Exhibit 99.2
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
( in thousands, except share data)
(1) | (2) | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 10,570 | $ | 8,570 | ||||
Interest bearing deposits with banks | 4,318 | 43 | ||||||
Cash and cash equivalents | 14,888 | 8,613 | ||||||
Interest bearing time deposits with banks | 249 | 249 | ||||||
Securities available for sale | 124,515 | 126,046 | ||||||
Restricted investment in Federal Home Loan Bank (FHLB) stock | 1,602 | 1,967 | ||||||
Investment in unconsolidated subsidiary | 4,199 | 4,172 | ||||||
Loans | 275,983 | 277,798 | ||||||
Less: Allowance for loan losses | (2,300 | ) | (2,287 | ) | ||||
Total loans, net of allowance for loan losses | 273,683 | 275,511 | ||||||
Premises and equipment, net | 6,246 | 6,330 | ||||||
Other real estate owned | 340 | 281 | ||||||
Bank owned life insurance and annuities | 14,953 | 14,848 | ||||||
Equity investment in low income housing project | 4,203 | 3,990 | ||||||
Core deposit intangible | 108 | 119 | ||||||
Goodwill | 2,046 | 2,046 | ||||||
Mortgage servicing rights | 169 | 167 | ||||||
Accrued interest receivable and other assets | 4,709 | 4,443 | ||||||
Total assets | $ | 451,910 | $ | 448,782 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 80,661 | $ | 74,611 | ||||
Interest bearing | 311,720 | 305,034 | ||||||
Total deposits | 392,381 | 379,645 | ||||||
Securities sold under agreements to repurchase | 4,038 | 5,397 | ||||||
Short-term borrowings | - | 8,400 | ||||||
Other interest bearing liabilities | 1,357 | 1,356 | ||||||
Accrued interest payable and other liabilities | 3,784 | 4,000 | ||||||
Total liabilities | 401,560 | 398,798 | ||||||
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 March 31, 2014; | ||||||||
4,196,266 shares at December 31, 2013 | 4,746 | 4,746 | ||||||
Surplus | 18,380 | 18,370 | ||||||
Retained earnings | 39,098 | 39,118 | ||||||
Accumulated other comprehensive loss | (1,283 | ) | (1,659 | ) | ||||
Cost of common stock in Treasury: | ||||||||
549,560 shares at March 31, 2014; | ||||||||
549,560 shares at December 31, 2013 | (10,591 | ) | (10,591 | ) | ||||
Total stockholders' equity | 50,350 | 49,984 | ||||||
Total liabilities and stockholders' equity | $ | 451,910 | $ | 448,782 |
(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, | ||||||||
2014 | 2013 | |||||||
Interest income: | ||||||||
Loans, including fees | $ | 3,550 | $ | 3,690 | ||||
Taxable securities | 355 | 297 | ||||||
Tax-exempt securities | 130 | 151 | ||||||
Other interest income | 1 | 6 | ||||||
Total interest income | 4,036 | 4,144 | ||||||
Interest expense: | ||||||||
Deposits | 621 | 757 | ||||||
Securities sold under agreements to repurchase | 1 | 1 | ||||||
Short-term borrowings | 1 | - | ||||||
Other interest bearing liabilities | 4 | 5 | ||||||
Total interest expense | 627 | 763 | ||||||
Net interest income | 3,409 | 3,381 | ||||||
Provision for loan losses | 20 | 80 | ||||||
Net interest income after provision for loan losses | 3,389 | 3,301 | ||||||
Non-interest income: | ||||||||
Customer service fees | 268 | 310 | ||||||
Debit card fee income | 203 | 194 | ||||||
Earnings on bank-owned life insurance and annuities | 97 | 97 | ||||||
Trust fees | 76 | 89 | ||||||
Commissions from sales of non-deposit products | 112 | 116 | ||||||
Income from unconsolidated subsidiary | 37 | 54 | ||||||
Fees derived from loan activity | 38 | 60 | ||||||
Gain on sales of loans | 29 | 96 | ||||||
Gain on calls of securities | 5 | 1 | ||||||
Other non-interest income | 55 | 60 | ||||||
Total non-interest income | 920 | 1,077 | ||||||
