Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORP | c16320e8vk.htm |
| EX-99.1 - EXHIBIT 99.1 - JUNIATA VALLEY FINANCIAL CORP | c16320exv99w1.htm |
Exhibit 99.2
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
( in thousands, except share data)
Consolidated Statements of Financial Condition
( in thousands, except share data)
| (1) | (2) | |||||||
| March 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
| ASSETS |
||||||||
Cash and due from banks |
$ | 8,481 | $ | 12,758 | ||||
Interest bearing deposits with banks |
147 | 218 | ||||||
Federal funds sold |
4,900 | 12,300 | ||||||
Cash and cash equivalents |
13,528 | 25,276 | ||||||
Interest bearing time deposits with banks |
1,096 | 1,345 | ||||||
Securities available for sale |
100,982 | 79,923 | ||||||
Restricted investment in Federal Home Loan Bank (FHLB) stock |
1,983 | 2,088 | ||||||
Investment in unconsolidated subsidiary |
3,607 | 3,550 | ||||||
Total loans, net of unearned interest |
297,450 | 298,102 | ||||||
Less: Allowance for loan losses |
(2,901 | ) | (2,824 | ) | ||||
Total loans, net of allowance for loan losses |
294,549 | 295,278 | ||||||
Premises and equipment, net |
6,943 | 7,067 | ||||||
Other real estate owned |
340 | 412 | ||||||
Bank owned life insurance and annuities |
13,693 | 13,568 | ||||||
Core deposit intangible |
243 | 254 | ||||||
Goodwill |
2,046 | 2,046 | ||||||
Accrued interest receivable and other assets |
5,730 | 4,946 | ||||||
Total assets |
$ | 444,740 | $ | 435,753 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Liabilities: |
||||||||
Deposits: |
||||||||
Non-interest bearing |
$ | 62,219 | $ | 60,696 | ||||
Interest bearing |
324,198 | 316,094 | ||||||
Total deposits |
386,417 | 376,790 | ||||||
Securities sold under agreements to repurchase |
2,631 | 3,314 | ||||||
Other interest bearing liabilities |
1,201 | 1,200 | ||||||
Accrued interest payable and other liabilities |
4,588 | 4,473 | ||||||
Total liabilities |
394,837 | 385,777 | ||||||
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 - |
||||||||
4,238,265 shares at March 31, 2011; 4,257,765 shares at December 31, 2010 |
4,746 | 4,746 | ||||||
Surplus |
18,360 | 18,354 | ||||||
Retained earnings |
38,213 | 37,868 | ||||||
Accumulated other comprehensive loss |
(1,558 | ) | (1,465 | ) | ||||
Cost of common stock in Treasury: |
||||||||
507,561 shares at March 31, 2011; 488,061 shares at December 31, 2010 |
(9,858 | ) | (9,527 | ) | ||||
Total stockholders’ equity |
49,903 | 49,976 | ||||||
Total liabilities and stockholders’ equity |
$ | 444,740 | $ | 435,753 | ||||
| (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 data)
Consolidated Statements of Income
(Unaudited, in thousands, except share data)
| For the Quarter Ended | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
Interest income: |
||||||||
Loans, including fees |
$ | 4,592 | $ | 5,036 | ||||
Taxable securities |
253 | 233 | ||||||
Tax-exempt securities |
233 | 275 | ||||||
Federal funds sold |
2 | 1 | ||||||
Other interest income |
8 | 9 | ||||||
Total interest income |
5,088 | 5,554 | ||||||
Interest expense: |
||||||||
Deposits |
1,175 | 1,519 | ||||||
Securities sold under agreements to repurchase |
1 | 1 | ||||||
Short-term borrowings |
— | 1 | ||||||
Long-term debt |
— | 34 | ||||||
Other interest bearing liabilities |
7 | 3 | ||||||
Total interest expense |
1,183 | 1,558 | ||||||
Net interest income |
3,905 | 3,996 | ||||||
Provision for loan losses |
88 | 285 | ||||||
Net interest income after provision for loan losses |
3,817 | 3,711 | ||||||
Noninterest income: |
||||||||
Trust fees |
113 | 120 | ||||||
Customer service fees |
312 | 382 | ||||||
