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)
	December 31,			December 31,
	2013			2012
ASSETS
Cash and due from banks	$	8,570		$	14,261
Interest bearing deposits with banks		43			136
Cash and cash equivalents		8,613			14,397
Interest bearing time deposits with banks		249			847
Securities available for sale		126,046			122,338
Restricted investment in Federal Home Loan Bank (FHLB) stock		1,967			1,726
Investment in unconsolidated subsidiary		4,172			4,000
Loans		277,798			277,500
Less: Allowance for loan losses		(2,287	)		(3,281	)
Total loans, net of allowance for loan losses		275,511			274,219
Premises and equipment, net		6,330			6,472
Other real estate owned		281			428
Bank owned life insurance and annuities		14,848			14,402
Equity investment in low income housing project		3,990			3,796
Core deposit intangible		119			164
Goodwill		2,046			2,046
Other intangible assets		167			98
Accrued interest receivable and other assets		4,443			3,936
Total assets	$	448,782		$	448,869
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	74,611		$	71,318
Interest bearing		305,034			315,433
Total deposits		379,645			386,751
Securities sold under agreements to repurchase		5,397			3,836
Short-term borrowings		8,400			1,600
Other interest bearing liabilities		1,356			1,305
Accrued interest payable and other liabilities		4,000			5,080
Total liabilities		398,798			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 -
4,196,266 shares at December 31, 2013;
4,218,361 shares at December 31, 2012		4,746			4,746
Surplus		18,370			18,346
Retained earnings		39,118			38,824
Accumulated other comprehensive loss		(1,659	)		(1,419	)
Cost of common stock in Treasury:
549,560 shares at December 31, 2013;
527,465 shares at December 31, 2012		(10,591	)		(10,200	)
Total stockholders' equity		49,984			50,297
Total liabilities and stockholders' equity	$	448,782		$	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					Twelve Months Ended
	December 31,					December 31,
	2013			2012		2013			2012
Interest income:
Loans, including fees	$	3,728		$	3,893	$	14,868		$	16,092
Taxable securities		329			307		1,267			1,311
Tax-exempt securities		136			184		583			738
Other interest income		-			6		16			29
Total interest income		4,193			4,390		16,734			18,170
Interest expense:
Deposits		667			847		2,871			3,621
Securities sold under agreements to repurchase		1			2		4			4
Short-term borrowings		4			1		8			1
Other interest bearing liabilities		5			4		17			22
Total interest expense		677			854		2,900			3,648
Net interest income		3,516			3,536		13,834			14,522
Provision for loan losses		149			174		415			1,411
Net interest income after provision for loan losses		3,367			3,362		13,419			13,111
Non-interest income:
Customer service fees		329			325		1,290			1,282
Debit card fee income		212			198		822			809
Earnings on bank-owned life insurance and annuities		99			105		416			450
Trust fees		98			74		355			379
Commissions from sales of non-deposit products		83			65		375			353
Income from unconsolidated subsidiary		91			69		237			249
Fees derived from loan activity		94			51		220			197
Gain on sales of loans		18			147		283			567
(Loss) gain on calls of securities		(2	)		-		(2	)		2
Gain on life insurance proceeds		-			-		-			53
Other non-interest income		56			68		237			251
Total non-interest income		1,078			1,102		4,233			4,592
Non-interest expense:
Employee compensation expense		1,445			1,309		5,413			5,190
Employee benefits		370			583		1,615			2,096
Occupancy		252			240		971			929
Equipment		112			126		462			510
Data processing expense		368			366		1,450			1,440
Director compensation		54			57		223			234
Professional fees		107			76		388			362
Taxes, other than income		121			92		483			438
FDIC Insurance premiums		84			85		331			327
(Gain) loss on sales of other real estate owned		(2	)		31		(39	)		34
Amortization of intangibles		11			11		45			45
Amortization of investment in low-income housing partnership		158			-		448			-
Other non-interest expense		352			363		1,356			1,472
Total non-interest expense		3,432			3,339		13,146			13,077
Income before income taxes		1,013			1,125		4,506			4,626
Provision for income taxes		46			242		505			978
Net income	$	967		$	883	$	4,001		$	3,648
Earnings per share
Basic	$	0.23		$	0.21	$	0.95		$	0.86
Diluted	$	0.23		$	0.21	$	0.95		$	0.86
Cash dividends declared per share	$	0.22		$	0.22	$	0.88		$	0.88
Weighted average basic shares outstanding		4,196,471			4,230,469		4,210,336			4,231,404
Weighted average diluted shares outstanding		4,196,603			4,231,888		4,211,078			4,233,448

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share and per share data)
	Three Months Ended
	December 31,			September 30,
	2013			2013
Interest income:
Loans, including fees	$	3,728		$	3,743
Taxable securities		329			329
Tax-exempt securities		136			149
Other interest income		-			3
Total interest income		4,193			4,224
Interest expense:
Deposits		667			711
Securities sold under agreements to repurchase		1			1
Short-term borrowings		4			-
Other interest bearing liabilities		5			7
Total interest expense		677			719
Net interest income		3,516			3,505
Provision for loan losses		149			100
Net interest income after provision for loan losses		3,367			3,405
Non-interest income:
Customer service fees		329			341
Debit card fee income		212			211
Earnings on bank-owned life insurance and annuities		99			112
Trust fees		98			83
Commissions from sales of non-deposit products		83			73
Income from unconsolidated subsidiary		91			42
Fees derived from loan activity		94			14
Gain on sales of loans		18			84
Loss on calls of securities		(2	)		(1	)
Other non-interest income		56			64
Total non-interest income		1,078			1,023
Non-interest expense:
Employee compensation expense		1,445			1,358
Employee benefits		370			399
Occupancy		252			234
Equipment		112			116
Data processing expense		368			367
Director compensation		54			56
Professional fees		107			95
Taxes, other than income		121			120
FDIC Insurance premiums		84			75
Gain on sales of other real estate owned		(2	)		(3	)
Amortization of intangibles		11			12
Amortization of investment in low-income housing partnership		158			145
Other non-interest expense		352			375
Total non-interest expense		3,432			3,349
Income before income taxes		1,013			1,079
Provision for income taxes		46			60
Net income	$	967		$	1,019
Earnings per share
Basic	$	0.23		$	0.24
Diluted	$	0.23		$	0.24
Cash dividends declared per share	$	0.22		$	0.22
Weighted average basic shares outstanding		4,196,471			4,208,567
Weighted average diluted shares outstanding		4,196,603			4,208,972