Juniata Valley Financial (JUVF) 8-K Juniata Valley Financial Corp. Announces First Quarter 2012 Results and Declares Dividend

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,
	2012			2011
ASSETS
Cash and due from banks	$	7,752		$	12,074
Interest bearing deposits with banks		13,678			2,100
Cash and cash equivalents		21,430			14,174
Interest bearing time deposits with banks		1,096			1,096
Securities available for sale		114,970			111,281
Restricted investment in Federal Home Loan Bank (FHLB) stock		1,615			1,700
Investment in unconsolidated subsidiary		3,838			3,796
Total loans		285,401			289,681
Less: Allowance for loan losses		(3,883	)		(2,931	)
Total loans, net of allowance for loan losses		281,518			286,750
Premises and equipment, net		6,624			6,710
Other real estate owned		588			427
Bank owned life insurance and annuities		14,182			14,069
Core deposit intangible		198			209
Goodwill		2,046			2,046
Accrued interest receivable and other assets		5,772			5,175
Total assets	$	453,877		$	447,433
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	69,103		$	64,751
Interest bearing		325,222			321,914
Total deposits		394,325			386,665
Securities sold under agreements to repurchase		3,119			3,500
Other interest bearing liabilities		1,251			1,244
Accrued interest payable and other liabilities		5,914			6,304
Total liabilities		404,609			397,713
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 -     4,229,668 shares at March 31, 2012;     4,228,218 shares at December 31, 2011		4,746			4,746
Surplus		18,361			18,363
Retained earnings		38,388			38,900
Accumulated other comprehensive loss		(2,222	)		(2,256	)
Cost of common stock in Treasury:
516,158 shares at March 31, 2012; 517,608 shares at December 31, 2011		(10,005	)		(10,033	)
Total stockholders’ equity		49,268			49,720
Total liabilities and stockholders’ equity	$	453,877		$	447,433

(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 data)

	Three Months Ended
	March 31,
	2012		2011
Interest income:
Loans, including fees	$	4,195	$	4,592
Taxable securities		330		253
Tax-exempt securities		178		233
Federal funds sold		—		2
Other interest income		8		8
Total interest income		4,711		5,088
Interest expense:
Deposits		965		1,175
Securities sold under agreements to repurchase		1		1
Other interest bearing liabilities		6		7
Total interest expense		972		1,183
Net interest income		3,739		3,905
Provision for loan losses		1,108		88
Net interest income after provision for loan losses		2,631		3,817
Non-interest income:
Trust fees		106		113
Customer service fees		313		312
Debit card fee income		204		193
Earnings on bank-owned life insurance and annuities		106		119
Commissions from sales of non-deposit products		87		103
Income from unconsolidated subsidiary		57		65
Gain on sale or call of securities		—		5
Other non-interest income		169		99
Total non-interest income		1,042		1,009
Non-interest expense:
Employee compensation expense		1,278		1,255
Employee benefits		535		401
Occupancy		229		243
Equipment		133		155
Data processing expense		356		322
Director compensation		59		77
Professional fees		88		139
Taxes, other than income		118		127
FDIC Insurance premiums		79		133
Loss (gain) on sales of other real estate owned		2		(15	)
Amortization of intangibles		11		11
Other non-interest expense		357		315
Total non-interest expense		3,245		3,163
Income before income taxes		428		1,663
Provision for income taxes		10		424
Net income	$	418	$	1,239
Earnings per share
Basic	$	0.10	$	0.29
Diluted	$	0.10	$	0.29
Cash dividends declared per share	$	0.22	$	0.21
Weighted average basic shares outstanding		4,228,218		4,255,982
Weighted average diluted shares outstanding		4,231,276		4,259,061

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income

(Unaudited, in thousands, except share data)

	Three Months Ended
	March 31,		December 31,
	2012		2011
Interest income:
Loans, including fees	$	4,195	$	4,380
Taxable securities		330		346
Tax-exempt securities		178		212
Other interest income		8		7
Total interest income		4,711		4,945
Interest expense:
Deposits		965		1,032
Securities sold under agreements to repurchase		1		1
Short-term borrowings		—		1
Other interest bearing liabilities		6		7
Total interest expense		972		1,041
Net interest income		3,739		3,904
Provision for loan losses		1,108		100
Net interest income after provision for loan losses		2,631		3,804
Non-interest income:
Trust fees		106		72
Customer service fees		313		331
Debit card fee income		204		190
Earnings on bank-owned life insurance and annuities		106		112
Commissions from sales of non-deposit products		87		52
Income from unconsolidated subsidiary		57		66
Other non-interest income		169		107
Total non-interest income		1,042		930
Non-interest expense:
Employee compensation expense		1,278		1,348
Employee benefits		535		528
Occupancy		229		226
Equipment		133		130
Data processing expense		356		331
Director compensation		59		63
Professional fees		88		121
Taxes, other than income		118		122
FDIC Insurance premiums		79		78
Loss (gain) on sales of other real estate owned		2		(28	)
Amortization of intangibles		11		11
Other non-interest expense		357		300
Total non-interest expense		3,245		3,230
Income before income taxes		428		1,504
Provision for income taxes		10		368
Net income	$	418	$	1,136
Earnings per share
Basic	$	0.10	$	0.26
Diluted	$	0.10	$	0.26
Cash dividends declared per share	$	0.22	$	0.22
Weighted average basic shares outstanding		4,228,218		4,235,391
Weighted average diluted shares outstanding		4,231,276		4,238,318