Earnings on bank-owned life insurance and annuities |
119 | 122 | ||||||
Commissions from sales of non-deposit products |
103 | 96 | ||||||
Income from unconsolidated subsidiary |
65 | 56 | ||||||
Gain on sales or calls of securities |
5 | 12 | ||||||
Gain (Loss) on sales of other assets |
15 | (1 | ) | |||||
Other noninterest income |
292 | 236 | ||||||
Total noninterest income |
1,024 | 1,023 | ||||||
Noninterest expense: |
||||||||
Employee compensation expense |
1,255 | 1,286 | ||||||
Employee benefits |
401 | 416 | ||||||
Occupancy |
243 | 233 | ||||||
Equipment |
155 | 119 | ||||||
Data processing expense |
322 | 365 | ||||||
Director compensation |
77 | 87 | ||||||
Professional fees |
139 | 93 | ||||||
Taxes, other than income |
127 | 130 | ||||||
FDIC Insurance premiums |
133 | 147 | ||||||
Amortization of intangibles |
11 | 11 | ||||||
Other noninterest expense |
315 | 258 | ||||||
Total noninterest expense |
3,178 | 3,145 | ||||||
Income before income taxes |
1,663 | 1,589 | ||||||
Provision for income taxes |
424 | 401 | ||||||
Net income |
$ | 1,239 | $ | 1,188 | ||||
Earnings per share |
||||||||
Basic |
$ | 0.29 | $ | 0.27 | ||||
Diluted |
$ | 0.29 | $ | 0.27 | ||||
Cash dividends declared per share |
$ | 0.21 | $ | 0.20 | ||||
Weighted average basic shares outstanding |
4,255,982 | 4,330,136 | ||||||
Weighted average diluted shares outstanding |
4,259,061 | 4,334,000 | ||||||
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share data)
Consolidated Statements of Income
(Unaudited, in thousands, except share data)
| For the Quarter Ended | ||||||||
| March 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
Interest income: |
||||||||
Loans, including fees |
$ | 4,592 | $ | 4,781 | ||||
Taxable securities |
253 | 220 | ||||||
Tax-exempt securities |
233 | 232 | ||||||
Federal funds sold |
2 | 3 | ||||||
Other interest income |
8 | 9 | ||||||
Total interest income |
5,088 | 5,245 | ||||||
Interest expense: |
||||||||
Deposits |
1,175 | 1,233 | ||||||
Securities sold under agreements to repurchase |
1 | 1 | ||||||
Other interest bearing liabilities |
7 | 3 | ||||||
Total interest expense |
1,183 | 1,237 | ||||||
Net interest income |
3,905 | 4,008 | ||||||
Provision for loan losses |
88 | 104 | ||||||
Net interest income after provision for loan losses |
3,817 | 3,904 | ||||||
Noninterest income: |
||||||||
Trust fees |
113 | 78 | ||||||
Customer service fees |
312 | 324 | ||||||
Earnings on bank-owned life insurance and annuities |
119 | 117 | ||||||
Commissions from sales of non-deposit products |
103 | 57 | ||||||
Income from unconsolidated subsidiary |
65 | 71 | ||||||
Gain on sale or call of securities |
5 | — | ||||||
Gain on sales of other assets |
15 | 43 | ||||||
Other noninterest income |
292 | 261 | ||||||
Total noninterest income |
1,024 | 951 | ||||||
Noninterest expense: |
||||||||
Employee compensation expense |
1,255 | 1,226 | ||||||
Employee benefits |
401 | 383 | ||||||
Occupancy |
243 | 247 | ||||||
Equipment |
155 | 162 | ||||||
Data processing expense |
322 | 320 | ||||||
Director compensation |
77 | 74 | ||||||
Professional fees |
139 | 158 | ||||||
Taxes, other than income |
127 | 90 | ||||||
FDIC Insurance premiums |
133 | 99 | ||||||
Amortization of intangibles |
11 | 11 | ||||||
Other noninterest expense |
315 | 348 | ||||||
Total noninterest expense |
3,178 | 3,118 | ||||||
Income before income taxes |
1,663 | 1,737 | ||||||
Provision for income taxes |
424 | 433 | ||||||
Net income |
$ | 1,239 | $ | 1,304 | ||||
Earnings per share |
||||||||
Basic |
$ | 0.29 | $ | 0.31 | ||||
Diluted |
$ | 0.29 | $ | 0.31 | ||||
Cash dividends declared per share |
$ | 0.21 | $ | 0.21 | ||||