JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORP	c11448e8vk.htm
EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORP	c11448exv99w1.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,
	2010			2009
ASSETS
Cash and due from banks	$	12,758		$	18,613
Interest bearing deposits with banks		218			82
Federal funds sold		12,300			1,200

Cash and cash equivalents		25,276			19,895
Interest bearing time deposits with banks		1,345			1,420
Securities available for sale		79,923			77,356
Restricted investment in Federal Home Loan Bank (FHLB) stock		2,088			2,197
Investment in unconsolidated subsidiary		3,550			3,338

Total loans, net of unearned interest		298,102			311,630
Less: Allowance for loan losses		(2,824	)		(2,719	)

Total loans, net of allowance for loan losses		295,278			308,911
Premises and equipment, net		7,067			6,878
Other real estate owned		412			476
Bank owned life insurance and annuities		13,568			13,066
Core deposit intangible		254			299
Goodwill		2,046			2,046
Accrued interest receivable and other assets		4,946			6,227

Total assets	$	435,753		$	442,109

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	60,696		$	55,030
Interest bearing		316,094			322,367

Total deposits		376,790			377,397
Securities sold under agreements to repurchase		3,314			3,207
Long-term debt		—			5,000
Other interest bearing liabilities		1,200			1,146
Accrued interest payable and other liabilities		4,473			4,756

Total liabilities		385,777			391,506
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 —
4,257,765 shares at December 31, 2010; 4,337,587 shares at December 31, 2009		4,746			4,746
Surplus		18,354			18,315
Retained earnings		37,868			36,478
Accumulated other comprehensive loss		(1,465	)		(805	)
Cost of common stock in Treasury:
488,061 shares at December 31, 2010; 408,239 shares at December 31, 2009		(9,527	)		(8,131	)

Total stockholders’ equity		49,976			50,603

Total liabilities and stockholders’ equity	$	435,753		$	442,109


(1)		Unaudited

(2)		Derived from audited financial statements; does not include footnote disclosures.

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, Dollar amounts in thousands, except share data)


	For the Quarter Ended
	December 31,		September 30,
	2010		2010
Interest income:
Loans, including fees	$	4,781	$	4,824
Taxable securities		220		257
Tax-exempt securities		232		245
Federal funds sold		3		3
Other interest income		9		10

Total interest income		5,245		5,339

Interest expense:
Deposits		1,233		1,288
Securities sold under agreements to repurchase		1		1
Long-term debt		—		29
Other interest bearing liabilities		3		2

Total interest expense		1,237		1,320

Net interest income		4,008		4,019
Provision for loan losses		104		70

Net interest income after provision for loan losses		3,904		3,949

Noninterest income:
Trust fees		78		90
Customer service fees		324		335
Earnings on bank-owned life insurance and annuities		117		133
Commissions from sales of non-deposit products		57		80
Income from unconsolidated subsidiary		71		60
Securities impairment charge		—		(40	)
Gain on sale or call of securities		—		4
Gain on sales of other assets		43		30
Other noninterest income		261		244

Total noninterest income		951		936

Noninterest expense:
Employee compensation expense		1,226		1,232
Employee benefits		383		363
Occupancy		247		243
Equipment		162		148
Data processing expense		320		366
Director compensation		74		88
Professional fees		158		128
Taxes, other than income		90		124
FDIC Insurance premiums		99		138
Amortization of intangibles		11		11
Other noninterest expense		348		317

Total noninterest expense		3,118		3,158

Income before income taxes		1,737		1,727
Provision for income taxes		433		442

Net income	$	1,304	$	1,285

Earnings per share
Basic	$	0.31	$	0.30
Diluted	$	0.31	$	0.30
Cash dividends declared per share	$	0.21	$	0.21

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(in thousands, except share data)


	(1)		(1)			(1)			(2)
	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2010		2009			2010			2009
Interest income:
Loans, including fees	$	4,781	$	5,116		$	19,537		$	20,787
Taxable securities		220		254			973			1,163
Tax-exempt securities		232		288			1,016			1,152
Federal funds sold		3		11			10			158
Other interest income		9		1			38			8

Total interest income		5,245		5,670			21,574			23,268

Interest expense:
Deposits		1,233		1,647			5,387			7,116
Securities sold under agreements to repurchase		1		—			3			2
Short-term borrowings		—		—			1			1
Long-term debt		—		35			99			140
Other interest bearing liabilities		3		4			12			20

Total interest expense		1,237		1,686			5,502			7,279

Net interest income		4,008		3,984			16,072			15,989
Provision for loan losses		104		250			741			627

Net interest income after provision for loan losses		3,904		3,734			15,331			15,362

Noninterest income:
Trust fees		78		108			378			361
Customer service fees		324		438			1,428			1,673
Earnings on bank-owned life insurance and annuities		117		96			510			444
Commissions from sales of non-deposit products		57		122			358			446
Income from unconsolidated subsidiary		71		71			250			217
Securities impairment charge		—		—			(40	)		(226	)
Gain on sale or calls of securities		—		17			31			17
Gain (Loss) on sales of other assets		43		(19	)		79			(19	)
Prior period income from insurance sales		—		—			—			323
Other noninterest income		261		235			940			935

Total noninterest income		951		1,068			3,934			4,171

Noninterest expense:
Employee compensation expense		1,226		1,259			5,052			4,958
Employee benefits		383		421			1,565			1,667
Occupancy		247		247			939			940
Equipment		162		139			565			612
Data processing expense		320		331			1,397			1,325
Director compensation		74		98			335			416
Professional fees		158		91			515			392
Taxes, other than income		90		96			469			476
FDIC Insurance premiums		99		108			534			634
Amortization of intangibles		11		11			45			45
Other noninterest expense		348		308			1,304			1,154

Total noninterest expense		3,118		3,109			12,720			12,619

Income before income taxes		1,737		1,693			6,545			6,914
Provision for income taxes		433		450			1,630			1,808

Net income	$	1,304	$	1,243		$	4,915		$	5,106

Earnings per share
Basic	$	0.31	$	0.29		$	1.14		$	1.18
Diluted	$	0.31	$	0.29		$	1.14		$	1.18
Cash dividends declared per share	$	0.21	$	0.20		$	0.82		$	0.78
Weighted average basic shares outstanding		4,267,847		4,342,587			4,297,443			4,341,097
Weighted average diluted shares outstanding		4,271,225		4,346,353			4,300,966			4,345,236


(1)		Unaudited

(2)		Derived from audited financial statements; does not include footnote disclosures.

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JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 25, 2011

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