Non-interest expense: | ||||||||
Employee compensation expense | 1,352 | 1,223 | ||||||
Employee benefits | 403 | 462 | ||||||
Occupancy | 282 | 245 | ||||||
Equipment | 114 | 120 | ||||||
Data processing expense | 380 | 354 | ||||||
Director compensation | 57 | 57 | ||||||
Professional fees | 99 | 95 | ||||||
Taxes, other than income | 107 | 123 | ||||||
FDIC Insurance premiums | 81 | 90 | ||||||
Gain on sales of other real estate owned | (18 | ) | (26 | ) | ||||
Amortization of intangibles | 11 | 11 | ||||||
Amortization of investment in low-income housing partnership | 120 | - | ||||||
Other non-interest expense | 348 | 281 | ||||||
Total non-interest expense | 3,336 | 3,035 | ||||||
Income before income taxes | 973 | 1,343 | ||||||
Provision for income taxes | 70 | 337 | ||||||
Net income | $ | 903 | $ | 1,006 | ||||
Earnings per share | ||||||||
Basic | $ | 0.22 | $ | 0.24 | ||||
Diluted | $ | 0.22 | $ | 0.24 | ||||
Cash dividends declared per share | $ | 0.22 | $ | 0.22 | ||||
Weighted average basic shares outstanding | 4,196,266 | 4,218,361 | ||||||
Weighted average diluted shares outstanding | 4,196,614 | 4,219,526 |
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, | |||||||
2014 | 2013 | |||||||
Interest income: | ||||||||
Loans, including fees | $ | 3,550 | $ | 3,728 | ||||
Taxable securities | 355 | 329 | ||||||
Tax-exempt securities | 130 | 136 | ||||||
Other interest income | 1 | - | ||||||
Total interest income | 4,036 | 4,193 | ||||||
Interest expense: | ||||||||
Deposits | 621 | 667 | ||||||
Securities sold under agreements to repurchase | 1 | 1 | ||||||
Short-term borrowings | 1 | 4 | ||||||
Other interest bearing liabilities | 4 | 5 | ||||||
Total interest expense | 627 | 677 | ||||||
Net interest income | 3,409 | 3,516 | ||||||
Provision for loan losses | 20 | 149 | ||||||
Net interest income after provision for loan losses | 3,389 | 3,367 | ||||||
Non-interest income: | ||||||||
Customer service fees | 268 | 329 | ||||||
Debit card fee income | 203 | 212 | ||||||
Earnings on bank-owned life insurance and annuities | 97 | 99 | ||||||
Trust fees | 76 | 98 | ||||||
Commissions from sales of non-deposit products | 112 | 83 | ||||||
Income from unconsolidated subsidiary | 37 | 91 | ||||||
Fees derived from loan activity | 38 | 94 | ||||||
Gain on sales of loans | 29 | 18 | ||||||
Gain (loss) on calls of securities | 5 | (2 | ) | |||||
Other non-interest income | 55 | 56 | ||||||
Total non-interest income | 920 | 1,078 | ||||||
Non-interest expense: | ||||||||
Employee compensation expense | 1,352 | 1,445 | ||||||
Employee benefits | 403 | 370 | ||||||
Occupancy | 282 | 252 | ||||||
Equipment | 114 | 112 | ||||||
Data processing expense | 380 | 368 | ||||||
Director compensation | 57 | 54 | ||||||
Professional fees | 99 | 107 | ||||||
Taxes, other than income | 107 | 121 | ||||||
FDIC Insurance premiums | 81 | 84 | ||||||
Gain on sales of other real estate owned | (18 | ) | (2 | ) | ||||
Amortization of intangibles | 11 | 11 | ||||||
Amortization of investment in low-income housing partnership | 120 | 158 | ||||||
Other non-interest expense | 348 | 352 | ||||||
Total non-interest expense | 3,336 | 3,432 | ||||||
Income before income taxes | 973 | 1,013 | ||||||
Provision for income taxes | 70 | 46 | ||||||
Net income | $ | 903 | $ | 967 | ||||
Earnings per share | ||||||||
Basic | $ | 0.22 | $ | 0.23 | ||||
Diluted | $ | 0.22 | $ | 0.23 | ||||
Cash dividends declared per share | $ | 0.22 | $ | 0.22 | ||||
Weighted average basic shares outstanding | 4,196,266 | 4,196,471 | ||||||
Weighted average diluted shares outstanding | 4,196,614 | 4,196,603 |