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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2020

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

None

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.

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).

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

Non-accelerated filer

Smaller reporting company

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        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 10, 2020

Common Stock ($1.00 par value)

5,086,718 shares

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Statements of Financial Condition as of June 30, 2020 (Unaudited) and December 31, 2019

3

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

4

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

5

Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

6

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (Unaudited)

8

Notes to Consolidated Financial Statements (Unaudited)

10

Item 2.

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

38

Item 3.

Not applicable.

Item 4.

Controls and Procedures

53

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

54

Item 1A.

Risk Factors

54

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

58

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, 2020

    

December 31, 2019

ASSETS

 

  

 

  

Cash and due from banks

$

12,259

$

12,658

Interest bearing deposits with banks

 

3,935

 

82

Cash and cash equivalents

 

16,194

 

12,740

Interest bearing time deposits with banks

 

1,470

 

2,210

Equity securities

 

990

 

1,144

Debt securities available for sale

 

285,878

 

210,686

Restricted investment in bank stock

 

3,487

 

3,442

Total loans

 

420,596

 

400,590

Less: Allowance for loan losses

 

(3,558)

 

(2,961)

Total loans, net of allowance for loan losses

 

417,038

 

397,629

Premises and equipment, net

 

9,039

 

9,243

Bank owned life insurance and annuities

 

16,411

 

16,266

Investment in low income housing partnerships

 

3,504

 

3,904

Core deposit and other intangible assets

 

280

 

318

Goodwill

 

9,047

 

9,047

Mortgage servicing rights

 

172

 

180

Accrued interest receivable and other assets

 

5,148

 

3,823

Total assets

$

768,658

$

670,632

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Non-interest bearing

$

160,682

$

134,703

Interest bearing

 

434,153

 

397,234

Total deposits

 

594,835

 

531,937

Short-term borrowings and repurchase agreements

 

24,107

 

13,129

Federal Reserve Bank ("FRB") advances

31,298

Long-term debt

 

35,000

 

45,000

Other interest bearing liabilities

 

1,590

 

1,603

Accrued interest payable and other liabilities

 

4,926

 

5,256

Total liabilities

 

691,756

 

596,925

Commitments and contingent liabilities

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 - 5,151,279 shares at June 30, 2020; 5,141,749 shares at December 31, 2019 Outstanding - 5,086,718 shares at June 30, 2020; 5,099,729 shares at December 31, 2019

 

5,151

 

5,142

Surplus

 

24,946

 

24,898

Retained earnings

 

44,355

 

43,954

Accumulated other comprehensive income

 

3,556

 

516

Cost of common stock in Treasury: 64,561 shares at June 30, 2020; 42,020 shares at December 31, 2019

 

(1,106)

 

(803)

Total stockholders’ equity

 

76,902

 

73,707

Total liabilities and stockholders’ equity

$

768,658

$

670,632

See Notes to Consolidated Financial Statements

3

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income (Unaudited)

Three Months Ended

Six Months Ended

(Dollars in thousands, except share data)

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Interest and dividend income:

  

  

Loans, including fees

$

4,781

$

5,611

$

9,659

$

10,866

Taxable securities

 

1,257

 

940

 

2,430

 

1,789

Tax-exempt securities

 

40

 

32

 

63

 

93

Other interest income

 

10

 

129

 

65

 

182

Total interest income

 

6,088

 

6,712

 

12,217

 

12,930

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

730

 

973

 

1,560

 

1,836

Short-term borrowings and repurchase agreements

 

 

11

 

8

 

35

FRB advances

7

 

7

Long-term debt

 

230

 

165

 

513

 

326

Other interest bearing liabilities

 

3

 

11

 

10

 

22

Total interest expense

 

970

 

1,160

 

2,098

 

2,219

Net interest income

 

5,118

 

5,552

 

10,119

 

10,711

Provision for loan losses

 

196

 

(459)

 

552

 

(444)

Net interest income after provision for loan losses

 

4,922

 

6,011

 

9,567

 

11,155

Non-interest income:

 

  

 

  

 

  

 

  

Customer service fees

 

276

 

429

 

691

 

851

Debit card fee income

 

372

 

364

 

696

 

672

Earnings on bank-owned life insurance and annuities

 

63

 

71

 

127

 

140

Trust fees

 

91

 

91

 

204

 

190

Commissions from sales of non-deposit products

 

73

 

95

 

147

 

166

Fees derived from loan activity

 

23

 

64

 

90

 

134

Mortgage banking income

 

14

 

19

 

30

 

36

Gain (loss) on sales and calls of securities

 

551

 

 

562

 

(56)

Change in value of equity securities

 

18

 

6

 

(154)

 

15

Other non-interest income

 

76

 

75

 

158

 

160

Total non-interest income

 

1,557

 

1,214

 

2,551

 

