Juniata Valley Financial (JUVF) 8-K Juniata Valley Financial Corp. Announces Earnings and Declares Dividend

Exhibit 99.2

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
( in thousands, except share data)

	(1)			(2)
	September 30,			December 31,
	2011			2010
ASSETS
Cash and due from banks	$	10,254		$	12,758
Interest bearing deposits with banks		1,116			218
Federal funds sold		6,500			12,300
Cash and cash equivalents		17,870			25,276
Interest bearing time deposits with banks		1,096			1,345
Securities available for sale		112,355			79,923
Restricted investment in Federal Home Loan Bank (FHLB) stock		1,790			2,088
Investment in unconsolidated subsidiary		3,734			3,550
Total loans, net of unearned interest		292,353			298,102
Less: Allowance for loan losses		(2,907	)		(2,824	)
Total loans, net of allowance for loan losses		289,446			295,278
Premises and equipment, net		6,788			7,067
Other real estate owned		212			412
Bank owned life insurance and annuities		13,962			13,568
Core deposit intangible		220			254
Goodwill		2,046			2,046
Accrued interest receivable and other assets		5,321			4,946
Total assets	$	454,840		$	435,753
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	64,006		$	60,696
Interest bearing		331,105			316,094
Total deposits		395,111			376,790
Securities sold under agreements to repurchase		3,057			3,314
Other interest bearing liabilities		1,222			1,200
Accrued interest payable and other liabilities		4,551			4,473
Total liabilities		403,941			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 September 30, 2011; 4,257,765 shares at December 31, 2010		4,746			4,746
Surplus		18,363			18,354
Retained earnings		38,696			37,868
Accumulated other comprehensive loss		(1,018	)		(1,465	)
Cost of common stock in Treasury:
509,658 shares at September 30, 2011;
488,061 shares at December 31, 2010		(9,888	)		(9,527	)
Total stockholders’ equity		50,899			49,976
Total liabilities and stockholders’ equity	$	454,840		$	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)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2011		2010			2011		2010
Interest income:
Loans, including fees	$	4,401	$	4,824		$	13,477	$	14,756
Taxable securities		328		257			894		753
Tax-exempt securities		222		245			689		784
Federal funds sold		1		3			5		7
Other interest income		8		10			23		29
Total interest income		4,960		5,339			15,088		16,329
Interest expense:
Deposits		1,162		1,288			3,528		4,154
Securities sold under agreements to repurchase		1		1			2		2
Short-term borrowings		—		—			—		1
Long-term debt		—		29			—		99
Other interest bearing liabilities		6		2			20		9
Total interest expense		1,169		1,320			3,550		4,265
Net interest income		3,791		4,019			11,538		12,064
Provision for loan losses		60		70			264		637
Net interest income after provision for loan losses		3,731		3,949			11,274		11,427
Noninterest income:
Trust fees		109		90			316		300
Customer service fees		354		335			1,015		1,104
Earnings on bank-owned life insurance and annuities		123		133			366		393
Commissions from sales of non-deposit products		53		80			221		301
Income from unconsolidated subsidiary		66		60			197		179
Securities impairment charge		—		(40	)		—		(40	)
Gain on sales or calls of securities		—		4			6		31
Gain on sales of other assets		14		30			28		36
Other noninterest income		300		244			895		679
Total noninterest income		1,019		936			3,044		2,983
Noninterest expense:
Employee compensation expense		1,318		1,232			3,910		3,826
Employee benefits		334		363			1,158		1,182
Occupancy		236		243			731		692
Equipment		138		148			439		403
Data processing expense		336		366			995		1,077
Director compensation		74		88			221		261
Professional fees		111		128			341		357
Taxes, other than income		123		124			374		379
FDIC Insurance premiums		73		138			291		435
Amortization of intangibles		12		11			34		34
Other noninterest expense		368		317			1,106		956
Total noninterest expense		3,123		3,158			9,600		9,602
Income before income taxes		1,627		1,727			4,718		4,808
Provision for income taxes		413		442			1,174		1,197
Net income	$	1,214	$	1,285		$	3,544	$	3,611
Earnings per share
Basic	$	0.29	$	0.30		$	0.84	$	0.84
Diluted	$	0.29	$	0.30		$	0.83	$	0.84
Cash dividends declared per share	$	0.22	$	0.21		$	0.64	$	0.61
Weighted average basic shares outstanding		4,236,168		4,283,024			4,243,273		4,307,417
Weighted average diluted shares outstanding		4,239,872		4,286,350			4,246,533		4,310,989

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share data)

	For the Quarter Ended
	September 30,		June 30,
	2011		2011
Interest income:
Loans, including fees	$	4,401	$	4,484
Taxable securities		328		313
Tax-exempt securities		222		234
Federal funds sold		1		2
Other interest income		8		7
Total interest income		4,960		5,040
Interest expense:
Deposits		1,162		1,191
Securities sold under agreements to repurchase		1		—
Other interest bearing liabilities		6		7
Total interest expense		1,169		1,198
Net interest income		3,791		3,842
Provision for loan losses		60		116
Net interest income after provision for loan losses		3,731		3,726
Noninterest income:
Trust fees		109		94
Customer service fees		354		349
Earnings on bank-owned life insurance and annuities		123		124
Commissions from sales of non-deposit products		53		65
Income from unconsolidated subsidiary		66		66
Gain on sale or call of securities		—		1
Gain (Loss) on sales of other assets		14		(1	)
Other noninterest income		300		303
Total noninterest income		1,019		1,001
Noninterest expense:
Employee compensation expense		1,318		1,337
Employee benefits		334		423
Occupancy		236		252
Equipment		138		146
Data processing expense		336		337
Director compensation		74		70
Professional fees		111		91
Taxes, other than income		123		124
FDIC Insurance premiums		73		85
Amortization of intangibles		12		11
Other noninterest expense		368		423
Total noninterest expense		3,123		3,299
Income before income taxes		1,627		1,428
Provision for income taxes		413		337
Net income	$	1,214	$	1,091
Earnings per share
Basic	$	0.29	$	0.26
Diluted	$	0.29	$	0.26
Cash dividends declared per share	$	0.22	$	0.21