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Juniata Valley Financial
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-07 Accountant
8-K 2019-05-21 Shareholder Vote, Regulation FD, Exhibits
8-K 2019-05-10 Accountant, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-02-08 Earnings, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-15 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-04-30 Earnings, Other Events, Exhibits
8-K 2018-02-15 Earnings, Exhibits
8-K 2017-12-29 Enter Agreement, Exhibits
ITT ITT 5,330
TDC Teradata 4,420
CENT Central Garden & Pet 1,680
EVA Enviva Partners 1,070
LTRX Lantronix 75
ECT ECA Marcellus Trust I 33
RDC Rowan Companies 0
VICA Rafina Innovations 0
AUSK Auscrete 0
HCT Healthcare Trust 0
JUVF 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 juvf-20190630ex311975f5e.htm
EX-31.2 juvf-20190630ex31235e762.htm
EX-32.1 juvf-20190630ex321b5ffe0.htm
EX-32.2 juvf-20190630ex322cf8bdd.htm

Juniata Valley Financial Earnings 2019-06-30

JUVF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 juvf-20190630x10q.htm 10-Q juvf_Current_Folio_10Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM L10-Q

 

(Mark One)

 

 

[ X ]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934

 

 

For the quarterly period ended June 30, 2019

 

 

OR

 

 

[    ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the transition period from                                                   to

Commission File Number                        000-13232                                                                            

Juniata Valley Financial Corp.

(Exact name of registrant as specified in its charter)

Pennsylvania

23‑2235254

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

Bridge and Main Streets, Mifflintown, Pennsylvania

17059

(Address of principal executive offices)

(Zip Code)

(855) 582-5101

(Registrant’s telephone number, including area code)

 

 

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

N/A

 

N/A

 

N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[ X ]  Yes        [   ]  No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

[ X ]  Yes        [   ]  No

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company”  in Rule 12b‑2 of the Exchange Act.

 

 

 

Large accelerated filer  [    ]

Accelerated filer  [ X ]

Non-accelerated filer  [    ]

Smaller reporting company  [ X ]

 

Emerging growth company  [    ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [    ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).

[    ]  Yes       [ X ]  No

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 

 

 

Class

    

Outstanding as of August 09, 2019

Common Stock ($1.00 par value)

 

5,103,628 shares

 

 

 

 

 

TABLE OF CONTENTS

 

 

PART I - FINANCIAL INFORMATION 

 

 

 

Item 1. 

Financial Statements

 

 

 

 

 

Consolidated Statements of Financial Condition as of June 30, 2019 (Unaudited) and December 31, 2018

3

 

 

 

 

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)

4

 

 

 

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)

5

 

 

 

 

Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)

6

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (Unaudited)

8

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

10

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

45

 

 

 

Item 3.

Not applicable.

 

 

 

 

Item 4. 

Controls and Procedures

59

 

PART II - OTHER INFORMATION 

 

 

 

Item 1. 

Legal Proceedings

60

 

 

 

Item 1A. 

Risk Factors

60

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

60

 

 

 

Item 3. 

Defaults upon Senior Securities

60

 

 

 

Item 4. 

Mine Safety Disclosures

60

 

 

 

Item 5. 

Other Information

61

 

 

 

Item 6. 

Exhibits

61

 

 

 

 

Signatures

62

 

 

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(Dollars in thousands, except share data)

    

June 30, 2019

    

December 31, 2018

ASSETS

 

 

  

 

 

  

Cash and due from banks

 

$

14,431

 

$

15,617

Interest bearing deposits with banks

 

 

2,117

 

 

110

Federal funds sold

 

 

9,000

 

 

729

Cash and cash equivalents

 

 

25,548

 

 

16,456

 

 

 

 

 

 

 

Interest bearing time deposits with banks

 

 

2,700

 

 

3,290

Equity securities

 

 

1,133

 

 

1,118

Debt securities available for sale

 

 

180,019

 

 

141,953

Restricted investment in bank stock

 

 

3,098

 

 

2,441

Total loans

 

 

407,451

 

 

417,631

Less: Allowance for loan losses

 

 

(3,015)

 

 

(3,034)

Total loans, net of allowance for loan losses

 

 

404,436

 

 

414,597

Premises and equipment, net

 

 

8,518

 

 

8,744

Other real estate owned

 

 

595

 

 

744

Bank owned life insurance and annuities

 

 

16,095

 

 

15,938

Investment in low income housing partnerships

 

 

4,235

 

