Juniata Valley Financial (JUVF) 8-K Results of Operations and Financial Condition

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
( in thousands, except share data)
	(1)			(2)
	March 31,			December 31,
	2013			2012
ASSETS
Cash and due from banks	$	6,705		$	14,261
Interest bearing deposits with banks		4,834			136
Cash and cash equivalents		11,539			14,397
Interest bearing time deposits with banks		847			847
Securities available for sale		129,082			122,338
Restricted investment in Federal Home Loan Bank (FHLB) stock		1,472			1,726
Investment in unconsolidated subsidiary		4,034			4,000
Loans held for sale		380			-
Loans		272,108			277,500
Less: Allowance for loan losses		(2,316	)		(3,281	)
Total loans, net of allowance for loan losses		269,792			274,219
Premises and equipment, net		6,352			6,472
Other real estate owned		162			428
Bank owned life insurance and annuities		14,508			14,402
Equity investment in low income housing project		3,946			3,796
Core deposit intangible		153			164
Goodwill		2,046			2,046
Accrued interest receivable and other assets		4,454			4,034
Total assets	$	448,767		$	448,869
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	70,524		$	71,318
Interest bearing		317,954			315,433
Total deposits		388,478			386,751
Securities sold under agreements to repurchase		3,828			3,836
Short-term borrowings		-			1,600
Other interest bearing liabilities		1,309			1,305
Accrued interest payable and other liabilities		4,769			5,080
Total liabilities		398,384			398,572
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 -
4,218,361 shares at March 31, 2013;
4,218,361 shares at December 31, 2012		4,746			4,746
Surplus		18,352			18,346
Retained earnings		38,902			38,824
Accumulated other comprehensive loss		(1,417	)		(1,419	)
Cost of common stock in Treasury:
527,465 shares at March 31, 2013;
527,465 shares at December 31, 2012		(10,200	)		(10,200	)
Total stockholders' equity		50,383			50,297
Total liabilities and stockholders' equity	$	448,767		$	448,869
(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 and per share data)
	Three Months Ended
	March 31,
	2013			2012
Interest income:
Loans, including fees	$	3,690		$	4,195
Taxable securities		297			330
Tax-exempt securities		151			178
Other interest income		6			8
Total interest income		4,144			4,711
Interest expense:
Deposits		757			965
Securities sold under agreements to repurchase		1			1
Other interest bearing liabilities		5			6
Total interest expense		763			972
Net interest income		3,381			3,739
Provision for loan losses		80			1,108
Net interest income after provision for loan losses		3,301			2,631
Non-interest income:
Customer service fees		310			313
Debit card fee income		194			204
Earnings on bank-owned life insurance and annuities		97			106
Trust fees		89			106
Commissions from sales of non-deposit products		116			87
Income from unconsolidated subsidiary		54			57
Fees derived from loan activity		60			39
Gains on sales of loans		96			65
Gains on calls of securities		1			-
Other non-interest income		60			65
Total non-interest income		1,077			1,042
Non-interest expense:
Employee compensation expense		1,223			1,278
Employee benefits		462			535
Occupancy		245			229
Equipment		120			133
Data processing expense		354			356
Director compensation		57			59
Professional fees		95			88
Taxes, other than income		123			118
FDIC Insurance premiums		90			79
(Gain) loss on sales of other real estate owned		(26	)		2
Amortization of intangibles		11			11
Other non-interest expense		281			357
Total non-interest expense		3,035			3,245
Income before income taxes		1,343			428
Provision for income taxes		337			10
Net income	$	1,006		$	418
Earnings per share
Basic	$	0.24		$	0.10
Diluted	$	0.24		$	0.10
Cash dividends declared per share	$	0.22		$	0.22
Weighted average basic shares outstanding		4,218,361			4,228,218
Weighted average diluted shares outstanding		4,219,526			4,231,276

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share and per share data)
	Three Months Ended
	March 31,			December 31,
	2013			2012
Interest income:
Loans, including fees	$	3,690		$	3,893
Taxable securities		297			307
Tax-exempt securities		151			184
Other interest income		6			6
Total interest income		4,144			4,390
Interest expense:
Deposits		757			847
Securities sold under agreements to repurchase		1			2
Short-term borrowings		-			1
Other interest bearing liabilities		5			4
Total interest expense		763			854
Net interest income		3,381			3,536
Provision for loan losses		80			174
Net interest income after provision for loan losses		3,301			3,362
Non-interest income:
Customer service fees		310			325
Debit card fee income		194			198
Earnings on bank-owned life insurance and annuities		97			105
Trust fees		89			74
Commissions from sales of non-deposit products		116			65
Income from unconsolidated subsidiary		54			69
Fees derived from loan activity		60			51
Gains on sales of loans		96			147
Gains on calls of securities		1			-
Other non-interest income		60			68
Total non-interest income		1,077			1,102
Non-interest expense:
Employee compensation expense		1,223			1,309
Employee benefits		462			583
Occupancy		245			240
Equipment		120			126
Data processing expense		354			366
Director compensation		57			57
Professional fees		95			76
Taxes, other than income		123			92
FDIC Insurance premiums		90			85
(Gain) loss on sales of other real estate owned		(26	)		31
Amortization of intangibles		11			11
Other non-interest expense		281			363
Total non-interest expense		3,035			3,339
Income before income taxes		1,343			1,125
Provision for income taxes		337			242
Net income	$	1,006		$	883
Earnings per share
Basic	$	0.24		$	0.20
Diluted	$	0.24		$	0.20
Cash dividends declared per share	$	0.22		$	0.22
Weighted average basic shares outstanding		4,218,361			4,230,469
Weighted average diluted shares outstanding		4,219,526			4,231,888