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) | |||||||
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 11,495 | $ | 12,758 | ||||
Interest bearing deposits with banks | 1,784 | 218 | ||||||
Federal funds sold | 2,500 | 12,300 | ||||||
Cash and cash equivalents | 15,779 | 25,276 | ||||||
Interest bearing time deposits with banks | 1,096 | 1,345 | ||||||
Securities available for sale | 111,995 | 79,923 | ||||||
Restricted investment in Federal Home Loan Bank (FHLB) stock | 1,884 | 2,088 | ||||||
Investment in unconsolidated subsidiary | 3,666 | 3,550 | ||||||
Total loans, net of unearned interest | 292,009 | 298,102 | ||||||
Less: Allowance for loan losses | (2,881 | ) | (2,824 | ) | ||||
Total loans, net of allowance for loan losses | 289,128 | 295,278 | ||||||
Premises and equipment, net | 6,890 | 7,067 | ||||||
Other real estate owned | 163 | 412 | ||||||
Bank owned life insurance and annuities | 13,830 | 13,568 | ||||||
Core deposit intangible | 232 | 254 | ||||||
Goodwill | 2,046 | 2,046 | ||||||
Accrued interest receivable and other assets | 5,295 | 4,946 | ||||||
Total assets | $ | 452,004 | $ | 435,753 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 60,275 | $ | 60,696 | ||||
Interest bearing | 333,278 | 316,094 | ||||||
Total deposits | 393,553 | 376,790 | ||||||
Securities sold under agreements to repurchase | 2,453 | 3,314 | ||||||
Other interest bearing liabilities | 1,218 | 1,200 | ||||||
Accrued interest payable and other liabilities | 4,294 | 4,473 | ||||||
Total liabilities | 401,518 | 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 - | ||||||||
4,236,168 shares at June 30, 2011; 4,257,765 shares at December 31, 2010 | 4,746 | 4,746 | ||||||
Surplus | 18,356 | 18,354 | ||||||
Retained earnings | 38,414 | 37,868 | ||||||
Accumulated other comprehensive loss | (1,142 | ) | (1,465 | ) | ||||
Cost of common stock in Treasury: 509,658 shares at June 30, 2011; 488,061 shares at December 31, 2010 | (9,888 | ) | (9,527 | ) | ||||
Total stockholders’ equity | 50,486 | 49,976 | ||||||
Total liabilities and stockholders’ equity | $ | 452,004 | $ | 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)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest income: | ||||||||||||||||
Loans, including fees | $ | 4,484 | $ | 4,896 | $ | 9,076 | $ | 9,932 | ||||||||
Taxable securities | 313 | 263 | 566 | 496 | ||||||||||||
Tax-exempt securities | 234 | 264 | 467 | 539 | ||||||||||||
Federal funds sold | 2 | 3 | 4 | 4 | ||||||||||||
Other interest income | 7 | 10 | 15 | 19 | ||||||||||||
Total interest income | 5,040 | 5,436 | 10,128 | 10,990 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 1,191 | 1,347 | 2,366 | 2,866 | ||||||||||||
Securities sold under agreements to repurchase | — | — | 1 | 1 | ||||||||||||
Short-term borrowings | — | — | — | 1 | ||||||||||||
Long-term debt | — | 36 | — | 70 | ||||||||||||
Other interest bearing liabilities | 7 | 4 | 14 | 7 | ||||||||||||
Total interest expense | 1,198 | 1,387 | 2,381 | 2,945 | ||||||||||||
Net interest income | 3,842 | 4,049 | 7,747 | 8,045 | ||||||||||||
Provision for loan losses | 116 | 282 | 204 | 567 | ||||||||||||
Net interest income after provision for loan losses | 3,726 | 3,767 | 7,543 | 7,478 | ||||||||||||
Noninterest income: | ||||||||||||||||
Trust fees | 94 | 90 | 207 | 210 | ||||||||||||
Customer service fees | 349 | 387 | 661 | 769 | ||||||||||||
Earnings on bank-owned life insurance and annuities | 124 | 138 | 243 | 260 | ||||||||||||
Commissions from sales of non-deposit products | 65 | 125 | 168 | 221 | ||||||||||||
Income from unconsolidated subsidiary | 66 | 63 | 131 | 119 | ||||||||||||
Gain on sales or calls of securities | 1 | 15 | 6 | 27 | ||||||||||||
