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

Exhibit 99.2

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

( in thousands, except share data)

	(1)			(2)
	June 30,			December 31,
	2014			2013
ASSETS
Cash and due from banks	$	8,617		$	8,570
Interest bearing deposits with banks		40			43
Cash and cash equivalents		8,657			8,613
Interest bearing time deposits with banks		249			249
Securities available for sale		154,198			126,046
Restricted investment in Federal Home Loan Bank (FHLB) stock		2,621			1,967
Investment in unconsolidated subsidiary		4,250			4,172
Loans		278,344			277,798
Less: Allowance for loan losses		(2,358	)		(2,287	)
Total loans, net of allowance for loan losses		275,986			275,511
Premises and equipment, net		6,162			6,330
Other real estate owned		381			281
Bank owned life insurance and annuities		14,601			14,848
Equity investment in low income housing project		4,086			3,990
Core deposit intangible		97			119
Goodwill		2,046			2,046
Mortgage servicing rights		175			167
Accrued interest receivable and other assets		4,616			4,443
Total assets	$	478,125		$	448,782
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	78,138		$	74,611
Interest bearing		315,191			305,034
Total deposits		393,329			379,645
Securities sold under agreements to repurchase		3,561			5,397
Short-term borrowings		2,500			8,400
Long-term debt		22,500			-
Other interest bearing liabilities		1,381			1,356
Accrued interest payable and other liabilities		3,808			4,000
Total liabilities		427,079			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 -
4,190,107 shares at June 30, 2014;
4,196,266 shares at December 31, 2013		4,746			4,746
Surplus		18,385			18,370
Retained earnings		39,337			39,118
Accumulated other comprehensive loss		(725	)		(1,659	)
Cost of common stock in Treasury:
555,719 shares at June 30, 2014;
549,560 shares at December 31, 2013		(10,697	)		(10,591	)
Total stockholders' equity		51,046			49,984
Total liabilities and stockholders' equity	$	478,125		$	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					Six Months Ended
	June 30,					June 30,
	2014		2013			2014		2013
Interest income:
Loans, including fees	$	3,662	$	3,707		$	7,212	$	7,397
Taxable securities		535		312			890		609
Tax-exempt securities		126		147			256		298
Other interest income		2		7			3		13
Total interest income		4,325		4,173			8,361		8,317
Interest expense:
Deposits		608		736			1,229		1,493
Securities sold under agreements to repurchase		1		1			2		2
Short-term borrowings		1		-			2		-
Long-term debt		69		-			69		-
Other interest bearing liabilities		4		4			8		9
Total interest expense		683		741			1,310		1,504
Net interest income		3,642		3,432			7,051		6,813
Provision for loan losses		117		86			137		166
Net interest income after provision for loan losses		3,525		3,346			6,914		6,647
Non-interest income:
Customer service fees		290		310			558		620
Debit card fee income		215		205			418		399
Earnings on bank-owned life insurance and annuities		94		108			191		205
Trust fees		131		85			207		174
Commissions from sales of non-deposit products		88		103			200		219
Income from unconsolidated subsidiary		57		50			94		104
Fees derived from loan activity		32		52			70		112
Gain on sales of loans		56		85			85		181
Gain on sales and calls of securities		2		-			7		1
Gain from life insurance proceeds		165		-			165		-
Other non-interest income		40		57			95		117
Total non-interest income		1,170		1,055			2,090		2,132
Non-interest expense:
Employee compensation expense		1,497		1,387			2,849		2,610
Employee benefits		363		384			766		846
Occupancy		237		240			519		485
Equipment		116		114			230		234
Data processing expense		370		361			750		715
Director compensation		51		56			108		113
Professional fees		99		91			198		186
Taxes, other than income		77		119			184		242
FDIC Insurance premiums		74		82			155		172
Loss (gain) on sales of other real estate owned		29		(8	)		11		(34	)
Amortization of intangibles		11		11			22		22
Amortization of investment in low-income housing partnership		119		145			239		145
Other non-interest expense		358		348			706		629
Total non-interest expense		3,401		3,330			6,737		6,365
Income before income taxes		1,294		1,071			2,267		2,414
Provision for income taxes		131		62			201		399
Net income	$	1,163	$	1,009		$	2,066	$	2,015
Earnings per share
Basic	$	0.28	$	0.24		$	0.49	$	0.48
Diluted	$	0.28	$	0.24		$	0.49	$	0.48
Cash dividends declared per share	$	0.22	$	0.22		$	0.44	$	0.44
Weighted average basic shares outstanding		4,195,491		4,218,206			4,195,876		4,218,283
Weighted average diluted shares outstanding		4,195,749		4,219,606			4,196,136		4,219,570

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income

(Unaudited, in thousands, except share and per share data)

	Three Months Ended
	June 30,		March 31,
	2014		2014
Interest income:
Loans, including fees	$	3,662	$	3,550
Taxable securities		535		355
Tax-exempt securities		126		130
Other interest income		2		1
Total interest income		4,325		4,036
Interest expense:
Deposits		608		621
Securities sold under agreements to repurchase		1		1
Short-term borrowings		1		1
Long-term debt		69		-
Other interest bearing liabilities		4		4
Total interest expense		683		627
Net interest income		3,642		3,409
Provision for loan losses		117		20
Net interest income after provision for loan losses		3,525		3,389
Non-interest income:
Customer service fees		290		268
Debit card fee income		215		203
Earnings on bank-owned life insurance and annuities		94		97
Trust fees		131		76
Commissions from sales of non-deposit products		88		112
Income from unconsolidated subsidiary		57		37
Fees derived from loan activity		32		38
Gain on sales of loans		56		29
Gain on sales and calls of securities		2		5
Gain from life insurance proceeds		165		-
Other non-interest income		40		55
Total non-interest income		1,170		920
Non-interest expense:
Employee compensation expense		1,497		1,352
Employee benefits		363		403
Occupancy		237		282
Equipment		116		114
Data processing expense		370		380
Director compensation		51		57
Professional fees		99		99
Taxes, other than income		77		107
FDIC Insurance premiums		74		81
Loss (gain) on sales of other real estate owned		29		(18	)
Amortization of intangibles		11		11
Amortization of investment in low-income housing partnership		119		120
Other non-interest expense		358		348
Total non-interest expense		3,401		3,336
Income before income taxes		1,294		973
Provision for income taxes		131		70
Net income	$	1,163	$	903
Earnings per share
Basic	$	0.28	$	0.22
Diluted	$	0.28	$	0.22
Cash dividends declared per share	$	0.22	$	0.22
Weighted average basic shares outstanding		4,195,491		4,196,266
Weighted average diluted shares outstanding		4,195,749		4,196,614