checkAd

     118  0 Kommentare Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2021

    Mifflintown, PA, April 27, 2021 (GLOBE NEWSWIRE) --

    Juniata Valley Financial Corp. (OTC Pink: JUVF) (“Juniata”), announced net income for the quarter ended March 31, 2021 of $1.6 million, an increase of 57.5%, compared to net income of $1.0 million for the quarter ended March 31, 2020. Earnings per share, basic and diluted, for the three months ended March 31, 2021 was $0.33, 65.0% higher than the $0.20 reported for the three months ended March 31, 2020.

    President’s Message

    President and Chief Executive Officer, Marcie A. Barber stated, “We are very pleased to deliver strong financial performance as we begin a new fiscal year. These results are indicative of our resolve to responsibly navigate changes in our challenging economic environment”.   

    Paycheck Protection Program (“PPP”)

    Juniata continues to participate in the PPP through the Small Business Administration (“SBA”), which provides forgiveness up to the full principal amount of qualifying loans. Juniata funded 508 PPP loans, totaling $32.1 million, during the first round of the program in 2020. As of March 31, 2021, 177 of these first round PPP loans, totaling $13.0 million, had been forgiven.

    On December 27, 2020, the 2021 Consolidated Appropriations Act (“CAA”) was signed into law. The CAA reopened the PPP to qualifying new and existing borrowers. As of March 31, 2021, Juniata funded an additional 261 PPP loans, totaling $17.0 million, through the second round of PPP funding.

    Lesen Sie auch

    Financial Results

    Annualized return on average assets for the three months ended March 31, 2021 was 0.82%, compared to 0.62% for the three months ended March 31, 2020. Annualized return on average equity for the three months ended March 31, 2021 was 8.68%, compared to 5.54% for the three months ended March 31, 2020.

    Net interest income was $4.9 million for the first quarter of 2021 compared to $5.0 million for the first quarter of 2020. Average earning assets increased 11.5%, to $740.9 million, during the three months ended March 31, 2021 compared to the same period in 2020, predominantly due to increases of $88.5 million in average investment securities and $39.6 million in average loans, the latter resulting from both organic loan growth and PPP loan funding. The yield on earning assets declined 87 basis points, to 3.15%, in the first quarter of 2021 compared to same period last year, while the cost to fund interest earning assets with interest bearing liabilities decreased 36 basis points, to 0.65%. During the three months ended March 31, 2021, average interest bearing liabilities increased by $97.7 million compared to the comparable 2020 period, mainly due to growth in interest-bearing deposits driven by deposits of government stimulus payments and decreased consumer spending during the pandemic. Both the yields on earning assets and cost of funds were affected by the ongoing low interest rate environment that commenced with the 150 basis point decline in the prime rate and federal funds target range in March 2020. The net interest margin, on a fully tax equivalent basis, decreased from 3.32% during the three months ended March 31, 2020 to 2.71% during the three months ended March 31, 2021.

    Juniata continued to experience favorable asset quality trends and net recoveries during the first quarter of 2021. Only one loan, in the amount of $5.0 million, placed on payment deferral remained in deferment as of March 31, 2021, while all other loans previously placed in deferment resumed contractual debt service. Juniata applied elevated qualitative risk factors to all loan segments in the loan portfolio in its allowance for loan loss analysis in the first quarter of 2021 due to the remaining uncertainty as to the strength of the economy once it fully reopens and the ability of borrowers no longer on payment deferral to continue making payments; however, due to the positive trends noted above and sustained performance of the loan portfolio, the analysis resulted in a provision credit of $79,000 in the first quarter of 2021 compared to a provision expense of $356,000 recorded in the first quarter of 2020.

    Non-interest income in the first quarter of 2021 was $1.3 million compared to $1.0 million in the first quarter of 2020, an increase of 28.0%. Most significantly impacting non-interest income in the comparative three month periods was the increase in the value of equity securities of $0.3 million in the first quarter of 2021 compared to the first quarter of 2020, as well as an increase of $0.1 million in debit card fee income. Partially offsetting these increases was a $0.1 million decrease in customer service fees in the first quarter of 2021 compared to the comparable 2020 period.

