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, | |||||||
2015 | 2014 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 7,746 | $ | 6,757 | ||||
Interest bearing deposits with banks | 247 | 10 | ||||||
Cash and cash equivalents | 7,993 | 6,767 | ||||||
Securities available for sale | 138,348 | 142,903 | ||||||
Restricted investment in Federal Home Loan Bank (FHLB) stock | 3,055 | 2,726 | ||||||
Investment in unconsolidated subsidiary | 4,457 | 4,369 | ||||||
Loans | 304,123 | 294,901 | ||||||
Less: Allowance for loan losses | (2,315 | ) | (2,380 | ) | ||||
Total loans, net of allowance for loan losses | 301,808 | 292,521 | ||||||
Premises and equipment, net | 6,453 | 6,533 | ||||||
Other real estate owned | 558 | 232 | ||||||
Bank owned life insurance and annuities | 14,997 | 14,807 | ||||||
Equity investment in low income housing project | 3,608 | 3,847 | ||||||
Core deposit intangible | 52 | 74 | ||||||
Goodwill | 2,046 | 2,046 | ||||||
Mortgage servicing rights | 204 | 193 | ||||||
Accrued interest receivable and other assets | 3,529 | 3,511 | ||||||
Total assets | $ | 487,108 | $ | 480,529 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 79,043 | $ | 77,697 | ||||
Interest bearing | 299,723 | 303,187 | ||||||
Total deposits | 378,766 | 380,884 | ||||||
Securities sold under agreements to repurchase | 3,926 | 4,594 | ||||||
Short-term borrowings | 25,450 | 15,950 | ||||||
Long-term debt | 22,500 | 22,500 | ||||||
Other interest bearing liabilities | 1,430 | 1,412 | ||||||
Accrued interest payable and other liabilities | 4,934 | 5,333 | ||||||
Total liabilities | 437,006 | 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 - | ||||||||
4,190,683 shares at June 30, 2015; | ||||||||
4,187,441 shares at December 31, 2014 | 4,746 | 4,746 | ||||||
Surplus | 18,430 | 18,409 | ||||||
Retained earnings | 39,726 | 39,644 | ||||||
Accumulated other comprehensive loss | (2,117 | ) | (2,197 | ) | ||||
Cost of common stock in Treasury: | ||||||||
555,143 shares at June 30, 2015; | ||||||||
558,385 shares at December 31, 2014 | (10,683 | ) | (10,746 | ) | ||||
Total stockholders' equity | 50,102 | 49,856 | ||||||
Total liabilities and stockholders' equity | $ | 487,108 | $ | 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest income: | ||||||||||||||||
Loans, including fees | $ | 3,548 | $ | 3,662 | $ | 7,095 | $ | 7,212 | ||||||||
Taxable securities | 557 | 535 | 1,118 | 890 | ||||||||||||
Tax-exempt securities | 114 | 126 | 232 | 256 | ||||||||||||
Other interest income | 1 | 2 | 1 | 3 | ||||||||||||
Total interest income | 4,220 | 4,325 | 8,446 | 8,361 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 413 | 608 | 894 | 1,229 | ||||||||||||
Securities sold under agreements to repurchase | 1 | 1 | 2 | 2 | ||||||||||||
Short-term borrowings | 10 | 1 | 21 | 2 | ||||||||||||
Long-term debt | 68 | 69 | 136 | 69 | ||||||||||||
Other interest bearing liabilities | 4 | 4 | 8 | 8 | ||||||||||||
Total interest expense | 496 | 683 | 1,061 | 1,310 | ||||||||||||
Net interest income | 3,724 | 3,642 | 7,385 | 7,051 | ||||||||||||
Provision for loan losses | 112 | 117 | 162 | 137 | ||||||||||||
Net interest income after provision for loan losses | 3,612 | 3,525 | 7,223 | 6,914 | ||||||||||||
Non-interest income: | ||||||||||||||||
Customer service fees | 389 | 290 | 753 | 558 | ||||||||||||
Debit card fee income | 219 | 215 | 424 | 418 | ||||||||||||
Earnings on bank-owned life insurance and annuities | 92 | 94 | 182 | 191 | ||||||||||||
Trust fees | 84 | 131 | 165 | 207 | ||||||||||||
Commissions from sales of non-deposit products | 118 | 88 | 208 | 200 | ||||||||||||
Income from unconsolidated subsidiary | 62 | 57 | 111 | 94 | ||||||||||||
Fees derived from loan activity | 52 | 32 | 86 | 70 | ||||||||||||
Mortgage banking income | 60 | 56 | 114 | 85 | ||||||||||||
Net gain (loss) on sales and calls of securities | 1 | 2 | (16 | ) | 7 | |||||||||||
Gain from life insurance proceeds | - | 165 | - | 165 | ||||||||||||
Other non-interest income | 53 | 40 | 103 | 95 | ||||||||||||
Total non-interest income | 1,130 | 1,170 | 2,130 | 2,090 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Employee compensation expense | 1,490 | 1,497 | 2,964 | 2,849 | ||||||||||||
Employee benefits | 473 | 363 | 1,023 | 766 | ||||||||||||
Occupancy | 253 | 237 | 535 | 519 | ||||||||||||
Equipment | 133 | 116 | 261 | 230 | ||||||||||||
Data processing expense | 390 | 370 | 777 | 750 | ||||||||||||
Director compensation | 54 | 51 | 103 | 108 | ||||||||||||
Professional fees | 100 | 99 | 214 | 198 | ||||||||||||
Taxes, other than income | 92 | 77 | 181 | 184 | ||||||||||||
FDIC Insurance premiums | 75 | 74 | 162 | 155 | ||||||||||||
(Gain) loss on sales of other real estate owned | (5 | ) | 29 | (5 | ) | 11 | ||||||||||
Amortization of intangibles | 11 | 11 | 22 | 22 | ||||||||||||
Amortization of investment in low-income housing partnership | 119 | 119 | 239 | 239 | ||||||||||||
Merger and acquisition expense | 48 | - | 58 | - | ||||||||||||
Other non-interest expense | 388 | 358 | 691 | 706 | ||||||||||||
Total non-interest expense | 3,621 | 3,401 | 7,225 | 6,737 | ||||||||||||
Income before income taxes | 1,121 | 1,294 | 2,128 | 2,267 | ||||||||||||
Provision for income taxes | 120 | 131 | 203 | 201 | ||||||||||||
Net income | $ | 1,001 | $ | 1,163 | $ | 1,925 | $ | 2,066 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.24 | $ | 0.28 | $ | 0.46 | $ | 0.49 | ||||||||
Diluted | $ | 0.24 | $ | 0.28 | $ | 0.46 | $ | 0.49 | ||||||||
Cash dividends declared per share | $ | 0.22 | $ | 0.22 | $ | 0.44 | $ | 0.44 | ||||||||
Weighted average basic shares outstanding | 4,189,090 | 4,195,491 | 4,188,265 | 4,195,876 | ||||||||||||
Weighted average diluted shares outstanding | 4,190,036 | 4,195,749 | 4,189,304 | 4,196,136 |