2,308

Non-interest expense:

 

  

 

  

 

  

 

  

Employee compensation expense

 

1,803

 

2,068

 

3,806

 

4,036

Employee benefits

 

394

 

857

 

1,122

 

1,598

Occupancy

 

271

 

321

 

585

 

670

Equipment

 

231

 

218

 

465

 

432

Data processing expense

 

563

 

528

 

1,064

 

989

Professional fees

 

191

 

365

 

364

 

562

Taxes, other than income

 

124

 

144

 

262

 

278

FDIC Insurance premiums

 

39

 

51

 

79

 

107

Loss (gain) on sales of other real estate owned

 

 

14

 

 

14

Amortization of intangible assets

 

19

 

22

 

38

 

44

Amortization of investment in low-income housing partnerships

 

200

 

200

 

400

 

400

Long-term debt prepayment penalty

 

524

 

 

524

 

Other non-interest expense

 

458

 

506

 

868

 

999

Total non-interest expense

 

4,817

 

5,294

 

9,577

 

10,129

Income before income taxes

 

1,662

 

1,931

 

2,541

 

3,334

Income tax provision (benefit)

 

57

 

86

 

(102)

 

76

Net income

$

1,605

$

1,845

$

2,643

$

3,258

Earnings per share

 

  

 

  

 

  

 

  

Basic

$

0.32

$

0.36

$

0.52

$

0.64

Diluted

$

0.31

$

0.36

$

0.52

$

0.64

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, 

2020

2019

Before Tax

Tax

Net of Tax

Before Tax

Tax

Net of Tax

    

Amount

    

Effect

    

Amount

    

Amount

    

Effect

    

Amount

Net income

$

1,662

$

(57)

$

1,605

$

1,931

$

(86)

$

1,845

Other comprehensive income:

 

  

 

  

 

  

 

  

 

  

 

  

Available for sale securities:

 

  

 

  

 

  

 

  

 

  

 

  

Unrealized holding gains (losses) arising during the period

 

(331)

 

69

 

(262)

 

1,722

 

(361)

 

1,361

Less reclassification adjustment for gains included in net income for sales of debt securities (1) (4)

 

(551)

 

116

 

(435)

 

 

 

Unrealized losses on cash flow hedge

(184)

39

(145)

Less reclassification adjustment for gains included in net income (3) (4)

(22)

4

(18)

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) (4)

 

 

 

 

306

 

(65)

 

241

Other comprehensive income (loss)

 

(1,088)

 

228

 

(860)

 

3,184

 

(669)

 

2,515

Total comprehensive income

$

574

$

171

$

745

$

5,115

$

(755)

$

4,360

(Dollars in thousands)

Six Months Ended June 30, 

2020

2019

Pre-Tax

Tax

Net-of-Tax

Pre-Tax

Tax

Net-of-Tax

    

Amount

    

Effect

    

Amount

    

Amount

    

Effect

    

Amount

Net income

$

2,541

$

102

$

2,643

$

3,334

$

(76)

$

3,258

Other comprehensive income:

 

  

 

  

 

  

 

  

 

  

 

  

Available for sale securities:

 

  

 

  

 

  

 

  

 

  

 

  

Unrealized holding gains arising during the period

 

4,617

 

(970)

 

3,647

 

3,515

 

(738)

 

2,777

Less reclassification adjustment for (gains) losses included in net income (1) (4)

 

(562)

 

118

 

(444)

 

56

 

(12)

 

44

Unrealized losses on cash flow hedge

(184)

39

(145)

Less reclassification adjustment for gains included in net income (3) (4)

(22)

4

(18)

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) (4)

 

 

 

 

334

 

(70)

 

264

Other comprehensive income

 

3,849

 

(809)

 

3,040

 

5,061

 

(1,063)

 

3,998

Total comprehensive income

$

6,390

$

(707)

$

5,683

$

8,395

$

(1,139)

$

7,256

(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) Amounts are included in interest expense on short-term borrowings and repurchase agreements on the consolidated statements of income.
(4) 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, 2020

Accumulated

(Dollars in thousands, except share data)

 

Number 

 

 

 

Other

 

 

Total

of Shares

    

Common

    

    

Retained

    

Comprehensive

    

Treasury

    

Stockholders’

    

Outstanding

    

Stock

    

Surplus

    

Earnings

Income (Loss)

    

Stock

    

Equity

Balance, April 1, 2020

5,093,859

$

5,151

$

24,918

$

43,870

$

4,416

$

(989)

$

77,366

Net income

1,605

1,605

Other comprehensive loss

(860)

(860)

Cash dividends at $0.22 per share

(1,120)

(1,120)

Stock-based compensation

34

34

Purchase of treasury stock

(11,600)

(193)

(193)

Treasury stock issued for stock plans

4,459

(6)

