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, | |||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 7,580 | $ | 8,570 | ||||
Interest bearing deposits with banks | 78 | 43 | ||||||
Cash and cash equivalents | 7,658 | 8,613 | ||||||
Interest bearing time deposits with banks | - | 249 | ||||||
Securities available for sale | 150,025 | 126,046 | ||||||
Restricted investment in Federal Home Loan Bank (FHLB) stock | 3,080 | 1,967 | ||||||
Investment in unconsolidated subsidiary | 4,289 | 4,172 | ||||||
Loans | 287,441 | 277,798 | ||||||
Less: Allowance for loan losses | (2,336 | ) | (2,287 | ) | ||||
Total loans, net of allowance for loan losses | 285,105 | 275,511 | ||||||
Premises and equipment, net | 6,253 | 6,330 | ||||||
Other real estate owned | 276 | 281 | ||||||
Bank owned life insurance and annuities | 14,720 | 14,848 | ||||||
Equity investment in low income housing project | 3,966 | 3,990 | ||||||
Core deposit intangible | 85 | 119 | ||||||
Goodwill | 2,046 | 2,046 | ||||||
Mortgage servicing rights | 183 | 167 | ||||||
Accrued interest receivable and other assets | 5,023 | 4,443 | ||||||
Total assets | $ | 482,709 | $ | 448,782 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 76,132 | $ | 74,611 | ||||
Interest bearing | 309,824 | 305,034 | ||||||
Total deposits | 385,956 | 379,645 | ||||||
Securities sold under agreements to repurchase | 3,996 | 5,397 | ||||||
Short-term borrowings | 14,084 | 8,400 | ||||||
Long-term debt | 22,500 | - | ||||||
Other interest bearing liabilities | 1,388 | 1,356 | ||||||
Accrued interest payable and other liabilities | 3,956 | 4,000 | ||||||
Total liabilities | 431,880 | 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 - | ||||||||
4,189,607 shares at September 30, 2014; | ||||||||
4,196,266 shares at December 31, 2013 | 4,746 | 4,746 | ||||||
Surplus | 18,398 | 18,370 | ||||||
Retained earnings | 39,474 | 39,118 | ||||||
Accumulated other comprehensive loss | (1,083 | ) | (1,659 | ) | ||||
Cost of common stock in Treasury: | ||||||||
556,219 shares at September 30, 2014; | ||||||||
549,560 shares at December 31, 2013 | (10,706 | ) | (10,591 | ) | ||||
Total stockholders' equity | 50,829 | 49,984 | ||||||
Total liabilities and stockholders' equity | $ | 482,709 | $ | 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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest income: | ||||||||||||||||
Loans, including fees | $ | 3,566 | $ | 3,743 | $ | 10,778 | $ | 11,140 | ||||||||
Taxable securities | 529 | 329 | 1,419 | 938 | ||||||||||||
Tax-exempt securities | 131 | 149 | 387 | 447 | ||||||||||||
Other interest income | 1 | 3 | 4 | 16 | ||||||||||||
Total interest income | 4,227 | 4,224 | 12,588 | 12,541 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 583 | 711 | 1,812 | 2,204 | ||||||||||||
Securities sold under agreements to repurchase | 1 | 1 | 3 | 3 | ||||||||||||
Short-term borrowings | 3 | - | 5 | - | ||||||||||||
Long-term debt | 69 | - | 138 | - | ||||||||||||
Other interest bearing liabilities | 4 | 7 | 12 | 16 | ||||||||||||
Total interest expense | 660 | 719 | 1,970 | 2,223 | ||||||||||||
Net interest income | 3,567 | 3,505 | 10,618 | 10,318 | ||||||||||||
Provision for loan losses | 110 | 100 | 247 | 266 | ||||||||||||
Net interest income after provision for loan losses | 3,457 | 3,405 | 10,371 | 10,052 | ||||||||||||
Non-interest income: | ||||||||||||||||
Customer service fees | 320 | 341 | 878 | 961 | ||||||||||||
Debit card fee income | 213 | 211 | 631 | 610 | ||||||||||||
Earnings on bank-owned life insurance and annuities | 108 | 112 | 299 | 317 | ||||||||||||
Trust fees | 124 | 83 | 331 | 257 | ||||||||||||
Commissions from sales of non-deposit products | 89 | 73 | 289 | 292 | ||||||||||||
Income from unconsolidated subsidiary | 54 | 42 | 148 | 146 | ||||||||||||
Fees derived from loan activity | 79 | 14 | 149 | 126 | ||||||||||||
Gain on sales of loans | 54 | 84 | 139 | 265 | ||||||||||||
Gain (loss) on sales and calls of securities | 2 | (1 | ) | 9 | - | |||||||||||
Gain from life insurance proceeds | - | - | 165 | - | ||||||||||||
Other non-interest income | 50 | 64 | 145 | 181 | ||||||||||||
Total non-interest income | 1,093 | 1,023 | 3,183 | 3,155 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Employee compensation expense | 1,469 | 1,358 | 4,318 | 3,968 | ||||||||||||
Employee benefits | 301 | 399 | 1,067 | 1,245 | ||||||||||||
Occupancy | 228 | 234 | 747 | 719 | ||||||||||||
Equipment | 114 | 116 | 344 | 350 | ||||||||||||
Data processing expense | 391 | 367 | 1,141 | 1,082 | ||||||||||||
Director compensation | 48 | 56 | 156 | 169 | ||||||||||||
Professional fees | 103 | 95 | 301 | 281 | ||||||||||||
Taxes, other than income | 78 | 120 | 262 | 362 | ||||||||||||
FDIC Insurance premiums | 76 | 75 | 231 | 247 | ||||||||||||
Loss (gain) on sales of other real estate owned | 13 | (3 | ) | 24 | (37 | ) | ||||||||||
Amortization of intangibles | 12 | 12 | 34 | 34 | ||||||||||||
Amortization of investment in low-income housing partnership | 120 | 145 | 359 | 290 | ||||||||||||
Other non-interest expense | 385 | 375 | 1,091 | 1,004 | ||||||||||||
Total non-interest expense | 3,338 | 3,349 | 10,075 | 9,714 | ||||||||||||
Income before income taxes | 1,212 | 1,079 | 3,479 | 3,493 | ||||||||||||
Provision for income taxes | 154 | 60 | 355 | 459 | ||||||||||||
Net income | $ | 1,058 | $ | 1,019 | $ | 3,124 | $ | 3,034 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.25 | $ | 0.24 | $ | 0.74 | $ | 0.72 | ||||||||
Diluted | $ | 0.25 | $ | 0.24 | $ | 0.74 | $ | 0.72 | ||||||||
Cash dividends declared per share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.66 | ||||||||
Weighted average basic shares outstanding | 4,189,998 | 4,208,567 | 4,193,895 | 4,215,009 | ||||||||||||
Weighted average diluted shares outstanding | 4,190,342 | 4,208,972 | 4,194,184 | 4,216,000 |