Gain (Loss) on sales of other assets | (1 | ) | 7 | 14 | 6 | |||||||||||
Other noninterest income | 303 | 199 | 595 | 435 | ||||||||||||
Total noninterest income | 1,001 | 1,024 | 2,025 | 2,047 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Employee compensation expense | 1,337 | 1,308 | 2,592 | 2,594 | ||||||||||||
Employee benefits | 423 | 403 | 824 | 819 | ||||||||||||
Occupancy | 252 | 216 | 495 | 449 | ||||||||||||
Equipment | 146 | 136 | 301 | 255 | ||||||||||||
Data processing expense | 337 | 346 | 659 | 711 | ||||||||||||
Director compensation | 70 | 86 | 147 | 173 | ||||||||||||
Professional fees | 91 | 136 | 230 | 229 | ||||||||||||
Taxes, other than income | 124 | 125 | 251 | 255 | ||||||||||||
FDIC Insurance premiums | 85 | 150 | 218 | 297 | ||||||||||||
Amortization of intangibles | 11 | 12 | 22 | 23 | ||||||||||||
Other noninterest expense | 423 | 381 | 738 | 639 | ||||||||||||
Total noninterest expense | 3,299 | 3,299 | 6,477 | 6,444 | ||||||||||||
Income before income taxes | 1,428 | 1,492 | 3,091 | 3,081 | ||||||||||||
Provision for income taxes | 337 | 354 | 761 | 755 | ||||||||||||
Net income | $ | 1,091 | $ | 1,138 | $ | 2,330 | $ | 2,326 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.26 | $ | 0.55 | $ | 0.54 | ||||||||
Diluted | $ | 0.26 | $ | 0.26 | $ | 0.55 | $ | 0.54 | ||||||||
Cash dividends declared per share | $ | 0.21 | $ | 0.20 | $ | 0.42 | $ | 0.40 | ||||||||
Weighted average basic shares outstanding | 4,237,886 | 4,309,610 | 4,246,884 | 4,319,816 | ||||||||||||
Weighted average diluted shares outstanding | 4,240,781 | 4,312,778 | 4,249,900 | 4,323,423 |
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 | ||||||||
June 30, | March 31, | |||||||
2011 | 2011 | |||||||
Interest income: | ||||||||
Loans, including fees | $ | 4,484 | $ | 4,592 | ||||
Taxable securities | 313 | 253 | ||||||
Tax-exempt securities | 234 | 233 | ||||||
Federal funds sold | 2 | 2 | ||||||
Other interest income | 7 | 8 | ||||||
Total interest income | 5,040 | 5,088 | ||||||
Interest expense: | ||||||||
Deposits | 1,191 | 1,175 | ||||||
Securities sold under agreements to repurchase | — | 1 | ||||||
Other interest bearing liabilities | 7 | 7 | ||||||
Total interest expense | 1,198 | 1,183 | ||||||
Net interest income | 3,842 | 3,905 | ||||||
Provision for loan losses | 116 | 88 | ||||||
Net interest income after provision for loan losses | 3,726 | 3,817 | ||||||
Noninterest income: | ||||||||
Trust fees | 94 | 113 | ||||||
Customer service fees | 349 | 312 | ||||||
Earnings on bank-owned life insurance and annuities | 124 | 119 | ||||||
Commissions from sales of non-deposit products | 65 | 103 | ||||||
Income from unconsolidated subsidiary | 66 | 65 | ||||||
Gain on sale or call of securities | 1 | 5 | ||||||
Gain (Loss) on sales of other assets | (1 | ) | 15 | |||||
Other noninterest income | 303 | 292 | ||||||
Total noninterest income | 1,001 | 1,024 | ||||||
Noninterest expense: | ||||||||
Employee compensation expense | 1,337 | 1,255 | ||||||
Employee benefits | 423 | 401 | ||||||
Occupancy | 252 | 243 | ||||||
Equipment | 146 | 155 | ||||||
Data processing expense | 337 | 322 | ||||||
Director compensation | 70 | 77 | ||||||
Professional fees | 91 | 139 | ||||||
Taxes, other than income | 124 | 127 | ||||||
FDIC Insurance premiums | 85 | 133 | ||||||
Amortization of intangibles | 11 | 11 | ||||||
Other noninterest expense | 423 | 315 | ||||||
Total noninterest expense | 3,299 | 3,178 | ||||||
Income before income taxes | 1,428 | 1,663 | ||||||
Provision for income taxes | 337 | 424 | ||||||
Net income | $ | 1,091 | $ | 1,239 | ||||
Earnings per share | ||||||||
Basic | $ | 0.26 | $ | 0.29 | ||||
Diluted | $ | 0.26 | $ | 0.29 | ||||
Cash dividends declared per share | $ | 0.21 | $ | 0.21 |