 

4,545

Core deposit and other intangible assets

 

 

361

 

 

405

Goodwill

 

 

9,047

 

 

9,139

Mortgage servicing rights

 

 

190

 

 

200

Accrued interest receivable and other assets

 

 

6,089

 

 

5,666

Total assets

 

$

662,064

 

$

625,236

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

  

 

 

  

Liabilities:

 

 

  

 

 

  

Deposits:

 

 

  

 

 

  

Non-interest bearing

 

$

123,355

 

$

126,057

Interest bearing

 

 

411,020

 

 

395,665

Total deposits

 

 

534,375

 

 

521,722

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

 

2,857

 

 

2,911

Short-term borrowings

 

 

 —

 

 

11,600

Long-term debt

 

 

45,000

 

 

15,000

Other interest bearing liabilities

 

 

1,596

 

 

1,596

Accrued interest payable and other liabilities

 

 

5,710

 

 

5,029

Total liabilities

 

 

589,538

 

 

557,858

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 - 5,141,749 shares at June 30, 2019; 5,134,249 shares at December 31, 2018 Outstanding - 5,103,628 shares at June 30, 2019; 5,092,048 shares at December 31, 2018

 

 

5,142

 

 

5,134

Surplus

 

 

24,858

 

 

24,821

Retained earnings

 

 

43,539

 

 

42,525

Accumulated other comprehensive loss

 

 

(301)

 

 

(4,299)

Cost of common stock in Treasury: 38,121 shares at June 30, 2019; 42,201 shares at December 31, 2018

 

 

(712)

 

 

(803)

Total stockholders’ equity

 

 

72,526

 

 

67,378

Total liabilities and stockholders’ equity

 

$

662,064

 

$

625,236

 

See Notes to Consolidated Financial Statements

3

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except share data)

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

Interest income:

 

 

  

 

(adjusted)

 

 

  

 

(adjusted)

 

Loans, including fees

 

$

5,611

 

$

5,041

 

$

10,866

 

$

9,592

 

Taxable securities

 

 

940

 

 

765

 

 

1,789

 

 

1,540

 

Tax-exempt securities

 

 

32

 

 

99

 

 

93

 

 

202

 

Other interest income

 

 

129

 

 

39

 

 

182

 

 

49

 

Total interest income

 

 

6,712

 

 

5,944

 

 

12,930

 

 

11,383

 

Interest expense:

 

 

  

 

 

  

 

 

  

 

 

  

 

Deposits

 

 

973

 

 

745

 

 

1,836

 

 

1,339

 

Securities sold under agreements to repurchase

 

 

10

 

 

17

 

 

21

 

 

32

 

Short-term borrowings

 

 

 1

 

 

59

 

 

14

 

 

143

 

Long-term debt

 

 

165

 

 

60

 

 

326

 

 

153

 

Other interest bearing liabilities

 

 

11

 

 

 9

 

 

22

 

 

17

 

Total interest expense

 

 

1,160

 

 

890

 

 

2,219

 

 

1,684

 

Net interest income

 

 

5,552

 

 

5,054

 

 

10,711

 

 

9,699

 

Provision for loan losses

 

 

(459)

 

 

41

 

 

(444)

 

 

199

 

Net interest income after provision for loan losses

 

 

6,011

 

 

5,013

 

 

11,155

 

 

9,500

 

Non-interest income:

 

 

  

 

 

  

 

 

  

 

 

  

 

Customer service fees

 

 

429

 

 

437

 

 

851

 

 

849

 

Debit card fee income

 

 

364

 

 

324

 

 

672

 

 

616

 

Earnings on bank-owned life insurance and annuities

 

 

71

 

 

86

 

 

140

 

 

167

 

Trust fees

 

 

91

 

 

123

 

 

190

 

 

225

 

Commissions from sales of non-deposit products

 

 

95

 

 

70

 

 

166

 

 

120

 

Income/gain from unconsolidated subsidiary

 

 

 —

 

 

227

 

 

 —

 

 

296

 

Fees derived from loan activity

 

 

64

 

 

77

 

 

134

 

 

172

 

Mortgage banking income

 

 

19

 

 

17

 

 

36

 

 

36

 

Loss on sales and calls of securities

 

 

 —

 

 

 —

 

 

(56)

 

 

(15)

 

Change in value of equity securities

 

 

 6

 

 

52

 

 

15

 

 

46

 

Other non-interest income

 

 

75

 

 

83

 

 