    Non-interest expense was $4.6 million in the three months ended March 31, 2021 compared to $4.8 million in the three months ended March 31, 2020, a decline of 3.6%. Most significantly impacting non-interest expense in the comparative three month periods was a $0.2 million decline in employee benefits expense due to lower medical claims expenses, as well as a decrease in equipment expense and a recorded gain on other real estate owned in the first quarter of 2021 compared to the first quarter of 2020. Offsetting these declines during the three months ended March 31, 2021 compared to the comparative 2020 period was an increase in data processing expense, predominantly due to the launch of Juniata’s new online deposit account opening platform in late 2020.

    Income tax expense of $0.1 million was recorded in the first quarter of 2021 compared to an income tax benefit of $0.2 million recorded in the first quarter of 2020, primarily due to higher taxable income recorded in the 2021 period.

    Financial Condition

    Total assets as of March 31, 2021 were $805.6 million, an increase of $11.9 million, compared to total assets of $793.7 million on December 31, 2020. Comparing asset balances on March 31, 2021 and December 31, 2020, cash and cash equivalents decreased by $19.6 million as Juniata used excess cash in the first quarter of 2021 to repay the remaining FRB advances from the Paycheck Protection Program Liquidity Fund. Debt securities available for sale and total loans increased by $14.7 million and $14.3 million, respectively, as of March 31, 2021 compared to December 31, 2020. Over the same period, deposits increased by $46.6 million, with growth in both non-interest and interest bearing demand deposits, mainly due to additional government stimulus payments and PPP funds on deposit. Shareholders’ equity decreased by $4.0 million when comparing March 31, 2021 to December 31, 2020, primarily due to a decline in the fair value of debt securities between the two periods.

    Subsequent Event

    On April 20, 2021, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on May 17, 2021, payable on June 1, 2021.

    Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change.


    The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with nineteen community offices located in Juniata, Mifflin, Perry, Huntingdon, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the Pink Open Market under the symbol JUVF.

    Forward-Looking Information
    *This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. When words such as “believes”, “expects”, “anticipates” or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business. These statements are not historical facts or guarantees of future performance, events or results. Such statements involve potential risks and uncertainties and, accordingly, actual results may differ materially from this forward-looking information. Many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether as a result of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission. In addition, the COVID-19 pandemic is having an adverse impact on Juniata, its customers and the communities it serves and may adversely affect Juniata’s business, results of operations and financial condition for an indefinite period of time. The Annual Report on Form 10-K for the year ended December 31, 2020 addressed risks and uncertainties associated with the COVID-19 pandemic.


    Financial Statements

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Financial Condition

                 
    (Dollars in thousands, except share data)      (Unaudited)       
        March 31, 2021   December 31, 2020
    ASSETS            
    Cash and due from banks   $ 11,533     $ 11,868  
    Interest bearing deposits with banks     460       19,753  
    Federal funds sold     10,000       10,000  
    Cash and cash equivalents     21,993       41,621  
                 
    Interest bearing time deposits with banks     735       735  
    Equity securities     1,183       1,091  
    Debt securities available for sale     301,076       286,415  
    Restricted investment in bank stock     3,374       3,423  
    Total loans     437,007       422,661  
    Less: Allowance for loan losses     (4,056 )     (4,094 )
    Total loans, net of allowance for loan losses     432,951       418,567  
    Premises and equipment, net     8,686       8,808  
    Other real estate owned     110        
    Bank owned life insurance and annuities     16,628       16,568  
    Investment in low income housing partnerships     2,905       3,105  
    Core deposit and other intangible assets     225       241  
    Goodwill     9,047       9,047  
    Mortgage servicing rights     147       158  
    Accrued interest receivable and other assets     6,573       3,939  
    Total assets   $ 805,633     $ 793,718  
    LIABILITIES AND STOCKHOLDERS' EQUITY              
    Liabilities:              
    Deposits:              
    Non-interest bearing   $ 183,437     $ 168,115  
    Interest bearing     486,023       454,751  
    Total deposits     669,460       622,866  
                 
