JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 30, 2015

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPv416650_8k.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPv416650_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, 
   2015   2014 
ASSETS          
Cash and due from banks  $7,746   $6,757 
Interest bearing deposits with banks   247    10 
Cash and cash equivalents   7,993    6,767 
           
Securities available for sale   138,348    142,903 
Restricted investment in Federal Home Loan Bank (FHLB) stock   3,055    2,726 
Investment in unconsolidated subsidiary   4,457    4,369 
Loans   304,123    294,901 
Less: Allowance for loan losses   (2,315)   (2,380)
Total loans, net of allowance for loan losses   301,808    292,521 
Premises and equipment, net   6,453    6,533 
Other real estate owned   558    232 
Bank owned life insurance and annuities   14,997    14,807 
Equity investment in low income housing project   3,608    3,847 
Core deposit intangible   52    74 
Goodwill   2,046    2,046 
Mortgage servicing rights   204    193 
Accrued interest receivable and other assets   3,529    3,511 
Total assets  $487,108   $480,529 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $79,043   $77,697 
Interest bearing   299,723    303,187 
Total deposits   378,766    380,884 
           
Securities sold under agreements to repurchase   3,926    4,594 
Short-term borrowings   25,450    15,950 
Long-term debt   22,500    22,500 
Other interest bearing liabilities   1,430    1,412 
Accrued interest payable and other liabilities   4,934    5,333 
Total liabilities   437,006    430,673 
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 -          
4,190,683 shares at June 30, 2015;          
4,187,441 shares at December 31, 2014   4,746    4,746 
Surplus   18,430    18,409 
Retained earnings   39,726    39,644 
Accumulated other comprehensive loss   (2,117)   (2,197)
Cost of common stock in Treasury:          
555,143 shares at June 30, 2015;          
558,385 shares at December 31, 2014   (10,683)   (10,746)
Total stockholders' equity   50,102    49,856 
Total liabilities and stockholders' equity  $487,108   $480,529 

 

(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, 
   2015   2014   2015   2014 
Interest income:                    
Loans, including fees  $3,548   $3,662   $7,095   $7,212 
Taxable securities   557    535    1,118    890 
Tax-exempt securities   114    126    232    256 
Other interest income   1    2    1    3 
Total interest income   4,220    4,325    8,446    8,361 
Interest expense:                    
Deposits   413    608    894    1,229 
Securities sold under agreements to repurchase   1    1    2    2 
Short-term borrowings   10    1    21    2 
Long-term debt   68    69    136    69 
Other interest bearing liabilities   4    4    8    8 
Total interest expense   496    683    1,061    1,310 
Net interest income   3,724    3,642    7,385    7,051 
Provision for loan losses   112    117    162    137 
Net interest income after provision for loan losses   3,612    3,525    7,223    6,914 
Non-interest income:                    
Customer service fees   389    290    753    558 
Debit card fee income   219    215    424    418 
Earnings on bank-owned life insurance and annuities   92    94    182    191 
Trust fees   84    131    165    207 
Commissions from sales of non-deposit products   118    88    208    200 
Income from unconsolidated subsidiary   62    57    111    94 
Fees derived from loan activity   52    32    86    70 
Mortgage banking income   60    56    114    85 
Net gain (loss) on sales and calls of securities   1    2    (16)   7 
Gain from life insurance proceeds   -    165    -    165 
Other non-interest income   53    40    103    95 
Total non-interest income   1,130    1,170    2,130    2,090 
Non-interest expense:                    
Employee compensation expense   1,490    1,497    2,964    2,849 
Employee benefits   473    363    1,023    766 
Occupancy   253    237    535    519 
Equipment   133    116    261    230 
Data processing expense   390    370    777    750 
Director compensation   54    51    103    108 
Professional fees   100    99    214    198 
Taxes, other than income   92    77    181    184 
FDIC Insurance premiums   75    74    162    155 
(Gain) loss on sales of other real estate owned   (5)   29    (5)   11 
Amortization of intangibles   11    11    22    22 
Amortization of investment in low-income housing partnership   119    119    239    239 
Merger and acquisition expense   48    -    58    - 
Other non-interest expense   388    358    691    706 
Total non-interest expense   3,621    3,401    7,225    6,737 
Income before income taxes    1,121    1,294    2,128    2,267 
Provision for income taxes   120    131    203    201 
Net income  $1,001   $1,163   $1,925   $2,066 
Earnings per share                    
Basic  $0.24   $0.28   $0.46   $0.49 
Diluted  $0.24   $0.28   $0.46   $0.49 
Cash dividends declared per share  $0.22   $0.22   $0.44   $0.44 
Weighted average basic shares outstanding   4,189,090    4,195,491    4,188,265    4,195,876 
Weighted average diluted shares outstanding   4,190,036    4,195,749    4,189,304    4,196,136 

 

 

 

 

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