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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 September 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 November 9, 2020

Common Stock ($1.00 par value)

5,029,841 shares

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

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

3

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

4

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

5

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

6

Consolidated Statements of Cash Flows for the Nine Months Ended September 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

40

Item 3.

Not applicable.

Item 4.

Controls and Procedures

56

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

57

Item 1A.

Risk Factors

57

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3.

Defaults upon Senior Securities

58

Item 4.

Mine Safety Disclosures

58

Item 5.

Other Information

58

Item 6.

Exhibits

59

Signatures

60

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)

    

September 30, 2020

    

December 31, 2019

ASSETS

 

  

 

  

Cash and due from banks

$

11,135

$

12,658

Interest bearing deposits with banks

 

1,144

 

82

Cash and cash equivalents

 

12,279

 

12,740

Interest bearing time deposits with banks

 

735

 

2,210

Equity securities

 

992

 

1,144

Debt securities available for sale

 

296,848

 

210,686

Restricted investment in bank stock

 

3,449

 

3,442

Total loans

 

420,754

 

400,590

Less: Allowance for loan losses

 

(3,924)

 

(2,961)

Total loans, net of allowance for loan losses

 

416,830

 

397,629

Premises and equipment, net

 

8,881

 

9,243

Bank owned life insurance and annuities

 

16,503

 

16,266

Investment in low income housing partnerships

 

3,304

 

3,904

Core deposit and other intangible assets

 

261

 

318

Goodwill

 

9,047

 

9,047

Mortgage servicing rights

 

164

 

180

Accrued interest receivable and other assets

 

5,799

 

3,823

Total assets

$

775,092

$

670,632

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Non-interest bearing

$

159,512

$

134,703

Interest bearing

 

441,014

 

397,234

Total deposits

 

600,526

 

531,937

Short-term borrowings and repurchase agreements

 

24,575

 

13,129

Federal Reserve Bank ("FRB") advances

31,298

Long-term debt

 

35,000

 

45,000

Other interest bearing liabilities

 

1,563

 

1,603

Accrued interest payable and other liabilities

 

5,429

 

5,256

Total liabilities

 

698,391

 

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 September 30, 2020; 5,141,749 shares at December 31, 2019 Outstanding - 5,029,841 shares at September 30, 2020; 5,099,729 shares at December 31, 2019

 

5,151

 

5,142

Surplus

 

24,977

 

24,898

Retained earnings

 

44,845

 

43,954

Accumulated other comprehensive income

 

3,827

 

516

Cost of common stock in Treasury: 121,438 shares at September 30, 2020; 42,020 shares at December 31, 2019

 

(2,099)

 

(803)

Total stockholders’ equity

 

76,701

 

73,707

Total liabilities and stockholders’ equity

$

775,092

$

670,632

See Notes to Consolidated Financial Statements

3

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income (Unaudited)

Three Months Ended

Nine Months Ended

(Dollars in thousands, except share data)

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Interest and dividend income:

  

  

Loans, including fees

$

4,848

$

5,157

$

14,507

$

16,023

Taxable securities

 

1,312

 

1,118

 

3,742

 

2,907

Tax-exempt securities

 

42

 

29

 

105

 

122

Other interest income

 

8

 

76

 

73

 

258

Total interest income

 

6,210

 

6,380

 

18,427

 

19,310

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

710

 

970

 

2,270

 

2,806

Short-term borrowings and repurchase agreements

 

26

 

9

 

34

 

44

FRB advances

28

 

35

Long-term debt

 

216

 

286

 

729

 

612

Other interest bearing liabilities

 

4

 

11

 

14

 

33

Total interest expense

 

984

 

1,276

 

3,082

 

3,495

Net interest income

 

5,226

 

5,104

 

15,345

 

15,815

Provision for loan losses

 

87

 

(46)

 

639

 

(490)

Net interest income after provision for loan losses

 

5,139

 

5,150

 

14,706

 

16,305

Non-interest income:

 

  

 

  

 

  

 

  

Customer service fees

 

339

 

429

 

1,030

 

1,280

Debit card fee income

 

384

 

328

 

1,080

 

1,000

Earnings on bank-owned life insurance and annuities

 

74

 

82

 

201

 

222

Trust fees

 

98

 

104

 

302

 

294

Commissions from sales of non-deposit products

 

66

 

52

 

213

 

218

Fees derived from loan activity

 

94

 

104

 

184

 

238

Mortgage banking income

 

11

 

16

 

41

 

52

Gain (loss) on sales and calls of securities

 

283

 

 

845

 

(56)

Change in value of equity securities

 

2

 

(19)

 

(152)

 

(4)

Other non-interest income

 

99

 

100

 

257

 

260

Total non-interest income

 

1,450

 

1,196

 

4,001

 

