Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORP | d344104d8k.htm |
| EX-99.1 - EX-99.1 - JUNIATA VALLEY FINANCIAL CORP | d344104dex991.htm |
Exhibit 99.2
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
( in thousands, except share data)
| (1) | (2) | |||||||
| March 31, | December 31, | |||||||
| 2012 | 2011 | |||||||
| ASSETS |
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| Cash and due from banks |
$ | 7,752 | $ | 12,074 | ||||
| Interest bearing deposits with banks |
13,678 | 2,100 | ||||||
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| Cash and cash equivalents |
21,430 | 14,174 | ||||||
| Interest bearing time deposits with banks |
1,096 | 1,096 | ||||||
| Securities available for sale |
114,970 | 111,281 | ||||||
| Restricted investment in Federal Home Loan Bank (FHLB) stock |
1,615 | 1,700 | ||||||
| Investment in unconsolidated subsidiary |
3,838 | 3,796 | ||||||
| Total loans |
285,401 | 289,681 | ||||||
| Less: Allowance for loan losses |
(3,883 | ) | (2,931 | ) | ||||
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| Total loans, net of allowance for loan losses |
281,518 | 286,750 | ||||||
| Premises and equipment, net |
6,624 | 6,710 | ||||||
| Other real estate owned |
588 | 427 | ||||||
| Bank owned life insurance and annuities |
14,182 | 14,069 | ||||||
| Core deposit intangible |
198 | 209 | ||||||
| Goodwill |
2,046 | 2,046 | ||||||
| Accrued interest receivable and other assets |
5,772 | 5,175 | ||||||
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| Total assets |
$ | 453,877 | $ | 447,433 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: |
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| Deposits: |
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| Non-interest bearing |
$ | 69,103 | $ | 64,751 | ||||
| Interest bearing |
325,222 | 321,914 | ||||||
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| Total deposits |
394,325 | 386,665 | ||||||
| Securities sold under agreements to repurchase |
3,119 | 3,500 | ||||||
| Other interest bearing liabilities |
1,251 | 1,244 | ||||||
| Accrued interest payable and other liabilities |
5,914 | 6,304 | ||||||
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| Total liabilities |
404,609 | 397,713 | ||||||
| Stockholders’ Equity: |
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| Preferred stock, no par value: |
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| Authorized - 500,000 shares, none issued |
— | — | ||||||
| Common stock, par value $1.00 per share: |
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| Authorized - 20,000,000 shares |
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| Issued - 4,745,826 shares |
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| Outstanding - 4,229,668 shares at March 31, 2012; 4,228,218 shares at December 31, 2011 |
4,746 | 4,746 | ||||||
| Surplus |
18,361 | 18,363 | ||||||
| Retained earnings |
38,388 | 38,900 | ||||||
| Accumulated other comprehensive loss |
(2,222 | ) | (2,256 | ) | ||||
| Cost of common stock in Treasury: |
||||||||
| 516,158 shares at March 31, 2012; 517,608 shares at December 31, 2011 |
(10,005 | ) | (10,033 | ) | ||||
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| Total stockholders’ equity |
49,268 | 49,720 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 453,877 | $ | 447,433 | ||||
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| (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)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2012 | 2011 | |||||||
| Interest income: |
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| Loans, including fees |
$ | 4,195 | $ | 4,592 | ||||
| Taxable securities |
330 | 253 | ||||||
| Tax-exempt securities |
178 | 233 | ||||||
| Federal funds sold |
— | 2 | ||||||
| Other interest income |
8 | 8 | ||||||
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| Total interest income |
4,711 | 5,088 | ||||||
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| Interest expense: |
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| Deposits |
965 | 1,175 | ||||||
| Securities sold under agreements to repurchase |
1 | 1 | ||||||
| Other interest bearing liabilities |
6 | 7 | ||||||
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| Total interest expense |
972 | 1,183 | ||||||
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| Net interest income |
3,739 | 3,905 | ||||||
| Provision for loan losses |
1,108 | 88 | ||||||
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| Net interest income after provision for loan losses |
2,631 | 3,817 | ||||||
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| Non-interest income: |
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| Trust fees |
106 | 113 | ||||||
| Customer service fees |
313 | 312 | ||||||
| Debit card fee income |
204 | 193 | ||||||
| Earnings on bank-owned life insurance and annuities |
106 | 119 | ||||||
| Commissions from sales of non-deposit products |
87 | 103 | ||||||