    Short-term borrowings and repurchase agreements     22,622       24,750  
    Federal Reserve Bank ("FRB") advances           27,955  
    Long-term debt     35,000       35,000  
    Other interest bearing liabilities     1,557       1,584  
    Accrued interest payable and other liabilities     4,420       4,966  
    Total liabilities     733,059       717,121  
    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 March 31, 2021; 5,151,279 shares at December 31, 2020 Outstanding - 5,006,695 shares at March 31, 2021; 5,025,441 shares at December 31, 2020     5,151       5,151  
    Surplus     24,893       25,011  
    Retained earnings     45,629       45,096  
    Accumulated other comprehensive (loss) income     (590 )     3,518  
    Cost of common stock in Treasury: 144,584 shares at March 31, 2021; 125,838 shares at December 31, 2020     (2,509 )     (2,179 )
    Total stockholders' equity     72,574       76,597  
    Total liabilities and stockholders' equity   $ 805,633     $ 793,718  


    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Income (Unaudited)

                 
        Three Months Ended
    (Dollars in thousands, except share and per share data)   March 31, 
           2021      2020 
    Interest income:        
    Loans, including fees   $ 4,777     $ 4,878  
    Taxable securities     1,006       1,173  
    Tax-exempt securities     38       23  
    Other interest income     5       55  
    Total interest income     5,826       6,129  
    Interest expense:              
    Deposits     619       830  
    Short-term borrowings and repurchase agreements     32       8  
    FRB advances     18        
    Long-term debt     212       283  
    Other interest bearing liabilities     2       7  
    Total interest expense     883       1,128  
    Net interest income     4,943       5,001  
    Provision for loan losses     (79 )     356  
    Net interest income after provision for loan losses     5,022       4,645  
    Non-interest income:              
    Customer service fees     325       415  
    Debit card fee income     413       324  
    Earnings on bank-owned life insurance and annuities     54       64  
    Trust fees     112       113  
    Commissions from sales of non-deposit products     80       74  
    Fees derived from loan activity     104       67  
    Mortgage banking income     8       16  
    Gain (loss) on sales and calls of securities     4       11  
    Change in value of equity securities     93       (172 )
    Other non-interest income     79       82  
    Total non-interest income     1,272       994  
    Non-interest expense:              
    Employee compensation expense     1,969       2,003  
    Employee benefits     545       728  
    Occupancy     330       314  
    Equipment     189       234  
    Data processing expense     583       501  
    Professional fees     188       173  
    Taxes, other than income     124       138  
    FDIC Insurance premiums     81       40  
    Gain on other real estate owned     (49 )      
    Amortization of intangible assets     16       19  
    Amortization of investment in low-income housing partnerships     200       200  
    Other non-interest expense     412       410  
    Total non-interest expense     4,588       4,760  
    Income before income taxes     1,706       879  
    Income tax provision (benefit)     71       (159 )
    Net income   $ 1,635     $ 1,038  
    Earnings per share              
    Basic   $ 0.33     $ 0.20  
    Diluted   $ 0.33     $ 0.20  
    CONTACT: JoAnn McMinn
    Email: joann.mcminn@jvbonline.com
    Phone: (717) 436-3206



    globenewswire
    0 Follower
    Autor folgen

    Verfasst von globenewswire
    Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2021 Mifflintown, PA, April 27, 2021 (GLOBE NEWSWIRE) - Juniata Valley Financial Corp. (OTC Pink: JUVF) (“Juniata”), announced net income for the quarter ended March 31, 2021 of $1.6 million, an increase of 57.5%, compared to net income of $1.0 …