3,504

Non-interest expense:

 

  

 

  

 

  

 

  

Employee compensation expense

 

2,164

 

2,038

 

5,970

 

6,074

Employee benefits

 

625

 

1,492

 

1,747

 

3,090

Occupancy

 

284

 

309

 

869

 

979

Equipment

 

241

 

224

 

706

 

656

Data processing expense

 

600

 

556

 

1,664

 

1,545

Professional fees

 

198

 

210

 

562

 

772

Taxes, other than income

 

116

 

144

 

378

 

422

FDIC Insurance premiums

 

39

 

 

118

 

107

Loss (gain) on sales of other real estate owned

 

 

(222)

 

 

(208)

Amortization of intangible assets

 

19

 

21

 

57

 

65

Amortization of investment in low-income housing partnerships

 

200

 

200

 

600

 

600

Long-term debt prepayment penalty

 

 

 

524

 

Other non-interest expense

 

439

 

384

 

1,307

 

1,383

Total non-interest expense

 

4,925

 

5,356

 

14,502

 

15,485

Income before income taxes

 

1,664

 

990

 

4,205

 

4,324

Income tax provision (benefit)

 

58

 

(103)

 

(44)

 

(27)

Net income

$

1,606

$

1,093

$

4,249

$

4,351

Earnings per share

 

  

 

  

 

  

 

  

Basic

$

0.32

$

0.21

$

0.83

$

0.85

Diluted

$

0.32

$

0.21

$

0.83

$

0.85

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 September 30, 

2020

2019

Before Tax

Tax

Net of Tax

Before Tax

Tax

Net of Tax

    

Amount

    

Effect

    

Amount

    

Amount

    

Effect

    

Amount

Net income

$

1,664

$

(58)

$

1,606

$

990

$

103

$

1,093

Other comprehensive income:

 

  

 

  

 

  

 

  

 

  

 

  

Available for sale securities:

 

  

 

  

 

  

 

  

 

  

 

  

Unrealized holding gains arising during the period

 

614

 

(128)

 

486

 

802

 

(168)

 

634

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

 

(283)

 

59

 

(224)

 

 

 

Unrealized gains on cash flow hedge

10

(2)

8

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

1

1

Pension net gain

 

 

 

 

(235)

 

49

 

(186)

Amortization of pension net actuarial loss (2) (4)

 

 

 

 

942

 

(198)

 

744

Other comprehensive income (loss)

 

342

 

(71)

 

271

 

1,509

 

(317)

 

1,192

Total comprehensive income

$

2,006

$

(129)

$

1,877

$

2,499

$

(214)

$

2,285

(Dollars in thousands)

Nine Months Ended September 30, 

2020

2019

Pre-Tax

Tax

Net-of-Tax

Pre-Tax

Tax

Net-of-Tax

   

Amount

   

Effect

   

Amount

   

Amount

   

Effect

   

Amount

Net income

$

4,205

$

44

$

4,249

$

4,324

$

27

$

4,351

Other comprehensive income:

 

  

 

  

 

  

 

  

 

  

 

  

Available for sale securities:

 

  

 

  

 

  

 

  

 

  

 

  

Unrealized holding gains arising during the period

 

5,231

 

(1,098)

 

4,133

 

4,317

 

(906)

 

3,411

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

 

(845)

 

177

 

(668)

 

56

 

(12)

 

44

Unrealized losses on cash flow hedge

(174)

37

(137)

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

(21)

4

(17)

Pension net loss

 

 

 

 

2,399

 

(504)

 

1,895

Pension loss due to change in assumptions

 

 

 

 

(1,478)

 

310

 

(1,168)

Amortization of pension net actuarial loss (2) (4)

 

 

 

 

1,276

 

(268)

 

1,008

Other comprehensive income

 

4,191

 

(880)

 

3,311

 

6,570

 

(1,380)

 

5,190

Total comprehensive income

$

8,396

$

(836)

$

7,560

$

10,894

$

(1,353)

$

9,541

(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 September 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, July 1, 2020

5,086,718

$

5,151

$

24,946

$

44,355

$

3,556

$

(1,106)

$

76,902

Net income

1,606

1,606

Other comprehensive income

271

271

Cash dividends at $0.22 per share

(1,116)

(1,116)

Stock-based compensation

31

31

Purchase of treasury stock

(56,877)

(993)

(993)

Balance, September 30, 2020

5,029,841

$

5,151

$

24,977

$

44,845

$

3,827

$

(2,099)

$

76,701

Nine months ended September 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

 

  

 

  

 

  

 

4,249

 

  

 

  

 

4,249

Other comprehensive income

 

  

 

  

 

  

 

 

3,311

 

  

 

3,311

Cash dividends at $0.66 per share

 

  

 

  

 

  

 

(3,358)

