JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 31, 2017

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EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORPtv478155_ex99-1.htm
8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORPtv478155_8-k.htm

Exhibit 99.2

 

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition

 

   (Unaudited)     
(Dollars in thousands, except share data)  September 30,   December 31, 
   2017   2016 
ASSETS
Cash and due from banks  $13,219   $9,464 
Interest bearing deposits with banks   133    95 
Cash and cash equivalents   13,352    9,559 
           
Interest bearing time deposits with banks   350    350 
Securities available for sale   159,180    150,488 
Restricted investment in Federal Home Loan Bank (FHLB) stock   3,616    3,610 
Investment in unconsolidated subsidiary   4,820    4,703 
Residential mortgage loans held for sale   117    - 
Student loans held for sale   -    - 
Total loans   382,616    378,297 
Less: Allowance for loan losses   (2,907)   (2,723)
Total loans, net of allowance for loan losses   379,709    375,574 
Premises and equipment, net   6,695    6,857 
Other real estate owned   576    638 
Bank owned life insurance and annuities   14,898    14,631 
Investment in low income housing partnership   5,319    3,812 
Core deposit and other intangible   210    262 
Goodwill   5,448    5,448 
Mortgage servicing rights   223    205 
Accrued interest receivable and other assets   5,409    4,217 
Total assets  $599,922   $580,354 
           
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:          
Deposits:          
Non-interest bearing  $109,880   $104,006 
Interest bearing   363,703    351,816 
Total deposits   473,583    455,822 
           
Securities sold under agreements to repurchase   5,207    4,496 
Short-term borrowings   27,500    27,700 
Long-term debt   25,000    25,000 
Other interest bearing liabilities   1,566    1,545 
Accrued interest payable and other liabilities   6,618    6,701 
Total liabilities   539,474    521,264 
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 -          
4,811,611 shares at September 30, 2017;          
4,805,000 shares at December 31, 2016          
Outstanding -          
4,767,656 shares at September 30, 2017;          
4,755,630 shares at December 31, 2016   4,811    4,805 
Surplus   18,548    18,476 
Retained earnings   40,759    39,945 
Accumulated other comprehensive loss   (2,839)   (3,209)
Cost of common stock in Treasury:          
43,955 shares at September 30, 2017;          
49,370 shares at December 31, 2016   (831)   (927)
Total stockholders' equity   60,448    59,090 
Total liabilities and stockholders' equity  $599,922   $580,354 

 

 

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income (Unaudited)

 

   Three Months Ended   Nine Months Ended 
(Dollars in thousands, except share data)  September 30,   September 30, 
   2017   2016   2017   2016 
Interest income:                    
Loans, including fees  $4,607   $4,356   $13,491   $13,155 
Taxable securities   729    590    2,128    1,831 
Tax-exempt securities   112    100    340    314 
Other interest income   9    3    20    13 
Total interest income   5,457    5,049    15,979    15,313 
Interest expense:                    
Deposits   561    461    1,555    1,350 
Securities sold under agreements to repurchase   8    1    17    3 
Short-term borrowings   80    5    212    49 
Long-term debt   95    87    274    241 
Other interest bearing liabilities   8    7    23    22 
Total interest expense   752    561    2,081    1,665 
Net interest income   4,705    4,488    13,898    13,648 
Provision for loan losses   149    132    389    366 
Net interest income after provision for loan losses   4,556    4,356    13,509    13,282 
Non-interest income:                    
Customer service fees   428    471    1,302    1,279 
Debit card fee income   274    264    824    769 
Earnings on bank-owned life insurance and annuities   93    107    269    284 
Trust fees   97    84    324    315 
Commissions from sales of non-deposit products   43    43    140    181 
Income from unconsolidated subsidiary   49    61    154    163 
Fees derived from loan activity   77    58    181    175 
Mortgage banking income   83    41    170    106 
Gain on sales and calls of securities   2    6    510    134 
Gain on sales of loans   -    -    -    113 
Gain on life insurance proceeds   -    364    -    364 
Other non-interest income   73    72    217    212 
Total non-interest income   1,219    1,571    4,091    4,095 
Non-interest expense:                    
Employee compensation expense   1,829    1,848    5,326    5,266 
Employee benefits   567    564    1,802    1,699 
Occupancy   291    278    878    847 
Equipment   175    160    504    492 
Data processing expense   440    493    1,318    1,358 
Director compensation   60    59    183    176 
Professional fees   148    130    431    405 
Taxes, other than income   111    107    353    319 
FDIC Insurance premiums   83    96    250    295 
Loss (gain) on sales of other real estate owned   19    50    (26)   56 
Amortization of intangibles   17    26    52    86 
Amortization of investment in low-income housing partnership   173    120    412    359 
Merger and acquisition expense   -    -    -    372 
Other non-interest expense   529    399    1,457    1,226 
Total non-interest expense   4,442    4,330    12,940    12,956 
Income before income taxes   1,333    1,597    4,660    4,421 
Income tax provision   127    150    701    567 
Net income  $1,206   $1,447   $3,959   $3,854 
Earnings per share                    
Basic  $0.25   $0.30   $0.83   $0.80 
Diluted  $0.25   $0.30   $0.83   $0.80 
Cash dividends declared per share  $0.22   $0.22   $0.66   $0.66 
Weighted average basic shares outstanding   4,767,656    4,804,000    4,764,325    4,800,804 
Weighted average diluted shares outstanding   4,778,950    4,805,177    4,772,935    4,801,521 

 

 

 

 

 

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