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, | |||||||
2012 | 2011 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 9,239 | $ | 12,074 | ||||
Interest bearing deposits with banks | 7,608 | 2,100 | ||||||
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Cash and cash equivalents | 16,847 | 14,174 | ||||||
Interest bearing time deposits with banks | 847 | 1,096 | ||||||
Securities available for sale | 124,737 | 111,281 | ||||||
Restricted investment in Federal Home Loan Bank (FHLB) stock | 1,387 | 1,700 | ||||||
Investment in unconsolidated subsidiary | 3,939 | 3,796 | ||||||
Total loans | 278,347 | 289,681 | ||||||
Less: Allowance for loan losses | (3,420 | ) | (2,931 | ) | ||||
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Total loans, net of allowance for loan losses | 274,927 | 286,750 | ||||||
Premises and equipment, net | 6,441 | 6,710 | ||||||
Other real estate owned | 913 | 427 | ||||||
Bank owned life insurance and annuities | 14,301 | 14,069 | ||||||
Equity investment in low income housing project | 2,303 | 393 | ||||||
Core deposit intangible | 175 | 209 | ||||||
Goodwill | 2,046 | 2,046 | ||||||
Accrued interest receivable and other assets | 5,985 | 4,782 | ||||||
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Total assets | $ | 454,848 | $ | 447,433 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 66,080 | $ | 64,751 | ||||
Interest bearing | 327,229 | 321,914 | ||||||
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Total deposits | 393,309 | 386,665 | ||||||
Securities sold under agreements to repurchase | 4,268 | 3,500 | ||||||
Other interest bearing liabilities | 1,282 | 1,244 | ||||||
Accrued interest payable and other liabilities | 5,887 | 6,304 | ||||||
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Total liabilities | 404,746 | 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 - | ||||||||
4,233,490 shares at September 30, 2012; | ||||||||
4,228,218 shares at December 31, 2011 | 4,746 | 4,746 | ||||||
Surplus | 18,340 | 18,363 | ||||||
Retained earnings | 38,872 | 38,900 | ||||||
Accumulated other comprehensive loss | (1,931 | ) | (2,256 | ) | ||||
Cost of common stock in Treasury: | ||||||||
512,336 shares at September 30, 2012; | ||||||||
517,608 shares at December 31, 2011 | (9,925 | ) | (10,033 | ) | ||||
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Total stockholders’ equity | 50,102 | 49,720 | ||||||
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Total liabilities and stockholders’ equity | $ | 454,848 | $ | 447,433 | ||||
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(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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Interest income: | ||||||||||||||||
Loans, including fees | $ | 3,930 | $ | 4,401 | $ | 12,199 | $ | 13,477 | ||||||||
Taxable securities | 337 | 328 | 1,004 | 894 | ||||||||||||
Tax-exempt securities | 190 | 222 | 554 | 689 | ||||||||||||
Federal funds sold | — | 1 | — | 5 | ||||||||||||
Other interest income | 7 | 8 | 23 | 23 | ||||||||||||
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Total interest income | 4,464 | 4,960 | 13,780 | 15,088 | ||||||||||||
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Interest expense: | ||||||||||||||||
Deposits | 891 | 1,162 | 2,774 | 3,528 | ||||||||||||
Securities sold under agreements to repurchase | 1 | 1 | 2 | 2 | ||||||||||||
Other interest bearing liabilities | 6 | 6 | 18 | 20 | ||||||||||||
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Total interest expense | 898 | 1,169 | 2,794 | 3,550 | ||||||||||||
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Net interest income | 3,566 | 3,791 | 10,986 | 11,538 | ||||||||||||
Provision for loan losses | 60 | 60 | 1,237 | 264 | ||||||||||||
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Net interest income after provision for loan losses | 3,506 | 3,731 | 9,749 | 11,274 | ||||||||||||
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Non-interest income: | ||||||||||||||||
Trust fees | 85 | 109 | 305 | 316 | ||||||||||||
Customer service fees | 323 | 354 | 957 | 1,015 | ||||||||||||
Debit card fee income | 202 | 204 | 611 | 603 | ||||||||||||
Earnings on bank-owned life insurance and annuities | 134 | 123 | 345 | 366 | ||||||||||||
Commissions from sales of non-deposit products | 128 | 53 | 288 | 221 | ||||||||||||
Income from unconsolidated subsidiary | 62 | 66 | 180 | 197 | ||||||||||||
Gain on sale or call of securities | — | — | 2 | 6 | ||||||||||||
Gain on sale of loans | 72 | — | 72 | — | ||||||||||||
Gain from life insurance proceeds | — | — | 53 | — | ||||||||||||
Fees derived from loan activity | 192 | 39 | 494 | 115 | ||||||||||||
Other non-interest income | 55 | 57 | 183 | 177 | ||||||||||||
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Total non-interest income | 1,253 | 1,005 | 3,490 | 3,016 | ||||||||||||
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Non-interest expense: | ||||||||||||||||