 

  

 

  

 

(3,358)

Stock-based compensation

 

  

 

  

 

94

 

  

 

  

 

  

 

94

Purchase of treasury stock

 

(83,877)

(1,372)

 

(1,372)

Treasury stock issued for stock plans

 

4,459

(6)

76

 

70

Common stock issued for stock plans

 

9,530

 

9

 

(9)

 

  

 

  

 

  

 

Balance, September 30, 2020

 

5,029,841

$

5,151

$

24,977

$

44,845

$

3,827

$

(2,099)

$

76,701

6

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Stockholders’ Equity (Unaudited)

Three months ended September 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 July 1, 2019

5,103,628

$

5,142

$

24,858

$

43,622

$

(384)

$

(712)

$

72,526

Net income

1,093

1,093

Other comprehensive income

1,192

1,192

Cash dividends at $0.22 per share

(1,122)

(1,122)

Stock-based compensation

28

28

Treasury stock issued for stock plans

4,009

(6)

75

69

Balance, September 30, 2019

5,107,637

$

5,142

$

24,880

$

43,593

$

808

$

(637)

$

73,786

Nine months ended September 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

 

  

 

  

 

  

 

4,351

 

  

 

  

 

4,351

Other comprehensive income

 

  

 

  

 

  

 

  

 

5,190

 

  

 

5,190

Reclassification for ASU 2018-02

 

  

 

  

 

  

 

83

(83)

 

  

 

Cash dividends at $0.66 per share

 

  

 

  

 

  

 

(3,366)

 

  

 

  

 

(3,366)

Stock-based compensation

 

  

 

  

 

75

 

  

 

  

 

  

 

75

Forfeiture of restricted stock

(800)

Treasury stock issued for stock plans

 

8,889

 

 

(8)

 

  

 

  

 

166

 

158

Common stock issued for stock plans

 

7,500

 

8

(8)

 

  

 

  

 

  

 

Balance, September 30, 2019

 

5,107,637

$

5,142

$

24,880

$

43,593

$

808

$

(637)

$

73,786

See Notes to Consolidated Financial Statements

7

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

Nine Months Ended September 30, 

    

2020

    

2019

Operating activities:

Net income

$

4,249

$

4,351

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

 

  

 

  

Provision for loan losses

 

639

 

(490)

Depreciation

 

609

 

598

Net amortization of securities premiums

 

973

 

578

Net amortization of loan origination fees

 

163

 

106

Deferred net loan origination costs

 

(496)

 

(340)

Amortization of intangibles

 

57

 

65

Amortization of investment in low income housing partnerships

 

600

 

600

Net amortization of purchase fair value adjustments

 

(80)

 

(158)

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

 

(845)

 

56

Change in value of equity securities

 

152

 

4

Net gain on sales of other real estate owned

 

 

(208)

Earnings on bank owned life insurance and annuities

 

(201)

 

(222)

Deferred income tax expense

 

242

 

411

Stock-based compensation expense

 

94

 

75

Proceeds from mortgage loans sold to others

 

57

 

67

Mortgage banking income

 

(41)

 

(52)

Increase in accrued interest receivable and other assets

 

(3,110)

 

(1,541)

(Decrease) increase in accrued interest payable and other liabilities

 

(21)

 

2,589

Net cash provided by operating activities

 

3,041

 

6,489

Investing activities:

 

  

 

  

Purchases of:

 

  

 

  

Securities available for sale

 

(201,217)

 

(85,802)

FHLB stock

 

(7)

 

(638)

Premises and equipment

 

(247)

 

(348)

Bank owned life insurance and annuities

 

(36)

 

(35)

Proceeds from:

 

 

  

Sales of securities available for sale

 

48,565

 

11,107

Maturities of and principal repayments on securities available for sale

 

70,748

 

20,092

Sale of other real estate owned

 

 

952

Sale of fixed assets

7

Investment in low income housing partnerships

 

 

(151)

Net decrease in interest bearing time deposits with banks

 

1,475

 

590

Net (increase) decrease in loans

 

(19,453)

 

13,212

Net cash used in investing activities

 

(100,172)

 

(41,014)

Financing activities:

 

  

 

  

Net increase in deposits

 

68,586

 

15,110

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

 

11,446

 

(10,530)

Issuance of FRB advances

31,298

Issuance of long-term debt

 

 

45,000

Repayment of long-term debt

 

(10,000)

 

(15,000)

Cash dividends

 

(3,358)

 

(3,366)

Purchase of treasury stock

 

(1,372)

 

Treasury stock issued for employee stock plans

 

70

 

158

Net cash provided by financing activities

 

96,670

 

31,372

Net decrease in cash and cash equivalents

 

(461)

 

(3,153)

Cash and cash equivalents at beginning of year

 

12,740