Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2025
Rhea-AI Summary
Juniata Valley Financial Corp. (OTCQX:JUVF) reported strong Q1 2025 financial results with net income of $2.0 million, marking a 48.2% increase from Q1 2024's $1.4 million. Earnings per share improved to $0.40 from $0.27 year-over-year.
Key highlights include a 5.1% increase in net interest income to $5.8 million, improved net interest margin to 2.83%, and a 9.2% decrease in non-interest expense. Credit quality remains robust with nonperforming loans at 0.1% of the total portfolio. The company declared a cash dividend of $0.22 per share.
Total assets reached $854.0 million, up $5.1 million from December 2024. Total loans increased by $5.1 million (1.0%), while deposits grew by $728,000 (0.1%). The company maintains strong liquidity with additional borrowing capacity of $213.3 million with FHLB and $51.2 million with the Federal Reserve.
Positive
- Net income increased 48.2% year-over-year to $2.0 million
- Net interest income grew 5.1% to $5.8 million
- Net interest margin improved to 2.83% from 2.63%
- Non-interest expense decreased 9.2%
- Strong credit quality with only 0.1% nonperforming loans
- Return on average equity improved to 16.55% from 13.38%
Negative
- Average interest earning assets decreased 1.7%
- Average investment securities declined 5.7%
- Fees from loan activity decreased by $56,000
News Market Reaction
On the day this news was published, JUVF gained 6.06%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Mifflintown, PA, April 22, 2025 (GLOBE NEWSWIRE) -- Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”), announced net income for the three months ended March 31, 2025 of
President’s Message
President and Chief Executive Officer, Marcie A. Barber stated, “We are pleased to announce first quarter net income of
Financial Results for the Quarter
Annualized return on average assets for the three months ended March 31, 2025 was
Net interest income increased by
The yield on earning assets increased 19 basis points, to
Juniata recorded a credit loss expense of
Non-interest income was
Non-interest expense was
An income tax provision of
Financial Condition
Total assets as of March 31, 2025 were
Juniata maintains a strong liquidity position and, as of March 31, 2025, had additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of
Subsequent Event
On April 15, 2025, the Board of Directors declared a cash dividend of
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 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 fourteen community offices located in Juniata, Mifflin, Perry, Franklin, 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 OTCQX Best 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. Forward-looking statements reflect the current views of Juniata’s management with respect to, among other things, future events and Juniata’s financial performance. When words such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words 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, many of which, by their nature, are inherently uncertain and beyond the control of Juniata. These statements are not historical facts or guarantees of future performance, events or results and are subject to risks, assumptions and uncertainties that are difficult to predict. If one or more events related to these or other risks or uncertainties materializes, or if underlying assumptions prove to be incorrect, actual results may differ materially from this forward-looking information. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether because 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.
Financial Statements
Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition
| (Dollars in thousands, except share data) | (Unaudited) | |||||||
| March 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 5,145 | $ | 5,064 | ||||
| Interest bearing deposits with banks | 8,364 | 5,934 | ||||||
| Cash and cash equivalents | 13,509 | 10,998 | ||||||
| Equity securities | 1,114 | 1,189 | ||||||
| Debt securities available for sale | 64,772 | 64,623 | ||||||
| Debt securities held to maturity (fair value | 189,634 | 191,627 | ||||||
| Restricted investment in bank stock | 2,674 | 2,530 | ||||||
| Total loans | 538,971 | 533,869 | ||||||
| Less: Allowance for credit losses | (6,278 | ) | (6,183 | ) | ||||
| Total loans, net of allowance for credit losses | 532,693 | 527,686 | ||||||
