JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - May 5, 2014

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPv377188_8k.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv377188_ex99-1.htm

 

Exhibit 99.2

 

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

( in thousands, except share data)

 

   (1)   (2) 
   March 31,   December 31, 
   2014   2013 
ASSETS          
Cash and due from banks  $10,570   $8,570 
Interest bearing deposits with banks   4,318    43 
Cash and cash equivalents   14,888    8,613 
Interest bearing time deposits with banks   249    249 
Securities available for sale   124,515    126,046 
Restricted investment in Federal Home Loan Bank (FHLB) stock   1,602    1,967 
Investment in unconsolidated subsidiary   4,199    4,172 
Loans   275,983    277,798 
Less: Allowance for loan losses   (2,300)   (2,287)
Total loans, net of allowance for loan losses   273,683    275,511 
Premises and equipment, net   6,246    6,330 
Other real estate owned   340    281 
Bank owned life insurance and annuities   14,953    14,848 
Equity investment in low income housing project   4,203    3,990 
Core deposit intangible   108    119 
Goodwill   2,046    2,046 
Mortgage servicing rights   169    167 
Accrued interest receivable and other assets   4,709    4,443 
Total assets  $451,910   $448,782 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $80,661   $74,611 
Interest bearing   311,720    305,034 
Total deposits   392,381    379,645 
           
Securities sold under agreements to repurchase   4,038    5,397 
Short-term borrowings   -    8,400 
Other interest bearing liabilities   1,357    1,356 
Accrued interest payable and other liabilities   3,784    4,000 
Total liabilities   401,560    398,798 
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 March 31, 2014;          
4,196,266 shares at December 31, 2013   4,746    4,746 
Surplus   18,380    18,370 
Retained earnings   39,098    39,118 
Accumulated other comprehensive loss   (1,283)   (1,659)
Cost of common stock in Treasury:          
549,560 shares at March 31, 2014;          
549,560 shares at December 31, 2013   (10,591)   (10,591)
Total stockholders' equity   50,350    49,984 
Total liabilities and stockholders' equity  $451,910   $448,782 

 

(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, 
   2014   2013 
Interest income:          
Loans, including fees  $3,550   $3,690 
Taxable securities   355    297 
Tax-exempt securities   130    151 
Other interest income   1    6 
Total interest income   4,036    4,144 
Interest expense:          
Deposits   621    757 
Securities sold under agreements to repurchase   1    1 
Short-term borrowings   1    - 
Other interest bearing liabilities   4    5 
Total interest expense   627    763 
Net interest income   3,409    3,381 
Provision for loan losses   20    80 
Net interest income after provision for loan losses   3,389    3,301 
Non-interest income:          
Customer service fees   268    310 
Debit card fee income   203    194 
Earnings on bank-owned life insurance and annuities   97    97 
Trust fees   76    89 
Commissions from sales of non-deposit products   112    116 
Income from unconsolidated subsidiary   37    54 
Fees derived from loan activity   38    60 
Gain on sales of loans   29    96 
Gain on calls of securities   5    1 
Other non-interest income   55    60 
Total non-interest income   920    1,077 
Non-interest expense:          
Employee compensation expense   1,352    1,223 
Employee benefits   403    462 
Occupancy   282    245 
Equipment   114    120 
Data processing expense   380    354 
Director compensation   57    57 
Professional fees   99    95 
Taxes, other than income   107    123 
FDIC Insurance premiums   81    90 
Gain on sales of other real estate owned   (18)   (26)
Amortization of intangibles   11    11 
Amortization of investment in low-income housing partnership   120    - 
Other non-interest expense   348    281 
Total non-interest expense   3,336    3,035 
Income before income taxes   973    1,343 
Provision for income taxes   70    337 
Net income  $903   $1,006 
Earnings per share          
Basic  $0.22   $0.24 
Diluted  $0.22   $0.24 
Cash dividends declared per share  $0.22   $0.22 
Weighted average basic shares outstanding   4,196,266    4,218,361 
Weighted average diluted shares outstanding   4,196,614    4,219,526 

 

 
 

 

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, 
   2014   2013 
Interest income:          
Loans, including fees  $3,550   $3,728 
Taxable securities   355    329 
Tax-exempt securities   130    136 
Other interest income   1    - 
Total interest income   4,036    4,193 
Interest expense:          
Deposits   621    667 
Securities sold under agreements to repurchase   1    1 
Short-term borrowings   1    4 
Other interest bearing liabilities   4    5 
Total interest expense   627    677 
Net interest income   3,409    3,516 
Provision for loan losses   20    149 
Net interest income after provision for loan losses   3,389    3,367 
Non-interest income:          
Customer service fees   268    329 
Debit card fee income   203    212 
Earnings on bank-owned life insurance and annuities   97    99 
Trust fees   76    98 
Commissions from sales of non-deposit products   112    83 
Income from unconsolidated subsidiary   37    91 
Fees derived from loan activity   38    94 
Gain on sales of loans   29    18 
Gain (loss) on calls of securities   5    (2)
Other non-interest income   55    56 
Total non-interest income   920    1,078 
Non-interest expense:          
Employee compensation expense   1,352    1,445 
Employee benefits   403    370 
Occupancy   282    252 
Equipment   114    112 
Data processing expense   380    368 
Director compensation   57    54 
Professional fees   99    107 
Taxes, other than income   107    121 
FDIC Insurance premiums   81    84 
Gain on sales of other real estate owned   (18)   (2)
Amortization of intangibles   11    11 
Amortization of investment in low-income housing partnership   120    158 
Other non-interest expense   348    352 
Total non-interest expense   3,336    3,432 
Income before income taxes   973    1,013 
Provision for income taxes   70    46 
Net income  $903   $967 
Earnings per share          
Basic  $0.22   $0.23 
Diluted  $0.22   $0.23 
Cash dividends declared per share  $0.22   $0.22 
Weighted average basic shares outstanding   4,196,266    4,196,471 
Weighted average diluted shares outstanding   4,196,614    4,196,603 

 

 

 

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