160

 

 

158

 

Total non-interest income

 

 

1,214

 

 

1,496

 

 

2,308

 

 

2,670

 

Non-interest expense:

 

 

  

 

 

  

 

 

  

 

 

  

 

Employee compensation expense

 

 

2,068

 

 

1,933

 

 

4,036

 

 

3,725

 

Employee benefits

 

 

857

 

 

523

 

 

1,598

 

 

1,087

 

Occupancy

 

 

321

 

 

294

 

 

670

 

 

612

 

Equipment

 

 

218

 

 

197

 

 

432

 

 

404

 

Data processing expense

 

 

528

 

 

488

 

 

989

 

 

904

 

Director compensation

 

 

54

 

 

53

 

 

105

 

 

107

 

Professional fees

 

 

365

 

 

177

 

 

562

 

 

354

 

Taxes, other than income

 

 

144

 

 

139

 

 

278

 

 

252

 

FDIC Insurance premiums

 

 

51

 

 

79

 

 

107

 

 

149

 

Loss (gain) on sales of other real estate owned

 

 

14

 

 

(10)

 

 

14

 

 

(10)

 

Amortization of intangible assets

 

 

22

 

 

20

 

 

44

 

 

31

 

Amortization of investment in low-income housing partnerships

 

 

200

 

 

200

 

 

400

 

 

400

 

Merger and acquisition expense

 

 

 —

 

 

376

 

 

 —

 

 

440

 

Other non-interest expense

 

 

452

 

 

437

 

 

894

 

 

856

 

Total non-interest expense

 

 

5,294

 

 

4,906

 

 

10,129

 

 

9,311

 

Income before income taxes

 

 

1,931

 

 

1,603

 

 

3,334

 

 

2,859

 

Income tax provision (benefit)

 

 

86

 

 

(372)

 

 

76

 

 

(443)

 

Net income

 

$

1,845

 

$

1,975

 

$

3,258

 

$

3,302

 

Earnings per share

 

 

  

 

 

  

 

 

  

 

 

  

 

Basic

 

$

0.36

 

$

0.40

 

$

0.64

 

$

0.68

 

Diluted

 

$

0.36

 

$

0.39

 

$

0.64

 

$

0.67

 

Weighted average basic shares outstanding

 

 

5,101,751

 

 

4,987,137

 

 

5,098,460

 

 

4,879,361

 

Weighted average diluted shares outstanding

 

 

5,121,273

 

 

5,008,218

 

 

5,119,030

 

 

4,898,248

 

 

See Notes to Consolidated Financial Statements

4

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Three Months Ended June 30, 

 

 

2019

 

2018 (adjusted)

 

 

Before Tax

 

Tax

 

Net of Tax

 

Before Tax

 

Tax

 

Net of Tax

 

    

Amount

    

Effect

    

Amount

    

Amount

    

Effect

    

Amount

Net income

 

$

1,931

 

$

(86)

 

$

1,845

 

$

1,603

 

$

372

 

$

1,975

Other comprehensive income (loss):

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Available for sale securities:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Unrealized holding gains (losses) arising during the period

 

 

1,722

 

 

(361)

 

 

1,361

 

 

(528)

 

 

111

 

 

(417)

Unrealized holding gain from unconsolidated subsidiary

 

 

 —

 

 

 —

 

 

 —

 

 

16

 

 

 —

 

 

16

Pension net gain

 

 

2,634

 

 

(553)

 

 

2,081

 

 

 —

 

 

 —

 

 

 —

Pension loss due to change in assumptions

 

 

(1,478)

 

 

310

 

 

(1,168)

 

 

 —

 

 

 —

 

 

 —

Amortization of pension net actuarial loss (2) (3)

 

 

306

 

 

(65)

 

 

241

 

 

40

 

 

(8)

 

 

32

Other comprehensive income (loss)

 

 

3,184

 

 

(669)

 

 

2,515

 

 

(472)

 

 

103

 

 

(369)

Total comprehensive income

 

$

5,115

 

$

(755)

 

$

4,360

 

$

1,131

 

$

475

 

$

1,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Six Months Ended June 30, 

 

 

 

2019

 

2018 (adjusted)

 

 

 

Pre-Tax

 

Tax

 

Net-of-Tax

 

Pre-Tax

 

Tax

 

Net-of-Tax

 

 

    

Amount

    

Effect

    

Amount

    

Amount

    

Effect

    

Amount

 

Net income

 

$

3,334

 

