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

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORP	d294944d8k.htm
EX-99.1 - EX-99.1 - JUNIATA VALLEY FINANCIAL CORP	d294944dex991.htm

Exhibit 99.2

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

(in thousands, except share data)

		September 30,			September 30,
	(1)			(2)
	December 31,			December 31,
	2011			2010
ASSETS
Cash and due from banks	$	12,074		$	12,758
Interest bearing deposits with banks		2,100			218
Federal funds sold		—			12,300

Cash and cash equivalents		14,174			25,276

Interest bearing time deposits with banks		1,096			1,345
Securities available for sale		111,281			79,923
Restricted investment in Federal Home Loan Bank (FHLB) stock		1,700			2,088
Investment in unconsolidated subsidiary		3,796			3,550

Total loans, net of unearned interest		289,681			298,102
Less: Allowance for loan losses		(2,931	)		(2,824	)

Total loans, net of allowance for loan losses		286,750			295,278
Premises and equipment, net		6,710			7,067
Other real estate owned		427			412
Bank owned life insurance and annuities		14,069			13,568
Core deposit intangible		209			254
Goodwill		2,046			2,046
Accrued interest receivable and other assets		5,175			4,946

Total assets	$	447,433		$	435,753

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	64,751		$	60,696
Interest bearing		321,914			316,094

Total deposits		386,665			376,790

Securities sold under agreements to repurchase		3,500			3,314
Other interest bearing liabilities		1,244			1,200
Accrued interest payable and other liabilities		6,304			4,473

Total liabilities		397,713			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 -
4,228,218 shares at December 31, 2011;
4,257,765 shares at December 31, 2010		4,746			4,746
Surplus		18,363			18,354
Retained earnings		38,900			37,868
Accumulated other comprehensive loss		(2,256	)		(1,465	)
Cost of common stock in Treasury:
517,608 shares at December 31, 2011;
488,061 shares at December 31, 2010		(10,033	)		(9,527	)

Total stockholders’ equity		49,720			49,976

Total liabilities and stockholders’ equity	$	447,433		$	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

(in thousands, except share data)

		September 30,		September 30,		September 30,		September 30,
	(1)		(1)		(1)		(2)
	Three Months Ended December 31,				Twelve Months EndedDecember 31,
	2011		2010		2011		2010
Interest income:
Loans, including fees	$	4,380	$	4,781	$	17,857	$	19,537
Taxable securities		346		220		1,240		973
Tax-exempt securities		212		232		901		1,016
Federal funds sold		—		3		5		10
Other interest income		7		9		30		38

Total interest income		4,945		5,245		20,033		21,574

Interest expense:
Deposits		1,032		1,233		4,560		5,387
Securities sold under agreements to repurchase		1		1		3		3
Short-term borrowings		1		—		1		1
Long-term debt		—		—		—		99
Other interest bearing liabilities		7		3		27		12

Total interest expense		1,041		1,237		4,591		5,502

Net interest income		3,904		4,008		15,442		16,072
Provision for loan losses		100		104		364		741

Net interest income after provision for loan losses		3,804		3,904		15,078		15,331

Noninterest income:
Trust fees		72		78		388		378
Customer service fees		331		324		1,346		1,428
Earnings on bank-owned life insurance and annuities		112		117		478		510
Commissions from sales of non-deposit products		52		57		273		358
Income from unconsolidated subsidiary		66		71		263		250
Securities impairment charge		—		—		—		(40	)
Gain on sale or call of securities		—		—		6		31
Gain on sales of other assets		28		43		56		79
Other noninterest income		297		261		1,192		940

Total noninterest income		958		951		4,002		3,934

Noninterest expense:
Employee compensation expense		1,348		1,226		5,258		5,052
Employee benefits		528		383		1,686		1,565
Occupancy		226		247		957		939
Equipment		130		162		569		565
Data processing expense		331		320		1,326		1,397
Director compensation		63		74		284		335
Professional fees		121		158		462		515
Taxes, other than income		122		90		496		469
FDIC Insurance premiums		78		99		369		534
Amortization of intangibles		11		11		45		45
Other noninterest expense		300		348		1,406		1,304

Total noninterest expense		3,258		3,118		12,858		12,720

Income before income taxes		1,504		1,737		6,222		6,545
Provision for income taxes		368		433		1,542		1,630

Net income	$	1,136	$	1,304	$	4,680	$	4,915

Earnings per share
Basic	$	0.27	$	0.31	$	1.10	$	1.14
Diluted	$	0.27	$	0.31	$	1.10	$	1.14
Cash dividends declared per share	$	0.22	$	0.21	$	0.86	$	0.82
Weighted average basic shares outstanding		4,235,391		4,267,847		4,241,286		4,297,443
Weighted average diluted shares outstanding		4,238,318		4,271,225		4,244,507		4,300,966

(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)

		September 30,		September 30,
	For the Quarter Ended
	December 31,		September 30,
	2011		2011
Interest income:
Loans, including fees	$	4,380	$	4,401
Taxable securities		346		328
Tax-exempt securities		212		222
Federal funds sold		—		1
Other interest income		7		8

Total interest income		4,945		4,960

Interest expense:
Deposits		1,032		1,162
Securities sold under agreements to repurchase		1		1
Short-term borrowings		1		—
Other interest bearing liabilities		7		6

Total interest expense		1,041		1,169

Net interest income		3,904		3,791
Provision for loan losses		100		60

Net interest income after provision for loan losses		3,804		3,731

Noninterest income:
Trust fees		72		109
Customer service fees		331		354
Earnings on bank-owned life insurance and annuities		112		123
Commissions from sales of non-deposit products		52		53
Income from unconsolidated subsidiary		66		66
Gain on sales of other assets		28		14
Other noninterest income		297		300

Total noninterest income		958		1,019

Noninterest expense:
Employee compensation expense		1,348		1,318
Employee benefits		528		334
Occupancy		226		236
Equipment		130		138
Data processing expense		331		336
Director compensation		63		74
Professional fees		121		111
Taxes, other than income		122		123
FDIC Insurance premiums		78		73
Amortization of intangibles		11		12
Other noninterest expense		300		368

Total noninterest expense		3,258		3,123

Income before income taxes		1,504		1,627
Provision for income taxes		368		413

Net income	$	1,136	$	1,214

Earnings per share
Basic	$	0.27	$	0.29
Diluted	$	0.27	$	0.29
Cash dividends declared per share	$	0.22	$	0.22

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JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - February 1, 2012

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