| Income from unconsolidated subsidiary |
57 | 65 | ||||||
| Gain on sale or call of securities |
— | 5 | ||||||
| Other non-interest income |
169 | 99 | ||||||
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| Total non-interest income |
1,042 | 1,009 | ||||||
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| Non-interest expense: |
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| Employee compensation expense |
1,278 | 1,255 | ||||||
| Employee benefits |
535 | 401 | ||||||
| Occupancy |
229 | 243 | ||||||
| Equipment |
133 | 155 | ||||||
| Data processing expense |
356 | 322 | ||||||
| Director compensation |
59 | 77 | ||||||
| Professional fees |
88 | 139 | ||||||
| Taxes, other than income |
118 | 127 | ||||||
| FDIC Insurance premiums |
79 | 133 | ||||||
| Loss (gain) on sales of other real estate owned |
2 | (15 | ) | |||||
| Amortization of intangibles |
11 | 11 | ||||||
| Other non-interest expense |
357 | 315 | ||||||
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| Total non-interest expense |
3,245 | 3,163 | ||||||
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| Income before income taxes |
428 | 1,663 | ||||||
| Provision for income taxes |
10 | 424 | ||||||
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| Net income |
$ | 418 | $ | 1,239 | ||||
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| Earnings per share |
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| Basic |
$ | 0.10 | $ | 0.29 | ||||
| Diluted |
$ | 0.10 | $ | 0.29 | ||||
| Cash dividends declared per share |
$ | 0.22 | $ | 0.21 | ||||
| Weighted average basic shares outstanding |
4,228,218 | 4,255,982 | ||||||
| Weighted average diluted shares outstanding |
4,231,276 | 4,259,061 | ||||||
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share data)
| Three Months Ended | ||||||||
| March 31, | December 31, | |||||||
| 2012 | 2011 | |||||||
| Interest income: |
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| Loans, including fees |
$ | 4,195 | $ | 4,380 | ||||
| Taxable securities |
330 | 346 | ||||||
| Tax-exempt securities |
178 | 212 | ||||||
| Other interest income |
8 | 7 | ||||||
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| Total interest income |
4,711 | 4,945 | ||||||
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| Interest expense: |
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| Deposits |
965 | 1,032 | ||||||
| Securities sold under agreements to repurchase |
1 | 1 | ||||||
| Short-term borrowings |
— | 1 | ||||||
| Other interest bearing liabilities |
6 | 7 | ||||||
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| Total interest expense |
972 | 1,041 | ||||||
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| Net interest income |
3,739 | 3,904 | ||||||
| Provision for loan losses |
1,108 | 100 | ||||||
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| Net interest income after provision for loan losses |
2,631 | 3,804 | ||||||
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| Non-interest income: |
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| Trust fees |
106 | 72 | ||||||
| Customer service fees |
313 | 331 | ||||||
| Debit card fee income |
204 | 190 | ||||||
| Earnings on bank-owned life insurance and annuities |
106 | 112 | ||||||
| Commissions from sales of non-deposit products |
87 | 52 | ||||||
| Income from unconsolidated subsidiary |
57 | 66 | ||||||
| Other non-interest income |
169 | 107 | ||||||
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| Total non-interest income |
1,042 | 930 | ||||||
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| Non-interest expense: |
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| Employee compensation expense |
1,278 | 1,348 | ||||||
| Employee benefits |
535 | 528 | ||||||
| Occupancy |
229 | 226 | ||||||
| Equipment |
133 | 130 | ||||||
| Data processing expense |
356 | 331 | ||||||
| Director compensation |
59 | 63 | ||||||
| Professional fees |
88 | 121 | ||||||
| Taxes, other than income |
118 | 122 | ||||||
| FDIC Insurance premiums |
79 | 78 | ||||||
| Loss (gain) on sales of other real estate owned |
2 | (28 | ) | |||||
| Amortization of intangibles |
11 | 11 | ||||||
| Other non-interest expense |
357 | 300 | ||||||
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| Total non-interest expense |
3,245 | 3,230 | ||||||
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| Income before income taxes |
428 | 1,504 | ||||||
| Provision for income taxes |
10 | 368 | ||||||
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| Net income |
$ | 418 | $ | 1,136 | ||||
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| Earnings per share |
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| Basic |
$ | 0.10 | $ | 0.26 | ||||
| Diluted |
$ | 0.10 | $ | 0.26 | ||||
| Cash dividends declared per share |
$ | 0.22 | $ | 0.22 | ||||
| Weighted average basic shares outstanding |
4,228,218 | 4,235,391 | ||||||
| Weighted average diluted shares outstanding |
4,231,276 | 4,238,318 | ||||||