JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 5, 2015

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8-K - 8-K - JUNIATA VALLEY FINANCIAL CORPv400551_8k.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv400551_ex99-1.htm

 

Exhibit 99.2

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

( in thousands, except share data)

 

   (1)   (2) 
   December 31,   December 31, 
   2014   2013 
ASSETS          
Cash and due from banks  $6,757   $8,570 
Interest bearing deposits with banks   10    43 
Cash and cash equivalents   6,767    8,613 
           
Interest bearing time deposits with banks   -    249 
Securities available for sale   142,903    126,046 
Restricted investment in Federal Home Loan Bank (FHLB) stock   2,726    1,967 
Investment in unconsolidated subsidiary   4,369    4,172 
Loans   294,901    277,798 
Less: Allowance for loan losses   (2,380)   (2,287)
Total loans, net of allowance for loan losses   292,521    275,511 
Premises and equipment, net   6,533    6,330 
Other real estate owned   232    281 
Bank owned life insurance and annuities   14,807    14,848 
Equity investment in low income housing project   3,847    3,990 
Core deposit intangible   75    119 
Goodwill   2,046    2,046 
Mortgage servicing rights   193    167 
Accrued interest receivable and other assets   3,510    4,443 
Total assets  $480,529   $448,782 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $77,697   $74,611 
Interest bearing   303,187    305,034 
Total deposits   380,884    379,645 
           
Securities sold under agreements to repurchase   4,594    5,397 
Short-term borrowings   15,950    8,400 
Long-term debt   22,500    - 
Other interest bearing liabilities   1,412    1,356 
Accrued interest payable and other liabilities   5,333    4,000 
Total liabilities   430,673    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 -          
4,187,441 shares at December 31, 2014;          
4,196,266 shares at December 31, 2013   4,746    4,746 
Surplus   18,409    18,370 
Retained earnings   39,644    39,118 
Accumulated other comprehensive loss   (2,197)   (1,659)
Cost of common stock in Treasury:          
558,385 shares at December 31, 2014;          
549,560 shares at December 31, 2013   (10,746)   (10,591)
Total stockholders' equity   49,856    49,984 
Total liabilities and stockholders' equity  $480,529   $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   Year Ended 
   December 31,   December 31, 
   2014   2013   2014   2013 
Interest income:                    
Loans, including fees  $3,687   $3,728   $14,465   $14,868 
Taxable securities   531    329    1,950    1,267 
Tax-exempt securities   126    136    513    583 
Other interest income   -    -    4    16 
Total interest income   4,344    4,193    16,932    16,734 
Interest expense:                    
Deposits   544    667    2,356    2,871 
Securities sold under agreements to repurchase   1    1    4    4 
Short-term borrowings   10    4    15    8 
Long-term debt   69    -    207    - 
Other interest bearing liabilities   4    5    16    17 
Total interest expense   628    677    2,598    2,900 
Net interest income   3,716    3,516    14,334    13,834 
Provision for loan losses   110    149    357    415 
Net interest income after provision for loan losses   3,606    3,367    13,977    13,419 
Non-interest income:                    
Customer service fees   400    329    1,278    1,290 
Debit card fee income   216    212    847    822 
Earnings on bank-owned life insurance and annuities   92    99    391    416 
Trust fees   107    98    438    355 
Commissions from sales of non-deposit products   63    83    352    375 
Income from unconsolidated subsidiary   88    91    236    237 
Fees derived from loan activity   53    94    202    220 
Mortgage banking income   75    18    214    283 
(Loss) gain on sales and calls of securities   -    (2)   9    (2)
Gain from life insurance proceeds   -    -    165    - 
Other non-interest income   57    56    202    237 
Total non-interest income   1,151    1,078    4,334    4,233 
Non-interest expense:                    
Employee compensation expense   1,558    1,445    5,876    5,413 
Employee benefits   377    370    1,444    1,615 
Occupancy   246    252    993    971 
Equipment   126    112    470    462 
Data processing expense   404    368    1,545    1,450 
Director compensation   49    54    205    223 
Professional fees   95    107    396    388 
Taxes, other than income   78    121    340    483 
FDIC Insurance premiums   79    84    310    331 
(Gain) Loss on sales of other real estate owned   (2)   (2)   22    (39)
Amortization of intangibles   11    11    45    45 
Amortization of investment in low-income housing partnership   120    158    479    448 
Other non-interest expense   354    352    1,445    1,356 
Total non-interest expense   3,495    3,432    13,570    13,146 
Income before income taxes   1,262    1,013    4,741    4,506 
Provision for income taxes   170    46    525    505 
Net income  $1,092   $967   $4,216   $4,001 
Earnings per share                    
Basic  $0.26   $0.23   $1.01   $0.95 
Diluted  $0.26   $0.23   $1.01   $0.95 
Cash dividends declared per share  $0.22   $0.22   $0.88   $0.88 
Weighted average basic shares outstanding   4,189,395    4,196,471    4,192,761    4,210,336 
Weighted average diluted shares outstanding   4,190,306    4,196,603    4,193,129    4,211,078 

 

 

 

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