| Premises and equipment, net | 9,323 | 9,382 | ||||||
| Bank owned life insurance and annuities | 15,273 | 15,214 | ||||||
| Investment in low income housing partnerships | 751 | 832 | ||||||
| Core deposit and other intangible assets | 240 | 258 | ||||||
| Goodwill | 9,812 | 9,812 | ||||||
| Mortgage servicing rights | 68 | 69 | ||||||
| Deferred tax asset, net | 9,320 | 9,842 | ||||||
| Accrued interest receivable and other assets | 4,824 | 4,812 | ||||||
| Total assets | $ | 854,007 | $ | 848,874 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Liabilities: | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 198,753 | $ | 196,801 | ||||
| Interest bearing | 549,932 | 551,156 | ||||||
| Total deposits | 748,685 | 747,957 | ||||||
| Short-term borrowings and repurchase agreements | 44,082 | 42,242 | ||||||
| Long-term debt | 5,000 | 5,000 | ||||||
| Other interest bearing liabilities | 769 | 830 | ||||||
| Accrued interest payable and other liabilities | 5,275 | 5,388 | ||||||
| Total liabilities | 803,811 | 801,417 | ||||||
| Commitments and contingent liabilities | ||||||||
| Stockholders' Equity: | ||||||||
| Preferred stock, no par value: Authorized - 500,000 shares, none issued | — | — | ||||||
| Common stock, par value | 5,151 | 5,151 | ||||||
| Surplus | 24,712 | 24,896 | ||||||
| Retained earnings | 54,034 | 53,126 | ||||||
| Accumulated other comprehensive loss | (31,522 | ) | (33,320 | ) | ||||
| Cost of common stock in Treasury: 134,552 shares at March 31, 2025; 147,895 shares at December 31, 2024 | (2,179 | ) | (2,396 | ) | ||||
| Total stockholders' equity | 50,196 | 47,457 | ||||||
| Total liabilities and stockholders' equity | $ | 854,007 | $ | 848,874 | ||||
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, | |||||||
| 2025 | 2024 | |||||||
| Interest income: | ||||||||
| Loans, including fees | $ | 7,781 | $ | 7,467 | ||||
| Taxable securities | 1,365 | 1,465 | ||||||
| Tax-exempt securities | 30 | 30 | ||||||
| Other interest income | 17 | 43 | ||||||
| Total interest income | 9,193 | 9,005 | ||||||
| Interest expense: | ||||||||
| Deposits | 2,803 | 2,642 | ||||||
| Short-term borrowings and repurchase agreements | 531 | 698 | ||||||
| Long-term debt | 30 | 117 | ||||||
| Other interest bearing liabilities | 7 | 9 | ||||||
| Total interest expense | 3,371 | 3,466 | ||||||
| Net interest income | 5,822 | 5,539 | ||||||
| Provision for credit losses | 104 | 120 | ||||||
| Net interest income after provision for credit losses | 5,718 | 5,419 | ||||||
| Non-interest income: | ||||||||
| Customer service fees | 460 | 371 | ||||||
| Debit card fee income | 422 | 404 | ||||||
| Earnings on bank-owned life insurance and annuities | 57 | 56 | ||||||
| Trust fees | 131 | 107 | ||||||
| Commissions from sales of non-deposit products | 101 | 102 | ||||||
| Fees derived from loan activity | 115 | 171 | ||||||
| Change in value of equity securities | (28 | ) | (13 | ) | ||||
| Gain from life insurance proceeds | — | — | ||||||
| Other non-interest income | 88 | 98 | ||||||
| Total non-interest income | 1,346 | 1,296 | ||||||
| Non-interest expense: | ||||||||
| Employee compensation expense | 1,975 | 2,208 | ||||||
| Employee benefits | 546 | 645 | ||||||
| Occupancy | 366 | 332 | ||||||
| Equipment | 217 | 143 | ||||||
| Data processing expense | 629 | 663 | ||||||
| Professional fees | 206 | 254 | ||||||
| Taxes, other than income | 31 | 56 | ||||||
| FDIC Insurance premiums | 135 | 155 | ||||||
| Gain on other real estate owned | — | — | ||||||
| Amortization of intangible assets | 18 | 22 | ||||||
| Amortization of investment in low-income housing partnerships | 81 | 81 | ||||||
| Merger and acquisition expense | — | — | ||||||
| Other non-interest expense | 481 | 600 | ||||||
| Total non-interest expense | 4,685 | 5,159 | ||||||
| Income before income taxes | 2,379 | 1,556 | ||||||
| Income tax provision | 371 | 201 | ||||||
| Net income | $ | 2,008 | $ | 1,355 | ||||
| Earnings per share | ||||||||
| Basic | $ | 0.40 | $ | 0.27 | ||||
| Diluted | $ | 0.40 | $ | 0.27 | ||||
Michael Wolf Email: michael.wolf@jvbonline.com Phone: (717) 436-7203
FAQ
What was JUVF's net income growth in Q1 2025 compared to Q1 2024?
How much is JUVF's quarterly dividend payment for May 2025?
What is JUVF's credit quality status as of Q1 2025?
How did JUVF's net interest margin perform in Q1 2025?