76

70

Balance, June 30, 2020

5,086,718

$

5,151

$

24,946

$

44,355

$

3,556

$

(1,106)

$

76,902

Six months ended June 30, 2020

Accumulated

(Dollars in thousands, except share data)

 

Number 

 

 

 

Other

 

 

Total

of Shares

    

Common

    

    

Retained

    

Comprehensive

    

Treasury

    

Stockholders’

    

Outstanding

    

Stock

    

Surplus

    

Earnings

Income

    

Stock

    

Equity

Balance, January 1, 2020

5,099,729

$

5,142

$

24,898

$

43,954

$

516

$

(803)

$

73,707

Net income

 

  

 

  

 

  

 

2,643

 

  

 

  

 

2,643

Other comprehensive income

 

  

 

  

 

  

 

 

3,040

 

  

 

3,040

Cash dividends at $0.44 per share

 

  

 

  

 

  

 

(2,242)

 

  

 

  

 

(2,242)

Stock-based compensation

 

  

 

  

 

63

 

  

 

  

 

  

 

63

Purchase of treasury stock

 

(27,000)

(379)

 

(379)

Treasury stock issued for stock plans

 

4,459

(6)

76

 

70

Common stock issued for stock plans

 

9,530

 

9

 

(9)

 

  

 

  

 

  

 

Balance, June 30, 2020

 

5,086,718

$

5,151

$

24,946

$

44,355

$

3,556

$

(1,106)

$

76,902

6

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Stockholders’ Equity (Unaudited)

Three months ended June 30, 2019

Accumulated

(Dollars in thousands, except share data)

Number 

 

 

Retained

 

Other

 

 

Total

of Shares

    

Common

    

    

Earnings

    

Comprehensive

    

Treasury

    

Stockholders’

Outstanding

    

Stock

    

Surplus

    

(adjusted)

    

Income (Loss)

    

Stock

    

Equity

Balance at April 1, 2019

5,098,748

$

5,142

$

24,832

$

42,901

$

(2,899)

$

(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

$

43,622

$

(384)

$

(712)

$

72,526

Six months ended June 30, 2019

Accumulated

(Dollars in thousands, except share data)

 

Number 

 

 

 

Other

 

 

Total

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

Reclassification for ASU 2018-02

 

  

 

  

 

  

 

83

(83)

 

  

 

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

$

24,858

$

43,622

$

(384)

$

(712)

$

72,526

See Notes to Consolidated Financial Statements

7

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

Six Months Ended June 30, 

    

2020

    

2019

Operating activities:

Net income

$

2,643

$

3,258

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Provision for loan losses

 

552

 

(444)

Depreciation

 

406

 

396

Net amortization of securities premiums

 

527

 

305

Net amortization of loan origination fees

 

28

 

50

Deferred net loan origination costs

 

(319)

 

(161)

Amortization of intangibles

 

38

 

44

Amortization of investment in low income housing partnerships

 

400

 

400

Net amortization of purchase fair value adjustments

 

(53)

 

(134)

Net realized (gain) loss on sales and calls of available for sale securities

 

(562)

 

56

Change in value of equity securities

 

154

 

(15)

Net gain on sales of other real estate owned

 

 

14

Earnings on bank owned life insurance and annuities

 

(127)

 

(140)

Deferred income tax expense

 

132

 

132

Stock-based compensation expense

 

63

 

47

Proceeds from mortgage loans sold to others

 

38

 

46

Mortgage banking income

 

(30)

 

(36)

Increase in accrued interest receivable and other assets

 

(2,309)

 

(1,798)

(Decrease) increase in accrued interest payable and other liabilities

 

(506)

 

2,443

Net cash provided by operating activities

 

1,075

 

4,463

Investing activities:

 

  

 

  

Purchases of:

 

  

 

  

Securities available for sale

 

(152,324)

 

(54,716)

FHLB stock

 

(45)

 

(657)

Premises and equipment

 

(202)

 

(170)

Bank owned life insurance and annuities

 

(18)

 

(17)

Proceeds from:

 

 

  

Sales of securities available for sale

 

36,136

 

11,107

Maturities of and principal repayments on securities available for sale

 

45,086

 

8,753

Sale of other real estate owned

 

 

135

Investment in low income housing partnerships

 

 

(90)

Net decrease in interest bearing time deposits with banks

 

740

 

590

Net (increase) decrease in loans

 

(19,615)

 

10,847

Net cash used in investing activities

 

(90,242)

 

(24,218)

Financing activities:

 

  

 

  

Net increase in deposits

 

62,896

 

12,656

Net increase (decrease) in short-term borrowings and securities sold under agreements to repurchase

 

10,978

 

(11,654)

Issuance of FRB advances

31,298

Issuance of long-term debt

 

 

45,000

Repayment of long-term debt

 

(10,000)

 

(15,000)

Cash dividends