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) | |||||||
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)
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)
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. |