JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 25, 2014

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EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv384731_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, 
   2014   2013 
ASSETS          
Cash and due from banks  $8,617   $8,570 
Interest bearing deposits with banks   40    43 
Cash and cash equivalents   8,657    8,613 
           
Interest bearing time deposits with banks   249    249 
Securities available for sale   154,198    126,046 
Restricted investment in Federal Home Loan Bank (FHLB) stock   2,621    1,967 
Investment in unconsolidated subsidiary   4,250    4,172 
Loans   278,344    277,798 
Less: Allowance for loan losses   (2,358)   (2,287)
Total loans, net of allowance for loan losses   275,986    275,511 
Premises and equipment, net   6,162    6,330 
Other real estate owned   381    281 
Bank owned life insurance and annuities   14,601    14,848 
Equity investment in low income housing project   4,086    3,990 
Core deposit intangible   97    119 
Goodwill   2,046    2,046 
Mortgage servicing rights   175    167 
Accrued interest receivable and other assets   4,616    4,443 
Total assets  $478,125   $448,782 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $78,138   $74,611 
Interest bearing   315,191    305,034 
Total deposits   393,329    379,645 
           
Securities sold under agreements to repurchase   3,561    5,397 
Short-term borrowings   2,500    8,400 
Long-term debt   22,500    - 
Other interest bearing liabilities   1,381    1,356 
Accrued interest payable and other liabilities   3,808    4,000 
Total liabilities   427,079    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 -          
4,190,107 shares at June 30, 2014;          
4,196,266 shares at December 31, 2013   4,746    4,746 
Surplus   18,385    18,370 
Retained earnings   39,337    39,118 
Accumulated other comprehensive loss   (725)   (1,659)
Cost of common stock in Treasury:          
555,719 shares at June 30, 2014;          
549,560 shares at December 31, 2013   (10,697)   (10,591)
Total stockholders' equity   51,046    49,984 
Total liabilities and stockholders' equity  $478,125   $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   Six Months Ended 
   June 30,   June 30, 
   2014   2013   2014   2013 
Interest income:                    
Loans, including fees  $3,662   $3,707   $7,212   $7,397 
Taxable securities   535    312    890    609 
Tax-exempt securities   126    147    256    298 
Other interest income   2    7    3    13 
Total interest income   4,325    4,173    8,361    8,317 
Interest expense:                    
Deposits   608    736    1,229    1,493 
Securities sold under agreements to repurchase   1    1    2    2 
Short-term borrowings   1    -    2    - 
Long-term debt   69    -    69    - 
Other interest bearing liabilities   4    4    8    9 
Total interest expense   683    741    1,310    1,504 
Net interest income   3,642    3,432    7,051    6,813 
Provision for loan losses   117    86    137    166 
Net interest income after provision for loan losses   3,525    3,346    6,914    6,647 
Non-interest income:                    
Customer service fees   290    310    558    620 
Debit card fee income   215    205    418    399 
Earnings on bank-owned life insurance and annuities   94    108    191    205 
Trust fees   131    85    207    174 
Commissions from sales of non-deposit products   88    103    200    219 
Income from unconsolidated subsidiary   57    50    94    104 
Fees derived from loan activity   32    52    70    112 
Gain on sales of loans   56    85    85    181 
Gain on sales and calls of securities   2    -    7    1 
Gain from life insurance proceeds   165    -    165    - 
Other non-interest income   40    57    95    117 
Total non-interest income   1,170    1,055    2,090    2,132 
Non-interest expense:                    
Employee compensation expense   1,497    1,387    2,849    2,610 
Employee benefits   363    384    766    846 
Occupancy   237    240    519    485 
Equipment   116    114    230    234 
Data processing expense   370    361    750    715 
Director compensation   51    56    108    113 
Professional fees   99    91    198    186 
Taxes, other than income   77    119    184    242 
FDIC Insurance premiums   74    82    155    172 
Loss (gain) on sales of other real estate owned   29    (8)   11    (34)
Amortization of intangibles   11    11    22    22 
Amortization of investment in low-income housing partnership   119    145    239    145 
Other non-interest expense   358    348    706    629 
Total non-interest expense   3,401    3,330    6,737    6,365 
Income before income taxes   1,294    1,071    2,267    2,414 
Provision for income taxes   131    62    201    399 
Net income  $1,163   $1,009   $2,066   $2,015 
Earnings per share                    
Basic  $0.28   $0.24   $0.49   $0.48 
Diluted  $0.28   $0.24   $0.49   $0.48 
Cash dividends declared per share  $0.22   $0.22   $0.44   $0.44 
Weighted average basic shares outstanding   4,195,491    4,218,206    4,195,876    4,218,283 
Weighted average diluted shares outstanding   4,195,749    4,219,606    4,196,136    4,219,570 

 

 
 

 

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, 
   2014   2014 
Interest income:          
Loans, including fees  $3,662   $3,550 
Taxable securities   535    355 
Tax-exempt securities   126    130 
Other interest income   2    1 
Total interest income   4,325    4,036 
Interest expense:          
Deposits   608    621 
Securities sold under agreements to repurchase   1    1 
Short-term borrowings   1    1 
Long-term debt   69    - 
Other interest bearing liabilities   4    4 
Total interest expense   683    627 
Net interest income   3,642    3,409 
Provision for loan losses   117    20 
Net interest income after provision for loan losses   3,525    3,389 
Non-interest income:          
Customer service fees   290    268 
Debit card fee income   215    203 
Earnings on bank-owned life insurance and annuities   94    97 
Trust fees   131    76 
Commissions from sales of non-deposit products   88    112 
Income from unconsolidated subsidiary   57    37 
Fees derived from loan activity   32    38 
Gain on sales of loans   56    29 
Gain on sales and calls of securities   2    5 
Gain from life insurance proceeds   165    - 
Other non-interest income   40    55 
Total non-interest income   1,170    920 
Non-interest expense:          
Employee compensation expense   1,497    1,352 
Employee benefits   363    403 
Occupancy   237    282 
Equipment   116    114 
Data processing expense   370    380 
Director compensation   51    57 
Professional fees   99    99 
Taxes, other than income   77    107 
FDIC Insurance premiums   74    81 
Loss (gain) on sales of other real estate owned   29    (18)
Amortization of intangibles   11    11 
Amortization of investment in low-income housing partnership   119    120 
Other non-interest expense   358    348 
Total non-interest expense   3,401    3,336 
Income before income taxes   1,294    973 
Provision for income taxes   131    70 
Net income  $1,163   $903 
Earnings per share          
Basic  $0.28   $0.22 
Diluted  $0.28   $0.22 
Cash dividends declared per share  $0.22   $0.22 
Weighted average basic shares outstanding   4,195,491    4,196,266 
Weighted average diluted shares outstanding   4,195,749    4,196,614 

 

 

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