Attached files
| file | filename |
|---|---|
| EX-99.4 - EXHIBIT 99.4 - Standard AVB Financial Corp. | v469358_ex99-4.htm |
| EX-99.3 - EXHIBIT 99.3 - Standard AVB Financial Corp. | v469358_ex99-3.htm |
| 8-K/A - 8-K/A - Standard AVB Financial Corp. | v469358_8ka.htm |
Exhibit 99.2
ALLEGHENY VALLEY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Audited)
| December 31, | ||||
| 2016 | ||||
| Assets | ||||
| Cash | $ | 1,928,332 | ||
| Interest-earning deposits with other institutions | 6,142,302 | |||
| Cash and cash equivalents | 8,070,634 | |||
| Investment securities available-for-sale | 100,248,467 | |||
| Loans receivable, net | 303,428,294 | |||
| Federal Home Loan Bank stock, at cost | 4,705,000 | |||
| Office properties and equipment, net | 4,139,749 | |||
| Goodwill | 8,143,684 | |||
| Bank owned life insurance | 6,444,521 | |||
| Accrued interest and other assets | 3,361,309 | |||
| Total Assets | $ | 438,541,658 | ||
| Liabilities | ||||
| Deposits | ||||
| Noninterest-bearing demand | $ | 107,016,121 | ||
| Interest-bearing demand | 25,631,221 | |||
| Savings | 52,197,762 | |||
| Money market | 76,828,879 | |||
| Time | 65,094,149 | |||
| Total deposits | 326,768,132 | |||
| Short -term borrowings | 60,522,800 | |||
| Accrued interest and other liabilities | 1,717,135 | |||
| Total Liabilities | 389,008,067 | |||
| Stockholders' Equity | ||||
| Common stock, par value $1; authorized 5,000,000 shares; issued 1,170,000 shares | 1,170,000 | |||
| Additional paid-in capital | 2,612,039 | |||
| Retained earnings | 51,362,976 | |||
| Accumulated other comprehensive income (loss) | 684,615 | |||
| 55,829,630 | ||||
| Treasury stock, at cost (133,326 and 151,143 shares) | (6,296,039 | ) | ||
| Stockholders' Equity, Net | 49,533,591 | |||
| Total Liabilities and Stockholders' Equity | $ | 438,541,658 | ||
ALLEGHENY VALLEY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Audited)
| YEAR ENDED | ||||
| DECEMBER 31, | ||||
| 2016 | ||||
| Interest Income: | ||||
| Interest and fees on loans | $ | 12,630,218 | ||
| Interest-earning deposits | 20,218 | |||
| Investment securities: | ||||
| Taxable interest | 2,053,944 | |||
| Tax-exempt interest | 871,513 | |||
| Total Interest Income | 15,575,893 | |||
| Interest Expense: | ||||
| Deposits | 1,126,122 | |||
| Borrowed funds | 346,324 | |||
| Total Interest Expense | 1,472,446 | |||
| Net Interest Income | 14,103,447 | |||
| Provision For Loan Losses | 400,000 | |||
| Net Interest Income After Provision For Loan Losses | 13,703,447 | |||
| Noninterest Income: | ||||
| Service charges on deposit accounts | 1,131,533 | |||
| Net gain on sales of investment securities available-for-sale | 359,980 | |||
| Wealth management fee income | 194,259 | |||
| Mortgage fee income | 435,159 | |||
| Lease fee income | 27,997 | |||
| Other income | 486,871 | |||
| Total Noninterest Income | 2,635,799 | |||
| Noninterest Expense: | ||||
| Salaries and employee benefits | 6,257,105 | |||
| Occupancy expense | 993,814 | |||
| Data processing and equipment expense | 1,143,847 | |||
| Pennsylvania shares tax | 306,899 | |||
| FDIC insurance expense | 193,967 | |||
| Legal and professional fees | 353,851 | |||
| Merger expense | 828,400 | |||
| Other expense | 2,510,911 | |||
| Total Noninterest Expense | 12,588,794 | |||
| Income Before Income Taxes | 3,750,452 | |||
| Income Taxes | 986,181 | |||
| Net Income | $ | 2,764,271 | ||
| Basic and Diluted Earnings Per Share | $ | 2.69 | ||
| Weighted Average Shares Outstanding | 1,026,351 | |||
| Actual Shares Outstanding | 1,036,674 | |||
ALLEGHENY VALLEY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Audited)
| YEAR ENDED | ||||
| DECEMBER 31, | ||||
| 2016 | ||||
| Cash Flows From Operating Activites | ||||
| Net income | $ | 2,764,271 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation | 433,682 | |||
| Net amortization of premiums, intangible assets, and mortgage servicing assets | 271,608 | |||
| Provision for loan losses | 400,000 | |||
| Net gain on investment securities available for sale | (359,980 | ) | ||
| Deferred income tax (benefit) expense | (491,769 | ) | ||
| Increase in accrued interest receivable | (67,237 | ) | ||
| Decrease in accrued interest payable | (5,720 | ) | ||
| Increase in income taxes payable | 412,889 | |||
| Increase in cash surrender value of bank owned life insurance | (174,095 | ) | ||
| Increase in mortgage servicing asset | (94,033 | ) | ||
| Decrease in prepaid assets | 311,656 | |||
| Increase (decrease) in accrued expenses | 285,756 | |||
| Other, net | 247,755 | |||
| Net Cash Provided By Operating Activities | 3,934,783 | |||
| Cash Flows From Investing Activities | ||||
| Investment securities available for sale: | ||||
| Proceeds from maturities, calls and principal repayments | 22,219,150 | |||
| Proceeds from sales | 3,534,361 | |||
| Purchases | (29,145,662 | ) | ||
| Net increase in loans | (21,008,003 | ) | ||
| Purchase of FHLB stock | (4,960,900 | ) | ||
| Redemptions of FHLB stock | 4,225,400 | |||
| Proceeds from disposal of assets | 167,927 | |||
| Purchases of premises and equipment | (1,626,066 | ) | ||
| Net Cash Used By Investing Activities | (26,593,793 | ) | ||
| Cash Flows From Financing Activities | ||||
| Net increase (decrease) in deposits | 11,422,601 | |||
| Repayments of long-term debt | - | |||
| Net increase in short-term borrowings | 11,864,300 | |||
| Dividends paid | (1,912,844 | ) | ||
| Issuance of treasury stock | 210,389 | |||
| Net Cash Provided (Used) By Financing Activities | 21,584,446 | |||
| Decrease In Cash And Cash Equivalents | (1,074,564 | ) | ||
| Cash And Cash Equivalents, Beginning Of Year | 9,145,198 | |||
| Cash And Cash Equivalents, End Of Year | $ | 8,070,634 | ||
| Supplemental Information | ||||
| Cash paid during the year for: | ||||
| Interest on deposits and borrowings | 1,508,380 | |||
| Income taxes | 1,065,000 | |||
| Non-cash investing and financing activities: | ||||
| Stock dividends | 424,297 | |||
| Loans transferred to other real estate owned | 121,584 | |||