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, | |||||||
| 2015 | 2014 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 6,889 | $ | 6,757 | ||||
| Interest bearing deposits with banks | 29 | 10 | ||||||
| Cash and cash equivalents | 6,918 | 6,767 | ||||||
| Securities available for sale | 139,159 | 142,903 | ||||||
| Restricted investment in Federal Home Loan Bank (FHLB) stock | 2,307 | 2,726 | ||||||
| Investment in unconsolidated subsidiary | 4,405 | 4,369 | ||||||
| Loans | 291,489 | 294,901 | ||||||
| Less: Allowance for loan losses | (2,399 | ) | (2,380 | ) | ||||
| Total loans, net of allowance for loan losses | 289,090 | 292,521 | ||||||
| Premises and equipment, net | 6,458 | 6,533 | ||||||
| Other real estate owned | 420 | 232 | ||||||
| Bank owned life insurance and annuities | 14,899 | 14,807 | ||||||
| Equity investment in low income housing project | 3,727 | 3,847 | ||||||
| Core deposit intangible | 63 | 74 | ||||||
| Goodwill | 2,046 | 2,046 | ||||||
| Mortgage servicing rights | 198 | 193 | ||||||
| Accrued interest receivable and other assets | 3,241 | 3,511 | ||||||
| Total assets | $ | 472,931 | $ | 480,529 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 81,742 | $ | 77,697 | ||||
| Interest bearing | 300,184 | 303,187 | ||||||
| Total deposits | 381,926 | 380,884 | ||||||
| Securities sold under agreements to repurchase | 4,785 | 4,594 | ||||||
| Short-term borrowings | 6,950 | 15,950 | ||||||
| Long-term debt | 22,500 | 22,500 | ||||||
| Other interest bearing liabilities | 1,407 | 1,412 | ||||||
| Accrued interest payable and other liabilities | 4,872 | 5,333 | ||||||
| Total liabilities | 422,440 | 430,673 | ||||||
| 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 - | ||||||||
| 4,187,441 shares at March 31, 2015; | ||||||||
| 4,187,441 shares at December 31, 2014 | 4,746 | 4,746 | ||||||
| Surplus | 18,422 | 18,409 | ||||||
| Retained earnings | 39,647 | 39,644 | ||||||
| Accumulated other comprehensive loss | (1,578 | ) | (2,197 | ) | ||||
| Cost of common stock in Treasury: | ||||||||
| 558,385 shares at March 31, 2015; | ||||||||
| 558,385 shares at December 31, 2014; | (10,746 | ) | (10,746 | ) | ||||
| Total stockholders’ equity | 50,491 | 49,856 | ||||||
| Total liabilities and stockholders’ equity | $ | 472,931 | $ | 480,529 | ||||
(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, | ||||||||
| 2015 | 2014 | |||||||
| Interest income: | ||||||||
| Loans, including fees | $ | 3,547 | $ | 3,550 | ||||
| Taxable securities | 561 | 355 | ||||||
| Tax-exempt securities | 118 | 130 | ||||||
| Other interest income | - | 1 | ||||||
| Total interest income | 4,226 | 4,036 | ||||||
| Interest expense: | ||||||||
| Deposits | 481 | 621 | ||||||
| Securities sold under agreements to repurchase | 1 | 1 | ||||||
| Short-term borrowings | 11 | 1 | ||||||
| Long-term debt | 68 | - | ||||||
| Other interest bearing liabilities | 4 | 4 | ||||||
| Total interest expense | 565 | 627 | ||||||
| Net interest income | 3,661 | 3,409 | ||||||
| Provision for loan losses | 50 | 20 | ||||||
| Net interest income after provision for loan losses | 3,611 | 3,389 | ||||||
| Non-interest income: | ||||||||
| Customer service fees | 364 | 268 | ||||||
| Debit card fee income | 205 | 203 | ||||||
| Earnings on bank-owned life insurance and annuities | 90 | 97 | ||||||
| Trust fees | 81 | 76 | ||||||
| Commissions from sales of non-deposit products | 90 | 112 | ||||||
| Income from unconsolidated subsidiary | 49 | 37 | ||||||
| Fees derived from loan activity | 34 | 38 | ||||||
| Mortgage banking income | 54 | 29 | ||||||
| (Loss) gain on sales and calls of securities | (17 | ) | 5 | |||||
| Other non-interest income | 50 | 55 | ||||||
| Total non-interest income | 1,000 | 920 | ||||||
| Non-interest expense: | ||||||||
| Employee compensation expense | 1,474 | 1,352 | ||||||
| Employee benefits | 550 | 403 | ||||||
| Occupancy | 282 | 282 | ||||||
| Equipment | 128 | 114 | ||||||
| Data processing expense | 387 | 380 | ||||||
| Director compensation | 49 | 57 | ||||||
| Professional fees | 114 | 99 | ||||||
| Taxes, other than income | 89 | 107 | ||||||
| FDIC Insurance premiums | 87 | 81 | ||||||
| Gain on sales of other real estate owned | - | (18 | ) | |||||
| Amortization of intangibles | 11 | 11 | ||||||
| Amortization of investment in low-income housing partnership | 120 | 120 | ||||||
| Other non-interest expense | 313 | 348 | ||||||
| Total non-interest expense | 3,604 | 3,336 | ||||||
| Income before income taxes | 1,007 | 973 | ||||||
| Provision for income taxes | 83 | 70 | ||||||
| Net income | $ | 924 | $ | 903 | ||||
| Earnings per share | ||||||||
| Basic | $ | 0.22 | $ | 0.22 | ||||
| Diluted | $ | 0.22 | $ | 0.22 | ||||
| Cash dividends declared per share | $ | 0.22 | $ | 0.22 | ||||
| Weighted average basic shares outstanding | 4,187,441 | 4,196,266 | ||||||
| Weighted average diluted shares outstanding | 4,188,624 | 4,196,614 | ||||||