JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - FINANCIAL STATEMENTS AS OF JUNE 30, 2012

Attached files

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8-K - FORM 8-K - JUNIATA VALLEY FINANCIAL CORP	d387570d8k.htm
EX-99.1 - PRESS RELEASE - JUNIATA VALLEY FINANCIAL CORP	d387570dex991.htm

Exhibit 99.2

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

(in thousands, except share data)


	(1)			(2)
	June 30,			December 31,
	2012			2011
ASSETS
Cash and due from banks	$	10,387		$	12,074
Interest bearing deposits with banks		14,215			2,100

Cash and cash equivalents		24,602			14,174

Interest bearing time deposits with banks		1,096			1,096
Securities available for sale		125,223			111,281
Restricted investment in Federal Home Loan Bank (FHLB) stock		1,534			1,700
Investment in unconsolidated subsidiary		3,888			3,796

Total loans		280,442			289,681
Less: Allowance for loan losses		(3,933	)		(2,931	)

Total loans, net of allowance for loan losses		276,509			286,750
Premises and equipment, net		6,542			6,710
Other real estate owned		516			427
Bank owned life insurance and annuities		14,155			14,069
Equity investment in low income housing project		1,317			393
Core deposit intangible		187			209
Goodwill		2,046			2,046
Accrued interest receivable and other assets		4,982			4,782

Total assets	$	462,597		$	447,433

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	65,055		$	64,751
Interest bearing		337,423			321,914

Total deposits		402,478			386,665

Securities sold under agreements to repurchase		3,075			3,500
Other interest bearing liabilities		1,271			1,244
Accrued interest payable and other liabilities		5,939			6,304

Total liabilities		412,763			397,713
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 -
4,237,711 shares at June 30, 2012;
4,228,218 shares at December 31, 2011		4,746			4,746
Surplus		18,334			18,363
Retained earnings		38,671			38,900
Accumulated other comprehensive loss		(2,068	)		(2,256	)
Cost of common stock in Treasury:
508,115 shares at June 30, 2012;
517,608 shares at December 31, 2011		(9,849	)		(10,033	)

Total stockholders’ equity		49,834			49,720

Total liabilities and stockholders’ equity	$	462,597		$	447,433

(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					Six Months Ended
	June 30,					June 30,
	2012			2011		2012			2011
Interest income:
Loans, including fees	$	4,074		$	4,484	$	8,269		$	9,076
Taxable securities		337			313		667			566
Tax-exempt securities		186			234		364			467
Federal funds sold		—			2		—			4
Other interest income		8			7		16			15

Total interest income		4,605			5,040		9,316			10,128

Interest expense:
Deposits		918			1,191		1,883			2,366
Securities sold under agreements to repurchase		—			—		1			1
Other interest bearing liabilities		6			7		12			14

Total interest expense		924			1,198		1,896			2,381

Net interest income		3,681			3,842		7,420			7,747
Provision for loan losses		69			116		1,177			204

Net interest income after provision for loan losses		3,612			3,726		6,243			7,543

Non-interest income:
Trust fees		114			94		220			207
Customer service fees		321			349		634			661
Debit card fee income		205			206		409			399
Earnings on bank-owned life insurance and annuities		105			124		211			243
Commissions from sales of non-deposit products		73			65		160			168
Income from unconsolidated subsidiary		61			66		118			131
Gain on sale or call of securities		2			1		2			6
Gain from life insurance proceeds		53			—		53			—
Other non-interest income		261			97		430			196

Total non-interest income		1,195			1,002		2,237			2,011

Non-interest expense:
Employee compensation expense		1,289			1,337		2,567			2,592
Employee benefits		478			423		1,013			824
Occupancy		229			252		458			495
Equipment		126			146		259			301
Data processing expense		354			337		710			659
Director compensation		60			70		119			147
Professional fees		93			91		181			230
Taxes, other than income		113			124		231			251
FDIC Insurance premiums		81			85		160			218
Loss (gain) on sales of other real estate owned		(3	)		1		(1	)		(14	)
Amortization of intangibles		11			11		22			22
Other non-interest expense		389			423		746			738

Total non-interest expense		3,220			3,300		6,465			6,463

Income before income taxes		1,587			1,428		2,015			3,091
Provision for income taxes		372			337		382			761

Net income	$	1,215		$	1,091	$	1,633		$	2,330

Earnings per share
Basic	$	0.29		$	0.26	$	0.39		$	0.55
Diluted	$	0.29		$	0.26	$	0.39		$	0.55
Cash dividends declared per share	$	0.22		$	0.21	$	0.44		$	0.42
Weighted average basic shares outstanding		4,231,690			4,237,886		4,229,954			4,246,884
Weighted average diluted shares outstanding		4,234,321			4,240,781		4,232,842			4,249,900

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income

(Unaudited, in thousands, except share data)


	Three Months Ended
	June 30, 2012			March 31, 2012
Interest income:
Loans, including fees	$	4,074		$	4,195
Taxable securities		337			330
Tax-exempt securities		186			178
Other interest income		8			8

Total interest income		4,605			4,711

Interest expense:
Deposits		918			965
Securities sold under agreements to repurchase		—			1
Other interest bearing liabilities		6			6

Total interest expense		924			972

Net interest income		3,681			3,739
Provision for loan losses		69			1,108

Net interest income after provision for loan losses		3,612			2,631

Non-interest income:
Trust fees		114			106
Customer service fees		321			313
Debit card fee income		205			204
Earnings on bank-owned life insurance and annuities		105			106
Commissions from sales of non-deposit products		73			87
Income from unconsolidated subsidiary		61			57
Gain on sale or call of securities		2			—
Gain from life insurance proceeds		53			—
Other non-interest income		261			169

Total non-interest income		1,195			1,042

Non-interest expense:
Employee compensation expense		1,289			1,278
Employee benefits		478			535
Occupancy		229			229
Equipment		126			133
Data processing expense		354			356
Director compensation		60			59
Professional fees		93			88
Taxes, other than income		113			118
FDIC Insurance premiums		81			79
Loss (gain) on sales of other real estate owned		(3	)		2
Amortization of intangibles		11			11
Other non-interest expense		389			357

Total non-interest expense		3,220			3,245

Income before income taxes		1,587			428
Provision for income taxes		372			10

Net income	$	1,215		$	418

Earnings per share
Basic	$	0.29		$	0.10
Diluted	$	0.29		$	0.10
Cash dividends declared per share	$	0.22		$	0.22
Weighted average basic shares outstanding		4,231,690			4,228,218
Weighted average diluted shares outstanding		4,234,321			4,231,276

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JUNIATA VALLEY FINANCIAL CORP - FORM 8-K - EX-99.2 - FINANCIAL STATEMENTS AS OF JUNE 30, 2012 - July 30, 2012

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