Juniata Valley Financial Corp. declares dividend
MIFFLINTOWN – Marcie A. Barber, president and chief executive officer of Juniata Valley Financial Corp., has announced net income and earnings per share for the quarter ended March 31.
Net income was $903,000, compared to $1 million in the first quarter of 2013. Earnings per share were 22 cents compared to 24 cents for the same quarter last year, and the funds will be payable on June 2 to shareholders of record on May 15.
The decrease in net income was due to 14.6 percent lower noninterest income – mainly because of reductions in fees – and higher noninterest expense, which increased six percent. A large amortization expense associated with the bank’s investment in a low-income housing project was offset by the tax credit from that project. Total assets on March 31 were $451.9 million, a 0.7 percent increase from Dec. 31.
Juniata Valley Bank is headquartered in Mifflintown, with 12 community offices in four counties. More information on Juniata Valley Financial Corp and Juniata Valley Bank can be found at JVBonline.com.