367212_ex99-1.htm

         
         
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
( in thousands, except share data)
   (1)   (2) 
   December 31,   December 31, 
   2013   2012 
ASSETS          
Cash and due from banks  $8,570   $14,261 
Interest bearing deposits with banks   43    136 
Cash and cash equivalents   8,613    14,397 
           
Interest bearing time deposits with banks   249    847 
Securities available for sale   126,046    122,338 
Restricted investment in Federal Home Loan Bank (FHLB) stock   1,967    1,726 
Investment in unconsolidated subsidiary   4,172    4,000 
Loans   277,798    277,500 
Less: Allowance for loan losses   (2,287)   (3,281)
Total loans, net of allowance for loan losses   275,511    274,219 
Premises and equipment, net   6,330    6,472 
Other real estate owned   281    428 
Bank owned life insurance and annuities   14,848    14,402 
Equity investment in low income housing project   3,990    3,796 
Core deposit intangible   119    164 
Goodwill   2,046    2,046 
Other intangible assets   167    98 
Accrued interest receivable and other assets   4,443    3,936 
Total assets  $448,782   $448,869 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $74,611   $71,318 
Interest bearing   305,034    315,433 
Total deposits   379,645    386,751 
           
Securities sold under agreements to repurchase   5,397    3,836 
Short-term borrowings   8,400    1,600 
Other interest bearing liabilities   1,356    1,305 
Accrued interest payable and other liabilities   4,000    5,080 
Total liabilities   398,798    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 -          
4,196,266 shares at December 31, 2013;          
4,218,361 shares at December 31, 2012   4,746    4,746 
Surplus   18,370    18,346 
Retained earnings   39,118    38,824 
Accumulated other comprehensive loss   (1,659)   (1,419)
Cost of common stock in Treasury:          
549,560 shares at December 31, 2013;          
527,465 shares at December 31, 2012   (10,591)   (10,200)
Total stockholders' equity   49,984    50,297 
Total liabilities and stockholders' equity  $448,782   $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   Twelve Months Ended 
   December 31,   December 31, 
   2013   2012   2013   2012 
Interest income:                    
Loans, including fees  $3,728   $3,893   $14,868   $16,092 
Taxable securities   329    307    1,267    1,311 
Tax-exempt securities   136    184    583    738 
Other interest income   -    6    16    29 
Total interest income   4,193    4,390    16,734    18,170 
Interest expense:                    
Deposits   667    847    2,871    3,621 
Securities sold under agreements to repurchase   1    2    4    4 
Short-term borrowings   4    1    8    1 
Other interest bearing liabilities   5    4    17    22 
Total interest expense   677    854    2,900    3,648 
Net interest income   3,516    3,536    13,834    14,522 
Provision for loan losses   149    174    415    1,411 
Net interest income after provision for loan losses   3,367    3,362    13,419    13,111 
Non-interest income:                    
Customer service fees   329    325    1,290    1,282 
Debit card fee income   212    198    822    809 
Earnings on bank-owned life insurance and annuities   99    105    416    450 
Trust fees   98    74    355    379 
Commissions from sales of non-deposit products   83    65    375    353 
Income from unconsolidated subsidiary   91    69    237    249 
Fees derived from loan activity   94    51    220    197 
Gain on sales of loans   18    147    283    567 
(Loss) gain on calls of securities   (2)   -    (2)   2 
Gain on life insurance proceeds   -    -    -    53 
Other non-interest income   56    68    237    251 
Total non-interest income   1,078    1,102    4,233    4,592 
Non-interest expense:                    
Employee compensation expense   1,445    1,309    5,413    5,190 
Employee benefits   370    583    1,615    2,096 
Occupancy   252    240    971    929 
Equipment   112    126    462    510 
Data processing expense   368    366    1,450    1,440 
Director compensation   54    57    223    234 
Professional fees   107    76    388    362 
Taxes, other than income   121    92    483    438 
FDIC Insurance premiums   84    85    331    327 
(Gain) loss on sales of other real estate owned   (2)   31    (39)   34 
Amortization of intangibles   11    11    45    45 
Amortization of investment in low-income housing partnership   158    -    448    - 
Other non-interest expense   352    363    1,356    1,472 
Total non-interest expense   3,432    3,339    13,146    13,077 
Income before income taxes   1,013    1,125    4,506    4,626 
Provision for income taxes   46    242    505    978 
Net income  $967   $883   $4,001   $3,648 
Earnings per share                    
Basic  $0.23   $0.21   $0.95   $0.86 
Diluted  $0.23   $0.21   $0.95   $0.86 
Cash dividends declared per share  $0.22   $0.22   $0.88   $0.88 
Weighted average basic shares outstanding   4,196,471    4,230,469    4,210,336    4,231,404 
Weighted average diluted shares outstanding   4,196,603    4,231,888    4,211,078    4,233,448 

 

 
 

 

         
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share and per share data)
   Three Months Ended 
   December 31,   September 30, 
   2013   2013 
Interest income:          
Loans, including fees  $3,728   $3,743 
Taxable securities   329    329 
Tax-exempt securities   136    149 
Other interest income   -    3 
Total interest income   4,193    4,224 
Interest expense:          
Deposits   667    711 
Securities sold under agreements to repurchase   1    1 
Short-term borrowings   4    - 
Other interest bearing liabilities   5    7 
Total interest expense   677    719 
Net interest income   3,516    3,505 
Provision for loan losses   149    100 
Net interest income after provision for loan losses   3,367    3,405 
Non-interest income:          
Customer service fees   329    341 
Debit card fee income   212    211 
Earnings on bank-owned life insurance and annuities   99    112 
Trust fees   98    83 
Commissions from sales of non-deposit products   83    73 
Income from unconsolidated subsidiary   91    42 
Fees derived from loan activity   94    14 
Gain on sales of loans   18    84 
Loss on calls of securities   (2)   (1)
Other non-interest income   56    64 
Total non-interest income   1,078    1,023 
Non-interest expense:          
Employee compensation expense   1,445    1,358 
Employee benefits   370    399 
Occupancy   252    234 
Equipment   112    116 
Data processing expense   368    367 
Director compensation   54    56 
Professional fees   107    95 
Taxes, other than income   121    120 
FDIC Insurance premiums   84    75 
Gain on sales of other real estate owned   (2)   (3)
Amortization of intangibles   11    12 
Amortization of investment in low-income housing partnership   158    145 
Other non-interest expense   352    375 
Total non-interest expense   3,432    3,349 
Income before income taxes   1,013    1,079 
Provision for income taxes   46    60 
Net income  $967   $1,019 
Earnings per share          
Basic  $0.23   $0.24 
Diluted  $0.23   $0.24 
Cash dividends declared per share  $0.22   $0.22 
Weighted average basic shares outstanding   4,196,471    4,208,567 
Weighted average diluted shares outstanding   4,196,603    4,208,972 

 

 

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