$

(76)

 

$

3,258

 

$

2,859

 

$

443

 

$

3,302

 

Other comprehensive income (loss):

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

Available for sale securities:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

Unrealized holding gains (losses) arising during the period

 

 

3,515

 

 

(738)

 

 

2,777

 

 

(2,695)

 

 

566

 

 

(2,129)

 

Unrealized holding gain from unconsolidated subsidiary

 

 

 —

 

 

 —

 

 

 —

 

 

 5

 

 

 —

 

 

 5

 

Less reclassification adjustment for losses included in net income (1) (3)

 

 

56

 

 

(12)

 

 

44

 

 

15

 

 

(3)

 

 

12

 

Pension net gain

 

 

2,634

 

 

(553)

 

 

2,081

 

 

 —

 

 

 —

 

 

 —

 

Pension loss due to change in assumptions

 

 

(1,478)

 

 

310

 

 

(1,168)

 

 

 —

 

 

 —

 

 

 —

 

Amortization of pension net actuarial loss (2) (3)

 

 

334

 

 

(70)

 

 

264

 

 

81

 

 

(17)

 

 

64

 

Other comprehensive income (loss)

 

 

5,061

 

 

(1,063)

 

 

3,998

 

 

(2,594)

 

 

546

 

 

(2,048)

 

Total comprehensive income

 

$

8,395

 

$

(1,139)

 

$

7,256

 

$

265

 

$

989

 

$

1,254

 


(1)

Amounts are included in (loss) gain on sales and calls of securities on the consolidated statements of income as a separate element within total non-interest income.

(2)

Amounts are included in the computation of net periodic benefit cost and are included in employee benefits expense on the consolidated statements of income as a separate element within total non-interest expense.

(3)

Income tax amounts are included in the provision for income taxes on the consolidated statements of income.

See Notes to Consolidated Financial Statements

5

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Stockholders’ Equity (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Number 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Total

(Dollars in thousands, except share data)

 

of Shares

 

Common

 

 

 

 

Retained

 

Comprehensive

 

Treasury

 

Stockholders’

 

    

Outstanding

    

Stock

    

Surplus

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

Balance, April 1, 2019

 

5,098,748

 

$

5,142

 

$

24,832

 

$

42,818

 

$

(2,816)

 

$

(803)

 

$

69,173

Net income

 

 

 

 

 

 

 

 

 

 

1,845

 

 

 

 

 

 

 

 

1,845

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

2,515

 

 

 

 

 

2,515

Cash dividends at $0.22 per share

 

 

 

 

 

 

 

 

 

 

(1,124)

 

 

 

 

 

 

 

 

(1,124)

Stock-based compensation

 

 

 

 

 

 

 

28

 

 

 

 

 

 

 

 

 

 

 

28

Treasury stock issued for stock plans

 

4,880

 

 

 

 

 

(2)

 

 

 

 

 

 

 

 

91

 

 

89

Balance, June 30, 2019

 

5,103,628

 

$

5,142

 

$

24,858

 

$

43,539

 

$

(301)

 

$

(712)

 

$

72,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Number 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Total

(Dollars in thousands, except share data)

 

of Shares

 

Common

 

 

 

 

Retained

 

Comprehensive

 

Treasury

 

Stockholders’

 

    

Outstanding

    

Stock

    

Surplus

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

Balance, January 1, 2019

 

5,092,048

 

$

5,134

 

$

24,821

 

$

42,525

 

$

(4,299)

 

$

(803)

 

$

67,378

Net income

 

  

 

 

  

 

 

  

 

 

3,258

 

 

  

 

 

  

 

 

3,258

Other comprehensive income

 

  

 

 

  

 

 

  

 

 

 

 

 

3,998

 

 

  

 

 

3,998

Cash dividends at $0.44 per share

 

  

 

 

  

 

 

  

 

 

(2,244)

 

 

  

 

 

  

 

 

(2,244)

Stock-based compensation

 

  

 

 

  

 

 

47

 

 

  

 

 

  

 

 

  

 

 

47

Forfeiture of restricted stock

 

(800)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 —

Treasury stock issued for stock plans

 

4,880

 

 

 

 

 

(2)

 

 

 

 

 

 

 

 

91

 

 

89

Common stock issued for stock plans

 

7,500

 

 

 8

 

 

(8)

 

 

  

 

 

  

 

 

  

 

 

 —

Balance, June 30, 2019

 

5,103,628

 

$

5,142

 

$