Employee compensation expense | 1,314 | 1,318 | 3,881 | 3,910 | ||||||||||||
Employee benefits | 500 | 334 | 1,513 | 1,158 | ||||||||||||
Occupancy | 231 | 236 | 689 | 731 | ||||||||||||
Equipment | 125 | 138 | 384 | 439 | ||||||||||||
Data processing expense | 364 | 336 | 1,074 | 995 | ||||||||||||
Director compensation | 58 | 74 | 177 | 221 | ||||||||||||
Professional fees | 105 | 111 | 286 | 341 | ||||||||||||
Taxes, other than income | 115 | 123 | 346 | 374 | ||||||||||||
FDIC Insurance premiums | 82 | 73 | 242 | 291 | ||||||||||||
Loss (gain) on sales of other real estate owned | 4 | (14 | ) | 3 | (28 | ) | ||||||||||
Amortization of intangibles | 12 | 12 | 34 | 34 | ||||||||||||
Other non-interest expense | 363 | 368 | 1,109 | 1,106 | ||||||||||||
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Total non-interest expense | 3,273 | 3,109 | 9,738 | 9,572 | ||||||||||||
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Income before income taxes | 1,486 | 1,627 | 3,501 | 4,718 | ||||||||||||
Provision for income taxes | 354 | 413 | 736 | 1,174 | ||||||||||||
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Net income | $ | 1,132 | $ | 1,214 | $ | 2,765 | $ | 3,544 | ||||||||
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Earnings per share | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.29 | $ | 0.65 | $ | 0.84 | ||||||||
Diluted | $ | 0.27 | $ | 0.29 | $ | 0.65 | $ | 0.83 | ||||||||
Cash dividends declared per share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.64 | ||||||||
Weighted average basic shares outstanding | 4,235,207 | 4,236,168 | 4,231,718 | 4,243,273 | ||||||||||||
Weighted average diluted shares outstanding | 4,236,542 | 4,239,872 | 4,234,008 | 4,246,533 |
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income
(Unaudited, in thousands, except share data)
Three Months Ended | ||||||||
September 30, | June 30, | |||||||
2012 | 2012 | |||||||
Interest income: | ||||||||
Loans, including fees | $ | 3,930 | $ | 4,074 | ||||
Taxable securities | 337 | 337 | ||||||
Tax-exempt securities | 190 | 186 | ||||||
Other interest income | 7 | 8 | ||||||
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Total interest income | 4, 464 | 4,605 | ||||||
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Interest expense: | ||||||||
Deposits | 891 | 918 | ||||||
Securities sold under agreements to repurchase | 1 | — | ||||||
Other interest bearing liabilities | 6 | 6 | ||||||
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Total interest expense | 898 | 924 | ||||||
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Net interest income | 3,566 | 3,681 | ||||||
Provision for loan losses | 60 | 69 | ||||||
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Net interest income after provision for loan losses | 3,506 | 3,612 | ||||||
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Non-interest income: | ||||||||
Trust fees | 85 | 114 | ||||||
Customer service fees | 323 | 321 | ||||||
Debit card fee income | 202 | 205 | ||||||
Earnings on bank-owned life insurance and annuities | 134 | 105 | ||||||
Commissions from sales of non-deposit products | 128 | 73 | ||||||
Income from unconsolidated subsidiary | 62 | 61 | ||||||
Gain on sale or call of securities | — | 2 | ||||||
Gain on sale of loans | 72 | — | ||||||
Gain from life insurance proceeds | — | 53 | ||||||
Fees derived from loan activity | 192 | 198 | ||||||
Other non-interest income | 55 | 63 | ||||||
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Total non-interest income | 1,253 | 1,195 | ||||||
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Non-interest expense: | ||||||||
Employee compensation expense | 1,314 | 1,289 | ||||||
Employee benefits | 500 | 478 | ||||||
Occupancy | 231 | 229 | ||||||
Equipment | 125 | 126 | ||||||
Data processing expense | 364 | 354 | ||||||
Director compensation | 58 | 60 | ||||||
Professional fees | 105 | 93 | ||||||
Taxes, other than income | 115 | 113 | ||||||
FDIC Insurance premiums | 82 | 81 | ||||||
Loss (gain) on sales of other real estate owned | 4 | (3 | ) | |||||
Amortization of intangibles | 12 | 11 | ||||||
Other non-interest expense | 363 | 389 | ||||||
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Total non-interest expense | 3,273 | 3,220 | ||||||
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Income before income taxes | 1,486 | 1,587 | ||||||
Provision for income taxes | 354 | 372 | ||||||
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Net income | $ | 1,132 | $ | 1,215 | ||||
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Earnings per share | ||||||||
Basic | $ | 0.27 | $ | 0.29 | ||||
Diluted | $ | 0.27 | $ | 0.29 | ||||
Cash dividends declared per share | $ | 0.22 | $ | 0.22 | ||||
Weighted average basic shares outstanding | 4,235,207 | 4,231,690 | ||||||
Weighted average diluted shares outstanding | 4,236,542 | 4,234,321 |